United States, Germany, Hong Kong (region), The Gem Study And Vigilance On The Chinese Mainland Gem And Inspiration

According to comparative studies of American NASDAQ,German new market and Hong Kong GEM, we can find they are similar in listing standard,supervisory system and so on, only NASDAQ market has got succeed, German NEW market and GEM haven't come to expectation .The main cause is that NASDAQ has large quantity of excellent listed resources and market choosing mechanism has been formed.The number of the excellent listed resources is decided by the base of high-technology industry and the population structure in the regional or country which is the GEM in. At Present in China, population is growing ,the whole economy scale is large, enterprising activities are frequent, and also there are numbers of middle-size and small-size high-technology companies which have great growth potential。And now in China it is similar with the situation of 90's in USA, this is the most important base condition of building GEM and getting succeeded.NASDAQ is a market which can implement survival of the fittest, but in German and Hong Kong GEM it causes adverse selection .From the experience in the USA, to implement survival of the fittest, GEM requires coordination of multilevel capital market. As a middle part of multilevel capital market, GEM cannot take away with the support of the whole capital market system .At present our country's capital market system is still simple, so when pushing out GEM ,we also need to speed up to consummate capital market system ,especially building the OTC Market.After founding the GEM , problems will be brought out ,such as restraining over speculation,market supervision,sharing funds of the main board of the stock market and building the mechanism of survival of the fittest, and so on. So we ought to make effort to consummate system, develop institution investor, and build multilevel capital market which is coordinate with the GEM, to make the GEM going healthily and orderly.