The Legal Analysis On The Case That CSRS Vetoed IPO Application Of TJ INNOVA Engineering&Technology Co., Ltd For China’s Growth Enterprise Market

China Securities Regulatory Commission (CSRC) issued the "IPO and listing on China’s GEM (Growth Enterprise Market) Interim procedures" on March31,2009, and put it into practice on May1,2009, which was of great significance to China’s capital market and SMEs (Small and Medium Enterprises).What kinds of qualifications are required to list on China’s GEM? How could China’s SMEs raise capital through China’s GEM listing? How could applied SMEs get approval from the audit committee of CSRC? This paper selected the case that CSRS vetoed IPO application of TJ INNOVA Engineering&Technology Co., Ltd on China’s GEM as the research subject, analyzed the reasons and proposed solutions from the perspective of legal theory and practice. Finally, some available legal suggestions about the IPO application of SMEs on China’s GEM will be proposed, to offer certain reference for SMEs future application, and also for the venture capital to choose the suitable investment projectApart from the introduction and conclusion, this paper can be divided into four chapters:Chapter One introduces the fact of case which contains the background and summary of the case, as well as the related information about the "Disapproval decision on the IPO application of TJ INNOVA Engineering&Technology Co., Ltd for China’s Growth Enterprise Market".Chapter Two is about the argument and related legal system of this case. The legal system involved in the case includes IPO access and auditing system for GEM, as well as the supervision system for China’s GEM which contains the corporate governance regulations for the IPO applicants, the sponsor system, the system of information disclosure, etc.Chapter Three is the legal evaluation and analysis of this case. Through combining with legal theory and practice, this part will give in-depth explanations about the reasons of disapproval, and tries to provide reasonable solutions or advices for this case.Chapter Four offers some legal suggestions which may be helpful to SMEs to be listed on China’s GEM and venture capital enterprises seeking for investment projects.