Study On The System Of Growth Enterprise Market Delisting

Since1999, the Shenzhen Stock Exchange submitted the project report of constructingthe Growth Enterprise Market (GEM) to the Commission, and through the decade bumpypreparations, for October23,2009, the Shenzhen GEM is finally and officially open on. Asan integral part of the development of China’s securities market, the establishment of theShenzhen GEM has taken a crucial step in the process of promoting the construction ofmulti-level capital market of China.The GEM had been open on for three years, whose overall running was in goodcondition, and provided a smooth channel of the financing for small and medium-sizedenterprises and high-tech enterprises. However, the development of China’s GEM is still inan early stage, and several of the legal systems are not sound, especially the delisting systemis. Therefore, based on the analysis of the motherboard market delisting system, through thecomparative study on extraterritorial mature GEM delisting system, combined with China’sactual conditions, the author discussed our country’s GEM delisting system to make a dripof help in improving China’s GEM delisting system.There are six chapters in this article, the head and tail chapters are introduction andconclusion. In the main body of the paper, the author begins with overall delisting system ofChina’s listed companies(including motherboard delisting system, GEM delisting system,and its differences),then makes an analysis on the overall delisting system of extraterritorialmature GEM, especially on the delisting systems of the British and American GEM, as wellas gets the inspiration of referencing the extraterritorial mature GEM delisting system toimprove our GEM delisting system through applying the method of comparative research. Inaddition, the author points out the mainly problems existing in China’s GEM delisting system,based on the analysis of the delisting standards, the delisting procedures and the whereaboutsof delisting, and provides the improvement recommendations for China’s GEM delistingsystem, mainly on three aspects, including the delisting standards, the delisting proceduresand the supporting systems of the delisting.