| GEM as a second board market is an important part of a multi-level capitalmarket,for its special features the GEM becomes an ideal financing platform for smalland medium-sized enterprises.However,due to the small and medium-sizedenterprises in the early stages of development showing a feature of small scale andhigh risk,most of the Mature foreign GEM market has always maintained a high rateof elimination to Control market risk exposures and ensure the overall quality of listedcompanies,an effective delisting system ensures the healthy development of GEMmarket. China’s capital market had only few delisted companies in a long time Thedelisting system is not working well.The problem is closely related to the neglect ofdelisting issues,which has become one of the origin sins of China’s capitalmarket.Due to the interest conflicts the delisting become a quite complex issue,whichturns the delisting system into a short board of China’s capital market system..Theshortcomings on delisting system produced a “delisting syndrone” in capitalmarket:On the one hand, companies no longer meet the listing requirements takeadvantage of the vulnerability of the delisting rules to avoid delisting flooding thecapital market wasted the precious chances to load on the capital market.One the otherhand,companies on the verge of delisting made use of M&A,which brought excessivespeculation in the market and also produced the breeding ground for insider tradingand other illegal activities.Totally ruined the market atmosphere, exacerbated the market risk,distorted the price discovery mechanism and affected function of thecapital market on allocating the resources.In the government working report of2012Premier Wen Jiabao mentioned that:improve and perfect the system of issuing new shares and delisting system, the care ofhigh-level capital market system construction is evident,in his last year of the secondterm.After long-term research and discussion, the China Securities RegulatoryCommission opened the delisting system reform of the capital market in2012, theGEM market as an emerging market which has no historical baggage, become atesting ground for the vanguard of this reform. In2012, the Shenzhen Stock Exchangereleased the revised "Growth Enterprise Market Listing Rules,which symbolized theestablishment of the GEM delisting system.The new GEM delisting regulations hassome “hignlights” but there are also many defects, loopholes in the system has yet tobe further improved. GEM market of China has only a three-year history,it isnecessary to study on the successful experience of the mature market for the GEMsystem construction and to do some necessary institutional amendments andinstitutional transplantation by the premise of taking full account of the presentsituation of China’s capital market development.The article includes four parts as follows:Charpter One: Define the GEM and GEM delisting system.Make clear of theconception and function of the GEM and GEM delisting system, as well ashighlighting the significance of the GEM delisting system,Finally,point out the studyobject of the article.Charpter Two:Make a comprehensive assessment on China’s GEM delistingsystem. Firstly review the course of the establishment of the GEM delisting system,analyze the previous changes of the GEM delisting system.Then,introduce the statusof the GEM delisting system,focus on the delisting standards and delistingprocedures,following an analysis of the new GEM delisting system of the newregulations, finally pointed out the defects of the new regulations.Charpter Three:Introduce the delisting system of the mature GEM,including theU.S. Nasdaq market, the AIM Market in the United Kingdom and the Hong Kong Stock Exchange GEM market focus on the points that is worth of our reference.Charpter Four:Figure out what kind of GEM market we are going toconstruct,then according to the blueprint to make some suggestions on improving theChina’s GEM delisting system... |
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