Research On GEM Delisting Of Legal System

In order to promote the development of high-tech industries, foster the development of high-tech industry is conducive to capital markets, after a decade of preparations and finally in October2009gave birth to the GEM market. The launch of the GEM market, improve the function of China’s capital market is beneficial for the innovative enterprises to provide better ability to innovate. However, the actual operation of the GEM market conditions less than the expected high growth, sparked companies listed on GEM delisting concerns, a sound capital market system requires not only a sound market system, the delisting system is also essential. GEM GEM delisting system as an integral part, not only to maintain quality of listed companies, to ensure an effective mechanism for dynamic securities markets, but also to protect the interests of effective protection of investors, it is important to promote the healthy development of the securities market forces. In order to conform to the current requirements for the development of China’s capital market, May1,2012implementation of the Shenzhen Stock Exchange issued a newly revised "Shenzhen Stock Exchange GEM Stock Listing Rules", the-introduction of the GEM delisting system. Although this system for the healthy development of the GEM is significant, but there are still many defects, must be resolved. Therefore, this paper analyzes, combing our current legal system of the GEM market exit the basis of comparison of overseas advanced systems to overseas GEM delisting more mature legal systems draw on China’s legal system GEM delisting further perfect presents some thoughts and humble opinion.In this paper, using the Comparison analytic method, first through the analysis of the legal system of the GEM delisting status and overseas mature GEM delisting summarize the legal system, and then compare our existing GEM delisting system defects and shortcomings, thereby combining reality of our country, our country GEM delisting legal system to be improved.This paper will elaborate on the following sections:The first part is the GEM delisting legal system overview. GEM delisting were introduced legal connotation, the GEM delisting system as well as the theoretical basis of the necessity of the GEM delisting system.The second part is the legal system of the GEM delisting Implementation and Analysis. This chapter is mainly from our legal system GEM delisting delisting criteria, delisting procedures delisting channels and protect the interests of investors, the analysis of the current GEM delisting status of the legal system, and then analyze the system summary deficiencies.The third part is overseas comparative analysis of the GEM delisting system. This chapter sequentially United States, Japan, Hong Kong GEM market delisting to summarize the legal system in order to be discussed later on China’s GEM delisting perfect the legal system to provide a reference. The fourth part of our country’s legal system GEM delisting perfect proposal. This article discusses some as a major part of the control sequence above writing ideas from delisting criteria, delisting procedures delisting channels and protect the interests of investors in four areas by improving the GEM delisting of the relevant legal system recommendations.Innovation of this paper is:First, more novel topics. China’s GEM establish a short time, delisting system has also formally established less than a year and a half, so this article is less area, this article specifically for the newly implemented GEM delisting system to be analyzed and discussed in while affirming its progressive significance, focusing on analysis of its shortcomings, then put forward a sound opinion. The second discusses methods varied. As countries GEM delisting contents were different legal systems, in order to facilitate horizontal comparison, this paper summarized and analyzed by chart, making comparison process more intuitive.