The Case Studies Of Y Company IPO For GEM

China’s economy has recently developed from the "shallow area" into the "deep area", which resembles a river where stones can’t be easily noticed. In this situation various enterprises are trying to making their own contributions. Many medium-and-small-sized enterprises needs a lot to invest to expand production and grow business. It is more and more difficult for medium-and- small-sized enterprises to get funds from the bondmarket, so they gradually turn to capital markets. In order to supervise the market better, China Securities Regulatory Commission has already been set more strict requirements than other countries. In May 2014, the Commission issued a "IPO and listing on the GEM management approach", which aims to encourage the medium-and-small-sized enterprises to develope their own healthily and sustainably, establishing a public financing platform for them, regulating actions before and after issuing stocks for the first time, to protect the interests of stakeholders, maintaining good order in China’s capital market.Under the existing audit system, what kinds of enterprises meet the requirements? How to meet the requirements of regulators? The author carefully reviews the theory on the company to go public, taking a high-tech agricultural company which is going public for example. Only through analyzing specific cases will we understand more deeply which CSRC stresses and how enterprises should improve.Today, some good enterprises, which develop relative well, are trying to raise funds in the domestic market, as well as the oversea market. In the face of strict laws and regulations, this paper studies mainly the following several aspects:First, introduce and compare the GEM market both at home and abroad, such as NASDAQ of America, British high growth market, KOSDAQ of South Korea, and so on. Enterprises may raise funds in terms of their own situations.Second, introduce in more detail the history of the censorship regarding the company going public, from examination and approval system since 1993 to today’s authorization, as well as the registration system in the future, to find the logic of the system development, and the core elements to improve enterprise.Third, analyze more deeply enterprises, with specific cases taken for example from the financial and non-financial perspective, and points out the key problems, such as the ability to operate sustainably, the company’s financial risk, and the transactions with the affiliated party; and from the non-financial perspective have a fixed number of the length for operation, the structure of ownership, the condition of capital and assets and so on. These aspects can improve the chances for enterprises to go public,Fourth, analyze the current situation of the censorship for companies going public in our country, find out problems to be resolved and offer opinions for the following problems:the shortage of enterprises’ ability to make profits and growth, in-dependence, control within enterprises and human resources.This paper summarizes the Y company of the whole process of IPO and the reasons of IPO audit failure, then put forward rectification opinions, hoping to offer some certain reference value.