Research On Delisting System Of Enterprises Under Gem Registration System

In October 2009,gem was officially registered in Shenzhen Stock Exchange.The establishment of gem obviously has a positive interest for the development of China’s securities market,especially provides a wider range of financing channels for small and medium-sized enterprises in the entrepreneurial stage.After more than ten years of development,it has bred 16 giants with a market value of more than 100 billion yuan,616 companies have increased by more than 100% compared with the issue price,the number of sector companies has reached 1050,the total market value has reached 13.09 trillion,and the total equity financing has exceeded 1 trillion.and the gem has also become a hot investment plate for investors.However,the problems of red market in the market are gradually emerging.Influenced by the traditional thinking,it pays attention to listing but ignores delisting.Therefore,the difficulty of delisting in gem has always been an existing problem.The low delisting rate in China directly affects the resource allocation of the market and the recyclable ecological development of China’s stock market.On March 1,2020,the new securities law was officially implemented,and China’s GEM market entered the full implementation of the registration system.From the perspective of the changes in the issuance mode of China’s shares,it also shows that the development of China’s stock market is gradually mature and the degree of market freedom is also increasing.With the promotion of the gem registration system,the listing system,supervision system and delisting system have also been revised accordingly,so as to better adapt to the new changes.Therefore,under the background of registration system,this paper focuses on the delisting system of listed companies,including the historical evolution,development status and characteristics of the delisting system.By analyzing the delisting system of NASDAQ gem in the United States,this paper puts forward some suggestions to improve the delisting system of China under the new market environment and development.Taking the gem registration system as the research starting point,this paper is divided into the following chapters: first,the introduction,which mainly discusses the research significance and background,research status at home and abroad,research methods,research content and circuit diagram,research innovation,etc;Chapter 1mainly explains the evolution and current situation of delisting laws under the gem registration system,and explains and analyzes the current situation of delisting laws in China.Chapter 2 analyzes the characteristics of the delisting system of NASDAQ market in the United States,especially the Enlightenment of the system to China.Chapter 3,based on the analysis of excellent experience,puts forward some suggestions and opinions to improve the delisting system of China’s gem.