In this regard, we compare and analyze the GEM market rules in several major regions at home and abroad.
1. Aim at the market of growing companies.
With regard to the GEM market in preparation in China, what kind of enterprises are going to be listed, mainly small and medium-sized state-owned enterprises and private enterprises, or large and medium-sized state-owned enterprises, or even Sino-foreign joint ventures or wholly foreign-owned enterprises, we think that "GEM is more important to the quality of enterprises" itself has made a clear answer, and growing technology companies are the main targets of GEM listed companies. This point has been highlighted in the GEM markets all over the world.
In the Nasdaq market, among the new shares listed on 1999, computer software and service industries account for 55%, and computer hardware, electronic communication, biomedicine and other industries occupy a dominant position in the market. According to statistics, the market value of the computer industry accounts for 42.74% of the total market value, which has an absolute scale advantage; The electronic communication industry followed closely, accounting for 17.7% of the total market value.
As of the end of June 1998 1 1, there are 58 OTC companies in the information and electronics industry, accounting for 49% of the total OTC companies, including companies in the securities, electromechanical, steel and insurance industries.
In Hong Kong Growth Enterprise Market, 28 high-tech companies account for more than 70% of the total number of listed companies, which is very high. Purpose? Star ink? Inferior coke? Hey? Resist Is it fresh? Its market value at the time of listing was about HK$ 42.9 billion, accounting for 765,438+0.76% of the total market value of HK$ 59.78 billion). The market value of other industries such as computer software and hardware is less than 9% of the total market value. The thin industry structure has aggravated the lightness of its transaction. This should be a lesson for the GEM market in preparation.
More than 70,000 high-tech enterprises in China Mainland have laid a deep micro-foundation for the Growth Enterprise Market in preparation. More than 200 companies that have signed listing counseling agreements with brokers are mostly distributed in computer software and hardware (such as Tefa Computer, Sangxia Minsheng Technology, Zheng Jin Hi-Tech, Aoweixun Technology, Du Ya Graphics Software, etc.) and electronic communication (such as Vanderlei Communication, Tong Fei Optoelectronics, Tongzhou Electronics, Guanri Communication, Jing Tian Technology, etc.). ); New materials (such as Changyuan New Materials, Vesta, Lai Bao Vacuum, etc.). ); And network concepts (such as Xunbao network, etc.). ); There are also many industries such as biomedicine. This fully considers the growth of enterprises and the rationality of industry distribution.
Second, the expansion of market scale and the deepening of internationalization.
Nasdaq market is a truly global market. After nearly 30 years' development, there are more than 4,400 listed stocks on the NASDAQ national market, including the stocks of the largest and most famous companies in the world. At the end of 1998, Nasdaq market surpassed NYSE in terms of the number of listed companies, turnover (number of shares), market performance, liquidity ratio and institutional shareholding ratio. During the period of 1990- 1997, the trading volume of Nasdaq increased by 89 1%, which was much higher than that of NYSE and London Stock Exchange. At present, there are more than 440 foreign companies listed on Nasdaq, accounting for about 9% of the total number of listed companies. The number and pace of foreign companies' listing on Nasdaq have incomparable advantages over other American exchanges, and their internationalization process is at the forefront of major American stock exchanges.
By the end of 10 this year, there were 49 listed companies on the Growth Enterprise Market in Hong Kong, raising a total of 16 1 billion Hong Kong dollars. Local companies in Hong Kong account for 70%. Its main objective is to provide financing for small and medium-sized enterprises in Hong Kong and China, and to support the listing of mainland enterprises invested by Hong Kong and Taiwan Province Province. Will Hong Kong GEM listed companies chew bananas in the future? What are you talking about? Shake it? Great Wall of the Empire? What's the hurry? Hey? The edge of the city is quiet and harmonious. ? Hey? Fresh discharge? What's wrong with consulting you? Rong? What happened to peaches and snails? Br> By the end of June 1998 1 1, the total number of OTC companies in Taiwan Province Province was 157. It is stipulated that the scope of application of enterprise listing is "local small and medium-sized companies", including newly established companies.
The domestic growth enterprise market in preparation is independent of the two main boards in Shenzhen and Shanghai. If an average of 200 companies are listed on the GEM every year, after 10 years, the companies listed on the GEM may surpass those listed on the main board. China's securities market with a history of 10 years plans to open to foreign investors, allowing Sino-foreign joint ventures and subsidiaries of overseas companies to apply for GEM, which will help to enhance the international image of GEM and promote its internationalization.
Third, a high-risk market suitable for professional investment.
Growth enterprise market is established according to the characteristics of small and medium-sized enterprises, especially high-tech enterprises. Compared with the main board, it has the characteristics of high growth and high risk. Therefore, the investors who are suitable for GEM are those who have high risk tolerance and expect to get high returns from high-risk investment-professional investors.
In Nasdaq, different levels of market participants are allowed to trade through computer and network technology. The delivery price of market makers and the advanced automatic quotation system release all information to all market participants through the network, making Nasdaq a highly transparent market.
In the early days of drafting the rules, Hong Kong's Growth Enterprise Market was thought to have set a minimum trading limit of HK$ 5,000 to limit the Growth Enterprise Market to the markets of professional and experienced investors. Later, this restriction was lifted from the aspects of activating the market and facilitating professional investors, and investors were reminded through full risk disclosure, that is, under the premise of full disclosure of information, the concept of "buyer's own responsibility" was emphasized.
In Chinese mainland, institutional investment funds have developed rapidly in the last three years, but their professionalism cannot be compared with that of professional investment institutions in overseas markets, and small and medium-sized investors are still the "backbone" of the market. Therefore, the core issue of developing GEM-protecting the legitimate rights and interests of investors and improving market transparency is particularly prominent. There are no restrictions on the minimum margin and the minimum transaction amount of investors in the Consultation Document on the Trading Rules of Growth Enterprise Market. Market participants are "natural persons, legal persons and securities investment funds that open securities accounts in Shenzhen Stock Exchange". Therefore, on the one hand, small and medium-sized investors should get enough advice to enter the GEM; On the other hand, specific protection measures are also stipulated to reflect fair competition, such as adding quarterly reports in addition to annual reports and interim reports in accordance with international practice.