Due to the centralized audit and centralized issuance system in GEM, the phenomenon of over-raised funds of GEM companies broke out in a short time, which eventually became the target of public criticism. In response to the constant questioning of the market, Shenzhen Stock Exchange recently issued the Guidelines for the Standardized Operation of Listed Companies on the Growth Enterprise Market, which specifically stipulates that listed companies on the Growth Enterprise Market must clarify the use of the over-raised funds and disclose the use plan of the over-raised funds within six months after the funds are in place. At the same time, the Guidelines stipulate that over-raised funds must be invested in the company's main business, and may not be used for high-risk investments such as securities investment, entrusted wealth management, derivative investment, venture capital, and providing financial assistance to others.