1. The Growth Enterprise Market implements an audit system, which requires high sustainability and absolute profit. The profit conditions of GEM are relatively relaxed, but all enterprises need to make sustained profits before they can be listed. Science and technology innovation board implements the registration system, and the conditions for issuance and listing are much more inclusive. Although it also refers to financial indicators, it emphasizes the ability of sustainable operation and does not emphasize the ability of sustainable profitability. As long as the core products have obvious technological advantages, enterprises that have not yet made profits or accumulated losses can be listed on the science and technology innovation board.
2. The current pricing mechanism of GEM adopts direct pricing. In principle, the static P/E ratio is 23 times of the issue price. The science and technology innovation board adopts the pricing method of market inquiry completely.
3. Growth Enterprise Market trading is limited to 10%. The trading mechanism of science and technology innovation board has changed a lot. Growth enterprise market will be relaxed to 20%, and there will be no price limit in the first five trading days after initial public offering and additional listing. Third, after-hours pricing transactions have been added, which is not available on the GEM. Fourth, science and technology innovation board stocks can be used as the target of margin financing and securities lending from the first day of listing, while GEM stocks have strict restrictions on margin financing and securities lending. Fifth, in terms of the number of transactions, the number of single declaration of science and technology innovation board is not less than 200 shares, which can be increased by 1 share. The maximum number of limit orders is 6,543,800+shares, and the maximum number of market orders is 50,000 shares. Growth enterprise market, the number of single declaration is 100 shares or its integral multiple, and the upper limit of declaration is 100 shares.
1. The CSRC indicated that the Measures for Initial Registration of Growth Enterprise Market generally drew lessons from the core institutional arrangements of science and technology innovation board's pilot registration system, fully absorbed science and technology innovation board's practices of focusing on information disclosure, streamlining and optimizing issuance conditions, increasing institutional inclusiveness, strengthening the responsibilities of market participants, and increasing penalties for violations of laws and regulations, and were basically consistent with the relevant provisions of science and technology innovation board in terms of issuance conditions, registration procedures, issuance underwriting, information disclosure principles and regulatory penalties.
Second, in order to better develop enterprises and meet the needs of investors, we need to understand the difference between the science and technology innovation board and the growth enterprise market. Only in this way can we better determine the investment target, which is also the purpose of setting up different sectors in the market.