What does GEM mean?

Growth enterprise market, also known as the second board market, is a kind of securities market different from the main board market, which provides financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market for the time being. Growth enterprise market is an important supplement to the main board market and occupies an important position in the capital market. The stock code of listed companies in China Growth Enterprise Market starts with "300". Compared with the main board market, the listing requirements of GEM are often more relaxed, mainly in the establishment time, capital scale, medium and long-term performance and so on.

Enterprise demand

(a) the registered capital has been paid in full, and the procedures for the transfer of property rights of the assets contributed by the promoters or shareholders have been completed. There is no major ownership dispute over the issuer's main assets.

(2) The main business, directors and senior management personnel have not changed significantly in the last two years, and the actual controller has not changed.

(3) It has sustained profitability and does not have any of the following circumstances:

(1) The business model and the variety structure of products or services have undergone or will undergo major changes, which have a significant adverse impact on the issuer's sustainable profitability;

(2) The status or business environment of the industry in which the issuer is located has undergone or will undergo major changes, which will have a significant adverse impact on the issuer's sustainable profitability;

(3) The acquisition or use of important assets or technologies such as trademarks, patents, proprietary technologies and franchise rights is at risk of major adverse changes;

(4) The operating income or net profit in the latest year has a significant dependence on related parties or customers with significant uncertainties;

(5) The net profit in the latest year mainly comes from investment income outside the scope of consolidated financial statements;

(6) Other circumstances that may have a significant adverse impact on the issuer's sustainable profitability.

(4) Trading rules

(1) The trading unit of GEM stocks is "shares" and the trading unit of investment funds is "shares". The number of securities declared for purchase is 100 shares (copies) or its integral multiple. Securities with less than 100 shares can be declared and sold at one time.

(2) The quotation unit of securities is "price per share". The minimum change unit of "price per share" is RMB 0.0 1 yuan.

(3) The securities are subject to price limit, and the ratio of price limit is 10%. The price calculation formula for price increase and price decrease is:

Upper limit price of price fluctuation = (1 price fluctuation ratio) × closing price of the previous trading day (the calculation result is rounded to RMB 0.0 1 yuan).

There is no price limit on the first day of listing.