The GEM reform is underway again, adding a fourth set of listing standards

Mars Finance News, April 10 — According to the State Council’s approval, the China Securities Regulatory Commission (CSRC) has issued the “Opinions on Deepening the Reform of the Growth Enterprise Market (GEM) and Better Serving the Development of New Quality Production Forces,” adding a fourth set of listing standards for the GEM to better serve high-quality innovative and entrepreneurial companies in emerging and future industries. The opinions propose eight reform measures, including optimizing issuance and listing standards to improve inclusiveness and attractiveness, and actively leveraging the role of local governments to help improve review and registration efficiency. The opinions clearly support high-quality, unprofitable innovative enterprises and those in new consumption, modern service industries, and other fields to issue and list on the GEM. Make good use of the existing listing standards of the GEM, and support high-quality enterprises that meet the sector positioning and national industrial policy requirements to issue and list on the GEM. The opinions propose actively leveraging the role of local governments to help improve review and registration efficiency. Fully utilize the advantage of local governments’ understanding of the actual situation of enterprises within their jurisdiction, and pilot the submission of information about enterprises planning to issue and list on the GEM by city-level and above people’s governments and provincial governments to the CSRC and the Shenzhen Stock Exchange. The pilot scope includes enterprises that have applied for issuance and listing counseling registration or plan to apply under the third or fourth set of GEM listing standards. The CSRC and the Shenzhen Stock Exchange will use the information provided by local governments as a reference for review and registration. Information submitted by local governments is not a mandatory procedure for enterprises to issue and list on the GEM. (Xinhua News Agency)