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Operation of Chinese Growth Enterprise Market (GEM) Is Officially on the Countdown

www.shcri.com - On March 31st of 2009, China Securities Regulatory Commission (CSRC) published Administrative Measures for Initial Public Offerings and Listing on the Second Board?establishing the general framework of the second board system.

On May 13th of 2009, CSRC published the revised Administrative Measures for the Recommendation Business of the Issuance and Listing of Securities and Administrative Measures for Issuance Examination Commission of China Securities Regulatory Commission, exemplifying the Sponsor System and Offering Supervision Legal System of GEM.

On June 5th of 2009, authorized by CSRC, Shenzhen Stock Exchange published GEM Listing Rules of Shenzhen Stock Exchange, exemplifying the GEM listing system.

On June 30th of 2009, CSRC published Temporary Regulations on Appropriate Management of GEM Investors, Exemplifying the ways for investors to take part in GEM.

On July 3rd of 2009, as the important accompanying documents of GEM initiation, Guidelines for Application Documents of Initiating and Listing of GEM and Guidelines for Prospectors of GEM Companies began to solicit public opinions.

On July 14th of 2009, over 530 representatives from 36 securities regulatory commissions, 68 recommending institutions, 68 accounting firms and over 120 law firms came to Beijing to attend the training conference of GEM initiating rules which was organized by CSRC. A conferee revealed that this one-day training was mainly to make market participators acknowledge better the rules of the initiating system of GEM. It mainly explained Guidelines for Application Documents of Initiating and Listing of GEM and Guidelines for Prospectors of GEM Companies and generated opinions on them.

CSRC has set up the supervision office of GEM initiation which is in charge of the audit activities of GEM initiation. It has begun to operate and is setting up the audit committee of GEM initiation now. Shenzhen Stock Exchange has set up the administration of GEM companies, which takes charge of the supervision of GEM listing companies.

At present, among the main rules of Chinese GEM, only the listing and trading rules haven’t been published.

It is predicted that CSRC will begin to accept application materials of GEM listing at the end of July and in the beginning of August. The first GEM companies won’t go publish until the end of October and the beginning of November.

It is reported that there are about 400 enterprises now in China which are waiting for the audit of the initiation of the main board. Many enterprises are considering investing GEM instead to speed up the process of listing. CSRC has warned before that enterprises should have a definite positioning of GEM and analyze if the enterprise can fit into the traits of GEM. Enterprises shouldn’t regard GEM as small plates.

It should be noted that though GEM hasn’t gone public, CSRC has begun to audit the new IPO projects of small and medium enterprise boards and the sponsors have changed their minds now. Some sponsors told that considering those enterprises that plan to list and the recommending institutions, they would prefer list the main boards.

It is reported that the qualification audit of the first listing enterprises of Chinese GEM is very strict. Those enterprises which can be the first GEM listing enterprises must have no problems on small and medium enterprise boards.

Since July 15th of 2009, investors can apply the trading qualification of Chinese GEM. But it is acknowledged that in theory the investing qualification of GEM can be applied today, but the exact accepting day is fixed according to the internal arrangements of stock companies.

There are four steps for investors to apply for the qualification of GEM. First, investors should know as many as the traits and risks of GEM, and estimate their capabilities of risk tolerance objectively, and then decide carefully if they should apply for the trading qualification of GEM. Second, investors apply for the trading qualification of GEM through internet or going to business premises of stock companies. Third, after the application, investors should provide their ID, certificates of property and income, and risk preference and other basic information to stock companies. According to these documents, stock companies will estimate investors’ capabilities of risk tolerance and notify investors the results. Investors can judge if they are suitable for trading GEM referring to the results. Finally, investors should sign Additional Risk Disclosure Statement at the business premises of stock companies according to the requirements. After finishing the relevant audit procedures and with the signature of the head of the business premise, stock companies can sign the mentioned documents with the promise of opening the trade after five trading days. During the period, investors can also withdraw the application.

 

Source: China Research and Intelligence

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About the Author

Based on the database, Interviews and research methods from China Research and Intelligence, CRI analyzes the development and opportunities in this industry clearly.

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