The supporting rules of gem have been introduced into the entry threshold of investors 300,000

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March 31, the Securities and Futures Commission formally promulgated the "initial public offering of shares and on the Gem listing management interim measures", the gem of every move is quite interesting. April 17, the CSRC on the revised "China Securities Regulatory Commission issued Audit Committee measures" (hereinafter referred to as "the issuance of the examination method" and "Securities issue listing sponsor business Management measures" ("Sponsor measures") to the community for public comment.

Yao, vice chairman of China Securities Regulatory Commission, said at the Boao Forum that the Shenzhen Stock Exchange may soon announce specific rules on the listing of gem, such as the rules on the sale of shares and the withdrawal system will do some institutional arrangements.

Before, there are also exchange people revealed the Gem investors access threshold of 300,000 yuan news. According to Guotai securities researcher Static forecast, after 2 quarters of preparation, the gem will be the fastest in the 3 quarter of the official debut.

Emphasizing the independence of the members of the Commission

The proposed revision of the "issuing method", mainly includes the establishment of a separate Gem issue audit committee, to increase the number of Gem Issue audit committee and appropriate increase in the proportion of industry expert members.

Considering the particularity of the audit work of the gem, the proposed revision of the method of issuing and examining Committee clearly stipulates that the Board of Auditors, the Chairman of the Board of Auditors and the merger and reorganization Committee members shall not be concurrently, but more emphasis on the independence of the Board of Auditors.

In addition, in the number of board members of the gem, taking into account the small number of gem listed companies, more than the board of Chairman of the Commission to set up 35 members, compared to 25 of the motherboard to increase 10. Among them, the China Securities Regulatory Commission's personnel remain 5. At the same time, China Securities Regulatory Commission will consider the issue of audit in the process of giving play to the role of industry technology and management experts, the establishment of audit professional advisory mechanism.

Extension of the duration of supervision period for sponsoring agencies

The revised recommendation method strengthens the responsibility of sponsoring agencies to issue and list the gem, and makes appropriate adjustments to the individual clauses not applicable to the gem.

Specifically, the "securities issued to the sponsors business management measures," the revision of the main focus on three aspects: first, taking into account the gem small scale, high risk, the gem has been properly extended the supervision period. Second, the establishment of the gem for the issuer of information disclosure of the sponsor tracking report system. Third, the issuer listed in the year the operating profit fell more than 50% of the company, will be related to the sponsor representative to take appropriate regulatory measures, this provision applies only to the motherboard, does not apply to the gem.

Measures, compared to the motherboard market, the continuing supervision period of the gem to be properly extended, and to establish the Gem Information disclosure sponsor Tracking Report system. GEM has been the industry's common concern.

Ask for entry threshold three points

"Initial public offering shares and in the Gem listing management interim measures" clear, gem to set up investors access threshold. In this respect, Shanghai Stock Exchange listed company senior manager Gu recently in the Zhangjiang Venture Forum, pointed out that the current Gem entry threshold is still in the argument.

Gu revealed that the entry threshold for investors may have three considerations, first of all, the amount of funds initially set at about 300,000 yuan, second, the investor credit record requirements, in addition, investors have a certain investment experience, ordinary small investors will guide them through the investment fund in the way indirectly investment gem market.

He also said that, as a result of the breach of the securities law, the gem will not implement t+0 trading, management of the gem is very cautious attitude, do not favour the adoption of no price limits, some people suggest that the proposal to 20% is not feasible.

Newspaper reporter Jiashomin Intern Ricachi