Gem Lowered To Enter "Threshold" Staged Tulips Foam

< p > after officially listing for nearly 5 years, the "a href=" http://www.91se91.com/news/index_c.asp "gem" /a "finally came to the all aspects of reform from issuing threshold, refinancing, merger and reorganization to delisting system.

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"P" recently, the China Securities Regulatory Commission formally consulted on the revised version of the IPO management method and the Interim Measures for the management of securities issuance of listed companies on GEM.

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< p > reporter noted that on the threshold of listing, the above documents stipulate that the issuer needs to make continuous profit in the past two years. The net profit in recent two years is not less than ten million yuan, or the profit in the latest year, and the operating income in the latest year is not less than fifty million yuan.

At the same time, in terms of industry restrictions, gem enterprises will no longer be restricted to nine industries, and the innovative and growth enterprises of strategic emerging industries and other industries and formats belong to the support of the growth enterprise market.

In the design of the gem refinancing system, the above documents show that the reform launched a "small quick" private placement, reflecting the "small, fast, flexible and convenient" mechanism.

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Zhang Xiaojun, a spokesman for China's < a href= "http://www.91se91.com" > SFC < /a >, said that the revised management method of gem began to abolish the rigid requirement of sustained growth in operating income or net profit. Allowing enterprises with income above a certain scale to have a profit record for only one year can be listed, which is more in line with the characteristics of the innovative small and medium-sized enterprises, and significantly expand the coverage of the market. P

However, he stressed that the appropriate relaxation of financial access indicators does not mean that the growth enterprise market will "drain".

Loosening the terms of issuance, and the right to the market, will be an important step in promoting the reform of the registration system of stock issuance. It can support more companies issuing and listing, and expand the coverage of services. After simplifying the issuing conditions, regulatory guidance is changed to disclosure oriented, which will not reduce the substantive requirements of enterprises, and control risks.

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< p > Societe Generale Securities said that the reform of the gem has lowered the profit threshold, allowing enterprises with a certain income above a certain scale to go on the market only with a profit record for one year, easing the demand for growth, increasing tolerance for performance fluctuations, and simplifying other distribution conditions.

Gem IPO conditions lower, queuing listed companies may further increase.

According to the latest data released by the SFC, as of March 20th, there are still 232 enterprises waiting for listing on GEM.

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< p > in the eyes of many people in the industry, the lowering of the threshold of gem and the refinancing of < a href= "http://www.91se91.com/news/index_q.asp" > policy < /a > will rapidly change the supply and demand relationship which has created an astonishing bull market since 2013.

"Tulips in Holland are on the gem and small stocks. This risk is no less than 6124 points. The bubble has been very serious."

Li Daxiao, director of the British Securities Research Institute, told the economic reference daily that the burst of the bubble will make the investors who have been keen on the new fry for more than 20 years to pay a heavy price. Investors with low risk tolerance should keep away from these stocks.

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