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China starts accepting GEM application

(Xinhua)
Updated: 2009-07-27 09:21

China Securities Regulatory Commission (CSRC), the country's securities regulator, began accepting listing applications for the growth enterprise market (GEM) on Sunday.

A total of 108 enterprises, mainly involved in new energy, new material, electric information and biology medicine, filed applications on Sunday, much more than the regulator's previous expectation of 50 to 100 companies.

Thirty-eight sponsor institutions also handed over applications to the CSRC.

According to the regulator, companies that apply to list on the GEM should have two sponsor representatives to recommend them to ensure the quality of such companies and reduce risks of the GEM operation.

Related readings:  Revised rules on GEB take effect in June  How far will the growth enterprise market go?  GEM draft listing rules marks step in capital market  Regulator happy with progress of listing norms

The CSRC would check companies' application documents in the following five working days starting from Sunday, and decide whether to give suggestion to sponsor representatives to further improve and revise the documents.

Relevant documents would be handed over to the National Development and Reform Commission, the country's economic planner for final approval.

Not every company who filed applications would get list on the GEM, the CSRC added.

The regulator said that the first batch of start-up companies were expected to be listed on GEM in late October or early November.

The CSRC said in March that GEM listing candidates must gain net profits for the preceding two years and have a combined earnings of at least 10 million yuan ($1.46 million).

Or the company must post a net profit of at least 5 million yuan and a revenue of at least 50 million yuan for the latest fiscal year, with revenue growth of at least 30 percent in the past two years.