The GEM registration system means that the GEM has changed from the original approval system to a registration system, that is, the stock exchange will review the listed companies, and after passing the review, the China Securities Regulatory Commission will register them.

At present, the Science and Technology Innovation Board of the A-share market has implemented a registration system, which has greatly lowered the threshold for companies to go public, expanded the scope of listing, and improved the efficiency of review. Therefore, after the GEM implements the registration system, it will move closer to the Science and Technology Innovation Board in terms of system. This is also the direction of capital market reform.