It is the account for transferring state-owned shares to social security.

There are not many state-owned enterprises on the GEM, but there are many state-owned enterprises among the shareholders of the GEM.

As long as they are registered as "state-owned shares", "state-owned legal person shares" and other properties on the China Securities Regulatory Commission, they will be cut off by social security when they participate in the listing of a holding company.

\x0d\\x0d\ In August 2000, the Party Central Committee and the State Council decided to establish the "National Social Security Fund" and also established the "National Social Security Fund Council" to be responsible for the management and operation of the National Social Security Fund.

\x0d\ The National Social Security Fund is a centralized social security fund of the central government and an important strategic reserve of the country. It is mainly used to make up for the social security needs during the peak period of population aging in the future.

\x0d\ According to the "Interim Measures for the Investment Management of the National Social Security Fund" promulgated on December 13, 2001, the sources of the National Social Security Fund include: \x0d\ Central fiscal budget allocation; \x0d\ Funds transferred from the reduction of state-owned shares;

\x0d\ Funds raised in other ways approved by the State Council; \x0d\ Investment income; \x0d\ Equity assets.

\x0d\ The National Council for Social Security Fund is a ministerial-level institution directly under the State Council. It is an independent legal entity responsible for the management and operation of the national social security fund.

Its main responsibilities are: \x0d\ Manage funds allocated by the central government, funds obtained from reducing state-owned shares and funds raised in other ways.

\x0d\ Formulate the investment and management strategy of the National Social Security Fund and organize its implementation.

\x0d\ Select and entrust the National Social Security Fund investment managers and custodians to conduct investment operations and custody of the National Social Security Fund assets, and inspect the investment operations and custody status; conduct investment operations and custody of the National Social Security Fund assets within the prescribed scope

Direct investment operations.

\x0d\ Responsible for the financial management and accounting of the National Social Security Fund, regularly preparing financial accounting statements, and drafting financial accounting reports.

\x0d\ Regularly announce to the public the assets, income, cash flow and other financial conditions of the National Social Security Fund.

\x0d\ Funds shall be allocated in accordance with the instructions and methods determined jointly by the Ministry of Finance and the Ministry of Labor and Social Security.

\x0d\ Undertake other matters assigned by the State Council.