new trading rules of growth enterprise market

On September 1, 22, China Securities Regulatory Commission formally implemented new trading rules of growth enterprise market, aiming at improving market quality, stabilizing the market and promoting the healthy development of the capital market.

The new rules mainly include the following aspects: First, the rules for issuing new shares are relaxed, allowing more enterprises to list on the Growth Enterprise Market, thus broadening the investment space of the Growth Enterprise Market; Secondly, strengthen the supervision of enterprises after listing to ensure the financial transparency and timeliness of information of listed companies; Thirdly, a stricter pricing mechanism has been established to ensure the fairness of the IPO price; Finally, the responsibilities of market participants are increased, and market participants are required to strictly abide by the trading rules, thus maintaining the stability of the market.

These new rules aim to improve the trading environment of GEM, so that more enterprises can be listed on GEM and provide more investment opportunities for investors. At the same time, by strengthening supervision, we can improve market quality, stabilize the market and promote the healthy development of the capital market. Growth enterprise market trading rules

this paper aims to introduce the trading rules of growth enterprise market, mainly including: the types of GEM stocks, trading rules, listing conditions, listing review process, trading rules and risk warning. Through summary and analysis, this paper summarizes the core points of the trading rules of GEM in order to provide useful guidance for investors.

1. Types of GEM stocks

1. Listing of new shares: IPO refers to the listing of new shares on the GEM. Before IPO, new shares need to be audited before they can be listed on the GEM.

2. Transfer and listing: Transfer and listing means that the original listed shares are listed on the Growth Enterprise Market. Before transfer and listing, they need to be reviewed and approved before they can be listed on the Growth Enterprise Market.

ii. trading rules

1. market opening: the gem opens from 9: 15 to 15: every day and stops trading 15 minutes before closing every day.

2. Trading method: GEM adopts call auction trading method, and investors can send orders of buying and selling through brokerage institutions, and the trading system will automatically match the transaction according to the investors' instructions.

3. Price limit: Growth Enterprise Market adopts the price limit system. The price limit is based on the closing price, and the price limit is 1% of the closing price.

III. Conditions for listing

1. Financial conditions: The company shall continue to operate normally for two years, and its total net profit shall not be less than 1 million yuan, of which the net profit in the latest year shall not be less than 5 million yuan.

2. Management conditions: The company must have a sound internal management system, be qualified as an independent legal person, and be capable of continuously implementing innovative products and technology development.

iv. listing review process

1. online issuance: the company must disclose the stock issuance plan in the prospectus, and investors can invest through the online issuance system.

2. Review: A company applying for listing must submit relevant materials, and it can be officially listed only after being reviewed by the CSRC.

3. Pricing: A listed company will determine the issue price of its shares according to the market conditions and the actual situation of the company.

v. trading rules

1. buying and selling: investors can issue buying and selling orders through brokerage institutions, and the trading system will automatically match the transaction according to the investors' instructions.

2. Withdrawal: The investor can withdraw the order before the order is closed. After withdrawing the order, the investor can reissue the order.

VI. Risk warning

1. Price risk: The price of GEM stocks fluctuates greatly, so investors should fully consider its risks to avoid losses.

2. Information risk: The information disclosure of GEM stocks is incomplete, so investors should fully consider its risks to avoid losses.

This paper introduces the trading rules of GEM in detail, including the types of GEM stocks, trading rules, listing conditions, listing review process, trading rules and risk warning. This paper summarizes the core points of the trading rules of GEM, and suggests that investors should understand the relevant rules to avoid losses.