The latest regulations on GEM trading: For GEM stocks that are initially publicly offered, there is no limit on the price increase or decrease in the first five trading days of listing, and the price limit after that is +20%.

For stocks without price limits, when the intraday trading price rises or falls by 30% or 60% for the first time compared with the opening price of the day, trading will be suspended for 10 minutes each.

On the basis of the original bidding transactions and block transactions, GEM has added after-hours pricing transactions, which means that investors can make transactions based on the closing price.

The time for this after-hours pricing transaction is between 15:05 and 15:25 on the trading day, and transactions are conducted according to the principle of time priority.

The GEM, also known as the Second Board Market, is a securities trading market designed to provide financing channels and growth space for entrepreneurial companies that are temporarily unable to be listed on the main board market.

The GEM is an important supplement to the main board market and occupies an important position in the capital market.

Compared with the main board market, the GEM listing requirements are often more relaxed, mainly reflected in the requirements on establishment time, capital scale, medium and long-term performance, etc.

The GEM appeared in the United States in the 1970s and rose to prominence in the 1990s. Governments around the world have stricter regulations on the secondary board market, the core of which is information disclosure.

In addition, regulatory authorities also use the sponsor system to help investors choose high-quality companies.

In the long history of securities development, the GEM initially appeared as a market image corresponding to the main board market with large mature companies, with small and medium-sized companies as its main targets.

Purpose of establishment: (1) Provide financing channels for high-tech enterprises.

(2) Through market mechanisms, effectively evaluate the value of entrepreneurial assets, promote the combination of knowledge and capital, and promote the development of the knowledge economy.

(3) Provide an outlet for venture capital funds, diversify the risks of venture capital, promote a virtuous cycle of high-tech investment, and improve the flow and use efficiency of high-tech investment resources.

(4) Increase the liquidity of innovative enterprise shares, facilitate enterprises to implement equity incentive plans, etc., and encourage employees to participate in enterprise value creation.

(5) Promote the standardized operation of enterprises and establish a modern enterprise system.