It is currently 79 yuan by December 10, 2021. 1. What is GEM: GEM appeared in the United States in the 1970s and emerged in the 1990s. Governments of various countries have stricter supervision of the second board market. Its core 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.

The development of other secondary board markets in the world can basically be divided into the above two stages.

In the late 1970s and early 1980s, the oil crisis caused a deterioration of the economic environment. The long-term downturn in the stock market was unattractive to companies. The securities markets of various countries were facing great crises. This was mainly reflected in the low willingness of companies to go public and the continued decrease in the number of listed companies.

Investors are not active in investing.

Under this circumstance, in order to attract more new companies to go public, various countries have successively established secondary market markets.

Generally speaking, at this stage, most of the second-board markets experienced brilliance in the early stages of their establishment, but basically ended in failure in the mid-1990s.

2. Introduction to GEM: 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.

3. Purpose of establishment (1) To 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 "export" for venture capital funds, diversify the risks of venture investment, 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.