GEM is called GEM by different countries. Some countries are called second-board market, others are called second-board trading system, growth enterprise market and so on. It refers to another securities market besides the main board market of the exchange, and its main purpose is to provide a financing method for emerging companies to help them develop and expand their business. Most companies listed on GEM are engaged in high-tech business with high growth, but they are often established in a short time, with small scale and outstanding performance. \x0d\ Growth Enterprise Market mainly serves emerging industries, especially high-tech industries, and plays a vital role in promoting the development and progress of high-tech industries. Nasdaq is a typical Growth Enterprise Market, which is known as the "cradle of high-tech enterprises" and has cultivated a large number of high-tech giants in the United States, such as Microsoft, Intel, Apple and Cisco. , and has played a very important role in the development of high-tech industries represented by computer information in the United States and the sustained growth of the American economy in recent years. Under the huge demonstration of NASDAQ, the world's major capital markets have also begun to set up their own GEM. 1In June, 1995, the London Stock Exchange established the GEM market Aim；; 1February 996 14, France establishes a new market, Le Nouveau March；; 1999165438+10, the Hong Kong Growth Enterprise Market was formally established. \x0d\\x0d\ From the foreign situation, the main differences between the GEM market and the main board market are as follows: there is no minimum profit regulation to prevent high-growth companies from being listed because of low profits; Raise the requirements for the minimum shareholding ratio of the public to ensure that the company has sufficient capital turnover; Set the minimum shareholding of major shareholders and the restrictions on the sale of shares, such as not selling shares under their names within two years, so that the management of the company can maintain its commitment to shareholders when developing its business. In addition, the GEM takes the bulletin board as the trading channel. No matter where the company is registered, it can be listed as long as it meets the requirements. \ x0d \ x0d \ Some investors are worried that the establishment of GEM will divert funds from the main board market. In fact, this kind of worry is unnecessary. Theoretically speaking, if the investment varieties of the securities market cannot continue to break through in breadth and depth, the further development of the securities market will stagnate. Therefore, it is a short-sighted behavior to only see the expansion of the market and not see that it has injected new concepts and themes into the market. In fact, the investment targets and risk tolerance of the GEM and the main board market are different, and generally they will not affect each other. \ x0d \ x0d \ What is the Growth Enterprise Market? \ x0d \ x0d \ What is the Growth Enterprise Market? The origin of Growth Enterprise Market (also known as Second Board) corresponds to the main board market. Listed companies in the main board market are large and mature companies with little operational risk, while some small companies that do not meet the requirements for listing on the main board can only choose OTC market and local exchanges for listing and financing. In order to solve the financing difficulties of small enterprises, since the 1960s, North American and European countries have started to create their own GEM markets. So far, GEM has developed into a major market to assist small and medium-sized emerging enterprises, especially some high-tech companies with high growth. \x0d\\x0d\ According to the relationship with the main board market, we can divide the mode of the second board market into two categories: one is independent, completely independent of the main board, and has its own clear role positioning. The other is affiliated: affiliated to the main board market to cultivate listed companies for the main board market. This kind of second-board listed companies can be upgraded to the main board market after they mature. China's GEM can consider an independent GEM, because practice has proved that the success rate of this kind of GEM is relatively high. \x0d\\x0d\ II。 At present, many countries in the world have established their own growth enterprise market, the most successful of which is Nasdaq in the United States. Nasdaq's market size and market activity can be called a model of the second board market in the world. Next, let's introduce the Nasdaq market. \ x0d \ x0d \ Nasdaq, full name: National Association of Securities Dealers Automatic Quotation, formerly known as American OTC Market, officially started trading on February 8th, 197 1, providing financing channels for some high-tech companies that are too risky to be listed on the main board market. The main businesses of most listed companies are high-tech projects, bioengineering and drug research. After 30 years of development, there are currently more than 565,438,000 listed companies on Nasdaq, of which more than 480 companies are from countries outside the United States. The annual turnover of the whole market from 65438 to 0998 was as high as 5.8 trillion dollars, and the market was active. The origin of \ x0d \ x0d \ Nasdaq should be calculated from 197 1. On February 7th, 197 1, Nasdaq officially started trading. By the close of 197 1- 1989, the Nasdaq index fluctuated between 100 and 500 points, but the basic trend was upward. At this stage, because Nasdaq is still a new market, most enterprises are small and unknown companies, so investors' confidence and enthusiasm for them are very limited. Therefore, the index of the market fluctuates little. From 1990 to May 2000, many listed companies became world-famous multinational enterprises after a period of growth, which stimulated their stock prices to skyrocket and drove the Nasdaq index to more than 4,000 points, creating a myth of the stock market. So far, Nasdaq is still the most successful and concerned GEM in the world!