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CSRC to accept GEM listing application on Sunday

Jul. 21, 2009 (China Knowledge) - The China Securities Regulatory Commission, the country's stock market watchdog, will start accepting listing applications on the Growth Enterprise Market on Jul. 26, sources reported.

About 100 firms are expected to file applications on Jul. 26, said the CSRC, without disclosing when the GEM market will open.

The CSRC said last week that the first batch of smaller companies is expected to be listed on GEM on the Shenzhen Stock Exchange in late October or early November.

The Chinese Nasdaq-style stock market will focus on firms that are mainly engaged in new energies, new materials, bio-medical industry, electronic information, modern services and environmental protection, etc. as well as enterprises with technological innovations and higher market shares, the CSRC said.

Companies that have applied for listing on the main boards of the country's stock exchanges have the option to apply to list on the GEM.

The regulator also said GEM listing candidates should have two sponsor representatives to recommend them to ensure the quality of such companies and reduce risks in the initial phase of the GEM operation.

The CSRC said in March that companies that apply to list on the GEM are required to obtain net profits for the preceding two years and have combined earnings of more than RMB 10 million.

 







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