"GEM" to enter the substantive stage of planning to set up.

<P>: Http:// News, Shenzhen Venture Capital Association Executive Vice President and Secretary General Wang Shou-ren said yesterday, with Chinese characteristics, GEM has entered a substantive stage of planning to set up. .Currently, the GEM has been established to determine the general idea and establish a program of the draft has also been drafted and is the industry's extensive comments. .</ P> <P> controversial for the draft in the establishment of the GEM model problem, Wang Shou-ren, said the proposed lowering the threshold of the SME board directly into the views of the GEM is not desirable. .He argued that China's economy is in transition, industry diversification and growth of SMEs and their level hierarchical listing of the diversity of financing needs, the decision should be retained within the Main Board SME Board; GEM is very risky, in case .major twists and turns, reduced to small and medium business if the board will make the successful operation of the SME board abortion. .He said the actual situation in China to establish a stock transfer of SME Board and the agency system as the basis of the formation step of the OTC market, and for different growing financing needs of SMEs Growth Enterprise Market. .</ P> <P> companies listed on GEM threshold, he said, can not simply copy foreign models, not "big on the big back", and do not take the path of the failure of other countries, such as the hasty creation of the GEM after he .hurry back to the motherboard, a board of small cap stocks. .</ P> <P> He suggested that in addition to landing GEM companies under the "Company Law" and "Securities Act" requires the total share capital of not less than thirty million, but also must have a three-year record of continuous operation, total sales for three years .income shall not be less than one billion sales last year of not less than fifty million yuan, the cumulative net profit of not less than three years ten million yuan, net profit last year of not less than million to reflect its high growth .characteristics. .He also pointed out that listed companies should reflect the chosen national industrial policy should be high-tech enterprises, agriculture and other appropriately, including the National Development and Reform Commission has announced the development of the eight categories of key support industries; to support new business models, such as chain .management, e-commerce, international business and transfer of advanced foreign technology and so on. .</ P> <P> Wang Shou-ren also specifically mentioned, the GEM is very risky, to prevent risks, to maintain the quality of listed companies and the listing of high growth companies. .</ P> <P> addition to the implementation of the SME board than the board and more stringent information disclosure, they can also according to the aforementioned high threshold established in the Growth Enterprise Market cap stocks within the market, conditions are ripe to be appropriate to reduce the listed companies after .standard sales and profits, the creation of small-cap stocks the GEM market. .</ P> <P> addition to talking about planning to set up programs on the GEM proposal, Wang Shou-ren also pointed out that the launch of the GEM and success will depend to some extent the development of venture capital. .He believes that as the venture capital into small and medium private enterprises existing equity confusion, three financial accounts, tax evasion, tax evasion, related party transactions, business decisions and other issues will be greatly improved dictatorship, thus further improving the texture of listed companies. .For the SME venture capital background, he also suggested that the SME board and GEM may consider listing its priorities, which include venture capital enterprises may be established must have success stories, management practices, strong management team, investment in both time .years and provide value-added services to enterprises, including the prerequisite. .Exit for venture capital, Wang Shou-ren that should be appropriate to extend the lock-holding options, options can be implemented to allow half of the locked out after one year, after two years, gradually withdraw from the mechanism. .</ P>.