The difference between the motherboard and the GEM

The difference between the motherboard and the GEM

1 thought on “The difference between the motherboard and the GEM”

  1. The listing standards are different. Mainboard listing standard: ① The company’s establishment and operating time for more than three years; ② the company is required to make three years of profitability, and the cumulative total of more than 30 million yuan; ③ the company’s three years of accumulated more than 300 million yuan; The cumulative amount exceeds 50 million yuan; ⑤ requires the company’s total share capital to issue a total of not less than 30 million.
    The listing standards for GEM: ① The company has continuously made continuous profit in the past two years, and the cumulative net profit is not less than 10 million, or the recent one -year profit, and the net profit is not less than 5 million yuan. In the past year, revenue No less than 50 million yuan, the growth rate of revenue in the past two years has not been less than 30 %; ② The net assets at the end of the last period are not less than 20 million yuan, and there is no loss of losses; ③ the total share capital after issuance is issued; No less than 30 million yuan.
    This information:
    First, the GEM market meets the needs of independent innovation. Through the construction of multi -level capital markets, the establishment of a direct financing mechanism of risk sharing and revenue sharing can alleviate the financing bottlenecks of high -tech enterprises, can guide the investment direction of venture capital, can mobilize banks such as banks, guarantee and other financial institutions to loans and loans of enterprises and Guarantee, thereby forming an investment and financing system that adapts to the development of high -tech enterprises.
    Secondly, the GEM market provides an incentive mechanism for independent innovation. By providing equity and option plans for the capital market, it can stimulate scientific and technological personnel to work harder to turn scientific and technological innovation income into actual income and solve the problem of effective inspiration of innovative enterprises.
    Third, the GEM market has established a survival of the fittest mechanism for independent innovation to improve the overall innovation efficiency of the society. It is specifically reflected in the following two aspects: First, the screening is the first. It is to establish a pre -selection mechanism through the screening of venture capital and the threshold of the capital market to push entrepreneurial enterprises with truly market prospects to the market; the second is to screen afterwards. It is to establish an institutionalized exit mechanism through the continuous listing standards of the Stock Exchange to eliminate the market for the company.
    The differences between each section
    1. Small and medium -sized board: In May 2004, with the approval of the State Council, the China Securities Regulatory Commission approved the establishment of a small and medium -sized enterprise sector in the main board market. From the capital market structure, it belongs to the first board market (motherboard market). The conditions of some companies cannot meet the requirements of the motherboard, so they can only be listed on the small and medium -sized board market. In February 2021, the Securities Regulatory Commission announced that the main board of the Shenzhen Stock Exchange and the merger of the small and medium -sized board were approved.
    2. Motherboard: The motherboard market is also called the first board market. It refers to the traditional securities market. It is the main place for securities issuance, listing and transactions. Companies in the main board market are listed on the two markets of Shanghai Stock Exchange and Shenzhen Stock Exchange.
    3. Science and Technology Board: Facing the forefront of the world technology, the main battlefield of the economy, and the major national needs, mainly serving scientific and technological innovation enterprises that meet the national strategy, break through key core technology, and high market recognition. Focus on high -tech industries and strategic emerging industries such as new generation of information technology, high -end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and promote the deep integration of the Internet, big data, cloud computing, artificial intelligence, and manufacturing, leading the lead, leading the lead, leading the lead, leading the lead. High -end consumption, promote quality change, efficiency change, and dynamic change.
    4. The GEM is also known as the second board market, that is, the second stock trading market, which refers to the securities trading market that provides financing pathways and growth space for small and medium -sized enterprises and emerging companies that cannot be listed for the time being. The effective supply of the motherboard market occupies an important position in the capital market.
    The biggest feature of the GEM market is that low threshold entry, strictly required operation, helps to obtain financing opportunities with potential small and medium -sized enterprises.
    The financial indicators in the issuance conditions of the GEM are lower than the first publicly issued conditions in terms of the motherboard (including small and medium -sized boards). Refer to the main board method in terms of the content of the indicators. Wait for financial indicators, with a growth rate and net asset indicators at the same time. In addition, the GEM has two sets of standards in net profit/operating income, which can be complied with one of them.

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