What is the difference between China s GEM and the NASDAQ? In terms of access, system and model

The gap between GEM and NASDAQ is a gap in the industry.

China's ChiNext is basically not comparable with the NASDAQ in the United States, because the threshold and regulation of the NASDAQ market are constantly changing, which can be roughly divided into three segments: before 1992, the NASDAQ was a market maker; After 2007, the NASDAQ was exchanged; There are 15 years in between that of a transitional period. The threshold for the former NASDAQ was low, and there was an ad at the time:

Any company can go public here! Initially, there was only one hard standard: the company to be listed must continue to exist for more than 12 months.

From its opening in 1971 to Clinton's entry into the White House in 1992, the Nasdaq market performed mediocre for more than 30 years, with the index below 1,000 points for most of the time. Later, it rose under the drive of Internet industrialization and information superhighway: in 1996, it broke through the 1,000-point mark; After 3-4 years, the index crossed 5100 points like a roller coaster, and then fell back to the 1200-1300 range in 18 months.

During this period, the regulations have become stricter and the threshold has become higher and higher. By October 2007, when the NASDAQ was upgraded to an exchange, the regulatory standards were similar to those of the New York Stock Exchange.

The listing thresholds and regulatory standards of the NASDAQ market are in step with the times, so it is difficult for China to replicate them directly. At that time, the OTC market designed by the joint office (China's ** Market Design Center) was very close to the former NASDAQ market, using a non-exchange market maker system, which was later shut down. The 1992 Law clearly stipulates that trading "must be carried out on an exchange", and in 2007, the revised version of the Law opened an opening for the non-exchange market, changing it to "exchanges and other legally established trading venues", but did not recognize the market maker system.

Under the regulation of the "** Law", China's ChiNext market, which will be opened during the year, will choose the exchange model, which is similar to the post-NASDAQ market in the United States, with the difference that the United States retains the original market maker system. The post-NASDAQ market is a hybrid model of market maker + exchange.

The regulation of the former NASDAQ market is very loose, basically "willing to fight, bear your own risk", investment institutions and listed companies directly game, **investors are like a herd of sheep to speculate, **pricing power is in the hands of market makers. Market maker is one of the business licenses of ** traders in the United States, commonly known as "down" or "liquidity provider". NASDAQ is transliteration, and the Chinese translation is the national ** dealer automatic ** system, which is a trader-driven trading model.

Exchanges and dealers are two systems, one word different, "firm" to unify the threshold, "business" is to set the threshold, so the former supervision is stricter, the latter is more relaxed. A market maker is a broker--investment intermediary who voluntarily pays money to make a market and bears the investment risk before the public, so there is no need to worry too much, because market makers will never joke with their money.

The biggest difference is that the NASDAQ is registered and listed, and the enterprise version is approved and listed. And so the difference comes out.

Same; All of them are for the development of small and medium-sized enterprises financing and listing sections.

Different NASDAQ-listed companies in the United States are high-tech enterprises with strong development. And the domestic gem is not high-tech I wrote it when I graduated, isn't it comprehensive? o( ohaha plays the role of throwing bricks and jade.

1.Yes, they are the same company, and below is a detailed profile of the company.

2.Founded in 1971, NASDAQ has become one of the world's largest markets and the world's first electronic market. The NASDAQ market has a market maker system and is the most liquid compared to other markets in the world.

Generally speaking, the companies listed on the NASDAQ are mainly high-tech companies, including Microsoft, Intel, Dell and Cisco, but the proportion has now been reduced to less than 30%.

3, what we usually say.

The U.S. ChiNext index is.

NASDAQ.

The GEM, also known as the second board market, that is, the second first trading market, refers to the first trading market outside the main board that is designed to provide financing channels and growth space for small and medium-sized enterprises and emerging companies that cannot be listed temporarily, which is an effective supplement to the main board market and occupies an important position in the capital market. Most of the companies listed on the GEM market are engaged in high-tech business, have high growth potential, have a relatively short establishment time, are small in scale, and have not outstanding performance. GEM officially opened on October 23, 2009.

NASDAQ is the English abbreviation of the name of the automatic system created by the National Association of Dealers in 1968. The NASDAQ is characterized by the collection and issuance of over-the-counter unlisted (OTC) dealers. It has now become the world's largest trading market.

At present, there are more than 5,200 listed companies. Nasdaq was also the first in the world to adopt electronic transactions**, with more than 260,000 computer point-of-sale terminals in 55 countries and territories. The NASDAQ index is an average index that reflects changes in the NASDAQ market, with a base index of 100.

Nasdaq's public companies cover all new technology industries, including software and computers, telecommunications, biotechnology, retail and wholesale**, and more.

NASDAQ is the first paperless electronic trading marketplace in the United States**. NASDAQ contains two independent markets: 1. NASDAQ National Market, as the largest and most actively traded market on NASDAQ, has nearly 4,400 ** listings in NASDAQ National Market.

In order to be listed on the NASDAQ national market, the company must meet strict financial, capitalization, and co-management metrics. There are some of the world's largest and most well-known companies in the NASDAQ national market. 2. Nasdaq small capital market, which is a market provided by NASDAQ for companies in the growth stage, and there are more than 1,700 ** listed companies in the NASDAQ small capital market.

The financial indicator requirements of the Nasdaq listing standard, which is a small capital level class, are not as stringent as the national market listing standard, but the standards for their joint management are the same. When small capital companies are stable, they usually move up to the NASDAQ national market.

Growth Enterprise Market (GEM) refers to a market that specializes in assisting high-growth emerging innovative companies, especially high-tech companies, to raise funds and conduct capital operations. The GEM market is a high-risk market, so more attention is paid to the disclosure of corporate information.

The GEM market is an important part of the multi-level capital market. Some are also known as the second board market, alternative market, growth market, etc.

There is no GEM under the NASDAQ.

The NASDAQ is a main board market and does not have a GEM. The NASDAQ is home to some of the world's top and most famous entrepreneurs, but it's not the GEM, it's the main board.

Introduction: NASDAQ is the main board market in the United States, and it is definitely not the GEM as everyone thinks. This is also a very important concept. In the United States, GEM and the Main Board are a legal concept, and the Main Board has three conditions:

One is directly supervised by the highest regulatory level of the state.

Second, the legal structure of the main board market operator, that is, the legal responsibility for the protection of investors and the issuing company, is assumed by the NASDAQ.

Third, more than 20,000 institutional investors in the United States, large and small, can be allowed to enter by policy, which is the main board market, the NASDAQ market, and all institutional investors in the United States can fully enter.

The NASDAQ Main Board market is not a Growth Enterprise Market.

There is a diagnostic function in the "**Statistical Ranking Network", which effectively analyzes the **and** pressure support level and news surface analysis, and everything is free.

NASDAQ Capital Market.

i.e. the original "NASDAQ Microfinance Market").

NASDAQ is a market for companies in the growth stage, and there are more than 1,700 ** listings on the NASDAQ small capital market. The financial metrics requirements for the Nasdaq listing standard, which is a small capital class, are not as stringent as those for global market listings, but they are jointly managed by the same standards. When small capital companies are stable, they are usually promoted to the NASDAQ global market.

The NASDAQ is the Growth Enterprise Market.

The following are the GEM listing requirements:

1. NASDAQ national market.

1) Standard 1: Net profit before tax of US$1 million (about 7 million RMB).

Net tangible assets of US$6 million (about 40 million RMB).

2) Criterion 2 has no profit requirement.

More than 2 years of operation.

Net tangible assets were 18 million US dollars (about 120 million yuan).

2. NASDAQ small capital market.

The net profit before tax was 750,000 US dollars (about 5 million yuan).

Net tangible assets of US$4 million (about 30 million yuan).

3. China Growth Enterprise Market.

1) Standard 1 has been profitable in the past two years, and the cumulative net profit in the last two years is not less than 10 million yuan, and it continues to grow; It has been in operation for more than 3 years, with net assets of more than 20 million yuan, no uncompensated losses, and a total share capital of more than 30 million yuan after issuance.

2) Standard 2 has made a profit in the last year, and the net profit is not less than 5 million yuan, the operating income in the last year is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%. It has been in operation for more than 3 years, with net assets of more than 20 million yuan, no uncompensated losses, and a total share capital of more than 30 million yuan after issuance.

The following are the NASDAQ delisting rules:

Criterion one. 1. Net assets are less than $4 million.

2. The public outstanding shares are less than 750,000 shares.

3. The market value of the public circulation is less than US$5 million.

4. Buyer** is less than $1.

5. The number of shareholders is less than 400.

6. There are less than 2 market makers.

Standard two. 1. The total market capitalization is less than 50 million US dollars, or the total assets are less than 50 million US dollars, and the total income is less than 50 million US dollars.

2. The public outstanding shares are less than 1.1 million shares.

3. The market value of the public float is less than $15 million.

4. Buyer** is less than $5.

5. The number of shareholders is less than 400.

6. There are less than 4 market makers.

The following are the delisting regulations of China's ChiNext Board:

1.Audited net profit for the last two years is negative;

2.Negative audited net assets for the most recent fiscal year;

3.There are important errors or false records in the financial accounting report, and the correction is ordered but not within the specified time limit, and the company has been suspended for two months;

4.Failure to disclose annual or interim reports within the statutory time limit;

5.The financial accounting report of the most recent fiscal year is issued by a certified public accountant with a negative opinion or an audit report that cannot express an opinion;

6.the occurrence of circumstances that may lead to the dissolution of the company;

7.The court accepts the application for reorganization, reconciliation or bankruptcy liquidation of the company in accordance with the law;

8.The cumulative trading volume of the company** for 120 consecutive trading days is less than 1 million shares;

9.the distribution of shareholdings or the number of shareholders are not subject to the conditions for listing;

10.Other circumstances identified by the Shenzhen Stock Exchange as having the risk of delisting.