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108 firms seek to list on GEM

THE China Securities Regulatory Commission began accepting listing applications for the Growth-Enterprise Market yesterday.

A total of 108 firms, mainly involved in new energy, new material and biology medicine, applied yesterday, more than the 50 to 100 firms the CSRC expected.

Thirty-eight sponsor institutions also handed over applications to the CSRC.

According to the CSRC, companies that apply to list on the GEM should have two sponsor representatives to recommend them to ensure the quality of such firms.

The CSRC said the first batch of smaller firms were set to be listed on GEM in late October or early November.

The CSRC said in March that GEM listing candidates must have net profit for the preceding two years and combined earnings of at least 10 million yuan (US$1.46 million), or they must post a net profit of at least 5 million yuan and a revenue of at least 50 million yuan for the latest fiscal year.


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