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September 18, 2009

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First 7 GEM applicants get regulator's nod

The first seven companies applying for listing on the Growth-Enterprise Market, a Nasdaq-style market in China, yesterday received green lights from the country's securities regulator.

The companies are in the fields of software, medical equipment and medicines. They planned to raise a combined 2.27 billion yuan (US$332.65 million) from the IPOs, according to the China Securities Regulatory Commission.

"This means the seven enterprises are eligible to list on the market, but they still have some flaws in information issuance, which need to be improved," said Jiang Xinhong, a member of the review committee.

The flaws don't hinder the listings, but these enterprises should go through some necessary procedures before getting listed, said the CSRC. The CSRC had received 155 applications for IPOs on the GEM as of September 10.



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