Comparative Analysis on IPO Underpricing of GEM and SME and Policy Implication

摘要

Growth Enterprises Market (GEM) and Small and Medium-Sized Enterprises Board (SME) were new securities markets in China, in this article we compared the IPO underpricing of GEM and SME, explored the characteristics of GEM and SME in pricing and offering by examining the relationships between the IPO underpricing with market index, offering volume and offering price-earnings ratio, to expound the problem of GEM in pricing and offering, and provided policy suggestions to the questions.