On December 30, 2022, the Shenzhen Stock Exchange revised the Interim Provisions on Reporting and Recommending the Listing of Enterprises on the GEM of the Shenzhen Stock Exchange (hereinafter referred to as the "Interim Measures"). The Shenzhen Stock Exchange revised the "Interim Measures" and the China Securities Regulatory Commission revised the science and innovation board science and innovation attributes launched at the same time, further explaining that the registration system after a period of experiment, the need for more scientific and quantitative evaluation indicators. This change also reflects the marketization and transparency of the registration system, and the scientific and quantifiable review of the registration system.

    The core of the registration system is to give enterprises the predictability and quantifiable evaluation indicators to enter the capital market, so that more entrepreneurial and innovative enterprises can enter the capital market through scientific standardized governance and market-oriented competition, and realize their technological and capital leading advantages.

   The launch of the GEM three create four new evaluation standard is from qualitative to quantitative optimization of the registration system, the essence of the registration system is to let the market play the survival of the fittest mechanism, so that innovative and entrepreneurial enterprises through scientific, transparent and quantifiable evaluation criteria equal access to the capital market.

If the enterprise does not have the attribute of science and innovation as the track to enter the capital market, it should scientifically and quantitatively evaluate whether it has the compound growth rate of research and development investment, the amount of research and development investment, and the compound growth rate of operating income evaluation indicators issued by the "Interim Measures", and push forward the listing plan.

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一、One of the three new four evaluation criteria: R & D investment compound growth rate, R & D investment amount, operating income compound growth rate of three evaluation indicators

The compound growth rate of R&D investment in the last three years is not less than 15%, the amount of R&D investment in the last year is not less than 10 million yuan, and the compound growth rate of operating income in the last three years is not less than 20%;

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二、Three to four new evaluation criteria two: research and development investment amount, operating income compound growth rate of two evaluation indicators

The cumulative R&D investment in the last three years is not less than 50 million yuan, and the compound growth rate of operating income in the last three years is not less than 20%;

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三、Three to four new evaluation criteria three: compound growth rate of operating income single evaluation index

It belongs to the field of modern industrial system such as manufacturing optimization and upgrading, modern service industry or digital economy, and the compound growth rate of operating income in the last three years is not less than 30%.