Volume 38 (2017) / Issue 3
The American experience tells us that a fair and efficient stock market is vital for the exit of venture capital from their successful portfolio companies. Unfortunately, the current multi-tier stock market in China, including the Main Boards, the Small and Medium-sized Enterprise Board (SME Board) and the Growth Enterprise Markets (GEM), cannot offer smooth exit channels for Chinese domestic venture capital either because of their demanding listing rules or because of their problematic listing approval systems. Confronted with this unsatisfactory situation, legal reforms must be carried out as quickly as possible.
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