On March 31, 2009, the China Securities Regulatory Commission ("CSRC"), the nation’s securities watchdog, issued the Measures on Administration of Initial Public Offering and Listing on the Growth Enterprise Market (the "Measures"). The long-awaited Growth Enterprise Market (GEM) was finally launched when the Measures came into effect on May 1, 2009. GEM is a NASDAQ-style stock market designed to nurture cash-hungry, innovation-driven startup firms in China. The Measures require applicants to have a minimum 10 million yuan, or nearly 1.5 million U.S. dollars in accumulated net profit in the two years prior to a listing. In Comparison, an application to list on the main boards requires a minimum 30 million yuan in accumulated net profit in the three previous three years.