Abstract: Growth enterprise market offers huge development space and opportunities for the development of China’s entrepreneurial venture investment industry, capital financing of minor enterprises, the transformation and industrialization of S&T achievements, and the cultivation of strategic emerging industries. However, there are some disputes in listed company valuation of GEM, listed standards of GEM, the state-owned shares holders, and the use of left raised funds. Basis on the anniversary data analysis of China’s GEM operating, this article analyses the hot issues in the market and gives related suggestions to promote the healthy development of GEM market, and to support S&T minor enterprises independent innovation.