The Shenzhen Stock Exchange (SSE) said Sunday that the first batch of firms is scheduled to be listed on China's Nasdaq-style Growth Enterprises Market (GEM) on October 30.

Shang Fulin, chairman of the Chinese Securities Regulatory Commission, the country's top industry watchdog, said Saturday that the GEM would be launched on October 23.

After the launching ceremony of the GEM on October 23, the applications of the first batch of 28 companies to get listed would be reviewed. A trading launching ceremony for these companies would be held on October 30, according to the SSE.

Though beneficial to both economic development and employment creation, the GEM companies are more likely exposed to market manipulation, Shang warned, adding these companies are still less capable in face of market risks as they are relatively small compared with the main board companies.

"Investors should acquaint themselves of the GEM features and their own risk acceptability to decide whether or not participate in the GEM shares trading," warned the SSE.