300 billion lifted to attack gem wealth effect faces low ebb

This reporter Shangang Beijing reported from the initial opening of the 110 times-fold, to today's 60 times times, less than a year, the gem overall valuation level has fallen nearly half.　　But this is not the "living hell" of the gem, which is likely to continue to fall by half in "sensational" after the lifting of the ban this November. "Huaxia Times," a comprehensive number of agencies of the latest survey data show that the beginning of the year November this year, the gem listed companies will be two-tier market to bring 298.7 billion of the value of the restrictions on the lifting pressure, accounting for the current total market value of 76.9%.　　According to Huatai Securities analyst Liu Xining, one of the triggers of the dotcom bust was a massive lifting of the tech stocks, which crushed the Nasdaq overvaluation by 16% of its market value.　　"Huaxia Times" reporter in late July to visit brokerage analysts, fund managers and the head of the venture capital, found that the overall high valuation of the gem is forcing the original investment project price rise, which makes the investment agency has clearly felt the increase in cost pressure. According to Shenzhen Fortune Venture capital company founding partner, Chairman Liu Day revealed that now their company's investment principle is not more than 10 times times P/E. From this point of view, the high valuation of the gem will change after October this year, "the average P/E will return to about 30 to 50 times times." "Investment fund research director Chen Yuhui said to reporters that the upcoming growth of the board of the lifting of the lift, the lifting of many of the shares are not industrial capital, but in the short-term investment money, they cash the momentum of profit is very strong." "At present the gem two market valuation is more abrupt, so these rational investors are the most likely to sell stocks."　　"November will welcome the lifting of the peak of the investment Morgan Fund company deputy general manager Hou Ming-fu to reporters that if the gem due to the valuation of the problem, may not soon end, because the gem is not rely on valuation support, but rely on a passion to maintain the current price.　　And that passion has faced a real test since June-the arrival of the lifting tide.　　Wind information data show that in June and July a total of 20 gem stocks under the network of institutions to release shares lifted, a total of about 92.138 million shares lifted, 13 in July, the lifting of the number of shares reached June 6 times times more than.　　At the end of June to the beginning of July two weeks, to the gem as the representative of the small plate stocks, the overall decline is much larger than the main board market share losses, less than two weeks time "shrink" 23%. The bigger lifting will come in November and December. The first and second batch of gem restricted stocks will be released on November 1 and December 27 respectively.　　The two groups of 36 gem stocks will be lifted 1.429 billion shares, and the current stock is 1.235 billion shares, of which Le Pu medical on November 1 lifted the number of shares 336.53 million shares, is the number of shares in the circulation of 4.1 times times. In accordance with the closing price of July 28, these two batches of the total lifting market value will reach 45.7 billion yuan, the gem circulation market value of 897 Billion of the 51%.　　November 1, the lifting of the stock market value scale of 34.1 billion yuan.　　Liu Xining calculation shows that, considering the company executives in accordance with the prospectus of the annual reduction of less than 25% of the commitment, and small non-reduction accounted for the lifting ratio of the average of 41% of the historical situation of two factors, is expected November 1 the lowest market capitalisation of the gem will reach 9.8 billion yuan, accounting for the current circulation of　　These two groups of lifting will make the gem stock supply greatly increased, will be the current high valuation caused a certain impact. The reporter noted that gem listing is a feast for venture capital institutions, the first batch of 28 gem enterprises, of which 20 were invested by venture capital institutions, and 8 of the second group of 5 were invested.　　At current market prices, the total market value of the venture is 56.3 billion, plus 118.9 billion per cent of the individual shareholders and 67.8 billion of the company's executive shares. Liu Xining said in this regard, the creation of investment institutions, individual shareholders concentrated shareholding increased the release after the release will.　　In his view, the low investment cost of the venture capital determines that once the stock is lifted, the venture will be withdrawn as soon as possible; In addition, since the two-tier market is not the forte of the venture, the venture will not decide to timing exit according to the fluctuation of the level two price. "For individual shareholders, the use of high valuations to reduce stocks can quickly achieve the accumulation of personal wealth, avoid the long-term risks of the company's operations."　　"HSBC Jin Xin Market fund manager Wang Pin that the lifting of the gem is an industrial capital to the two-tier market investors from the concept to action of the remodeling process, due to the huge gap between the two sides of the balance, the need for market investors to" industry capitalists "have a deeper understanding and understanding, both sides need more integration, also need time to eliminate the gap　　The gloomy Chinese market in the Shanghai Composite Index July 2 adjusted to 2,319 points after the track, July 5 triggered a technical rebound, the gem of the "suction" is beyond the market, from the previous week's leading and falling pioneers into leading the vanguard, including the interim report and high transfer concept stocks once again become the market Hot rod theme.　　But behind the boom, the illusion is rife.　　Century the statistic of the securities shows, as of July 16, 93 gem stocks, 24 only released performance forecasts, of which 9 are performance advance reduction, compared to 441 of the stock of medium-sized and new stocks around 59% of the stock performance, only 36 of the deficit and advance, gem performance bleak many.　　Especially noteworthy is that July 8 just listed the National Union aquaculture, in a week after July 15 on the release of the notice-the first half, the company's net profit of 12 million yuan to 14 million yuan. In Datong securities researcher Zhang Hongbin, although the reasons for the major decline in the interim results are diverse, but the gem has been exposed to the high risk characteristics. "The rest of the large increase in the performance of listed companies can not eliminate the impact of large funds interest income, the growth of the gem is still to be verified, the current valuation pressure will gradually be converted to the power of the valuation move down." "Everbright Prudential Fund company chief strategistTipeng also pointed out that the gem has not been listed for a long time, the capital market on the company's understanding and operation is still lack of understanding, the second half of the year, the quality of its quality will gradually become clear, the performance of the stock will also appear obvious differentiation. In the Xu Yi of National Securities, the Shanghai Composite will continue to resist a backlash if no new light factor emerges.　　But the big index bounce space is not large, the rebound can last for how long to see the gem index face. The gem slump dragged down the fund research director Cao Xiong flew to reporters tips, even if the upcoming gem company's network of placement stocks may drag down the gem index, but will not change the gem market good development prospects, and this change will help to curb the gem market speculative impulse,　　It also helps investors distinguish between good and evil.　　Based on this consensus, with the continued expansion of the gem, the two quarter of the fund in the first tier and two-tier market to purchase or buy gem stock.　　July 21, the second quarterly report of the Fund were all disclosed, a total of 43 gem stocks appeared in the top ten stocks of the Fund, of which more than 10 fund heavy warehouse National technology, bi-water resources, oak shares and the National Union of aquatic products and other stocks, the nation's technology was 34 funds to hold. But with the rapid decline in the two quarter market, gem in the early accumulation of the risk of a certain release, a number of shares continued to fall, the bi-water source since the April 21 listing has fallen, to the end of the two-quarter decline of 38.6%, the same day the south of the listing of power is a drop of　　The fall in the gem's share price has brought a lot of losses to the Fund. "Since the launch of the gem, many investors have questioned whether it has the value of investment," he said. "Cao Xiong flew to reporters," the SME board was also due to the high valuation was criticized, but in 6 years of time bred a number of very good stocks, attracted almost all the Fund's attention, many institutions from which profit quite abundant. I believe that the same story is likely to repeat itself in the gem. Zeng also said: "Some gem stocks will appear in my portfolio, but not too many." "Hou Ming-fu further pointed out that from the market point of view, the current valuation of the gem adjustment, or the original shareholders of the lifting of the ban, are not yet the real test point of gem stock price." "For the Gem and the SME board, I think the biggest lethality is its corporate governance problem." He stressed that the SME board and the gem, although there are potential risks, but they will continue to research and investment, will not give up. For these sustainable high growth and scarcity of enterprises, will be at the right price to buy and hold, but this demand for research, than the traditional industry higher.