33 Entrepreneurial executives hastily set out to leave the gem bad speculation board

Gem Open Board less than a year, not only to create an amazing myth of the rich, but also staged a scene of entrepreneurial executives from the strange phenomenon. August 11, Gem listed companies 35 internet release personnel notice, said the company's new board of directors, Cho Hongjun successor to the original director, Finance Manager Peng Yong, Yang Xiaoliang successor to the original board secretary Lu Hong.　　In its IPO prospectus, Peng Yong, Lu Hong The Board's term of office is until August 14, 2010.　　After the announcement, many members of the securities industry suspected that there were hidden secrets behind the Penglu of the two men. In accordance with the provisions of the Company law and the Securities Act, if Peng Yong, Lu Hong still in service, to the anniversary of the company's listing, the two holders of the 35 interconnected shares (Peng Yong 500,000 shares, Lu Hong 330,000 shares), although the lifting of the ban, but can only reduce 25%. If two people leave early, can break through 25% per annum to reduce the ceiling.　　Under Shenzhen's rule, the company's shares were lifted 50% per cent after they left office for half a year, and their shares were unlocked after the 18-month expiration of their departure. If the closing price of the day of separation, Peng Yong stock market value of 22 million yuan, Lu Hong is 14.52 million yuan. And according to the 2009 annual report of 35 interconnected, Penglu two people's annual salary is 169200 yuan and 133,000 yuan respectively.　　Ignoring the changes in share prices and the payment of taxes and other factors, the two senior managers of the current income for their annual salary.　　What surprised the IT times was not the departure of the Penglu, but the frequent departures of executives on the gem listed companies.　　According to statistics, this year, in the gem listed companies, 24 companies have 33 senior executives resigned, the average monthly resignation of senior executives reached more than 4.　　Executive resignation is not new, but frequent active resignation appears in the opening of the gem, investors cannot but doubt. Especially intriguing is that some executives have a wide variety of reasons for resignation, such as "couples separated", "health worries" and "board inconvenient" and so on, incredibly openly appear in the public.　　In the face of all kinds of fragile rhetoric, the industry generally believe that Gao resigned mainly or restricted shares of the lifting of the trouble, their aim is to soon be restricted stocks. The baby can't bear the wolf as of August 20, the 103 companies listed on the gem are mainly private enterprises or private enterprises, and the executives of listed companies basically hold the original shares.　　As the cost of these original stocks is very low, once they are in place, the holders will become rich overnight millionaires and billionaires. In China's securities market, the original stocks belong to the category of restricted stocks, restricted stocks need to be locked in the IPO after a year to be lifted. More importantly, the company law stipulates that a listed company's executive shall not exceed 25% of the total number of shares held by the company during the term of its tenure. This greatly restricts the process of the senior executives. So, in order to quickly set up the stock, some senior executives came up with the "resignation of the present" of the brilliant idea, which can soon be their own wealth into the paper into reality.　　In the high price/earnings ratio of the gem, this reduction is now everywhere temptation. According to the securities industry, often in the gem staged on the "plot" one is, the investment or financial investors midway into the "small beat Big", the IPO after the pot overflowing.　　After the company listed, some venture capital or financial investors will quickly withdraw from the board seats for the future reduction of the set is to win the "time difference." Flush the first start-up board company executive resignation precedent. The company was listed last December 25, this January 18, the company's secret recipe and supervisors Yichome both resigned, from the company listed only 15 trading days. February 25, Meteno Vice President Schwenbo, in the company's official listing less than two months after the "personal physical reasons" submitted a resignation report.　　Subsequently, every month, the GEM executives announced the resignation, including the South Wind shares director Chen Junling and Pathfinder Dong Fan Yongjian, and so on. The more typical case is that the two top executives of the China test are leaving in one months. Wei, vice president of the company, resigned on June 1 for personal reasons, and June 30, the company received the resignation of Vice President Niepengxiang, the reason is still "personal reasons."　　The two were holding 428,900 shares and 353,900 shares of the Chinese test. Some analysts believe that it is not possible to say that the resignation of these 33 senior executives is not normal, but it is more puzzling to pinch the time point so precisely. He said that about 80% of the people should resign for the purpose of reducing their cash. Li Dahuan, director of the British Securities Institute, has no doubt, noting that most of the resignation executives are directed at reducing their holdings, "their career prospects have been very clear, that is, early retirement." The stock price of the gem is too high, it is too attractive, the executive is holding the pension paid by shareholders. "There are industry analysis, a number of companies in the run-up to the IPO" strong aid ", large sums to recruit professional managers. "But these companies are secretive, before the professional managers in the job-hopping, more with the new owners to achieve performance goals, equity incentives and other agreements." Once the company goes public, professional managers resign. "This is like a gambling agreement, in the industry this is a secret thing."　　Mr Tung's resignation also has the same "gold rush" mentality.　　And before the listing of the very low cost of the shares should be the main reason for the executive's persistent reduction, in the face of huge interests, executives immediately chose to "fall bag for Ann."　　Highlighting the short-term effects from the gem of the "Big Brother"-the board of directors after the lifting of the frequent sale of senior executives, it seems inevitable that executives reduce their own shares.　　The first half of the year's net profit growth of about 30% per cent year-on-year, below market expectations, has made it hard to sustain the current high P/E ratio, according to the results of some gem companies that have been reported in the half-year. In this respect, Sun Jingjun, manager of the Venture Growth fund, said in the fourth quarter of this year, the first batch of restricted shares will increase the market capitalisation of more than 40 billion, regardless of the number of companies, or the number of circulating shares of each company, the supply of gem stocks will increase substantially, which would enrich the choice of institutional investors, and stimulate overvaluedThe value of the company back to a reasonable level. "If the lock-up period is over, they will be on the market immediately, and they should be set up now." It is estimated that by October, the gem market will have a dramatic change.　　Said Ye Tan, a prominent financial commentator.　　As most of the outgoing executives or core technicians "get up and leave" immediately after the company's listing, the short-term actions of these executives are in fact in contrast to what regulators are seeking to "build an innovative and representative gem that has a long-term effect on China's economy." More to the worry of regulators and small investors, statistics show that 14 of the 33 gem executives currently offering to resign are holding shares directly or indirectly.　　This undoubtedly proclaims that in the gem market, it is not a panacea to link executives ' investment risks to corporate interests by making them shareholders. According to historical experience, there are usually two kinds of situations after a senior executive's departure: to move to a new company or to go out on one's own. This is obviously bad for the original company.　　Tan said that the gem is mostly growth-oriented companies, technical innovation, human resources are very dependent on the separation of senior executives may take away a part of the resources for the company's development disadvantage. What really worries the industry is the damage to the gem from the collective turnover of executives. Zhou Junsheng, a leading financial critic, pointed out: "When the resignation of the gem executives to become a kind of fashion, it shows that the original boast of the entrepreneurial market is conducive to venture capital is completely nonsense, wishful thinking, the emergence of the market instead of encouraging people to speculate, killing the enthusiasm of entrepreneurial investment." "This is a great sadness for the market," he said.　　[Page] Increased investment risk analysis that the "resignation of the" has been the desire of senior executives, but for investors, it means that the gem stock investment risk increased. From the point of view of the ban on restricted stocks, senior executives choose to resign to the practice of the stock market has increased the ban on restricted shares of markets, and further increase the volatility of related stocks.　　Moreover, the senior executives do not hesitate to "resign" also means that the company's stock prices overvalued and outlook is not optimistic, which will shake the confidence of investors ' holdings. According to people familiar with capital market operations, senior executives are not ruling out the possibility of packaging listed companies, senior managers so early condom security. They believe that, from the current disclosed in the gem companies, a large number of growth of gem companies may not be able to withstand the test of time, many gem companies have been revealed packaging listing of the slip.　　Executives at such companies are more eager to put their holdings in stock. Although the gem itself is a risk board, but the trend of resignation of the Executive Board executives obviously further increase the investment risk.　　Especially in the gem is about to usher in the original stock lifting tide, investors should be the resignation of senior executives as a wake-up call. It is widely believed that in the public reaction of the Enterprise board executives ' concentrated resignation, it is not so much that they are questioning the moral integrity of the executives of the gem, but rather the doubts about the defects in the course of the construction of the gem system, and theThe expectation that the management Department strengthens the supporting system measures.　　For example, the question of participation in the middle of an assault without being the sponsor of a company's executive, the locking of the executive and core technicians of the intermediate shareholding sponsors should be distinguished from the general sponsors, the special integrity and fiduciary responsibility of the executives of the gem, and so on, which is the place where the public investors expect the regulatory department to give an answer to the system. In this respect, the experts also gave some solutions. If ye tan that, according to the current China's "personal income Tax law", the natural person shareholders will be listed in the company before the listing of shares in the company after the transfer must pay 20% of personal income tax, such taxes are relatively low. Therefore, she suggested to use the "progressive method" to establish tax standards, in order to the shareholders of listed companies to play a certain role in the diversion. Li Dahuan said that to prevent the resurgence of turnover, can only start from the buyers, "buyers do not bid too high, to pay their pensions not too rich, there will not be so many resignation retirement." "Last October 30, China launched the Gem, in less than a year, including the gem of the executive focus on the resignation of the enterprise board, such as the institutional issues have not fully revealed, which determines that China's legal system construction in the short term will have a certain lag, this can not be too hard to criticize,　　However, this does not prevent the departments concerned to seek the innovation of individual mechanism within the existing legal framework, by requiring the listed subject and the relevant shareholders and senior managers to issue a "listing commitment" to realize the interests of the participants in the gem, and to avoid the interests of the other parties, especially the public investors, for their own It is also suggested that in the face of the risk of the short-term effect of the gem caused by the senior executives to reduce their holdings as soon as possible, the regulatory department may request the Directors, supervisors, senior management and core technicians of the listed gem company to undertake that the shares of the company held by the company will not be transferred until it has been profitable for 3 consecutive years.　　The period of competition prohibition for core technicians shall not be less than 2 years. As of press time, this newspaper reporter learned that the gum industry on the August 25 issued a notice said the company Dong Zeng Xueyi because of "job changes" resign. This is the first time since the opening board of the 34th resignation executive.