Chen Jing: Eliminate the assault overweight also see the new stock system reform

Chen Jing on the eve of the listing of employees, PE surprise shares, listed after the release of high prices sold. Easy to get several times, dozens of times times even a hundredfold return. The morning light creature is only taking the first step.　　And it will need to pass today's audit committee. But this is not uncommon this year for the dawn-like creatures.　　The public opinion and the market focus on this PE/VC. Nanjing one investment bank Personage thinks, because of the one or two level market existence huge price spreads, through the public assault stock before the listing to obtain the profiteering phenomenon also indeed has many. But the key to the phenomenon is that new shares are priced too high. Under normal circumstances, PE/VC investment valuation for 5~8 times, the company's internal equity incentive prices are usually equivalent to net assets.　　But in the two tier market, valuations can reach 40 times or even higher, and huge spreads will naturally attract speculative money.　　The person also said that from the point of view of corporate governance, it is normal for the listed companies to introduce strategic investors before listing, giving the executives and the core technical personnel a certain share, and even beneficial to the development of the company. The introduction of strategic investors, usually can solve some of the company's specific problems, such as funds, management, channels and so on. These are PE/VC's strengths, and PE/VC is the one who eats them.　　The introduction of strategic investors, corporate governance can be more standardized, in the long run beneficial to the company. Sharing stakes with executives and core technicians is also helpful to the company. This is actually an equity incentive, in which executives and core technicians are more resilient and more motivated to improve their performance.　　Adding value to their shares through the two-tier market is also an affirmation. The person believes that the reason for the current market focus on the surprise stake, which should be related to China's specific situation. The IPO opened last year, especially since the launch of the gem, many small and medium-sized companies have been listed financing. This is one of the main reasons why the market is so concerned about surprise shares.　　In his view, the current situation is only a specific period of time, the future market will be less attention to this phenomenon. In addition, since last year, the IPO companies to the SME board and the majority of gem companies. They are common in the establishment of time is generally not long, so the introduction of strategic investors, equity incentives are concentrated in the last few years.　　And China PE/VC development time is shorter, many companies are established around 2007, so their business is mainly concentrated in 2007 years later, which caused the phenomenon of crowding. Shanghai a well-known law firm lawyers also told reporters that the surprise shareholding as long as enterprises to perform normal business registration, there is no legal obstacles. To put an end to the windfall, more needs to be monitored and supervised by government departments and the media.