China's Nasdaq has yet to grow: The three-year itch of the gem

Three years ago, we were full of anticipation, and three years later, everyone said it was "Sibuxiang."

Tomorrow, has been placed high hopes, hope to grow into China's Nasdaq gem, will usher in the three anniversary of the birthday of the board. But at this time, there is no flowers and applause, only a barrage of questioning sound. "Build a rich machine", "Circle Money Board", "set the present board" ... For three years, the Gem won the nickname for itself.

Regulators are distressed that investors are helpless. Where does the crime of gem come from? To what direction?

3 years, 3 high, 355

has evolved into a breeding "three high", the performance of the face, senior managers and many other problems hotbed of the gem, in the eyes of many scholars and market people, doomed not to be a successful market. After all, our vision was so good. China's Nasdaq market can be a platform to help entrepreneurs realize their dream of creating wealth.

Vaguely remember, October 23, 2009, 10 grinding a sword of gem, is so eye-catching to board the stage of China's capital market. At that time, Shang Fulin, chairman of China Securities Regulatory Commission, opened the gem Opening ceremony in Shenzhen Wuzhou Hotel after feeling: gem from brewing to the preparation, construction, after a decade, it is thick and thin hair, the inevitable.

One weeks after October 30, the first batch of 28 pioneering board companies, the collective listing Shenzhen. At this point, the overall framework of China's multi-level capital market system is basically clear: the main board, SME board, GEM, the market transfer of the four levels, will be oriented to different stages of development of the enterprise groups.

Why did the beautiful vision become such a "cruel" reality today?

It is undeniable that the original intention of the gem is to open up equity financing channels for High-tech enterprises. However, since the opening of the Board that day, the gem is shrouded in the "myth" of high growth. With the accompanying, there is due to excessive pursuit of the gem led to the "three high" phenomenon of high price, high price/earnings ratio, large super raise funds.

October 30, 2009, on the day of the listing of 28 gem companies, on the debut of the overall price-to-earnings ratio as high as 82.36 times times! This dwarfs the average price-to-earnings ratio in Shanghai, which was only 28.19 times times that time. Open board so far, the gem three years ushered in 355 companies to join, the average of nearly 120 per year, nearly 10 monthly distribution speed, but also for many years the motherboard market unattainable.

222 companies below the IPO price

With the expansion of market size, the quality of gem listed companies began to be mixed, the overall performance is worse. From 2010 to 2011, the overall performance growth of gem company was 43.32%, 18.51% respectively. But from the first half of this year, a large number of companies began to face. The latest three quarterly reports show that about 146 gem companies fall into a vicious circle of negative performance. Of these 10 companies, but also into the "IPO since the first loss" quagmire.

With the "Ili" of the quality of the gem, investors began to "vote with their feet" on the gem. In the Friday recovery price calculation, the current 355 gem stocks, unexpectedly 222 companies share prices in the "below the price" status. More than 36 stocks, more than 50% lower than the IPO price! Even so, this year's listing of 74 gem new shares, in the IPO process is still over 13.1 billion yuan, over the rate of up to 70%.

On the other hand, the growth of the gem is also a serious distortion of resource allocation. Many gem companies face the "falling pie in the sky" began a little overwhelmed. There is a purchase of buildings, land, car purchase, repayment of bank debt, and even the company illegally diverted or simply put in the bank to eat interest. The purpose of the enterprise listing is originally to raise the development funds, and finally achieve the optimal allocation of resources, but the gem company is completely contrary to the original intention, so that the market sigh.

The story behind: the Flock

Behind the dismal data is the story of lust, greed and loss, about love, hate, fear and hope.

A flood of money hungry http://www.aliyun.com/zixun/aggregation/12095.html "> Private entrepreneurs are still flocking to the gem. They do not hesitate to spend heavily, please capable people, through the listing road, but eventually able to go to the end is still a minority, for the market participants in the gem, from 1200 points to 600 point is not painful. Pain and happiness, with love to invest has become another realm. And gem executives in the ban on restricted shares, regardless of resignation as the price of "victory", but also the market criticized. "Entrepreneurial sincerity is valuable, yeh price is higher, if for money, both can be thrown." This is the Netizen to the gem shareholder to set up the most apt analogy.

Three years time, the gem is so Naked "bare" in front of the market. The emerging market, which has not yet grown into Nasdaq in China, seems to have no way to go since it has become a "circle money board", a "veneer" and a "manufacturing base" for the rich. Is it to order, to grow into "China's Nasdaq", or to become the junk board in the eyes of the market like the Hong Kong gem? Success or failure has been completely tied to the next reform.