Comment: Gem is just a shell

Observer in a twinkling, gem set up a year. Ten years ago, when people first discussed the gem, they faced the problem that the main shareholding could not be traded in the Shanghai and Shenzhen motherboard market, thus the pricing of listed companies could not be properly priced.　　In the 2001, with the collapse of the US network stocks, the establishment of the gem was nothing. In 2004, the stock ticker code was deactivated by 000, with 002 enabled, as a basis for reloading and continuing to issue new shares. 002 and 000 have no real difference in all aspects of the trading rules, but in order to give people a feeling of "moving from the beginning", this 002 plate is called "SME board".　　To the establishment of the SME board as a sign, the last wave on the gem of all the proposals and discussions all draw a full stop. 2005, a variety of factors willow, the Shanghai and Shenzhen market began full circulation reform. The reformed market, to a large extent, has restored the true nature of the market: large shareholder shares can also be traded on the market.　　It can be said that with the full circulation reform as the symbol, the first wave of people secretly promoting the so-called gem, in fact, has achieved the original intention. However, only to realize the full circulation of the stock market in Shanghai and Shenzhen, still can not be said to be completely normal capital market.　　Due to the defects of the issuing and approving system, the Shanghai and Shenzhen stock market has become the suspended of valuation in 20 years. As with the previous wave of proposed gem background, the sensitive and intelligent people found the problem, but also found that in the existing market structure of the Shanghai and Shenzhen to solve the problem is impossible to complete the task. As the financial crisis took place in the US and Europe, the gem was once again emerging as a government measure to deal with the financial crisis. This time, the founders of the gem to "scientific development, independent innovation" these words to persuade policymakers to release, but the potential is to focus on creating a significantly lower access threshold market.　　To wrap up a free capital market, people put icing on the outside. But as it turned out, the icing was accepted and the core was thrown out. In the fall of 2009, the Gem was unveiled.　　But this so-called gem, in addition to the code into 300, in the issuance of listing approval and even trading rules of all aspects, and the board, and the boards, not much substantial difference--in addition to the introduction of new code, the market excited, a hunger for the novelty of a further push higher the virtual plate of the overall valuation. But no matter what the names, the market body (that is, the listed companies and potential public investors) want to see a low issuance threshold, more rely on the willingness of both parties to determine whether the company can be listed as a "fair market"; Based on the vast country, there are 3,500 companies listed every year,　　350 retreat is a normal phenomenon; Such a market will not be more than the ability of the enterprise to raise funds, there will be no more than 10 times times the international comparison of outrageous pricing, no more retail investors because of market imperfections imposed by the investment nightmare. In such a normal market, the recent successful overseas listing of those who do the mask, roast chicken wings, selling children's clothing business, no one to abandonThey are not high in technology, the business model is not new and shut out.　　Unfortunately, this time they put the "gem" This name used, the next time to advocate the normalization of the market, and what kind of names to repackage such a market? -(financial commentator)