Commentary: China's real gem in the United States

Every commentator leaves Tan China has "three high" gem, but there is no gem name, and no gem essence. On the other side of the ocean there is the promised land of Chinese start-up companies, and the Nasdaq and NYSE may become the cradle of innovative companies in China's future special industries.　　Recently, China's listed companies Youku, when, soft power in the United States listed on the NYSE, domestic it enterprises in the late 2010 again launched the climax of the IPO, China's private education enterprises in the United States market quite a significant. The successful listing of Beijing New Oriental in September 2006 opened the door for Chinese education companies to list in the United States, while leading many domestic and foreign investment institutions to invest in the Chinese education industry. According to incomplete statistics, from 2006 to 2009, dozens of Chinese education companies received private equity fund investment, the total investment amount of more than 1 billion U.S. dollars. The new Oriental's current share price of 107.50 U.S. dollars, the market value of 4.13 billion U.S. dollars, compared with the IPO growth of 616.67%, become the Chinese Education industry banner.　　In the NYSE has formed a new Oriental, amber Education, learning and education as the representative of the Chinese education concept stock plate, from primary and secondary school tutoring to vocational education and other segments of the leading most strive for listing in the United States, reflecting the distance education, one-on-one education, direct Alliance and other educational models. According to the "Education and Training Industry Report" published by Deloitte Consulting (Shanghai) Co., Ltd., China's education and training market continued to grow at a high rate in 2009, with a total education and training market worth about 680 billion yuan, equivalent to 1/50 of China's GDP (gross domestic product).　　This is far from the end, it is expected that by 2012, the entire education and training market will reach 960 billion yuan, the annual composite growth rate will reach 12%. Education industry can resist the economic cycle, the 2008 global financial crisis education industry against the trend, education industry or China to cultivate high-quality workforce of the long-term industry, and the traditional emphasis on culture. To see the market, wind investment has entered, the domestic currently has 314 education and training institutions at home and abroad venture capital injection.　　Chinaventure's data show that the education industry in the past 3 years in the direction of the fifth VC/PE investment, a total of 605 million U.S. dollars, accounting for 8.18%. Such an important and promising domestic demand industry is shielded from domestic capital markets.　　Nearly 50,000 education and training institutions nationwide, landing in the domestic capital market is very few, only a small number of new Nanyang education institutions listed, most of the educational institutions choose to list overseas, ready to go public education institutions, the destination is almost invariably the United States and other places. Not want to be listed in the territory, but fundamentally not. At present, the Doorsill of the SME board and the gem is not the most educational institution can attain. Before the promulgation of the "Private education promotion law", there are a series of systemic mishap such as non national treatment, no dividend and lack of property rights in the private education industry. After the promulgation of the "Private education promotion law", there are still a series of vague places, such as No MingThe article confirms that the operators or investors of private schools enjoy the rights of shareholders or owners of the net assets of private schools, but there is no explicit negation or denial; in return, private schools, after deducting the cost of running a school, reserving the Development Fund and extracting other necessary expenses according to the relevant provisions of the State, The investor can obtain a reasonable return from the running balance.　　The specific measures to obtain reasonable returns are stipulated by the State Council, and reasonable returns and a certain proportion are vague, like a system trap.　　It can be envisaged that the future of China's most dynamic and most market-promising educational institutions, its profit source in China, but the allocation of funds with the distribution of umbilical cord in the United States. Not only education, but also the IT industry. China's important and active market-oriented it enterprises, whether it is the portal site, the company's Web site, or online games, video and so on, almost all well-known companies are listed overseas. In the domestic gem listed there, or around the big enterprises such as mobile money, or the market high price-earnings ratio after the face. China's IT companies have already started the U.S. market, but Youku and other sites to remind us that the United States have not said the threshold more value growth of the gem. The question was raised when Baidu was listed in the United States.　　Baidu 2003 years before the announcement of profit, to the listing of the profit record only two years, early by the A-share market, SME board and the gem was thrown under the horse.　　Many domestic it commentators said that 酷6网 's "ill listing", so that Tudou and Youku in the failure of the financial results, but also dared to face the Wall Street investors, it is not rigorous, too impetuous. are Wall Street investors stupid? Not at all. Under the liquidity of QE, the United States has sweep it enterprises with growth potential in the future, and the U.S. capital market should not only cultivate the local future star company, but also bind the dollar, American capital market and global innovation enterprises together.　　Our domestic policy also supports the culture, media, education and other sectors, but look at what companies listed are, and listed in the United States grassroots "guerrilla" is comparable? The future trend of innovation is clearly presented to all investors, the new energy is only investment without commercial return, biotechnology can not compete with it maturity, the most likely is the further deepening of the IT industry.　　The human through the Apple Machine intelligence all around the object, we need is not only alongside the mobile and so on tycoon's pioneering enterprise, needs the folk root the Apple, the Microsoft company resolutely to eliminate the face-changing company. The Gem decides the future of Chinese folk and innovation enterprises. A-share of the gem and supervision system, is too backward too bureaucratic.