Comments: Account number is insufficient or become the biggest weakness of gem

Jiangshan in Friday, the first pioneering board issued the Audit Committee was established. According to the current estimate of the first day of the listing of 10 languished stock listing, assuming the beginning of September issued the Audit committee formally began to review, the earliest in November gem can be officially listed transactions.　　This means that the gem set up into the countdown state. Market analysts on the role of the Gem and the development of high hopes, the number of open account is gradually becoming the biggest weakness of the gem.　　If the next two months, no improvement in this situation, then the gem will become as Sanbanxi market as the chicken, will become a very suspense to solve the mystery. According to the relevant reports, the current opening of the gem is still in a relatively depressed state, and the market previously available data for the July 26 account 188,000, that is, each trading day is 20,000 ~3 million new account number. In this figure, the total number of accounts opened in early November only 2 million ~300 million. In contrast, the total number of motherboards in the two cities has exceeded 130 million, active accounts of about 23 million, and the Sanbanxi market has more than 700,000 open accounts. Can be seen, gem such an account number for a determined to become a multi-level market system in an important part of the market is not enough.　　Once the listing of the first day of the number of listed and the number of participants is limited, it can not be ruled out the gem after a short period of time, such as Sanbanxi market as the possibility of return to silence. The factors that lead to the lack of account number in the gem now seem to include: first, the relevant regulatory authorities are strict about the disclosure of risks.　　As a result, the gem opening procedures are relatively complex, many brokerages previously required more than one hours to complete all steps, due to the need to open an account, and the new shareholders do not have two years of trading experience more need to copy the "special statement", most investors are annoyed, resulting in a small number of accounts.　　Recently, as some of the securities companies to improve the process, the risk assessment part of the online, the overall procedures have been simplified, but the time is still longer, whether the latter can be further improved, shorten the opening date to become the number of GEM open account will be a significant factor in growth. Second, the market before more emphasis on gem risk factors, investors to participate in the gem can not be confident in the heart, coupled with the recent motherboard market decline, the issue of listed new shares in addition to the million horse cable, has all fallen below the IPO opening price, and Shenzhen for the first day of the IPO to participate in the The risk of speculation on new shares has soared, although to a certain extent conducive to reasonable market pricing, but for Shantu from participating in the gem to profit investors is a wake-up call.　　Since the gem after the opening of all new shares, if more than 90% stocks are open to go, in addition to the first-tier market applicants, the two-level market participants almost all unprofitable, for investors, this market natural early or wait-and-see. Moreover, the GEM listing time has been undecided, many investors are willing to wait until the last minute of news to open an account, but also a psychological factor can not be ignored. And that could causeIn the last few days the number of open accounts soared, forming a huge pressure on brokerages and registered companies. Although Shenzhen is aware of the problems that may be caused by the insufficient number of start-ups, and on various occasions to remind investors to open an account early, but the response of investors is not high.　　Once the number of accounts has not reached a reasonable value, then the market performance of the gem after the listing is not inevitable worrying. Looking from the Sanbanxi market, despite the cumulative number of accounts more than 700,000, but the daily transaction is very light, in recent years in the SME listing of the software, although the performance of eye-catching, but in the Sanbanxi trading during a few transactions, and even a few consecutive days without a deal of miserable scenes, and not enough market participants is the phenomenon of an important reason　　, but also the gem has to pay attention to a precedent.　　In the next few months, the expansion of the gem will clearly become the Shenzhen and related securities, one of the central tasks, which is to ensure that the gem successfully landed in China's capital market is an important part.　　But there is also another problem, that is, if the relevant agencies in order to unilaterally increase the number of accounts and intentionally or unintentionally excessive simplification of the relevant risk disclosure process, to ensure the necessary number of participants at the same time, the gem may also bring more risks.　　How to strike a balance will undoubtedly become a key factor for the success of the gem. (The author is China Eastern Airlines financial registered financial Analyst)