Cost rise issue price/earnings ratio fall in profit space life compression

This reporter Yu Haitao trainee reporter Zhang Yu Beijing reported that every time the bubble burst, people will be eliminated. This reporter from a number of VC institutions to obtain information shows that in the past six months, the investment cost of a sharp rise. The general manager of a famous VC company said, "We only consider the cost of 10 times times the following investment, or even 3 times times the 4 times times P/E to rest assured, but now the cost of the project is basically between 12 to 14 times multiples." "In response, the average issue price-earnings ratio of gem companies peaked at 78.07 times times in the first quarter of 2010, with a notable drop of 63.65 times times in the second quarter."　　What is more noteworthy is that, as of July 18, the gem listed companies on the average issue of 50.76 times times earnings. The rising cost of investment and a gradual return to the issuance of P/E ratios are squeezing the profit margins of venture capital, "The days of gold in the first two years have passed."　　"Kai Xin Venture Capital Management (Beijing) Co., Ltd. General manager and managing partner once said. Profit space compression "is now indeed a bubble phase in terms of cost."　　Fortune, chairman Liu said.　　In fact, since the launch of the gem in the second half of 2009 years, the VC/PE agency's investment costs have risen sharply. "Now are biting teeth in the cast, you do not vote naturally have others cast, the P/E from 3, 4 times times to now more than 10 times times, and some even to 12-14 times."　　"The one who has just voted for a new energy company said," pick it up in the same expensive stuff.　　Zeng said that as a single fund, it is now facing the problem of local overheating, the same project a lot of people in the robbery, valuations pushed higher.　　On the other hand, as the main battlefield of venture capital exit, GEM has begun to reveal the sign of "value return". A careful analysis of the report found that the average issue price-earnings ratio of gem companies reached a peak of 78.07 in the first quarter of 2010, and the average P/E ratio in the second quarter had fallen markedly to 63.65.　　What is more noteworthy is that, as of July 18, the gem listed companies on the average issue of 50.76 times times earnings.　　Liu said that the gem's high valuation status should be changed after October this year, the gem valuation of the average P/E ratio should be about 30-50 times. At the same time, the last trading day of the first half, the gem of the 90 listed companies, already have 47 of the stock price break, accounted for up to 52%.　　The dynamic P/E of the gem two market has plummeted to 57.35 times times the current 127.65 times-fold peak at the end of last year. "The high price-earnings ratio of the gem is mainly caused by the market's structural and transactional demand, and with the rational return of the market, I believe that the two-tier market of the gem should be gradually returned, which will undoubtedly lead to the return of the gem issue."　　Chen Min, chief representative of the Hong Kong Chong Tak Foundation Beijing Representative office, told our correspondent. Gavin Ni, CEO and President of the Qing Ke group, said that in the long run,The high average price/earnings ratio is immature, of course, the individual multiples of 100, 200 times times is reasonable, because it has high growth. "I personally expect that in another two years we will revisit the myth of the year, and in a few years it becomes a myth." "Gavin Ni said," VC, PE competition between the investment valuation is too high for the entire industry is harmful, long-term, will hurt the entire industry. When it is time to withdraw. "The 14.9:4.05 return to pressure appears to be the rising cost of investment, on the one hand, the gradual return of the issuance of P/E, the profit margin of the venture capital is greatly compressed."　　Nevertheless, venture capital in the first half of the year still achieved a better return on investment. The Research Center report shows that in the first half of 2010, a total of 82 VC-backed Chinese companies listed in the domestic and foreign markets, listed companies to bring up to 12.4 times times the average return on investment.　　Domestic listed enterprises for VC/PE to bring the average return on investment of 14.9 times times, while the overseas listed companies for investors to bring the average return on investment is only 4.05 times times.　　This reporter inquires all 82 company data found, the choice in the gem, the board, the motherboard IPO investment returns are 15.48, 14.89, 4.32 times times respectively, all domestic market average returns up to 14.9 times times.　　But the choice of overseas listed companies to bring the average investment return of the venture capital is only 4.05 times times, the Singapore board, the Hong Kong Motherboard, NYSE, NASDAQ, Frankfurt VC/PE book investment returns are 9.94, 4.38, 2.75, 2.15, 1.81 times times respectively. "This huge gap is very abnormal, indicating that the VC/PE market bubble is already very clear, the Chinese equity investment market must moderate cooling."　　Gavin Ni, CEO and President of the Qing Ke group, said. Jiuding investment partner Zhao Zhongyi said that from the 2007 market hot start, venture capital to reach maturity at least through three rounds of elimination, the first round is the 2008 financial crisis eliminated a large number of institutions without financing capacity; the second round will be in 2010-2011, after three or four years of cycle, the investment capacity of the institutions is less , before the project quality is poor, can not be listed, will be eliminated; The third round is after, the risk control is not done well will be eliminated.