Eastern Rich Sea partner Liu: venture capital to forget the gem

November 19 News, in the gem market, venture capital for the promotion of the gem has updated understanding.　　The partner of Orient Fu Hai Investment Management Co., Ltd. Liu said at the 11th session of the High Fair, the company is promoting some enterprises in the gem listing. "Investment is long-distance running," she said, using the "long-distance" mentality to face the competition in the gem.　　Gem First 28 listed companies did not see the shadow of the East Rich Sea, but now in the gem application for listing more than 150 and after the company, will see the oriental rich Sea investment companies listed. For the GEM stocks higher dynamic P/E ratio, Liu said that the first batch of companies listed after the issuance of a high price ratio is not surprising. China Gem first listed companies in the high price-earnings ratio is similar to the Hong Kong gem.　　The history of Hong Kong's gem is longer than that of the mainland, so it is not surprising that the first batch of companies listed after the IPO is high. "Forget about the gem and invest," she said.　　Venture capital institutions to forget the gem, look at the source of the enterprise, from watching the market, business to see a real strength of the enterprise.　　In her view, the launch of the Gem for investment institutions and small and medium-sized enterprises have a far-reaching impact, many SMEs will see opportunities. Reporter: Thank you for your reporter's interview.　　The launch of the gem last month was a system of market pricing, but there were some big fluctuations in stock prices, and a higher dynamic P/E ratio, what do you think of the gem's performance on the stock price. Liu: I am more familiar with the market of Hong Kong, from the gem of Hong Kong, the first batch of the situation is very similar to us, at that time we have a joke because at that time the gem to fill out a white form, must be completed by hand, presumably from the Hong Kong Admiralty Line has been sent to Wanzhai, From the line you can also see the Hong Kong gem just opened when it is a situation.　　The history of Hong Kong's gem is longer than that of the mainland, the first batch of companies listed after the high price-earnings ratio is not surprising, but the 2nd, I have seen two voices, one is that a business can be seen from the growth, the more great enterprises 10 years ago to buy Microsoft or Google not such a company no matter how high is not high. Second, feel too high, gem serious overdraft in the next year or two after the growth of the enterprise space. I think these two kinds of arguments have its reasons, first of all can not say that the average IPO is 58 times times, but it can not be said that all 28 companies have Microsoft or Google such companies are also unrealistic. Also note that the GEM listing pricing is not a phenomenon of copying, copy raise is the result of the market choice, a sense of the existence is reasonable, you can say 58 times times is reasonable, the listing of 100 times times is reasonable, the results fall is also reasonable, as long as the market independent choice, investors real money to take out, Also has its intrinsic logic, to this point, I do not have too tendentious opinion, both statements have reason, but specifically to the investment organization, we put forward a slogan: "Forget the gem to make investment", this is in the current situation we have to stick to the concept. [Page] Reporter: How to understand you justSay? Liu: For example, recently we have contacted some enterprises, many are operating for a long time the company, there are certain growth, such as Jiffeng agricultural machinery, we think it did almost, it is now 58 times times, we are now 20 times times, not too much, for such a project, said cautiously or frankly some say not agree or not,　　So to forget the gem, I still want to see the source of the enterprise, to see where the market, where the business, if all from the gem, our company's life is also a handful.　　Reporter: Can you introduce the company's gem next to what planning? Liu: Because we are relatively new company, set up in 07, the first phase of the Fund after the investment of two funds, we feel very sorry, we do not see a shadow of the 28, but now in the newspaper more than 150 and after the company, we will see our investment in the company listed, because the investment is long-distance running,　　If the first group can have our investment companies that is certainly very good, if not, I can only use the "long-distance" mentality to face. Reporter: We look forward to Dongfangfuhai in the late long-distance running can lead.　　I would like to ask you, the gem after the launch of the entire entrepreneurial environment to play a role? Liu: I think it's a good question, just now in the conversation also talked about, entrepreneurship and capital is basically a coin on both sides, the gem is a good thing for us, now there are a lot of enterprises looking for investment, I am not talking about a big company, such as Gome, suning need billions of, tens of billions of yuan, To promote the improvement of business model with capital. Back to the concept of entrepreneurship, is the start-up period and growth period, we are exposed to the two types of enterprises, one is the start-up period, there are a variety of reasons, enterprises have a business plan, or run for a year or two, still do not see the profit model.　　There is also a type in the business model has a certain embryonic, in the high-speed growth period, but also need funds. We have an idea that in China, in particular, private SMEs financing difficult, we talked for many years, all large-scale will, CPPCC, NPC, each time to talk about these issues, if a small and medium-sized enterprises to finance, is nothing more than three ways, the first is their own capital, including relatives and friends, but this is limited　　The second piece before the domestic more, debt-type financing, the bank of this piece; The third aspect is the investment of the outside capital surname. From these three blocks, the launch of the Gem for investment institutions and small and medium-sized enterprises have a far-reaching impact, there are many small and medium-sized enterprises will see. For example, we now see a lot of enterprises, in a large industry within the sub-industry, first, second, third, the sales performance is almost the same, such enterprises to find you, it (the purpose) is very obvious, who has the combination of capital, who has the advantage of the first, and the second and third to pull the gap.　　We're seeing a lot more of this. Of course, our own enterprises are more early enterprises, because business is not a social responsibility, to tell the truth, (in) early institutions can giveInvestment institutions to bring the opportunity to make a lot of money, the gem is only to make our investment direction more firmly. [Page] Reporter: We see a lot of internet companies and you want to business cards, they also want to introduce venture capital, from your company's perspective, the company more optimistic about which technology-oriented enterprises?　　What criteria are selected? Liu: Our company has a recent adjustment, in the investment industry to do subtraction, the original we cast more industry, cast 24 enterprises, but finally carried down the big industry only five or six, we now do subtraction, see only 4 Industries: information Technology, consumer goods, health education, new materials, renewable energy, Only in the direction of subtraction, the more narrow, it is possible to cast a good company, as for the Internet enterprise this piece, because the broad sense of information technology is a very large industry, so this industry has more financing needs, is also very normal things.