Enterprise Backdoor Addiction Senior management turnover arbitrage Gem exit Dystocia

Delisting mechanism has failed for more than 10 years, who also do not want to play really, even when the founding of the Gem September 8, the Shenzhen Stock Exchange General manager Liping said that the gem delisting system is difficult to launch in the year, there is no specific timetable. Remark, market uproar.　　A year ago. When the gem was launched, the supervisory authority's position on various occasions: Yao, vice chairman of the Securities and Futures Commission in November 2009, prompted investors to pay attention to risk, do not expect restructuring, Shell, and said that the gem of the company to return to the standard than the motherboard is also strict.　　December 2009, the Shenzhen Institute of Law People to the outside world to emphasize the gem relative to the motherboard "more stringent" "more market-oriented" delisting system, delisting stock no longer like the motherboard requirements must enter the agency's share transfer system, but also cancel the completion of major assets reorganization can apply for revocation of risk warning arrangements.　　2010 national "Two sessions" period, the Shenzhen municipal director of Chen said that the institute has drafted a direct exit system for the GEM plan, and has been submitted to the SFC, is expected to be launched during the year. Liping also confirmed the above news in mid-March this year and suggested that the delisting system should be clearly different from the motherboard in the early stage of the gem.　　She believes that this is to send a clear signal to the market, but can reduce market risk, to provide investors with a more transparent and safe market environment.　　However, why in the past six months, the delisting system of the gem is still a push? Shenzhen inside a person to the Economist said that the SFC has set up a special team in the study of specific operations, brewing a unified approach to the management of the city, and ready to take the gem as a direct return to the city of innovation, "first try."　　But because of "historical baggage is too heavy", difficult.　　Market participants worry that the regulatory authorities could not help, for the main board shell listing, the rampant insider trading scene again in the gem laid the foreshadowing. "Research has done a lot, the need to exit the system and the harm of buying a shell listing are all known, the key is who to make this decision?"　　He did not say, just set up a year of the gem why "historical baggage too heavy."　　No one's staying?　　One side is the gem listed companies quality worries, the other side is the issuance of high and low price multiples, the return of the system Dystocia, further push the valuation center-This is the end of October, the gem will usher in the birthday of the basic situation, with the accompanying is the lifting of the flood. Huatai Securities analyst Liu Xining Statistics, only November 1 one day, the lifting of the market capitalisation amounted to 31.6 billion yuan, the proportion of market capitalisation reached 38%, is expected to have a significant impact on the overall trend of the gem.　　According to his calculations, the lifting of the market capitalisation in the second half of 2010 amounted to 42.2 billion yuan, the gem circulation market value of 82.7 billion yuan 51%. At present, the venture Board of restricted shares of shareholders in the creation of investment institutions have not lifted the market value reached 51.9 billion yuan, individual shareholders holding shares of the market value of 172.1 billion yuan, including the company's senior executives held 62.5 billion yuan.　　The recent announcements of directors, supervisors and senior executives have been a raging desire. According"Shenzhen Stock Exchange gem Stock listing Rules" and "Company law," the relevant provisions of the Board of directors, supervisors and executives held by the stock, all out of four years. However, due to the temptation of the gem, some directors, supervisors and executives are willing to Ching.　　In this way, after six months of separation, their hands on the stock can be all clear. According to Shenzhen's statistics, the gem launched in the past year, a total of 33 companies, 67 executives resigned, of which the shares of 22 people. Of these 22, there are two situations that are not unlocked, the first being that the controlling shareholder has committed itself to lock-in for three years; the second is to remain as a director, supervisor or executive after resigning, and not to unlock.　　However, Shenzhen did not disclose the number of people who had resigned. China testing is one of the first companies to be listed on October 30 last year.　　In the prospectus, 12 of the shareholders who are directors, supervisors and executives of the company undertake that the shares transferred during the period of the company's tenure do not exceed 25% per cent of the total number of shares held by the company, and that they do not transfer the shares held by the company within half a year after their departure. But within January, the company left two executives. June 1 This year, China Test Inspection Bulletin, vice President Wei resigned, holds the test 285,900 shares, accounting for 0.35% of total equity. In the same month, another vice president, Niepengxiang resigned, held 235,900 shares of China Test, accounting for 0.29% of total equity.　　Both are among the top ten shareholders.　　By contrast, few executives have paid to increase their shares in the company. "Assuming that the price/earnings ratio is reasonable, executives may be reassured to grow with the company; "As far as I know, the chairman of an enterprise board is most concerned about the release of the troops after the lifting," said a securities industry practitioner. What to do if a competitor is rebuilt after the executive has been set up? "[Page] exciting valuations, although the lifting pressure is imminent, but the market is still very excited gem."　　At present, the gem 117 shares of more than 70 times times the P/E ratio, is more than 3 times times of the total shares. Last week, Aquiline, chief China investment strategist at UBS Securities Wealth Management Research, said at a press conference that since the start of last September, small-cap stocks continued to outperform large stocks, but their earnings growth was not enough to support a big-market-led price-to-earnings ratio.　　In the coming period, small stocks face a large area of the lifting of the ban, there may be a relatively large area of the callback. According to wind information data, gem after the listing of profit growth continued to decline, far lower than the SME board and even all a-share company's growth.　　The so-called "high growth capability" of the gem is again being questioned. Starting from the birth of the gem, has been constantly questioned. From the beginning whether is in the entrepreneurial period, the profit model is sustainable, raises the fund to invest the feasibility and the financial statement credibility, to the present growth and the company itself suffers from the question. August 12, the listing of the music network, to the eve of the listing is still no smell, but ignore exclusively's peersIndustry questioned the grand listing, so many people in the industry are straight call strange.　　July 8 listed The National Union aquaculture, shrimp sales for the main business, the listing is reported loss. September 6, the Central Plains Securities Liu issued a report entitled "The Gentleman does not stand under the wall," said August Gem number of new shares set the annual high---------------------------the month's IPO reached 16, the average rose　　The average value of the frozen capital of a single stock rose again to the level of billions. The August 27-listed 82.7 times-fold price-earnings ratio, still up 63.3% on the first day, is now 132.3 times times earnings for 2009.　　The September 2-listed firm's fire-price ratio was the highest, at 143.1 times times. "The absence of a clear exit system and the prohibition of backdoor arrangements is one of the reasons for the high valuation of the gem."　　"A senior securities industry person said.　　Delisting failure in the gem before the launch of the system has been brewing, but wool, so far dystocia. "The scale of the gem has been so big, supporting the withdrawal system has been pushed out, concealed the real risk, this is a major loophole in the system design."　　"This is tantamount to a fast train without brakes," said the securities industry. In fact, "Shenzhen Stock Exchange gem Stock Listing rules", the risk of withdrawal of the warning has been preliminary provisions.　　Among them, for the last two consecutive losses and other 11 kinds of circumstances, Shenzhen stock has the right to the implementation of risk warning.　　According to our correspondent understand, before Shenzhen has been hoping to establish a system different from the motherboard directly, hoping to achieve rapid return to the city and eliminate the effect of backdoor speculation. "The research Department of Shenzhen stock market has finished the research and preparation of the gem delisting system, the problem is how to implement it." "A person inside the Shenzhen said to this newspaper reporter.　　The introduction of the gem delisting system has slowed down, possibly because the SFC is brewing a unified exit management scheme covering all the boards, including all the problems related to the withdrawal of the market, which includes the sanbanxi of the punishment and the convergence of the people.　　Another person close to the SFC said that the delisting mechanism has failed for more than 10 years, who is not willing to "play really", "otherwise it will be turned upside down." He introduced, in 2002, when the CSRC chairman Zhou Xiaochuan and vice chairman Smillen to the country, this is China's first attempt to push back the city's efforts, the resistance is too big, only a few retreat, but so far the number of retired city.　　In 2004, Smillen was interviewed by reporters that the issue of delisting is the hardest work of the 2002. 2006 Shenzhen issued the "Small and Medium Enterprises Board stocks suspend listing, the termination of special provisions", 2007 "gnashing of Teeth" to push, but also declared failure. Before and after the establishment of the gem, the Shenzhen stock and the SFC called again. "As if to hardball, the result now seems to be yellow again."　　"said the person familiar with the matter. "The exchange had the right to let the company retire, but it was often difficult to implement." It is hard to resist the need to retreat. "ThePeople say. Another industry analyst, listed companies are difficult to return to the market for three reasons: first, the local government resistance, once the company has the risk of delisting, often deputy governor-level officials to the exchange to lobby, the exchange is difficult to parry. However, it is more common for motherboards that were originally listed for state-owned enterprises, for the current gem is not necessarily set up, the second is to suspend the listing, delisting and the resumption of the administrative power of listing approval on the exchange, the exchange on the approval of the right to be difficult to let go; the third is St stock once resurrected or be backdoor, share price doubled, bring insider trading, gain opportunity , there are too many people in the local government, inside and outside the company, exchanges, regulators and intermediaries who are willing to meddle. "This is the most important one, is a big interest circle, no one would like to destroy." The high risk of "backdoor addiction" should be the meaning of the gem, and it is the participation of professional investors with the ability to identify. If there is a delisting system, the more than 30 billion dollar market value to be lifted in October will be cut at least half. There is no exit system, there is no need to worry about no one to answer the last stick. Even if the company encounters big problems, it will soon be someone to borrow the shell, equivalent to the gem to buy a insurance.　　"said a senior industry insider. "As in Japan, Hong Kong and the United States, any mature market overseas is increasingly severely constraining backdoor," he said. Open the normal market channels, do not give backdoor soil. In some years, the number of companies to return to the city than the listing, is not a shameful thing.　　Yin Chengli, a researcher at the Institute of Finance at the Chinese Academy of Social Sciences, told The Economist. Contrary to the "Shenzhen Stock Exchange gem Stock listing rules", not only does not have a limited backdoor, instead of the listed companies to resume listing applications, should be submitted documents including the company's major assets reorganization program, long for the backdoor listing left the door.　　The future backdoor will be easier than the motherboard for small-scale equity in the gem. "In China, the company's listing standards are quite high and stringent, and backdoor is another set of standards." Sometimes the company even rotten more valuable, once St share price on the soar, and normal development logic runs counter to. Therefore, only China will be the pursuit of some special St stock fund managers. The Knife lick blood, legacy infinite.　　said the industry personage.　　For example, 2004 on the suspension of the St in the city, until the successful resumption of the listing last June, shake the body into Wanfang real estate, experience five years, breathtaking. On the face of it, backdoor makes the stock of shareholders in the hands of the original worthless stocks have the possibility of a surge, the backdoor party has been the rehabilitation of capital, the backdoor side has been eligible for financing, happy. But backdoor belong to the "door" listing, violates the market "three public" principle, more to the bad business shell company does not have any discipline, the original shareholder sets out to flee, also makes the small and medium-sized shareholder no longer cares about the company's growth, only pursues the backdoor reorganization and so on inside information, this is to the capital market resources allocation principle fundamental destruction. "This will only make China's securities market more and more marginalized," he said.　　Industry insiders say. "In other words, the high priceLattice makes the stock market also a great obstacle to the integration of industry chain. "The high valuation of the gem," said the personage, "some medical industry is being bought up by the takeover target, climbing to an unbearable dozens of times times pe." In this way, this field can only be a group of monkeys, not out of elephants. ”