Environmental protection industry favored gem or "Casino"

May 1, the China Securities Regulatory Commission issued the "initial public offering of shares and the gem listing management interim measures" formally implemented. Planning a decade of the gem finally broken cocoon out, into the real operation stage. Yao, vice chairman of China's Securities Regulatory Commission, said the gem would begin trading as early as August this year.

From the perspective of China's history, the emerging things in the capital market mean great redistribution of benefits. So, for "long-awaited start out" of the gem, will bring about the impact of the capital market? To promote self-help innovation enterprise development as the "responsibility" of the gem, but also will bring High-tech content, the development potential of environmental protection industry, what kind of opportunities and challenges? Recently, China Water Network reporter interviewed Beijing day silver law firm lawyer Sun Yansheng.

Through gem listed environmental protection enterprises favored

Gem is mainly for the "two high six new" enterprises, namely High-tech, high growth, new economy, new services, new agriculture, new energy, materials, new business model enterprises. Sun Yansheng said that our country after several years of discussion and research to launch the main purpose of the GEM is to promote independent innovation enterprises and other growth-oriented enterprises.

So, for High-tech content, the development potential of the environmental protection industry is known, the Gem of the launch of Environmental protection enterprises listed "laying" a shortcut?

"Environmental protection enterprises as a high technical content, the development potential of the Chaoyang industry, will undoubtedly become the gem listed by the favored enterprise type, but this does not mean that the GEM listing is the main way for future environmental protection enterprises listed." Sun Yansheng said, "As long as the main board listing standards, can also apply for the board listing." ”

Sun Yansheng said environmental technologies such as energy conservation and cleaner production, as well as technological content, cleaner and more intensive development models, are getting more and more attention. However, the financing characteristics and growth rules of the environmental protection industry determine the strong financing demand, while the individual enterprise's internal financing amount and the indirect financing amount are relatively small, so it needs the quick financing mode with strong flexibility. "Gem is adapting to the development needs of environmental protection enterprises, so that their financing channels to broaden the capital market to obtain more development funds." ”

In the market-expected gem of the first list of listed companies, with advanced membrane technology gallop environmental protection of Beijing bi-Water Technology Co., Ltd. (hereinafter referred to as "green water") is very high. It is understood that the green water has been listed for a long time, from the first venture securities sponsor, has been in line with the market conditions of the SME board, but also in line with the gem for the "Two high six new" requirements. Will the green water source become the first "crab-eating" environmental enterprise?

Sun Yansheng Affirmation, as a professional engaged in sewage treatment and resource application of High-tech companies, bi-water sources of high-tech, light assets, high growth characteristics are "catering to" the appetite of the gem. But he also said that in line with the gem hardware conditions of enterprises, but also need to have a selection process, that is, play a market-oriented process of screening. In the gem listing to undergo a substantial review of the future growth of enterprises to determine the ability. Any enterprise listing is to be achieved through the strict examination and approval procedures of the SFC.

Gem faces multiple risks or becomes a popular casino

The "Low threshold entry" rule determines the high risk of the gem. Sun Yansheng that the risk of gem is mainly in two aspects: one is the gem listed companies smaller scale, not yet mature development so that its operating stability overall lower than the main board listed companies, the operation may be ups and downs or even failure, implies a larger risk of delisting, and the second depends on the High-tech enterprise's own technical risk, The product or service that transforms high technology into reality has obvious uncertainty, which is bound to be influenced by many variables and uncertain uncertainties, and there is a risk of loss due to technical failure.

According to a long time in the domestic venture capital business, the head of VC company revealed that the financial crisis, many investment companies are not enthusiastic, and PE still want to be listed in the mature overseas market.

It can be seen that the gem facing multiple risks will become a popular casino.

In this respect, Sun Yansheng said, the gem is more suitable for a mature investment concept, strong risk tolerance and market analysis ability of investors.

The gem goes to market? Need to be combined with China's national conditions

The IPO of GEM is considered as a great contribution to the establishment of "multi-level capital market". According to Sun Yansheng, after more than more than 30 years of exploration and practice, in the world has formed more than 40 gem market, is a multi-level capital market is full of vitality and attraction of the important components, such as the United States Nasdaq, the British Aim market, the South Korean market and other well-known markets have become the important impetus for sustainable economic development.

And China's gem and motherboard similar issue approval system design, let a lot of people surprised. "The Securities and Futures Commission is responsible for the audit of the gem, as if it were" fortune-telling "to these High-tech enterprises. And the gem of the majority of companies for growth-oriented companies, and the establishment of a very short time, how can the Commission in accordance with a company for several years of growth, to see the future growth prospects? Just like looking at a four or five-year-old, how can you predict the development of the next more than 10 or more than 20 years? Some investors are talking about it.

So more than one market person suggested that the issue of approval rights should not be returned to the market. At present, the main board market has not been thoroughly market-based, in the small gem market to adopt a market-based approach to the experiment, is not a choice of options.

In this regard, Sun Yansheng that the emphasis on the market trend needs to be combined with China's national conditions. He said that China's experience of the modern market economy is still too short, in the implementation of the market at the same time can not but consider many of China's unique "non-market" factors. The key point is to find a balance between the "Chinese characteristics" and "marketization".

From the current situation of China's social and economic development, the relationship between enterprises and government has a long history, an enterprise to get the opportunity to market gem, still inseparable from the support and encouragement of relevant government departments. In addition to the Government, the examination and approval of the issue should play a more important role in the intermediary structure, and the evaluation and launch should be based on the perfect market system.

Therefore, the market of gem needs the promotion of time, as well as the continuous improvement of China's market economy.