Exploring the new stock break who picks up the last stick of the gem

According to the Chinese voice of the "News" 8:44, May 20, the Gem 4 IPO, of which two only opened on the "break" to 85 yuan to set the history of the third High gem, the first day of the market closed down as high as 9.91%. Full of high growth, high P/E and Super raise Gem, now break repeatedly. The latest issue of "New Century Weekly" launched the article-"Gem: Who received the last stick."　　CCTV reporter Chaihua Dialogue "New century Weekly" Securities news department director Li Yu. Chaihua: As of 20th, the market opened more than half a year, the gem has 82 listed companies, and now has been in the "break" state of 35, accounting for all the gem Company's more than 40%.　　It is said that the gem market is distorted, who is distorting the market? Li Yu: The large-scale break phenomenon of gem, the main problem is that in the public offering, the public inquiry pricing too high.　　The reason is that the performance is very good on the one hand, in the long run, we think he is a very good company; at the same time, we think it is relatively small plate, there are a large number of private equity, private equity fund of course is the pursuit of absolute income, can enter the higher risk of gem investment At the same time there are public offering funds, public offering funds did not enter last year, to the first quarter of this year after a large number of public fund investment.　　According to the interview, the public raise funds to enter mainly because the gem plate is too small, easy to operate, in more than 600 open fund has 71 funds 158 times to prepare gem, of which the top ten shareholders have eight funds.　　Why do we think break is supposed to, and certainly the future will be further down to the standard, that is, should not enter the market of the agency in the hype. Chaihua: Gem from the beginning of the issue has been showing sky-high prices, high P/E, excessive raise and other phenomena. It is said that the growth of Enterprise Board company, but after a quarter, some companies immediately changed their face, Halo no longer.　　For the reform of the gem, how to consider the regulatory level? Li Yu: Many people in the industry suggest that should introduce the pricing issue, the way the stock price issue, to the gem and the issuer of the SME to provide other listing mechanism of the choice of space, do not like now to reach the issuance of approval after the need for inquiry, listing, can be divided into batches according to the enterprise's own needs and market realities to finance, Such quotation will be more reasonable, the phenomenon of super raise will be greatly improved.　　But this problem, through the system of design are more detailed or technical, the essence of the issue or in the issuance of excessive, is the issue of the structure of the new issue is controlled, the market supply and demand is bound to be unbalanced, the inevitable price will be fired up.　　Chaihua: At present, the positioning of the gem is not to the need to amend the time, how to amend it? Li Yu: We carefully look at the gem listing criteria, including how many years of profit, it seems that the standard is much lower than the motherboard, but really the listed companies take a look, will find that the listed companies are often on the motherboard is enough standard. If this continues in the long run, it loses the meaning of the gem, the real need to start aSmaller companies have no chance. So from a regulatory point of view, we should quickly transition from the current approval system to the registration system, by the market to determine the distribution, the issue of the price/earnings ratio, the issue of prices.