Gem Face: The Fund group sleeps the wind to invest lacks the security

"This year's high rendezvous difficult to find the gem" continued this year's high fair, "gem concept" unprecedented bleak. From a great applause to the question, a short period of 2 years, the gem quickly face. But the Gem Enterprise, also enjoys the wealth the halo effect, the collective faces the system big exam. Super raise, cash out, development stagnation ... Gem exposed the problem, not only let shareholders lose confidence, but also let the investment side even call terrible.　　Some investors therefore believe that the second anniversary of the launch of the Gem, the inventory of the gem, is a very necessary work.　　Super raise funds collectively sleep?　　The myth of Gem brings huge wealth to the enterprise, and also bring great propaganda effect and intangible wealth. 2009, with the announcement of the first batch of gem list, Shenzhen Hua test test as the first gem list of the only one of Shenzhen enterprises have attracted much attention.　　Along with the fame of fame, including the testing of China's enterprise board enterprises are almost all the pot full of large sums of money, many gem enterprises have appeared funds over the phenomenon. Since the gem is listed on the day, the gem has become a normal capital, according to the W in D information statistics, up to the weekend a total of 275 gem companies to achieve a successful release and listing, total fund-raising 194.0065 billion yuan, compared with the original plan of 6 7 2.5 6 3　　More than 100 million yuan out of 126,750,190,000 yuan, over the ratio of up to 188.46%. But on the other hand, the current macro-policy tightening monetary, many enterprises desperately needed funds, and many listed companies are still sleeping in the circle of money, or idleness idle waste, or buy a house to move his use. According to a research report on Ping An securities, the current gem listed companies have 84.66% of the super raise funds idle in the bank.　　Wang analysis of Ping An securities chief strategy researcher, said that the super raise funds is actually a "double-edged sword", the current super raise funds use inefficient so that gem may be entering the "destructive growth" of the wrong path. For China testing, also face the problem of super raise. China side testing company vice President, board Secretary Chen Yan told reporters, China test test total exceed 200 million or 300 million. But the money did not "sleep", but to take out 85 million yuan for acquisitions.　　Chen Yan Frankly, the company also wants to take out some capital building, but different from other companies to enter the real estate, they are to establish East China base, the construction of special requirements of the laboratory, to deal with long-term development. Chen Yan that the fund-raising is a supply and demand relationship, the emergence of super raise also proved the competitiveness of enterprises, indicating that the capital side of the company's future development optimistic. But Chen Inkstone also said that the development of enterprises should be mainly the main business, buy a house to meet their own needs, but not one-sided into the real estate, otherwise it will affect the normal and long-term development of the company.　　[Page] Senior executive resigned for money? Beyond the raise, more investors worry about, is the Gem Enterprise group appeared in the near-crazy "senior management" tide. According to Shenzhen Bulletin statistics, since November 1 last year, the Gem executivesTurnover announcement more than 170, and the executive set is now showing an accelerated trend, only half a month since November this year, the Shanghai and Shenzhen cities have a total of 145 listed companies announced the shareholder reduction, the cumulative reduction of 758 million shares, involving the amount of up to 7.24 billion yuan. Reporter inquiry found that the Chinese test has become the cause of the start of the Business board executive turnover is the first company. 2010, the Chinese test of the senior executives have left, January 26, independent director Ying resigned to become the first company to leave the board of directors. In addition, June 1 Vice President Wei resigned, June 30 vice President Niepengxiang resigned. According to the calculations, these executives can be set at 1.100 million Yuan. And then, more of the Enterprise Board executives have set off a wave of resignation, in the hands of the shares lifted immediately after the release, to obtain several times even dozens of times times the return on investment.　　This kind of behavior not only brings the worry to the company development, but also directly blows the shareholder's confidence. For China Test last year's resignation, Chen Yan explained that Ying is mainly because as a celebrity, social positions more, and the requirements of gem enterprises more stringent, as an independent director must attend various meetings of the company, and many times in time can not meet.　　And for the other two senior executives, Chen Yan that senior executives are also professional managers, management left because of the differences in business philosophy, not entirely "senior managers". For the frequent occurrence of the executive resignation of the current turmoil, Chen Yan Frankly this is more personal choice. "Since the system allows, why not?" In Chen Yan's view, this is a normal phenomenon, each person has their own choice, but also based on the long-term development of individuals to decide. He admits that some gem companies do have a case in which executives have resigned for money, which suggests that the company has been biased in the first place.　　But if executives think there is a longer-term benefit, he will naturally choose to stay.　　Venture investment lack of "security" high Rendezvous, the gem has just passed the 2 anniversary of the celebration, but the gem enterprises exposed problems, not only to attack the confidence of investors, but also let the original crazy chasing investment institutions. As the head of an investment enterprise, Shenzhen Yuhua Industrial Executive President Feng Jianwu that, in the two anniversary of the gem, the inventory examination gem, is a very necessary work.　　In Feng Jianwu's view, the gem in practice, has been from the original for growth, potential enterprises to provide more targeted financing platform, into the current fast-run, short-term selling the wind is a part of the company's "ATM machine." Feng Jianwu that, in the gem listing an objective reality is that should be in the financing platform, show a more powerful vitality and growth of enterprises, but the pace of termination in the gem, the most prominent problem is the senior management.　　For many business executives, the reality of the fast-moving temptation has greatly impacted the insistence on continuing to toil and even take risks for possible prospects. "None of our investment projects this year is related to the gem," he said. "In the interview with the Gem, a number of business owners engaged in project investmentAll said that the current will not consider the gem listed companies, Feng Jianwu said, on the one hand, their own investment is not the focus of such enterprises, on the other hand, the gem two years of various performance, but also let them "worry about". Shenzhen, another company engaged in venture capital for many years Mister Ma is blunt, in the Investment Enterprise Board, their own profit is limited, "the problem is that the gem has not become the" power of enterprise development "... Enterprise financing, expanded reproduction, efficiency improvement, dividends, attract more shareholders, it seems that the value of the gem has not been shown. "In addition, in his view, the Gem of the listing review, many times, has been form larger than content." "There should be a rule in the market and a rule that everyone can follow so that you feel safe when you join in." "To first try to exit the market system for the current problems of the gem," the relevant officials of the CSRC in Friday said that the reform of the system will be in the gem to explore trial, from the increase of delisting standards, improve the resumption of listing audit standards, shorten the time to retire, improve the risk of withdrawal, Set up a separate plate and the whereabouts of the city after the arrangement of six aspects of the Enterprise Board delisting system to improve.　　The reporter learned from this to Shenzhen, the current Shenzhen is investigating and exploring, will launch this system as soon as possible, further improve the current securities market system. Although the gem exposed all sorts of problems, but Zhong, a professor of economics at Shenzhen University, said that the gem is of great significance to the integrity of the capital market, and it has great significance to Shenzhen, which has greatly consolidated the status of Shenzhen as a domestic financial center.　　The GEM has been launched for about two years, at present, there are problems such as executive turnover, financing is not effectively used and so on, need to find a solution in practice, regulatory departments for the emergence of excessive packaging, fraud issues to strengthen supervision, increase the cost of illegal, so that market investors can share the development interests of listed enterprises. On the launch of the gem since the introduction of funds, high P/E, executive resignation, performance, and other behavior, Yixianrong, director of the Financial development Room of the Chinese Academy of Social Sciences, said that the problem can not be attributed to the gem alone, from the perspective of the entire capital market, the motherboard also has many problems have not been resolved, Only because of the special features of the gem listed companies, some problems have been magnified. The regulatory authorities should look at the problems of the gem from the perspective of the whole capital market, and many of the problems of the motherboard, the board and the gem are similar in nature.