Gem Three crime: Super raise funds low growth and high P/E

Gem is about to come this year's birthday is destined to be "someone happy someone worried." A year ago, the gem of the "rich story" so many Gem founder, executive paper Wealth, and now, the first batch of 28 gem companies in 27 companies have a group of initial initial shareholder restricted shares were lifted.　　The paper on the wealth of the bag for Ann, is a number of gem initial original shareholders to play the abacus. According to incomplete statistics, 44 gem executives have resigned this year, including 19 executives from the first listed gem companies, with the number of executives holding listed companies between 12,000 and 15.45 million shares.　　One of NETAC Technology's chairman and general manager Deng 15.45 million shares in the first. According to the provisions of the Board of Directors of the general stock holding a year later can reduce the set, but in the vocational school must "reduce the annual holdings of 25%".　　And within half a year after the separation of the shares they hold, the declaration of 6 months after the departure of 12 months, the number of shares shall not exceed the size of the holding of 50%. "Senior executives are leaving plainly to prepare for future hedging."　　Gu Xiaodong, executive partner of Bare Asset management company in Shenzhen, has been the target of senior executives leaving.　　When the gem is only the same age, some of the company's executives have lost patience and are busy with the current, which undoubtedly gave gem investors a pot of cold water, not only that, super raise, low performance growth and high price-earnings ratio, these disputes are destined to accompany the growth of the gem.　　Over 55.373 billion yuan, where to?　　The gem is "overweight" from the date of birth. Wind statistics show that as of September 30, the listed 123 gem companies, each company to raise more than the planned amount of funds raised,　　123 Gem IPO company is expected to raise the total amount of 28.759 billion yuan, but in fact, the total number of initial fundraising is more than 55.373 billion yuan, the proportion of super raise up to 1.91 times times, that is, the 123 companies over the fund, the original can be armed with two gem.　　From each company's ratio, the average company to raise more than 450 million yuan, over 1 time times the proportion of more than 103 shares, accounting for 83.74% of the total, super raise almost become the normal business board.　　Specific companies, the highest proportion of the most is the national technology, reached 5.86 times times, its up to 1.965 billion yuan of super raise funds will be pushed to the gem of the company "Super Raise King" throne. In addition, the green water, Oak shares, Chuan technology and other companies than expected to take more than 1.5 billion yuan of funds.　　The smallest proportion of the company is the new mechanical and electrical, only 39.88%. "Some companies to raise money too much, and did not use the fund in the main business, which is unfavorable to the development of the enterprise, the company management will feel that money is too easy, so instead of good business."　　Gu Xiaodong to the first financial daily newspaper, "financial quotient" said. Gem companies "will not use" super raise funds for many investments.　　An industry researcher pointed out that many gem companies do not need so much capital, after the listing suddenly more than hundreds of millions of yuan or even a billion of yuan, it is difficult to think of the appropriate plan. So, in this case, many gem funds can only be placed in the bank account to eat interest. Take Pao shares for example, the company in October 2009 after landing the gem, the super raise funds reached more than 100 million yuan, after the funds to the account,　　Pao shares of the 100 million trillion yuan together with the estimated amount of funds raised by a total of 245 million yuan into the bank, and in half a year to obtain 1.03 million yuan in interest income, accounting for the first half of the year's net profit of 34%.　　Even, the super raise funds used to repay the bank debt, buy a house, buy a car all sorts of phenomena emerge. "Super raise is not a problem, can be used to raise funds to the main business of the company, super Raise is a positive."　　"Shenzhen Dragon Asset Chairman Wu Xianfeng pointed out." Super raised 183 million Yuan Jiffeng farm machinery (300022.SZ), in addition to the super raise funds in the 36.58 million yuan for supplementary liquidity, the rest of the funds are used for the company's main business, the use of super raise funds to promote the company's regional expansion and business expansion.　　Galaxy Securities analyst Lei pointed out that for Jiffeng agricultural machinery, the use of super raise funds to ensure that the company in the state agricultural machinery subsidy growth slowed down the situation of the industry stock into a company increment of the way to achieve rapid business growth.　　Gem = high growth?　　Gem disclosed that the market began to diffuse a disappointing mood: "The gem of the company is not high growth?"　　According to wind data, 105 of the Gem shares in the first half of this year's average net profit increase of 30.2%, far less than 57.7% of the SME board, but also lower than the motherboard 37.5% growth.　　At the same time, there are 22 gem companies in the first half showed negative growth, accounting for all of the 20% than the gem, one of the first listed gem companies in the first half of the Pao shares of the parent company's net profit fell 82.07% year-on-year. "Gem growth is below market expectations and far below expectations."　　Everbright Securities strategy analyst opened Civilization said. However, the GEM also has a high performance growth of the company.　　Year-on-year growth in more than 100% of the gem companies have 7, the average performance growth of 172%, of which the increase of more than 200% of two, respectively, the year-on-year increase of up to 294% of the Super map software and the year-on-year increase of 208% of the double forest shares. After the defeat of the Chinese newspaper, in the next three quarterly, gem company performance seems to be very difficult to make a big difference. As of September 29, has announced three quarterly results of the Gem company has 13, the performance of the company has a total of 7, of which, two-forest shares and long letter technology forecast three quarterly net profit growth 100%~150% and 70% respectively. In addition, the net profit growth rate of the other 5 companies is very limited.　　Is the high growth myth of the gem over? Wu Perilous view of the gemThe company's performance is to be judged in split.　　First of all, Wu Peak pointed out that some gem companies in order to go public, listed before the performance, resulting in the short-term performance of the listing after the overdraft situation, so the initial performance after the IPO growth is relatively slow.　　Take the first batch of listed gem companies as an example, according to its prospectus, in the three quarter of 2009, 28 gem companies have achieved net profit growth of 75.58% over the same period last year, with an average earnings increase of 64.36% per share, and after the listing, the company's performance in the interim report appears to have some stamina. In addition to this reason, Wu perilous view, the beginning of the listing of the super raise also to some gem companies brought a burden.　　He pointed out that the large-scale super raise led to the growth of enterprise board management fees and other costs increased, while some of the acquisition of investment projects in a year or six months to be effective, when the gem will be a real high growth. The high P/E ratio does not have the expected high growth performance, but the GEM stock valuation level is superior. Shenzhen data show that the September 29 closing price estimate, gem overall valuation is 61.95 times times, far higher than the SME board 50.15 Times times and 31.72 times times the motherboard of Shenzhen.　　From the case of stocks, more than 100 times times the stock price-earnings ratio is still up to 17, including the stock market 340 times times, super graphics software 233 times times. "Gem now the risk is significantly greater than the benefits, need to the gem cumulative risk of vigilance."　　"Open Civilization said, from the report of the situation, gem report performance growth far lower than the SME board, the performance is difficult to support its current high valuations, its valuation relative to its growth is significantly higher."　　Shanghai Hui Li Asset Management company general manager He Zhen also agreed, he believes that the gem is more expensive than the board, and net profit growth is far lower than the SME, this bubble will be dashed, after all, prices and value deviation too much.　　Reporter in the interview also found that a number of private equity professionals have agreed to give the gem some of the industry's broad prospects, the business model is a unique company with a higher valuation, but most of them believe that the best companies in the gem can only be valued at 50 times multiples, while the current valuation levels of gem stocks are clearly not up to that level.　　Schedule _2010 The top 30 of the company's securities code securities in the middle of the year, first 2010 P/E (fold) p/E (fold) 300074.SZ Warburg 68.57 340.83 300036.SZ Super map software 81.67 232.80 300023.SZ Bao de shares 81.67 223.07 300055.SZ 71.4 209.37 300075.SZ digital 73.97 191.70 300027.SZ huayi Brothers 69.71 176.46 300084. SZ Alzheimer Technology78.57 169.15 300116.SZ Fire 76.85 136.18 300070.SZ bi source 94.52 132.89 300007.SZ Hanwei Electronic 60.54 130.88 300101.SZ National Proton Electronics 59.26 1　　28.30 300021.SZ Dayu water-saving 53.85 127.85 300098.SZ high xinxing 44.72 125.14 300073.SZ when liter technology 78.26 114.52 300044.SZ race for intelligence 81.48 111.24 300030.SZ Yangpu Medical 108.7 110.12 300068.SZ 54.1 109.05 300042.SZ Netac technology 76.47 99.61 300113.SZ Shun net technology 82.65 97.33 300062.SZ Zhong can electric 45.62 96.89 300022.SZ Jiffeng machinery 57.26 95.99 300099.SZ Juloka 49.44 95.57 300056.SZ three-dimensional wire 102.81 94.55 300109.SZ new Open source 61.22 93.88 300081.SZ constant Letter Mobile 62.55 92.71 300040.SZ Jiuzhou Electric 68.75 90.89 300014.SZ billion Li 54.56 90.09 300087.SZ tsuen Yin Gao ke 58.22 88.72 300　　047.SZ Source RDA 78.95 88.40 300038.SZ Meteno 61.9 88.25[page] Schedule _2010 interim net profit year-on-year growth rate Top 30 company Securities Code Securities Abbreviation 2010 MEDIUM-term net profit year-on-year growth rate (%) 300036.SZ Hyper-Graph software 293.60 300100.SZ double-forest 207.55 300077.SZ National Technology 196.45 300080.SZ new Daxin material 148.38 300055.SZ million bang 136.76 300103.S Z Tatsu-Road machine 106.94 300078.SZ 105.33 300046.SZ stock 98.23 300102.SZ dry photo photoelectric 96.16 300088.SZ Long letter technology 80.95 300039.SZ Shanghai Kai Bao 78. 300043.SZ Star Models 73.74 300104. 　　SZ Music Vision Network 73.70 300086.SZ Canchi pharmaceutical 72.73 300025.SZ huaxing Venture 72.69 300041.SZ return rubber industry 72.41 300004.SZ South China shares 71.33 300069.SZ Jinhui Huadian 71.25 300037.SZ new state 67.41 300050.SZ century Ding Li 55.83 300109.SZ new open source 55.49 300058.SZ Blue cursor 48.16 300029.SZ tianlong photoelectric 44.69 300071.SZ Huayi Ka Xin 44.60 300056.SZ three-dimensional 41.93 300064.SZ diamond 41.43 300003.SZ le PU medical 41.30 300079.SZ digital video 40.63 300070.SZ Blue Water 40.56 3000 53.SZ Euro-bit 39.25 schedule _ First Super Raise capital Top 30 of the company Securities Code Securities for short start is expected to start the actual start of the IPO fund (billion) fund-raising (billion) funds (billion) 300077.SZ national technology 3.3552 23.0025 19.6 473 300070.SZ bi-source 5.6613 24.3685 18.7072 300082.SZ Oak shares 4.1333 21.6624 17.5291 300124.SZ huixin technology 2.928 18.5832 15.6551 30 0068.SZ South All power supply 5.2088 19.6565 14.4477 300118.SZ Oriental Sunrise 4.9969 18.3758 300079.SZ digital video 3.8893 15.9185 12.0292 300002. SZ Shenzhou Thai yue 5.0253 17.0336 12.0084 300086.SZ Canchi pharmaceutical 3.1389 14.4283 11.2894 300055.SZ million bang up 2.8866 13.8116 10.925 300080.SZ New Daxin 3.894 14.8008 10.9068 300059.SZ Oriental Fortune 2.9988 12.9555 9.9567 300050.SZ century Ding li 2.1259 11.7002 9.5743 300102.SZ Dry Photo 4.5047 12.6532 8.1485 300122.SZ Intelligent Flying Biological 6.2538 14.332 8.0782 300094.SZ National Union aquatic 2.9483 10.8308 7.8824 300078.SZ zhongrui 1.7075 9.3408 300119.SZ 3. 5268 10.6471 7.1203 300039.SZ Shanghai Kai Bao 2.87 9.7376 6.8676 300105.SZ Longyuan technology 4.6465 11.0862 6.4397 300048.SZ Hop Kang frequency conversion 3.3173 9.6456 6.3284 300003.SZ Medical 5.1673 11.3961 6.2288 300029.SZ tianlong photoelectric 2.7706 8.7809 6.0103 300083.SZ Jin Sheng shares 2.4411 8.4426 6.0016 3 00033.SZ flush 2.521 8.4255 5.9045 300111.SZ sunflower 2.4949 8.3111 5.8162 300057.SZ Wan Shun shares 3.7567 9.3819 5.6252 300075.SZ Digital governance 1.5 7.0255 5.5255 300076.SZ ningbo gqy 2.679 8.1039 5.4249 300015.SZ Love eye 3.4036 8.8198 5.4161