VC Passion chasing gem accept 10 times times profit share myth frequency

With the growth of gem listed enterprises and the frequent occurrence of stock price myths, VC/PE institutions have received exceptionally rich profits, book profit has risen from the first 5.75 times times to the later 10-fold, promoting the domestic fund-raising, domestic investment, the domestic withdrawal of the renminbi fund. 　　However, with the depth of market adjustment, the high price-earnings ratio of the gem and its inconsistent with a quarterly performance, but its share prices suffered a large fluctuation, the lockout period after the end, how smooth exit to achieve profitability, VC/PE institutions are facing the key issue. Book profit soared to 10 times times last year, venture capital investment companies in the GEM, SME board listing, resulting in a huge wealth effect. According to data statistics, in the first gem listed companies, the average investment return of VC to 5.76 times times. Last December, the second batch of 5 gem listed companies behind the appearance of 6 VC/PE institutions.　　According to the price of the company being invested, VC/PE obtained a multiple of the average return on investment of 6.77 times times. Since this year, with the continued expansion of the IPO, VC/PE exit channels more unimpeded. According to statistics, in February, of the 9 VC/PE-backed listed companies in the Territory, 19 VC/PE institutions averaged 9.95 times times earnings.　　of the 13 VC/PE-backed listed companies in the territory in March, 19 VC/PE institutions averaged 10.68 times times the profit. In the case of the US-Warburg fund, which holds a large stake in Le Pu Medical, the total cost of the Warburg-Pincus fund to buy le Pu Medical is 174 million yuan. And to Le Pu Medical 29 yuan/stock price calculation, the stock market value can reach 2.117 billion yuan.　　April 13, Gem listed companies in China Tai Yue shares reached 237.99 yuan, more than Maotai became the first high price stocks, and the company's 2.21% shares of the stone investment as an example, the purchase of the Shenzhou 2.1 million shares of the price is only 13.2 yuan. Since April, gem listed companies have been more and more sought after, behind the emergence of the shadow of the venture. For example, in the shareholders of digital video, there appeared the Shenzhen branch of the Far East Venture capital, Beijing Enlightenment Incubator, Tsinghua Science and Technology Park venture capital, Zhuhai Tsinghua Science and Technology Park venture capital, Shenzhen Fortune venture capital, Changzhou Li-venture investment and other well-known venture capital enterprises, the total shareholding ratio of VC enterprises reached 22.54%.　　In addition, when the science and technology equity structure shows that the second largest shareholder Shenzhen innovative capital investment holds 11.73 million shares, accounting for the first 19.55% stake in the issue, the third largest shareholder in Shenzhen with the creation of Albert create 5.4 million shares, accounting for the first 9% of the issue, four shareholders deep Venture Group Holdings 4.47 million, accounting for 7.45%　　Investment in the short-term trend of investment companies to invest in enterprises in the GEM, SME listing, stimulating entrepreneurship and capital operation of the passion, but also stimulated the "local fund-raising, local investment, local withdrawal" of the renminbi Fund development. Since the second half of last year, the VC market quickly warmed up. The latest statistics show that only March this year, the Chinese market to obtain financing of the enterprises up to 1More than 3 families, the financing amount of 1.802 billion U.S. dollars. The number of investment cases and the amount of investment in the chain growth of 116.7% and 360.3% respectively.　　In the first quarter of 2010, the new 31 funds, a total of 27 RMB funds, reached the total of 87.1%, except for 1 was initiated by foreign VC, the remaining 26 were created by the local venture. However, along with the market warmer, some venture capital investment Enterprises also show a quick buck mentality. Many VC is not in the relevant enterprise early intervention, but more favor has begun to take shape, will be listed enterprises.　　The average investment cycle of China's gem is only 2-4 years, which is different from the 6-8-year exit cycle of overseas VC projects. Data show that in the Gem and SME listed enterprises, the majority of VC/PE institutions in the expansion period of the enterprise entry, the phenomenon of surprise shares obvious.　　February 26, the blue cursor is listed in Shenzhen Gem, according to its prospectus, the June 2008 morning of the financial letter and Fortune venture to 9.66 yuan per share of the price subscribed to 3.45 million shares, according to the 33.86 of the issue value, Fortune and fortune venture in less than 2 years profit 3.5 times times. Brokerage direct investment business to get the return time is shorter. May 2009, Huijin Cubic and Citic Securities wholly-owned PE subsidiary of the Gold Stone investment 35.64 million and 27.72 million yuan, to obtain the Shenzhou Tai Yue 2.8% and 2.2% shares. June 20, 2009, the State Trust Securities direct Investment company letter Hong Sheng to 3.9 yuan per share of the price subscribed to Three Rivers water meter 2 million shares. March 26 This year, three Sichuan water meters listed in Shenzhen Gem, to 49.00 yuan of the issue price calculation, the state of Hong Sheng less than 1 years after the success of the gem to obtain the exit channel, to obtain 12.56 times times the book return, in the transfer of state-owned shares after the book returns also up to 4.4 times times. [Page] Whether the whole body and retreat in the gem to create rich myth behind, is the market for the gem of the high price-earnings ratio of concern. With the recent a-share a deep adjustment, Gem also appeared a succession of decline, as of now, has 7 new gem stock break.　　The annual report and a quarterly bulletin also punctured the gem's high growth myth. Days congenial statistics show that, from the annual report and this year's quarterly situation, the growth of gem companies are uneven. The profit growth rate of different companies is huge. In the first quarter of 2010, 78 companies achieved net profit of 936 million yuan, an increase of 36.07%, compared with last year's four quarter, can be compared with the company in the first quarter to achieve a year-on-year decline in 27.19%. On the ring, there are comparable data in the 57 companies, Po Tak shares, blue cursors and other 11 companies to achieve the chain is growing, hyper-map software, three-dimensional silk, Kyushu electric and other companies in the first quarter of this year's profit decline in the momentum is more obvious.　　Overall, the growth of the gem as a whole is facing a severe test. Prior to this, market investors had once had VC/PE support as a basis for judging the investment potential of gem stocks, butIn the high price-earnings ratio and its growth of the mismatch, many of the underlying venture-backed gem stock performance is not very satisfactory. 116 times times the issuance of the Oriental Wealth Information Co., Ltd., its investment Fanghaitong Kaiyuan shareholding ratio of 3.57%, March 19 on the first day of the market close to 58.03 yuan, April 7 stock price rose to 101.98 yuan, then Yao and down, May 8 close to 64.20 yuan.　　The three shares in the prospectus showed that the state of Hong Sheng Holdings of its 5.13% shares, Shenzhen and Thai Growth Venture Capital Co., Ltd. holds its 0.87% shares, three Sichuan shares on the first day of the market rose 76.5%, and then all the way down, down 33.76%, close to its price. "Gem high price-earnings ratio means that these companies in the next five years the net profit will still need to maintain an annual growth rate of 35%, the gem of the old shareholders, in the face of the temptation of high P/E, once the lock-up period, their own set up now has become a success, instead of five years, Even the share price is the same.　　"Hong Kong investment critic Cao Renshu said that after the gem listing, the attention of major shareholders once from the development business to care about their own corporate shares, the company's prospects are very troublesome." Venture capital Enterprises in the gem listed companies have a locking period, the lockout period after the end of how to successfully exit is the key to their problems. Up to now, a lot of venture capital holding stock lock regular half, the gem is still up to 68 times times average earnings.　　In the second half of 2010, investment institutions will be held to the holding of equity, in the face of a far higher than the market average price-earnings ratio, investment institutions or will choose to cash in the option to take the stake in the bag for Ann. "High P/E has overdrawn the growth performance of the enterprise for a period of time, the secondary market spreads down gradually." The fall of stock price itself also reflects the process of rational return of stock value of gem. Analysts cautioned that higher earnings ratios are expected to increase their investment returns, but it is more important to provide companies with more value-added services to ensure healthy and sustainable operation after listing.