Gem anniversary: Luxury "Casino" is with the non

China's gem in the soaring collapse of the right and wrong to spend the first anniversary, not long time, many things. Starting the gem, whether the department is really in the competitiveness of enterprises? Can companies really digest the huge amount of capital that fell from the sky? Can investors rationally determine the value of investment or blindly release investment enthusiasm?　　How should investors judge the development of the gem next year? Create a rich or entrepreneurial start-up board, also launched the Chinese to create a billionaire's Rubik's Cube, one night, Chine rich on the birth. At the same time, enterprises in the face of investors to invest a lot of wealth also seems to be a bit perplexed.　　Gem of the development of a year, enterprises, investors in the nerves of hope and disappointment, surprise and frustration constantly switch. Famous economist, Professor University Zhao: Gem is officially launched last November 23, the gem of the sharp decline, many senior executives resigned, the current shares and so on have attracted concern and hot discussion.　　The first anniversary of the gem, we can give the gem how many points? Hu Haiping, CEO of Shanshan Investment Holdings Ltd.: My overall view of the gem is positive. First of all, this is the capital market event, can go to today, there are so many enterprises listed, it is not easy. We can't just see the billionaires in the flash, and not see the hard work. Of course some executives exit too early and management needs to solve the problem. Also, the overall price-earnings ratio should be lowered, not always at a high level.　　I advocate that China's large number of innovative enterprises can move to the gem.　　God can invest Group President champion: China gem more than 100 companies to finance 100 billion, the average one company financing 700 million or 800 million, created 400个亿万 millionaire, but 70% of the shareholders lose money, this is not a win. In contrast, Intel listed financing 5 million U.S. dollars, Microsoft listed 50 million U.S. dollars, Cisco listed only to raise 50 million U.S. dollars, three companies financing volume of 100 million U.S. dollars. Now, these three companies have changed the world.　　Who can tell which companies in China's gem can reach the height of Intel, Microsoft and Cisco in the next five years? Gem is particularly important, but the gem should have a successful listing of a comprehensive standard. I think that the gem should encourage innovative enterprises.　　Innovative enterprises should have new inventions, new discoveries and new business models, and it is not enough to do simple things. Cuvedon, director general of the Qing Branch venture capital: China Gem Market has more than 100 companies listed, a year's overall operation is still stable, so far is successful. No matter what the score, you can't compare with America. Because from the world's perspective, most of the gem is a failure, whether China, Hong Kong, Singapore or the United Kingdom.　　And the only real success of the United States Nasdaq, a little success is the South Korean gem. Of course, there are also problems, including just speaking of the best new model of the company to the gem. Investment circle Some eminent persons pointed out that the NDRC and the CSRC should consult industry experts, otherwise they would make jokes. Some have never heard of the publicDivision incredibly listed, and the same industry inside very well-known to get VC, PE investment company unexpectedly has not listed, so be sure to control the quality of listed companies. Dragon win Rich investment director Dongdiyi: As an investor to see the gem, the establishment of a year did make a lot of achievements, but the overall feeling is still a rich more than entrepreneurship.　　Compared to the gem and the SME business, there is little difference, but with what the SME board is 20 times times to 40 times times, and the gem is 60 times times even a hundredfold, it is puzzling. Our expectations for the market are too high. After ten years of waiting, a year of financing more than billions of dollars, but the actual investment is less than tens of billions, it is clear that the enterprise management is not ready, unlike the motherboard enterprises, has a huge industrial planning strategy. In the face of such a large interest in our management can not afford to live, I think should be from the institutional restrictions, because a lot of rules to China, because of different national conditions, certainly to be modified, can not blindly copy.　　Otherwise, the gem really separates the venture into a rich list. JPL Asset Management investment company general Manager Li Bomu: Investment in the initial start-up enterprises, is the world's High-tech into China, gem to provide enterprises with a financing opportunity. But from the investment point of view, in the investment gem honeymoon phase, we have to the investment concept of investors to play a question mark. Now, the gem has become a speculative market, not the investment market, everyone is betting on the gem.　　So the country needs to help companies and guide investors. Zhao: Gem must have innovation, and to have significant innovation, GEM can not let shareholders are losing money.　　Now, China's gem enterprises than the original Intel, Microsoft, Cisco, the integration of more funds, the future can create results rather than the constant circle of money, this to China's gem and other investment markets have put forward a very big challenge. Luxury "Casino" the argument gem is not only the place to create rich, the high price-earnings ratio has also pushed investors to the unknown higher expectations.　　Facing the next lifting climax, where should investors go? Zhao: The data show that, on October 22, the gem issued an average of 64-69 times the earnings ratio, far higher than the U.S. or other gem market, the average price-earnings ratio, November 1 will usher in the lifting of the peak, four-quarter cumulative market value will reach 46.1 billion,　　The entire gem of the circulation market value of 126 billion RMB 36.6%, is the gem Average daily turnover of 6.1 billion 7.6 times times, is the September gem turnover of 37%, this will not give the gem listed companies including its stock prices bring pressure? Cuvedon: What is the concept of 65 times times the average P/e?　　If the business is not growing, the money will be thrown in 65 years to get back, a vote in 65, the present may be in heaven at that time. Our pricing is too high, is not perfect distribution system, is not enough to understand the risks. I'll share some of the practices with you. We have basically inspected more than 100 very growing enterprises in China, and may have voted two or threeThis attitude, the past has been voted early start-up companies, including Mengniu, Pak Li, small sheep and so on, now all become China's industry first, world-class.　　In the past, these companies in China is not on the market, so under such a mechanism, our best group of companies, including Alibaba, Baidu, Tencent to the foreign listing, the P/E is not so high, but our people to invest is more difficult. Li Bomu: Gem stand in the country's height is very meaningful, it encourages innovative platform, because with such a platform, all small and medium-sized enterprises can get the money smoothly, some entrepreneurs can see the future development prospects.　　We have to return to rationality, the first day of the gem multiples of 200 times times, such as Huayi Brothers, if 200 years to maintain the same level of profit, you can withdraw your investment, it is very obvious unreasonable. None of these companies had ever imagined that they could have such a high value. It was so easy to get money overnight that it was not going to work when you got so much money. It is inevitable to do some with the main business is not related to investment, which is a waste of the entire social resources, should use the money to support more innovative small enterprises. It is right for the state to develop money for these innovative enterprises, but it is wrong to give too much money.　　Just as rich entrepreneurs give their children more money to some extent they harm him. Zhao: The whole Chinese economy is growing, the United States is only 3% better now, our China is 10%, we are 3 times times the growth rate of the U.S. economy, so you look at the entire Chinese capital market, the price/earnings ratio of 40 times times is normal.　　Of course, if there is no good system, our capital market, GEM market has a lot to worry about.　　Hu Haiping: I think everything should be seen from two aspects, first gem must be everyone's hope, its direction is to encourage innovation, now why is there such a high P/e? First of all, China's investors investment face is very small, China really to achieve the world's highest level of innovation companies are very few, so the gem is to support some want to start a business development, but there is not enough capital enterprises. However, at the national level, it is also believed that gem enterprises must meet the conditions of continuous profitability, this starting point is not low, has been stuck in many enterprises.　　In the United States, the listing does not need to be profitable, but to see development prospects. I believe the regulators must have seen a high P/e issue, but why are Chinese investors willing to subscribe? What we should reflect on is not the rationality of investors, but the very limited investment channels in China now. In fact, the future of China's stock market, if not a big accident, if the real estate does not suppress, two or three years later, two times more likely to double.　　This is a macro thing. So innovation is needed, but must conform to the country encourages the industry development direction, at the same time also does not reject the traditional domain the structural upgrade, because China so big capital system, only then appeared hundreds of, the future may tens of thousands of, therefore the investor wants the rationality, the gem real large-scale listing climax has not arrived,　　You can wait until the four quarter to fall into the market.　　Perfect the rules of the gameIn this "luxury casino" with Chinese characteristics, many forces in the continuous game of this extinction, no one is willing to become the last loser.　　However, in the case of asymmetric information, imperfect rules of the game and occasional "gambling", how should the inflow into the gem become an effective "investment"? Off the pitch: the money is always said to be able to give birth to companies like Cisco and Microsoft, I think there will be, but will not be listed on the A-share and gem, unless we have a major institutional reform. In fact, not only individual investment, a lot of business investment is also very single, many enterprises to make money to invest in the stock market, because they have a lot of idle capital.　　So I think it is necessary for the government to do more to guide the development of some large industries. Champion: 90% of America's investors are institutions, and China is a retail investor. The United States is a completely capitalist country, the people are not concerned about the loss or not. China is a socialist market economy, is people-oriented. So the high P/E ratio must arouse the attention of Chinese government and management.　　Can not say that the high price/earnings ratio is the market behavior, such as the gem many companies are profit fell by 50%, so suggested that economists, the media should give the government a proposal, each gem company must have a gambling agreement, the company does not grow, your stock will be divided to retail investors. The second is to have the same law as the United States, the U.S. financial statements are accountants signed, if the financial fraud he will go to jail. The Chinese market must be regulated by the government, otherwise investors will not invest in companies that are 60 times times more likely to insure their interests.　　The agreement is in fact to ensure your growth, do not grow you have to give me the shares. Cuvedon: Legal supervision is necessary, but the agreement on gambling is not recommended in the investment process. VC foreign investment in the Internet enterprises more than the venture to venture into, and most of China's IT companies are listed overseas, because the U.S. listing threshold is lower than the threshold of our gem, but the cost of fraud in China is very low.　　The U.S. law is very strict, you are in the United States after the city if the fraud, it is very strict supervision of your senior management, including directors are to buy director liability insurance, so after the listing of supervision is very important. China's regulatory layer to let real good companies have the opportunity to go public, such as Baidu, Sina, Sohu, was not profitable, in the domestic market is very difficult. We VC see 100 companies may not be able to pick one, so that the NDRC and the SFC control the choice of more difficult.　　But the real good company should retain, such as Tencent is now the tens of billions of dollars above the market capitalisation, Baidu in the United States is also very good. Dongdiyi: I don't think we can blame shareholders or the government. First, the gem is recognized as a need, and second, 65 times times P/E is for shareholders, not the government. Let me look at this thing on Wall Street, the Nasdaq forty or fifty years of history, our gem only a year of history. Credit responsibility to fall down to the business operators, the United States in 2002 out of a law, which meansYour company's boss, financial controller to sign the time to be cautious, financial statements have errors you personally responsible, shareholders can not only sue the enterprise, but also to sue individuals.　　Therefore, it is not the responsibility of the Government or the shareholders.　　Zhao: 60 times times P/E, much higher than Nasdaq, but behind the unreasonable price-earnings ratio of the gem, there is a certain rationality, that is, Chinese investors lack of more investment in the field. In China's closed domestic market, there are very few financial products to invest in. The gem has a high price/earnings ratio and real estate prices are high. Why is the house so expensive in China?　　This is because our first rich people to meet their own demand for their own lives, a succession of investment in the real estate market, this is unreasonable, but it has a relative rationality. It's not fair to compare a baby to a thirty or forty-year-old man, but we don't want to ignore and obscure many disadvantages because of the extensive growth strength.　　First-class enterprises are under the first-class system growth, the global competition will eventually be the system of competition.　　Gem in the development of continuous improvement, not only enterprises and shareholders to maintain a sober, rational thinking, but also need the national government to fundamentally establish a sound rules and regulations, sound legal protection and regulatory mechanisms. Investment theory Zhao: Investing in China springtime now, China is facing a big debate that has never been made in thirty or forty years, and it is facing a major transformation that has never been seen before, and we must move to a domestic-led growth that is based on accelerated urbanization.　　This process will generate a lot of investment opportunities. The global economic development is unbalanced.　　Emerging markets, including India, the economy is actually a bit overheated, interest rates are also going up, the United States and other developed countries, the economy is cold, prices go down, interest rates are also downward. Americans save the economy in the form of dollars, the US is in the second round of quantitative easing, which will lead to a return of $1 trillion trillion, but we are now a global open market, and a significant portion of those dollars will flow into the region with the highest ROI in the world, China.　　After China ended the outflow of funds, a lot of money began to flow. By the first half of next year, China's economic soft landing should be established, and the economy will be neither too hot nor too cold. The possibility of a soft landing is still very great.　　Of course, as the dollar has been flooded, China's overall price may rise, at 4%-5% a year, higher than it is now. We see this 1-August, Chinese enterprises profit growth is 59%, if Chinese corporate profits can maintain growth, China's economy can maintain growth, I can boldly predict that within years, China's capital market is likely to reach unimaginable heights. This is due to the financial situation at home and abroad, coupled with the optimism of the long-term growth of China's economy to draw conclusions. Look around the world, in this time period, no market is more suitable for investment than China, so my conclusion is to invest in China.