Gem ban or become a barrier lake experts call for sound industry norms

April 29 this year, Zhejiang Paradise Silicon Valley Venture Group Co., Ltd. was granted a change to paradise Silicon Valley equity Investment Management Group Co., Ltd., thus becoming Zhejiang's first equity investment management company. What does the name change mean for the institution that has gained a lot in the local VC market? As the first anniversary of the gem is approaching, what choice will the venture make to the original stocks that are about to be lifted?　　Wing, President of Paradise Silicon Valley Equity Investment Group Co., has been interviewed by reporters in Shenzhen.　　The lifting of the original stocks is "lake"? At present, the "three-high" issue of the gem has made many people worried, that the original stocks will be lifted as the "lake", at any time may crush the "three High" gem. However, the hands of a number of listed companies have a stake in the venture's bosses do not agree-Wing pointed out that the gem is really high valuations, venture capital to reduce their willingness to also strong, this is a very normal thing. Equity investment is responsible for the investment of LP in the primary market, the two-tier market is not a strong point, so the ban will be phased out, the maximum protection of investors ' profits. "The project we cast, after the lockout period will certainly be balanced reduction."　　Wing said positively. At the same time, he also said that the gem is a special stage of the product, as the pace of expansion, entrepreneurs and investors in the rational and management level of supervision, the market will return to rationality. "Some Gem stock formation ' lake ' phenomenon is also normal, but should not be a large area of this situation."　　"Wing said. Should be concerned about the early projects and industrial mergers and acquisitions after the opening of the gem, Jiangsu the number of new venture capital institutions, more rational one, tend to invest in their own industry more relevant industries, and in the early projects mainly, but most of the VC is more willing to invest in PE, it is best to go public tomorrow. "Rob Project Things happen, in order to clock, due diligence, investment process can be simplified or even ignored, which is very unfavorable to the management of the company."　　"Weisi said. It is the mentality of the VC market to be quick for success, and continuously raise the price/earnings ratio of venture investment market. Before that, the companies that had been invested were 7 to 8 times times more than they were, and now a maturing business had pushed them up to 10 times times higher. Wing revealed that it is for this reason that paradise Silicon Valley in the first half of the number of investment projects, this is a proactive risk-averse action. "It is estimated that the market will be healthy only if the investment in the primary market is stuck on the level two market," he said.　　"Wing said. Wing said that in the current context, venture only in the early stage of the project, only to explore the value of undervalued enterprises, and obtain a strong bargaining power, so as to avoid the formation of some of the industrial asset bubbles.　　In addition, through the establishment of mergers and acquisitions funds to intervene in industrial integration, participation in the National industrial transformation and upgrading. Call for sound industry norms It is understood that China Securities Regulatory Commission secretary Xiaoxue earlier this month to go to Hangzhou, a special study on venture capital research talks. Hangzhou is one of the many VC institutions in the area of research, Paradise Silicon Valley。 Wing very much look forward to the SFC research results, in his view, the current investment industry regulation development lag, the entry threshold is low, the industry lacks the standard, the preferential policy is difficult to put into place. Although Zhejiang Province has mentioned some preferential measures in the paper, it has not been implemented because of no corresponding implementation rules, which has dampened the enthusiasm of venture capital organizations. "Wing recommended that the national ministries lead the early introduction of the development of investment industry norms to guide policy, through the establishment of industry standards, improve access threshold to strengthen market management, through the construction of multi-level capital market, increase the exit channel, through policy guidance, support the healthy development of the industry.