Gem capacity is about to reach hundreds of total valuations face pressure

Panorama July 16 with three gem companies issued a letter of intent, gem capacity is about to reach hundreds, and at this time the gem started less than nine months.　　Faced with the November, December, the lifting of restricted stocks, the market generally believe that gem overall valuation will continue to fall.　　Juloka (300099), dual-forest shares (300100), the State Teng Electronics (300101) three companies issued a letter of intent July 16, so far, except for the cancellation of the issue of Suzhou Long-lasting, gem Company number just reached 100 home.　　Prior to this, the SME board from the first stock and into (002001) June 2004 25 listed, to the 100th Stock Day Kang Biological (002100) December 26, 2006 listed, the middle experienced 2.5 of the time.　　As of July 16 closed, GEM 93 listed companies total market value of 347.68 billion yuan, accounting for the total market value of 5.99%, the circulation market value of 79.07 billion yuan, accounting for the circulation market value of 2.35%. Overall, the gem highlighted the "three high six new" characteristics, mainly reflected in the innovative High-tech industry-led.　　In terms of industry classification, the number of listed companies in the information technology industry reaches 24, accounting for 1/4 of the total number of gem. In addition, the Gem Index officially launched from June 1, after 1.5 months of official operation.　　The gem index and the Shanghai and Shenzhen 300, the SME index of the one-month trend of comparison, you can find that the gem index trend and the market, the basic plate is basically consistent, but the gem index is more volatile. Figure: Shanghai and Shenzhen 300, the SME board refers to the trend of comparison gem average price-earnings ratio from the beginning of this year has been a large decline, the January 5 earnings ratio of 106.04 times times this year, the highest point this year. By today's close of 56.39 times times, gem valuation fell by nearly half.　　But even so, market participants still believe that the gem is still relatively high valuations. In July, 14-15th, the 2010 China venture capital and private Equity investment forum, the founding partner of Shenzhen Fortune Venture capital company, chairman Liu Day said that the gem of the high valuation status in October after the return to calm, the average P/E should be 30 to 50 times times. "The company's investment principle is no more than 10 times multiples," he said. "The first and second batch of gem companies listed in 2009 will be released on November 1 and December 27 respectively, and the original shareholder's restricted shares are expected to create an intangible pressure on the gem," he said.　　The recent venture board frequently run to lose the market, is the second half of the venture capital exit early response. "The lifting of the gem of many of the shares are not industrial capital, but the middle and short-term investment, the momentum of these funds to cash profits is very strong." "Investment fund research director Chen Yuhui think," at the same time create investment in listed companies have a deeper understanding of the gem two-tier market valuation more abrupt, these rational investors are the most likely to sell stocks. "(Panorama net/YinJi)