Gem high growth halo gradually dispersed to three high release overdraft future

has been placed high hopes to become "China Nasdaq" GEM has officially opened the board 3 years. 3 years, the rapid expansion of the gem, up to now, the listed companies have reached 355, the total market value of 853.1 billion yuan, accounting for the same period of a share of the number of 41.8%, created 50 1 billion rich, financing intermediary to share the 16.1 billion investment feast ...





However, half bright behind, and half a flame, with the "three high" problem exists, "China's Nasdaq" myth no longer, high growth has not appeared, six into the company's stock price below the IPO, shareholders overall loss of 18.3 billion yuan, 3 years of performance, senior management, such as a series of "gossip" has always been wrapped around the body, The three anniversary of the gem has become a shareholder "disturbed" the three anniversary.





shareholder "cash machine" and shareholders "meat grinder"





in some investors ' view, the gem has become a part of the teller machine, currently in the city trading 355 gem companies, 120 of the company executives have been reduced, accounting for up to 33.8%.





Although the city ridiculed the recession, but the gem is still prominent. Data show that the current gem of the top 10 of the average net worth of 4 billion yuan, a net worth more than 1 billion individual shareholders close to 50. Among them, the top-worth of Tomson Liang chairman of the current only equity assets to reach 7.142 billion yuan.





in the past three years, a number of senior executives to reduce the amount of billion. Among them, the vice chairman of the Wu Guanjiang three times the amount of cash has exceeded 400 million yuan. followed by the General medical manager Buzhongjie, March 23, 2011, through the bulk of the transaction reduction of Le PU medical circulation 15 million shares, a set is now up to 373 million yuan, 3 years to reduce the cumulative reduction of 14 times, the cumulative net reduction of the market value reached 1.44 billion yuan. In addition, Ma Yun and other people also in Huayi brothers set more than billion.





In addition, the national technology for three years to reduce the cumulative 17 times, reduce the market value of 1.224 billion yuan, Tianlong photoelectric 3 years of net reduction of the amount of more than 1 billion yuan. In contrast, however, the companies ' performance has deteriorated.





and the original shareholders and senior executives in sharp contrast is that the two-tier market investment in the gem investors are deeply set, more than 60% companies break.





Flush in accordance with the closing price of October 26 (after the right) calculation, 355 gem listed companies, currently in the break state of 233, accounted for up to 65.63%. Among them, the annual composite growth rate of up to 27% of the first listed 28 gem companies, the share price in the break still has 11, accounting for up to 40%.





among them, constant letter mobile decline is larger: The company listed in May 2010, the price is 38.78 yuan, and the October 26 close only 13.76 yuan, a decrease of up to 64.5%. If in accordance with the 35.6461 million shares of the circulation of capital calculation, holding the stock of shareholders accumulated losses of 890 million yuan. According to the current circulation of capital and price calculation, on the gem, including institutional investors, such as the total loss of the circulation of shareholders amounted to 184.929 billion yuan, the average of each company to investors bring nearly 800 million yuan losses.





Shenzhen Stock Exchange statistics show that the first day of IPO buyers are mainly individuals, the end of October 2009 to the end of October 2011, the gem on the first day of the listing of individual investors accounted for up to 95.06%, the first day to buy individual investors 10 trading days after the loss ratio of 64.25%.





added to the news also, October 30 this year, the first batch of 28 gem companies to deal with the actual control, holding shareholders will be 3 years of lock-up period, officially opened the start of the full circulation of the gem.





Despite the evening of September 26, more than 30 gem companies issued almost at the same time about not reducing the announcement, the more than 30 gem companies are either committed to 2012 years not to reduce, or additional shares locked.





Bank analyst in the Chinese business newspaper reporter interview when the more pessimistic analysis, the company's commitment is only delayed the arrival of the gem ban. "With the first 28 listed companies as an example, statistics show that by the end of September this year, the 28 enterprises in the past 3 years have been reduced by 581 times, reducing the total amount of 237 million shares, a total of 4.79 billion yuan." Among them, the number of executive reduction and the set of cash amount exceeded the total reduction of more than 60%. ”





Southwest Securities chief analyst Gang that the lifting of the current pressure on the gem is still not to be ignored. Many companies have issued announcements to postpone the release, or promise not to reduce their holdings during the year, but this does not apply to all shareholders.





According to the information provided by the Shenzhen stock Company, as of mid-September 2012, the GEM has 236 companies, some of the restricted shares lifted, the total lifting of 9.747 billion shares, accounting for 16.61%, the cumulative reduction of 4.187 billion shares, the total number of lifted shares of 42.96%, accounting for the total capital of 7.14%. In the reduction of structure, compared with institutional investors and individual investors, the executive reduction of a total of 255 million shares, accounted for 6.1%;





"Three high" release overdraft future





Despite the high growth of the gem "coat", but three years since its high growth into a bubble.





according to the October 15 end of the gem three quarterly results forecast, only 45 companies in the first three quarters of the growth rate of more than 50%, accounted for only 12.75%, the first loss and year-on-year decline of more than 50% of the performance of the rapid dive of up to 49, accounting for 13.88%.





in response to this, the June 1, 2010 GEM Index Benchmark point is 1000 points, the Chinese business newspaper reporter deadline day close only reported 688.12 points, compared to the index base point fell 31.18%, and the same period the composite index and Shen exponentially cumulative decline of 19.12%, respectively, 15.782%. That is, the nature of the listed companies, size, organizational structure and gem more similar small and medium-sized board, the cumulative decline in the period of less than 20%.





an unnamed industry personage, the gem stock is the reason, mainly for most of the gem company "three high" issue serious. Gem companies listed at the beginning of the "three high" issue of rampant, has been seriously overdrawn the growth of the company. This will continue if the future IPO system is not fully urban.





according to statistics, 355 gem companies, the issue price of more than 30 yuan/share of the company reached 134, the issuance of multiples of more than 30 times times the company reached 318. The highest issue price is Tomson times health, reached 110 yuan, the highest rate of issuance of the new research shares, reached 150.82 times times, in addition, Jumjin and other 15 gem issued a P/E ratio of more than 100 times times. The first real raise funds for the highest water source, reached 2.353 billion yuan, and the national technology, such as 47 gem Enterprises starting the actual raise funds also more than 1 billion yuan.





The director of the Great Wall securities research to Wida that "three high" lead to waste of resources, resulting in two-tier market risk, excessive packaging led to rapid market performance.





in the Wida view, the gem should be to the outside market to learn, to the OTC market closer to the field outside the city pool. First let these companies listed, and then meet certain conditions and deadlines after refinancing, first listing refinancing. Here the core of the problem is that there is no profit index outside the market, so to Wida that the gem can be to the OTC market learning not set performance requirements.





However, in the near term, the "three-high" issue of the gem has eased. Since May this year, the company has been issuing a stable price-earnings ratio, with companies offering multiples of 13 times to 55 times times overall. Among them, the branch Heng shares issue only 12.9 times times P/E ratio, as the gem market opened the lowest since the board.




Shangpeng, chief macroeconomic advisor for
Bank Futures, said in an interview with the Chinese business newspaper that with the reform of the IPO system, while the overall valuation level of the two-tier market is lower, the gem will increasingly stabilize its price-earnings ratio





according to the statistics of Shenzhen, as of October 26, 2012, the gem listed companies the total market value of 827.352 billion yuan, of which the circulation market value of 308.453 billion yuan, the gem is 30.33 times times the average P/E.





high growth halo gradually dispersed





for the gem listed companies, the large area of the stock price break is only a superficial phenomenon, the performance of "face" significantly decline, growth is not reflected, is the biggest "mishap" of the gem. Gem Open Board for more than 3 years, its high growth of the halo is gradually dispersed, the loss of a high growth of the Gem board, distance its original intention has been gradually away.





statistics show that up to now, a total of 261 gem listed companies published 2012 quarterly, accounting for the entire gem listed companies in the number of 73.5%. Statistics show that the 261 companies in the first three quarters of the total to achieve ownership and parent company shareholders of the net profit of 12.45 billion yuan, compared with the same period last year 12.62 billion yuan slipped 1%. Of the 261 companies, net profit fell to 114, accounting for up to 43.7%, while net profits rose by more than 50% in the year to 27, accounting for only 10.3%.





261 Enterprises, there are 7 losses in the case, of which sunflower loss of 130 million yuan, net profit fell 236.56%, the National Union aquatic loss 91.77 million yuan, net profit fell 494.69% Yuan, the Sky Dragon photoelectric loss 85.31 million, net profit fell 200.52%.





not only that, as of now, there are 27 gem companies announced the 2012 annual performance forecasts, of which only 10 expected performance growth, the remaining 17 are expected to decline or even loss of net profit.





statistics show that of the 27 companies, 22 reported a year-on-year increase in net profits, of which 12 expected net profit to fall, and 23 companies posted a cap on net profit growth, with 15 predicting a decline in net profits.





and from the first three quarterly notice of the situation, the Dongxing securities research shows that the three quarterly results show that the gem has not seen a better profit. In particular, the proportion of companies with net profit growth was reduced from 57.83% in the medium to 55.96%, and the proportion of companies with net profit reduction was raised to 40.98% of the quarterly. Dongxing Securities estimated that the GEM 2012 annual quarterly net profit growth of 3% or so, compared to the timekeeping of the 2.66% further decline.





in the overall sluggish performance of the gem background, but also a part of the gem company has just listed soon after the performance of the "face" situation.





October 9, the Securities and Futures Commission announced that the company took a regulatory talks and issued a warning letter of the regulatory measures, the sponsor has taken a warning letter of the regulatory measures. May 11 This year, Jiawei shares officially landed gem, the issue price of 11 yuan/share, the issuance of P/E multiples of 27.5 times times.





However, only two months after the listing of July 14, Jiawei shares released the first half of the results show that the first half of this year its ownership of the listed company shareholders of the net profit of 2.4 million yuan-3.4 million yuan, the year-on-year decline of 94.12% to 95.85%. The Half-year report, which was released in August, showed that its total operating income plunged from $458 million a year earlier to $208 million in the first half of the year, plunging 54.63% per cent, while net profit attributable to shareholders in listed companies plunged from 57.8 million to 3.35 million yuan in the same period last year, to a drop of up to 94.21%.





In the overall decline in the net profit of the gem, institutional investors also began to gradually away from the gem. According to a survey, 52.38% private equity concern Gem will face the overall risk, only 4.76% private equity on the gem optimistic, that there will be no risk, 42.86% private placement is uncertain.





private equity funds on the gem to maintain a cautious attitude, but also in their investment strategy on the gem, short-term avoidance to become the common choice of most private. Survey shows that 66.67% private placement short-term avoidance gem, only 4.76% private placement will continue to hold the gem stock, 28.57% Private Equity said itself not concerned about the gem.





related GEM contribution 40%a stock IPO





due to the slump of international capital market in recent years, domestic enterprises overseas IPOs frequently encounter "cold", which makes landing gem become one of the main choices of domestic enterprises.




According to the
database statistics, as of October 29, 2012, a total of 355 enterprises landed in Shenzhen Gem, accounting for the same period of 41.8% of the IPO, financing scale of 34.445 billion U.S. dollars, accounting for the same period of total financing scale of 24%, The average financing per firm is about 97 million dollars.





Research Center analyst Wang Xuan told the Chinese business newspaper reporter, in Shenzhen gem Gate three years, a single enterprise financing the highest is the green water, financing scale of up to 374 million U.S. dollars, and gem single financing scale of the lowest enterprise is the same technology, financing scale of only 9 million U.S. dollars.





the same period, the Shanghai Stock Exchange has 93 companies to complete the IPO, Shenzhen SME Board also has 400 enterprises listed trading, SSE's financing scale of 53.752 billion U.S. dollars, the average financing amount of 578 million U.S. dollars, small and medium-sized board financing scale of about 55.294 billion U.S. dollars, the average financing amount of about 138 million U.S. dollars.





Wang Xuan told the Chinese newspaper reporter, "from the number of IPOs, Shenzhen Gem in the domestic three market in the middle, but the size of financing and average financing is relatively low." ”





　　However, it is worth noting that, of the 355 listed companies, 205 companies in the market before the IPO or private equity institutions to support the funds, accounting for 57.7%. The 205 VC/PE-backed companies aggregate financing of 21.419 billion U.S. dollars, accounting for 62.2% of the total gem listing, and the average VC/PE-backed enterprise financing 104 million dollars. On average, 150 non-VC-backed companies listed over the same period averaged about 87 million dollars per loan.