Gem High valuation VC shareholders still bullish next year return

As of yesterday, 135 companies to board the gem. "In the past year, the gem for the venture capital industry has created a huge return, the wealth agglomeration effect is very obvious, but we still have to calm, whether it will be able to fall bag for Ann, the long-term high P/E will eventually adjust." Yesterday afternoon, the Director general of the Fu Shinghua Research Center in Shenzhen, held the gem of the first Anniversary Forum event.　　In the forum of the founding of the years that the future, the gem of the valuation status will remain for a while.　　Aladdin's lamp or pan Dora's box? GEM listing for a year, from the initial cheer to madness and then to the recent because of senior management, PE surprise shares caused by the controversy continues.　　A year on the market, the gem in the creation of a huge wealth effect, but also triggered criticism. Gem in the creation of gorgeous at the same time, high price, high P/E has been a concern. "The average issue price of 32.73 yuan, higher than the SME board and the motherboard, radio and television and digital television industry, the average distribution of up to 59.9 yuan, the majority of the issuance of the P/E ratio between 40 to 70 times times, while the same time SSE issued a price-to-earnings ratio of about 20 times times."　　Fu Shinghua said that although there were 5 breaks, other declines were around 4%, except for the Oak Stakes. "Looking back at the closing price of the first day of the IPO, we found that the majority was negative, that is, the performance of the gem was not particularly desirable over the past year."　　Fu Shinghua Analysis, however, the gem or to create a good exit channel. Data from the research center of the Qing Branch show that in the Gem 130 enterprises, 73 to obtain PE, V c support, accounted for 56.15%, took place 139 investment, 97 PE, v C Agency participation, of which V C Investment 111, accounting for 80%,PE Investment 28, accounting for more than 20%.　　Returns are also very objective, with an average return of 23.31 times times the second quarter. "Wealth agglomeration effect is very obvious, but also to rational view, Gem is also returning to the rational, the national PE, V-C is not realistic, Ming two years after the competition more intense."　　Fu Shinghua said, according to statistics, the National PE, V C has a name of more than 5,000 enterprises, active, that is, there are more than 1800 investment activities. The companies seem eager to share the feast and bubble of the gem, but in fact, according to Fu Shinghua, "the long-term development of not more than 50, in the first echelon of not more than 20." "VC said the return next year will not be lower than this year although in many people's view, the" high running "status of the gem is not normal, but most of the VC are optimistic about the future. "The rate of return next year will not be lower than now.　　"Yesterday afternoon," said Li Wanshou, president of Shenzhen Innovation Investment Group. "Valuation is market-given, market choice and recognition, the current high valuation of GEM is closely related to the state of China's economy and capital market."　　"Ding Baoyu, a partner of Shenzhen's founding Albert, said. "From the operation of the securities market, the next three years, the stock market in the 2000 to 4,000 points between the possibility of oscillation, the gem will continue to overestimate the value of the phenomenon."　　"Ding Baoyu said. "The Gem makes Chinese enterprises from lack of funds to capital surplus, now mainly has the question of whether good project." Yesterday afternoon, IDG Capital partner Yang that the current state of high market operation will be divided. "If the long-term sustained high growth is to maintain high valuations, if it can not be maintained, can not be generally speaking, to see the enterprise itself, differentiation is a certain thing." Reporter Wang Yaning