Gem hundred feet head two high six new positioning more accurate

Securities Times reporter Shaoliong with the number of gem listed companies, the Gem average P/E also fell sharply, from the early more than a hundredfold to 67 times times over the weekend, the industry believes that the current gem valuation is still high, with the growth of the company continued to expand,　　With the large-scale lifting of the restricted stock of the gem and the introduction of the strict direct delisting system, the overall valuation of the gem will continue to be under exploration, thus stabilizing the market stir fry and returning to rationality. At the same time, run the 8-month gem, but also the process of positioning constantly revised-"two high six new" positioning more accurate, non-new industries were excluded, and in the corporate profit model, individual reliance on a single large shareholder profits of the enterprise will become out of print.　　According to investment bankers disclosed that the new positioning of the gem listed resources are still rich in new energy, materials, energy saving and environmental protection and other new industries in the growth of small and medium-sized enterprises are very dynamic. Single customer dependence leads to performance decline "Gem open board only 8 months, the market for its attention is very high, individual gem company's performance decline problem, the core patent is reported problems, have prompted the regulatory layer to constantly revise the gem positioning."　　One investment banker told reporters. For individual gem company performance decline problem, Century Securities analyst Lu Lihua that the enterprise to single big customer dependence is the problem.　　For example, in a company that has just listed this year, its interim results are expected to fall 70%, partly because its main business relies on the country's three major telecoms operators, and in the first half, the investment of the three major customers fell, leading to a sharp decline in the company's orders and decline in performance. The aforementioned venture told reporters that relying on a single major customer or several customers, or other companies with weak profitability, will not pass the listing review, they are now handling a lot of software companies, but they are not included in their consideration.　　These enterprises annual profit is very high, basic in more than 30 million yuan, but these enterprises order is not stable, continuous management capacity is not strong, in the GEM new audit standards will not be passed, in addition, the General software Enterprise Competition is fierce, its industry prospects are not optimistic.　　Quasi-gem company is reported to be the normal gem listed companies are often reported by real names, there have been a number of companies due to patent technology problems have been reported, or suspend the listing or suspend the issue. Some investment bankers told reporters that whether to have a core patent, directly related to the growth and development of High-tech enterprises, is to determine whether an enterprise can be the key to the gem, so the supervision layer to the report attaches great importance. The problem now is that China and the corresponding intellectual property rights of the environment needs to be improved, many enterprises patent is very similar, as long as there are subtle differences can be declared patent, which caused the intellectual property disputes, especially in the face of a subdivision of a business listing, can quickly change the layout of the entire industry,　　Listed companies have the absolute advantage of the first, other enterprises will be difficult to go beyond. In this sense, he said, the gem listing process is also a very transparent process, not only to accept the strict examination of the capital market, will also beThe close supervision of industrial capital, so the future of listed companies will be reported as a normal. Gem positioning further clear the industry said that the regulatory layer on the gem industry positioning correction, is considered to be in the gem "innovative" positioning of further clarity.　　The new energy, new materials, energy saving and environmental protection, and other nine major industries are recommended, and the eight major industries, such as real estate, food and General Service, are proposed. "Previously, the recommendation of the Enterprise Board has been difficult to grasp the standards." "Even in the ' two to six new ' conditions, such as new services, new agriculture and so on, and according to new requirements, such as the outdoor sports brand, the hotel chain, now will not be directly persuaded." "Gem positioning of the correction also reflected in the threshold of a significant increase in the issuing trial, some investment bankers said," in addition to the industry, profit model, the gem is now on the scale of the requirements are very high, the profit is too low enterprises can not pass, small business risks too large, performance instability, Companies that can recommend the gem must be companies that have been through the early stages of development. "At the end of March this year, the SFC leadership in a meeting with the sponsor of a communication, stressed that the gem should focus on recommending innovative enterprises, there is no limit to the scale, gem is not a small board."　　Investment bankers understand that gem enterprises can be small, but the industry must have a greater development prospects, but also can be large-scale, or even more than the SME, can be the annual profit of billions of enterprises, as long as the industry representative innovation direction, has a higher growth, in the international economy occupies a strategic position. Even if the demand is so high, the successor resources of GEM is still rich. "First of all, the gem is relatively higher than the small and medium-sized plate issued price-earnings ratio, for SMEs more attractive, second, after the financial crisis, the domestic economy continues to develop rapidly, dynamic innovation-oriented enterprises are very many."　　"A strong desire to reduce the market, the industry analysis that the current gem valuation is still too high, the future growth of the expansion of the Enterprise board, the ban on restricted stocks and the strict growth of the gem of the direct exit system, such as the three major factors will enable the gem to continue to explore the value of valuation regression At the end of October, the first listed 28 gem companies will usher in the ban on restricted stocks, the month lifted more than 2.3 billion shares.　　And as a non-industrial capital of the venture, direct investment reduction desire is strong. According to the Securities Times, 24 of the venture held a stake of 176 million shares.　　A venture capital company responsible told reporters, will certainly be in six months or a few month fast reduction, based on two reasons: first, the valuation has been too high, the second is high valuations pour into investment costs, rapid reduction can speed up the use of capital efficiency.　　A broker directly in charge of a brokerage told reporters that direct investment costs, although higher than the venture, but the current level of valuation is higher, will not miss the opportunity to reduce. The direct withdrawal system is beneficial to reduce the risk learned that the gem will strictly implement the direct withdrawal system, the industry calls for the return of the city rules as soon as possible to adapt to the status of the expansion of the Enterprise board. "Direct withdrawal reduces the manipulation behavior of gem companiesBrings the risk, also reduces the topic speculation space, helps to reduce the gem market risk, in this sense, the direct delisting system launches will perfect the gem entire system construction.　　"said the Guangdong sponsor. It is reported that the gem of the strict direct withdrawal system includes: Failure to disclose periodic reports, net assets are negative, financial reports have been issued negative or declined to express their views, will start the rapid delisting procedures, the latter two cases and the stock of 120 consecutive trading days accumulated turnover of less than 1 million shares and the period can not improve,　　Start the direct exit program. Some brokers said that the introduction of direct delisting must be prudent, both firm and gradual reform, compared with foreign gem, domestic investors are still immature. such as in Nasdaq, listing and delisting are market behavior, enterprise listing procedures convenient, delisting is completely market error correction.