Gem Index regained 1100 points

Zhang Zhibin In spite of the first batch of listed 28 Gem shares lifted the peak, but by the Monday stock index both rose the Dongfeng, GEM Index is not falling, not only successfully stood on 1100 points, while 4.04% of the increase in the main index of the top. As the first gem listed 28 stocks of some of the restricted shares in Monday released, the market earlier on the gem stock trend of general expectations of poor, that it is not a sharp drop is a good result.　　However, the market trend in Monday is significantly beyond the general expectations of the market, not only the gem rose, and even some of the limited sale of shares such as China Yuan Huadian (300018.SZ) and so on also showed a trading trend, and turnover is also significantly higher than before. There is no doubt that the overvalued value is the main reason why the market expects to have a high reduction after the lifting of the gem. Huatai Joint Securities analyst Liu Xining said that the current gem 66 times times more PE than 46 times times and Shanghai and Shenzhen 300 of 17 times times, Gem 11.4 times times the PB is significantly higher than the board of 7.9 times times and Shanghai 300 times 2.9 times.　　Even consider growth, in accordance with the forecast profit growth of the SME board 46%, the gem needs to achieve 69% of the profit growth rate and the peg matching the SME plate, but the current consensus expected growth rate of the gem only 39%. On the first day of the release of the market did not appear because of the lifting of the sale of restricted shares caused the shares of the company fell sharply, Zhejiang, a private equity manager said, the gem will go out of the trend of the rise, first of all because of the market before the lifting has been fully anticipated, the gem stocks in the first round of the market trend is severely weaker than the market, The market has already digested the psychological pressure brought about by the lifting of the ban, while some funds have begun to lay low in advance, which can be reflected in the changes in the three quarterly shareholders. Second, the ban itself on the stock price is not necessarily all bad, as a result of the previous GEM stock circulation disk generally small, which makes institutional investors want to buy a certain number of chips difficult, and the increase in the circulation of shares to promote the liquidity of stocks, will usher in more large funds of concern, the formation of flame situation.　　In addition, as many of the first lifted shares were held by venture capital and company executives, the actual sell-off could be less stressful than market expectations.　　Data show that November 1, the lifting of the 28 gem companies, the founding of a total of not lifting the market value of 8.2 billion yuan, in addition to individual shareholders holding 20.2 billion yuan, including ordinary individual shareholders 3.2 billion yuan and the company's executive stock 17 billion yuan. However, Southwest Securities analyst gang that the first batch of original shareholder restricted shares mainly by the venture capital companies, executives and other non-holding shareholders of the shareholding, does not have a holding position, most of the holding shareholder has no relationship, and the cost of holding is relatively low, there is the possibility of reduction. Among them, the network accommodation Technology (300017.SZ), Jinya Technology (300028.SZ), China Testing (300012.SZ), Pathfinder (300005.SZ), Lith (300010.SZ) and other companies in the first half of 2010 has experienced the resignation of senior executives.　　Although the resignation of the executives stated their reasons, but still let the market worry about resigning or to prepare for reduction. Huatai Securities that the current gem valuation in the initial level of the network bubble, large-scale lifting of the overall plate is under pressure, but the continued weakness of excess earnings has reflected a part of the expectation that after the landing of the boots should be a strong focus on performance growth identified growth stocks.