Gem is a popular problem: 54 times times the average issue of P/E

54 times times the average issue of earnings, the average amount of funding exceed 111% this reporter Xiao Qing guangzhou reported "high P/E distribution is very normal, because gruel, and Gem is to pay attention to its growth." However, as institutional investors under the net placing part of the lock three months the risk is quite large, the price is ultimately to return to value, and three months after the market environment is also unpredictable.　　"September 24, for the first batch of 10 gem companies to issue pricing," said Huang, vice president of the joint securities. "We can only use the price we can afford to inquire for the purchase, as far as the end of the scope does not matter, because this is beyond the scope of our control of risk income."　　"Huang said.　　The announcement, released on the same day (see chart), shows that half of the 10 gem companies have priced more than the inquiry cap, with an average of 54.02 times-fold earnings. Despite the high price, institutional investors are willing to test the water. "Most of the price must be high, but not to prevent some companies can continue to rise after listing, can purchase words or to go." "The same day, a company based in Shenzhen, the Asset Management department, said to this reporter," The CSRC has just approved the application for opening an account. "This reporter learned that, after the CSRC agreed to participate in the Gem Investment, the fund company quickly began to act."　　such as SYWG Paris on the day announced that the company's Shen million Paris Dresdner and Sywg Paris Tim Yi Bao, such as seven funds to participate in GEM securities investment. "Although the gem is a high-growth entrepreneurial enterprise, it does not mean that all companies listed on the gem will gain high growth or sustained growth." "For investors, the five risks that the gem has had to pay attention to," said Lu Lihua, a securities analyst. "Fund Super Raise 111%" market for the gem of the pursuit of the same as at that time on the Nasdaq-listed network shares sought after. The market atmosphere has a fever suspicion.　　said the asset management personage of the securities broker. In addition to the high price of the price, the RFQ period of the excess subscription can also provide evidence.　　If the Pathfinder oversubscribed multiple subscription multiples of 117.53 times times, le Pu medical 117.12 times times, Shanghai Jia Hao is 36.47 times times, Leme pharmaceutical industry for 48.2 times times. In the case of a generally high price, 10 gem enterprises raised funds also significantly more than the original fund-raising plan, on average more than doubled.　　This reporter statistics found that 10 gem plan to raise 3,157,240,600 yuan, and the actual fund-raising will reach 6,676,220,000 yuan, more than the original plan of 3,518,979,400 yuan, over the ratio of 111.46%. Which, Shanghai Jia Hao Super raise rate, its prospectus disclosed the amount of the proposed funds for 120.56 million yuan, the actual amount of fund-raising will be 350.28 million yuan, beyond the proposed amount of funds 229.72 million yuan, over the rate of recruitment 190.54%The amount of 144.223 million yuan, the actual amount of fund-raising will be 379.5 million yuan, beyond the proposed amount of funds to raise 235.277 million yuan, over the rate of 163.13%;　　The actual amount of funds raised will be 1.189 billion yuan, exceeding the amount of 672.27 million yuan to raise funds, and the rate of exceeding 130.1%. In addition, the collection of funds more than the original plan one times the enterprise also, the Han-wei electronic super raise rate of 123.05%, the Shenzhou Tai Yue raise rate of 117.02%;　　The lowest raise rate for the Pathfinder, only 53.07%. Valuation Puzzle "As a new investment in capital markets, investor participation enthusiasm is high. With the same year's SME board, just because the first batch of gem listed enterprise quality is very good, investors may pay more attention to its growth, and ignore the hidden risks.　　"Big fund related personage says. The first is valuation risk. Lu Lihua said that innovative enterprises often create a new enterprise profit model and enterprise survival rules, in most cases, its pricing is not available in the reference frame, so the stock price judgment of the error risk is greater. Moreover, the value of an innovative enterprise depends more on its core competencies, but this judgment requires a higher degree of professionalism and depends more on investor preferences and the prevailing market conditions.　　Therefore, it is inevitable for investors to judge the investment value of listed companies.　　In the network stocks swept Nasdaq, there has been a network stock pricing model, some of the application effect is better, some not ideal, and some hindsight is completely a joke, today still does not have a mature network stock pricing model. In addition, gem companies for private enterprises, there may be more prominent information asymmetry, corporate governance, integrity construction may not be perfect. If the information disclosure is not sufficient, investors will have difficulty in timely and accurate understanding of the company's real business situation, it is difficult to grasp the future development of enterprises.　　But the venture capital company's quick success and the PE type bribe, may also cause the investor to suffer the loss. "Gem enterprises are mostly in the growth period, small scale, operating stability is relatively low, if the macroeconomic situation is good, if the economic development began to slow down or appear repeated, recession, and so on, the first business risk or even bankrupt enterprises may be these SMEs, because they do not have enough risk-resistant ability." At this time, the best understanding of the business situation of executives, such as the need for profit, there is the possibility of escape, and other investors do not have the advantage of information, may become the corporate risk of the bill.　　"The above big fund related personage says.　　The market is more market-oriented because of the small share capital of the listed companies, markets worry that the stock price manipulation and speculation will again prevail? Some market participants said that the initial establishment of the gem, due to the limited number of listed companies, do not rule out the emergence of a typical irrational "Speculation of the new "and lead to a systematic overvaluation of stock prices." such as the Hong Kong gem start-up period a total of 14 listed companies, the stock's first-day rise (compared with the share price) averaged 105.04% per cent, while the Hong Kong main board market shares rose to a average of just 3.2% on the first day, after the market went into recession, and the stock price was systematically overvalued to investors in the initial and several weeks.　　In particular, the first day to participate in "speculation" investors, brought huge losses, 14 stocks of 5 stocks in the first day of the price is its historical highest price, 7 stocks in the initial 5 trading days to create their all-time highest price, the investors involved in the IPO speculation has no "solution" opportunities. Lu Lihua said that the gem stock circulation of small, high turnover rate, a large number of stock trading behavior may induce a sharp price fluctuations, stock price manipulation is easier. From overseas gem market development experience, the gem market price fluctuations significantly higher than the motherboard market.　　In the Nasdaq market, investors familiar with the domestic three major websites (Sina, NetEase, Sohu) in 1999-2004 years have experienced a decline of more than 90%, or more than 20 times times the situation. However, the biggest risk may be the direct exit risk. Lu Lihua said that China's main board market in the St, St, if still not reached the profit standard, will face the risk of delisting. But comparatively speaking, China's gem delisting system is stricter and more market-oriented. Gem will not appear St, ST and other warning transition phase, also no longer like the motherboard requirements must enter the agency's share transfer system, but to take the direct exit. Once triggered any of the following delisting criteria: (1) The audit report issued by the accounting firm, or unable to express its opinion, (2) The net assets is negative, (3) the stock turnover of 120 consecutive trading days is less than 1 million shares, the listed companies will face the fate of exiting the gem market. By then, the liquidity and value of investors holding stocks will be sharply reduced or even zeroed, which is the risk of cautious investors.