Gem Market value Breakthrough 800,000,000,200 stocks 60% shrinking

Every reporter Liu Mingtao Zhang Yu April 7, with a number of new shares of the landing, gem listed companies officially reached 200, since the first batch of 28 "open Board Hsun" birth, nearly 1.5 time, the plate team has been growing, in addition to the myth has been staged, Gem Total market value also broke through the 800 billion yuan this week mark. However, these 200 only top High-tech industries, high growth aura of the "representative", but often in the two-tier market to create embarrassment. The performance growth rate is inferior to the motherboard, the SME market, the new stock break rate, the success rate has been higher frequently; These have become the business board of the mishap.　　This week, "daily economic news" through a full range of data statistics and interviews with market participants, the gem of the Year's "bad" phenomenon to comb the analysis, in order to find the plate "life gate" to provide investors with feasible operation advice. Plate Overview Plate Index Obviously run the market to lose 84.9 billion yuan per share market value by reporter Liu Mingtao this Thursday, with Nachuan shares (300198, closing price of 30.50 yuan), such as 4 IPO, GEM market listed companies reached 200. In less than 1.5 of the time to issue a listing of 200 stocks, gem expansion speed is staggering.　　In particular, a total of 36 stocks were listed in 2009, with 117 stocks in 2010 and up to 47 stocks in the 3 months preceding 2011 years. Expansion speed, although fast, but the gem left investors memories are more for the pain, as of April 7, the Gem Index this year obviously run the market, in the cumulative rose 7.12% of the case, the gem refers to the decline is as high as 11.71%, and on April 6 again below 1000 points.　　The GEM market continued to slump, allowing many stock market value quickly shrink. The average P/E ratio fell to 54 times times according to the daily economic news reporter statistics, as of April 7, the Gem 200 stocks total market value reached 804.395 billion yuan, once again close to the history of the highest 840 billion yuan.　　However, it is noteworthy that the growth of the gem is closely related to the increase in the number of companies, if the gem stock market on the first day of the IPO, the current market value of more than 60% stocks shrink, cumulative evaporation amount of up to 84.973 billion yuan. Data show that there are currently 131 gem stocks below the first day of the opening price, accounting for 65.5% of the total, of which 95 gem shares than its first day of the opening price decline of more than 10%, Meteno, Netac technology, South power supply, when the technology, Kennedy Fire,　　century, and Tianlong group, compared to its first day of the opening price of the decline of 40% and more. To say that the market capitalisation of the most powerful stocks, not the blue water source mo. At present, the green water price is down 31.86% than its first day opening price, because of its high stock prices, a relatively large total equity, the market after its listing in the two-level markets evaporate the market value of up to 4.627 billion yuan; In addition, the same high prices of national technology, the market value has shrunk by 3.785 billion yuan In addition, Le PU Medical, Watson biology, Chi Fei Biological 3 Pharmaceutical plate stocks, the market value of the evaporation of 3.405 billion yuan, 3.112 billion yuan and 2.812 billion yuan. Market participants believe that the gem has been given a high growth and other characteristics, so in the pricing phase of relatively high valuations, over time, the two-tier market for the GEM Stock valuation constantly revised, resulting in higher valuations of stock prices fell.　　From the market operation Trend, the next few years may be the Gem valuation correction stage, the whole plate out of the big market probability is not. As of April 7, the average earnings ratio of the gem has dropped to 54.22 times times, Shenzhen, compared with the highest 80.01 times times this year, 106.04 times times the highest in 2010 and 127.65 times times the highest in 2009, according to the data.　　However, compared to the SME and motherboard market, the 54 times-fold earnings ratio is still high.　　No lack of "dark horse" ran out although there are over 60% shares in the market value of shrinkage, but in 1.5 time, the gem still has a black horse out, of which the fastest growth in market capitalisation to several Wambonda (300055, closing price of 108.88 yuan). As one of the water treatment enterprises, Wambonda, although the first day of the market increase is not large, but the concept of environmental protection is increasingly being paid attention to the situation, the Unit has been approved of funds. Last year, when the company implemented the profit distribution scheme of 10 to 1 to 2 dispatch 3, the share price was quickly filled and the new record of 150 yuan was created in December last year.　　Although the share price fell somewhat this year, but after the restoration of power, still more than the first day of the IPO price rose 64.1%, after the listing, the company's market value increased by 7.841 billion yuan. In addition to Wambonda, the first batch of Jiffeng farm machinery, robots and Dayu Water also performed well, although the stock price was higher, but 1.5 down, they are compared to their initial opening price of the cumulative increase of 97.44%, 73.36% and 67.19% respectively, the company market value increased by 5.509 billion yuan,　　5.762 billion yuan and 2.003 billion yuan. Lishi, general manager of Guangdong, said: "The original intention of the gem is to finance SMEs, promote industrial upgrading and High-tech development, bearing the market for economic restructuring and economic innovation, the important expectations." However, the quality of listed companies is uneven, the growth of the existence of greater uncertainty, leading to the emergence of a more serious gem differentiation, the real excellent with high growth of the company, will gradually come out, and the water company will walk down the altar, investors abandoned.　　"Gem growth is worrying because of high growth so overvalued value, after 1.5 time baptism, gem company performance in the end How?"　　The annual report of the Daily economic news, 183 gem stocks, and performance letters found that only less than 40 per cent of net profits rose to 50% year-on-year, while net profits fell for 28 stocks. In addition, from the operating income perspective, 183 stocks last year to achieve total operating income of 76.2 billion yuan, an increase of 38.86%, of which, operating income and profits are both to achieve growthThe Gem shares of 151, accounting for more than 80%, 17 share revenue growth, but the decline in profits, but also 11 shares in operating income and profit double decline. In terms of net profit growth, the average net profit growth rate of the Shanghai and Shenzhen motherboards for 2010 years is about 53.2%, which is much higher than the performance of the Gem 37.8%, which is even lower than the average net profit growth rate of about 41.3% of the SME board. As a high-growth growth of the gem, the growth rate of the stock performance is not as big as the motherboard and SME, which undoubtedly makes its high growth myth is questioned.　　Many people in the industry said that there is no high growth of support, GEM high valuation is "floating clouds", the gem of the morning and evening on the road of valuation return. Lishi pointed out that the annual report of the last two years revealed that the overall performance of the gem is not satisfactory, some companies even have negative growth, which is not compatible with the current high valuation.　　In fact, the first few batch of companies listed on the gem are not all of the characteristics of sustained high growth, many companies have been basically mature companies, resulting in some of the growth is not strong stocks of the phenomenon of high valuations. New shares performance from "Gold body unbeaten" to "mired in mire" gem new stock frequent break every reporter Liu Mingtao first day jumped 209.73%, 194.59%, 152.88% ... Once upon a time, gem new stock is the most favored project.　　However, enter this year, the new venture board not only no longer exist, but there is a huge risk of hold-up, from the early years of "gold body unbeaten" to today's break mire, gem IPO into embarrassment. The first day of the increase plunged 1.5 before the initial 28 IPO group, the venture capital frenzy, 28 shares on the first day of the average rise to an astonishing 106.23%, so many people are excited.　　And after 1.5, when the gem ushered in 200 stocks, nearly a batch of 4 new shares on the first day of the answer is 1 new shares a small rise, 3 new shares all break, 4 new shares on average rose to 0.9%. According to the daily economic news reporter statistics, the new Venture board new shares on the first day of deterioration, the 2009 listing of 36 stocks, the first day on average rose as high as 92.67%, the first half of 2010 listed 54 stocks on average rose to 31.3%,　　In the second half of 2010, the first day of listing 63 new shares on average rose 43.42%, and the 47 stocks listed this year, the average rise has been low to 9.82%. On the first day of growth alone, few stocks doubled in 2009 after the frenzy of new shares.　　Since entering 2011, only the new research shares of a stock rose more than 50% on the first day. Break rate is rising with the first day of the downturn, gem new shares break camp is also expanding. Wind data statistics show that the entire gem 200 stocks, the first day break stock number only 19; After 5 trading days, the number of break shares increased to 22; After 10 trading days, the break quantity increased to 31;As of April 7, the total number of shares break in the gem has reached 51, accounting for the ratio reached 25%. By contrast, new and medium-sized board new shares better.　　Since October 21, 2009, the listing of 269 new board shares, only 53 new shares break, break rate of only 19.7%.　　It is noteworthy that the 2009 listing of gem shares only 1 break, and the 2011 Gem IPO has 21 stock break, break rate of up to 44.68%, far higher than the entire gem of the break rate. At present, the gem shares more than 10% of the decline in the number of more than 17, of which, Netac technology and Heng Shun mobile than its IPO price declines of 32.26% and 30.76% respectively.　　This year, the listing of 47 new shares, Tin Rui Instrument, Zhendong Pharmaceutical, show strong shares and 4 shares of Yu Heavy industry more than 10% break. Future break or normality due to the increase of the break probability of the new venture stock, the average level of the IPO is restrained.　　Data show that the 14 shares issued in March this year averaged 64.79 times times earnings, a slight increase from 62.67 times times February, but a significant drop from the January and December 2010 levels.　　In addition, starting from the Gem IPO rate, this year's gem IPO rate is also higher than last year, rough statistics, gem this year, the IPO rate is generally around 0.9%, and in 2010, the Gem IPO rate of only about 0.65%. Shenzhen Taihe Investment Management Co., Ltd. investment director Liang that "the Gem break is a historical necessity, the gem continued high valuation of the market brought great risks." In addition, the gem is experiencing style conversion, the recent cyclical varieties favored by the market, the natural cause of the capital outflow of the gem. "Last year, the IPO price-earnings ratio was generally around 80 times times, with the advent of mmmm this year, the issuance of P/E earnings from 60 times to 50 times times, and then to 40 times." In my opinion, the new shares break may be normalized.　　"A broker who declined to be named also expressed concern about the gem. Operation Note High Send to digital game investment cautious for every reporter Zhang Yu gem market value of the constant evaporation, new shares repeatedly break, investors should how to operate? "Daily economic news" reporter through the analysis of the gem after the transfer of the stock trend, interviewed a number of analysts concluded: for the gem investment, investors need to be cautious, the best to avoid the main, unless there is a good quality of the stock, otherwise still on the sidelines.　　Since the opening of the board in October 2009 to 2010 Annual report, only the Lai Mei pharmaceutical (300006, close 32.37 yuan) has not yet announced the 2010 profit distribution plan, the remaining first listed 27 gem stocks have been implemented or have announced at least one high transfer program. However, high transfer is the "no-fly zone" of the gem. Wind information incomplete statistics show that in the implementation of high transfer of 25 units, there is no one unit can be transferred after the implementation of the right to go out of the market, and recently announced the high delivery of the plan of the gem stocks, basically suffered Waterloo. Lishi, general manager of Guangdong's investment, said: "At present, the gem is not conducive to the overall development of GEM board, and eventually lead to the return of valuations, in the current growth is questioned, and the market risk appetite decline, high send this digital game obviously no longer have the ability to confuse the market, can be foreseen, If the overall profitability of the business sector can not be upgraded, the market for the gem to send a turn of disgust will be intensified. "For the new venture Board of the new shares break, Datong Securities IPO analyst dollars that:" Although the gem shares of the issue of PE has been lower than earlier, but the fall is very limited, with the gem listed shares of the growing, its scarcity characteristics in the apparent dilution of the future valuation will continue to drop the possibility of increasing. " ”