Gem Multiples high fever There is the antidote: capacity expansion + withdrawal of the city

Even though the gem has fallen from its peak of 127.65 times times last year to its current 64.05 times-fold, but in the Second Gem Summit Forum, industry experts and scholars still generally believe that the gem average P/E is still on the high side, need to further speed up the distribution to expand market capacity, and actively promote the delisting system to protect the interests of investors.　　Analysis of the root cause of high P/E according to statistics, as of May 20, 86 gem companies due to the ultra-high price-earnings ratio, a total of 64.757 billion yuan, including a super raise capital of 44.893 billion yuan, an average of more than 522 million yuan per company.　　Chen, chairman of the Oriental Fu Hai Investment Management company, said in an exclusive interview that the current gem is still on the high average, the problem is that the market capacity is small, the number of listed companies too small. "The whole domestic market is too much of an IPO, the enthusiasm of the public is beyond imagination." As a venture investment organization, we have the most profound experience of PE heat in these two years. At present, PE presents a sharp expansion of the number of venture investment institutions and the increasingly fierce price war characteristics. "Chen Introduction," High P/E distribution let dormant one of the venture to obtain ultra-high returns, the two-tier market for the first-level market to buy a policy, tens of thousands of large or small venture investment institutions on the listing of enterprises. In the process of first-tier market investment, it is a very important criterion for enterprises to make IPO as investment judgment. The people who crowded the wooden bridge have forgotten that enterprise development is the enterprise to grow. Often when the market is cold, the bodies that fall are countless. "Chen that the whole market in a more rational attitude towards the IPO, but also to speed up the speed of distribution, expand market capacity and continue to promote market maturity." Chen is not worried about whether the surge in issuance will cause poor-quality companies to disrupt the market. He pointed out that "the market should be appropriate to adopt a ' wide and wide out ' strategy, so that qualified to come, do not meet the conditions of the walk." As far as I know, the queue of many enterprises are qualified, the financial indicators more than the threshold of the gem. Gem Audit Strict degree is not in the motherboard and small and medium-sized board, more and more good enterprises listed, inferior enterprises accounted for a significant decline, the market will be more prudent and rational attitude towards this small number of inferior enterprises. Chi Jidong, chief representative of the International Finance service in South China, said at the forum that there are tens of thousands of small and medium-sized enterprises with strong financing needs. Caofeng, director of the Center for Finance and Securities research at Peking University. "With the growth of the market scale of the gem and market fundamentals, the gem will gradually realize the return of value, and the complete market is only after the mature conditions can be realized."　　"Delisting mechanism urgently needs to reform the gem" pond "too small," the water pipe "meticulous makes the three high phenomenon become the normal, the venture board's risk question therefore receives the attention, the industry expert agreed that should strengthen the retreat the market mechanism the construction, the delisting mechanism urgently needs to reform. Shenzhen Bureau Director Zhang Yundong in the forum "pointed out that he is now the most concerned about the withdrawal of the city, the system is no doubt the basic system of capital markets, itDirectly related to the allocation of market resources, continuous normative development and market culture. "At present, our country still lacks a strict system of delisting," he said. The current delisting system has a lot of problems, such as the threshold is too high, delisting standards easy to circumvent, long time to retire, a single channel makes the system difficult to play a role, resulting in a large number of companies have no continued profitability of the company in our market does not go, is actually misleading and harmful to our people. "Zhang Yundong for the first to improve the capital market by the gem of the delisting system, the higher expectations." He pointed out that the current gem delisting system and the motherboard system compared to the three main advantages. First, it introduced a negative net assets, audit reports can not express opinions, continuous trading less than 1 million shares, such as three kinds of retirement situation; second, in the time and specific procedures, the gem to three kinds of delisting situation started a rapid withdrawal of the market, shortened the time to retire.　　Zhang Yundong Hope Gem can be a A-share market sound delisting system "to break a path." Zhang Yundong also stressed that to enable China's capital market to play the role of optimizing the allocation of resources, maintain market order and protect the interests of small and medium-sized investors, we must let the performance of the company from our market to retreat. "The capital market has the death, the fittest can realize virtuous circle, because our market resources are scarce, cannot let those who do not have the profitability the company to stay in this market for a long time, occupies the market resources."　　"he added. In addition, the Zhang Yundong analysis, the current domestic listed companies to withdraw the system difficult to establish the problem is mainly embodied in two aspects: first, the concept of some problems, the market has not fully formed a correct understanding of the problem, the second is the problem of thinking, the real problem is the problem of market risk. For example, foreign companies generally should be returned to the enterprise basically no deal, but the market in China are facing the withdrawal of the company is often hyped. The crux of the problem, Zhang Yundong, is that the restructuring of the current motherboard is too hot and rampant, with some interest groups misleading investors with the expected performance-poor restructuring of the company.　　He stressed that only by extinguishing the expected fire of the company's reorganization, the system of delisting could be successfully implemented to some extent. Kang, vice president of Xiang Finance securities, believes that the delisting mechanism is an important mechanism to stimulate the development of enterprises and enhance the speed of market renewal. The three high issues have also appeared in the SME board, which is not necessarily a systemic issue. The problem of gem is that the whole economic environment and the policy environment are uncoordinated, which results in the partial overvaluation of the growth small-plate stocks. Only by adjusting the pricing mechanism and strengthening the construction of the delisting mechanism can the nonstandard companies and inferior companies be eliminated from the baptism of the market. He stressed.