Gem pacesetter: Four into break 10.7 billion yuan market value of human evaporation

New Express reporter Zhang Yi a year ago, 28 gem "pacesetter" in the pursuit of funds in a High-profile debut. After the first day has been fried, high distribution of the stimulus, 28 of the initial stock market has experienced an average of 106% of the rise, but also have to face today nearly 40% already break the status quo.　　One year, although it is not enough to wash away the Xijinqianhua of these "samples", the $10.7 billion worth of the washed out is enough to alert investors. The first day of the explosion is difficult to escape the fate of the gem since October 30, 2009 opened the initial launch of the 28 gem new shares on the date of the jump, the average gain of 106%. But after a year to look back again, the first batch of gem shares to investors, but not just profiteering. At the closing price of September 20 this year, 11 of the 28 first-listed gem stocks have fallen below the IPO price, representing a 40% per cent figure. Compared with the closing price of these stocks on the first day, the results are even worse, with only the south wind shares of 28 stocks higher than the current closing price. Among them, the net technology, the Chinese yuan Huadian and Red Sun medicine three stock break most brutal, the decline more than 30%. The biggest decline was the red Sun Medicine, which issued a price of 60 yuan per share, and the September 20 closing close was only 39.01 yuan. The share price has fallen by more than 60% per cent, based on its 106.5-dollar closing.　　At the closing price of September 20, the total market value of these 28 stocks was about 129.2 billion yuan, which evaporated 10.7 billion yuan from the 139.9 billion yuan on the first day of the market.　　From the point of view of P/E, the first listed 28 gem shares of the average issue of 56.6 times times earnings, although it is below the current 66.46 times-fold price-earnings ratio for the gem, the average dynamic P/E ratio is still 82.7 times times higher than the one-year speculation, even at the moment of four breaks. With One-fourth shares shrinking, the interim report of the first 28 gem stocks is equally ugly, with not only a single company having more than 100% per cent growth, but also 7 companies that have seen their performance fall, up from One-fourth.　　This is also a drag on the "pacesetter" of the overall performance performance, ended up lagging far behind the gem average performance. Specifically, in addition to the price of raw materials caused by a substantial drop in net profit significantly more than 80% of the Pao shares, Hanwei Electronics, network technology, Xinning Logistics, China-yuan Huadian, the special Rui de, Huayi Brothers are also listed, the performance of the decline range from 49.78% to 5.63%, But Huayi Brothers and Xinning logistics two shares on the first day of the IPO have recorded a doubling of the gains. To be known as the Invisible champion of the Han-Wei electronics, for example, its super raise funds amounted to 192 million yuan, this March more implementation of 10 to 10 sent 3 Yuan High transfer program, but is such a "not bad money" enterprises in the middle of the year net profit is nearly halved. Its bulletin shows that the technical threshold is trapped in the low, Hanwei electronic holdings of the five subsidiaries onlyThere is a profit-making.　　And the relevant data is staggering, nearly 70% of the super raise funds can only lie in their bank account to eat interest, the Gem Open board when the high growth effect, now only a year old, like eating pensions, rather let investors chilling.　　High risk PK High growth who to activate 52.6 billion yuan of super raise funds? "In the last two years, the cumulative net profit of two years is not less than 10 million yuan and sustained growth, or the last year, the net profit is not less than 5 million yuan, the last year operating income is not less than 50 million yuan, the last two years, the growth rate of operating income is not less than 30%." This used to be the picking standard for gem-listed companies. But in the face of expectations, the head of the high growth halo of the gem only handed over a not how glorious annual report card. According to wind information statistics, and the motherboard company and the SME board companies 56.9%, 46.8% of the performance growth compared to 105 only have comparable data of the first half of the year's performance growth of 30.2%, the number is only just passed.　　More embarrassing is that there are more than 20% of the gem stock performance "Face", the year-on-year negative growth. When the market's passions recede, what can be done to prop up the current 70 times-fold high P/E ratio, regardless of the growth-and-profitability-backed gem stocks?　　and 120 companies a total of 52.57 billion yuan to raise funds, what can be taken to make these shareholders ' hard-earned money to produce a "cash-generating" effect? Two stock performance declines although some of the gem stock market at the beginning, has been questioned by the industry to whitewash the suspicion of performance, but a newspaper "tide" after the performance of these units "face" speed or exceed the market expectations. According to wind information, the average net profit increase of 105 gem stocks with comparable data in the first half of this year was 30.2%.　　Among them, 22 companies of the six-year performance "face", showing negative growth, accounting for more than 20%. Among them, the most serious decline in performance is the shares of the Po Tak. According to its prospectus, the net profit of the shares in 2007, 2008 and the first half of 2009 was 10.4495 million yuan, 15.536 million yuan and 16.9023 million yuan, respectively, and the net gain of 26.8328 million yuan in 2009 all year. But the company has recorded only about 3.03 million yuan in the first half of the year, down more than 80% per cent year-on-year, compared with a sharp increase in performance over the past few years.　　Pao shares, which have been able to sustain significant growth during the financial crisis, have shrunk sharply in the aftermath of the crisis in 2010 due to the "continued impact of the financial crisis", forcing investors to question the growth of their companies. Compared with the average of the first half of the 22 stocks, which fell nearly 28%, more worrying is that many of them have been listed for less than half a year, such as the Connaught, South Power, Warburg, technology, Heng Xin Mobile, Oak shares, the National Union aquatic products, the Chinese stock and Yulo card. Data show that the first half of the net profit binary have Warburg shares and South power supply two, its six-year performanceShrank by 76.6% and 69.48% respectively, while two companies only landed on the gem in April.　　For the decline of their own performance, the South is the interpretation of the power supply "by the impact of raw material price fluctuations," and the year-on-year decline of 13.38% gross margin also makes its future competitiveness greatly discounted. The hidden worries behind high growth are only 30% per cent, but there are also "top students" in the gem. If an increase of 100% is the growth mark of the gem, then the median report shows that 7 companies have reached the target, with an average performance increase of 171%.　　Among them, the smallest growth was in China, the first half of the year's net profit rose 105.33%, while the increase of more than 200% of two, respectively, is up to 293.6% of the hyper-graphics software and growth of 207.55% of the dual-forest shares. However, if you carefully analyze these "top students" report card is not difficult to find a hint of worry. For example, the Super Graph software 2010 first half of the revenue 56.34 million yuan, the year-on-year growth of only 27.97%, but 5.58 million yuan net profit growth of 293.6% year-on-year. However, if the non-recurrent profit and loss is deducted, the net profit is only 964300 yuan. The reason, supporting the Super graphics software performance in the last six months of high growth just "in the reporting period of 863, international cooperation and research and development of national, provincial and ministerial level science and technology funding support." The same situation also appeared in the stake, the first half to achieve net profit of 41.498 million yuan, nearly doubled.　　Although the first half of its sales revenue and gross profit margins have increased, but the final performance contribution is still inseparable from the "listing to raise funds in place, deposit interest significantly increased, the company received provincial and municipal government listing incentives and subsidy funds" and other non-recurrent profit and loss support. In addition, for some of the performance data is also a bright eye stocks, the decline in the chain growth has become a hidden concern. The above six-year performance growth of 72.69% of huaxing entrepreneurship as an example, the second quarter of the profit growth chain also fell 14%, a lot of analysts on its performance of the high drop of the warning.　　In contrast to the two-forest shares, which grew more than 200% per cent in the first half, its recently released three-quarter forecast showed only 100% to 150% per cent in the first 9 months, with a clear narrowing of growth. Super raise funds to become a device performance halo fading, does not affect the gem Company's "Money bag." Wind information data statistics show that 120 of the first Gem stock IPO fund reached 52.57 billion yuan. Reporter statistics found that almost every gem listed companies more than the original plan to raise more than twice times the number of fund-raising, of which the national technology super raising funds, up to 1.965 billion yuan, is planned to raise the amount of 6.86 times times.　　In addition, the green water, Oak shares, the Shenzhou Thai Yue and other enterprises also took more than 1 billion yuan of funds. And reporter statistics found that 120 gem companies actually raise total capital of more than 80 billion yuan. Among them, the total amount of funds reached 52.57 billion yuan, an average of 438 million yuan per company, the overallThe rate of super raise is over 190%, close to 200%. The allocation of these extra funds naturally becomes a hurdle in front of each gem company. From some of the company's investment projects, the efficiency of fund-raising is still very low, which also directly affect the growth potential of the company's performance.　　Relevant data show that as of August, the disclosure of the report, about more than 70% super raise funds to sleep in the bank, dry to eat interest. This is defined as the company's management of the performance of no acts, in the industry, it is because the progress of the investment project is not in line with the expectations, the effective use of funds to raise the low rate, so that the enterprise performance. In one year, the net profit declines the biggest Pao shares for example, its raise total amount is as high as 265 million yuan, but its performance report shows, its accumulative total investment raise fund is only 7.6699 million yuan, raise the fund effective investment proportion only is 2.89%.　　It has indicated in the prospectus that the project construction is expected to require a capital of 160 million yuan. Such phenomena are not uncommon in gem enterprises, most of which have not achieved the expected benefits or do not meet the original schedule. The reality is always contrary to the system, in fact, the Shenzhen Stock Exchange earlier this year issued the "Gem Information Disclosure Business Memorandum 1th-the use of super raise funds," the request for super funds should be used for the company's main business, not to carry out securities investment, entrust Financial management, derivative investment, Venture capital and other high-risk investments and provide financial support to others. At the beginning of April, Shenzhen also stipulated that "if the listed company does not really have the right to submit the use Plan of the Fund, it should disclose the following consideration or arrangement of the Fund's use before the expiration of 6 months after the fund is collected." But "Not bad money" gem how to let the super raise money back to have a period?