Gem puts forward higher requirements for capital market risk pricing ability

Shenzhen general manager liping: Gem to the capital market risk pricing ability put forward higher requirements Xinhua Shenzhen, July 7 (reporter China) Shenzhen Stock Exchange General manager Liping 7th in "2009 Gem Summit Forum" pointed out that the gem market start-up,　　This paper puts forward a higher requirement for the risk pricing ability of China's capital market, and whether it can give a reasonable price for the enterprise, it is related to the stable operation of the gem market and the effective exertion of the resource allocation function. Liping said, compared to the current motherboard and SME board, GEM is a relatively high risk market. Gem listed companies in the early growth, the management level of uncertainty, risk identification, risk pricing is more difficult. From the current situation of gem listing resources, a large number of listed companies are concentrated in the service industry as well as new economy, energy and other emerging industries, in technology and business models have obvious innovative features. The start-up of Gem market means that a group of our relatively unfamiliar enterprises, will be boarded the stage of China's capital market.　　These enterprises, the high proportion of intangible assets, growth, and business uncertainty, according to past performance, fixed assets and other traditional methods of pricing, it is difficult to reflect the development prospects and real value of the enterprise. She said that risk pricing capability is the micro basis for achieving target positioning. The gem market can only promote the stable operation of the market, so as to ensure the attractiveness of the excellent enterprises.　　Moreover, the pricing benchmark of GEM will provide basis for the price formation of equity capital market, such as pioneering investment, and significantly improve the efficiency of resource allocation in equity capital market. Liping stressed that in accordance with the characteristics of China's independent innovation enterprises and growth enterprises, risk pricing capacity as the key link, to form a favorable to the growth of these enterprises in the capital market ecological environment. To achieve this goal, need to do a few things: first, to further adjust the concept of supervision and supervision mechanism, in the issue of listing conditions to highlight the core technology disclosure requirements, clear exchanges, issuers, underwriters risk warning responsibility, in the transaction system to introduce investors appropriate management, and further strict implementation of the delisting system The second is to further play the role of securities intermediary agencies to improve the research capacity of intermediary institutions, so that they can guide the rational pricing of the market play a greater role; the third is to further cultivate rational investors.