Gem shares will be hundreds of four quarters ushered in the lifting flood peak

-Our correspondent Dujaven issued Juloka (300099), double-Forest shares (300100) and the National Proton Electronics (300101) will be listed in a few days, gem listed companies will reach 100, the total amount of funds collected over 70 billion yuan.　　After nearly 10 months of development, gem trading more active, and began to get institutional investors concerned. Industry insiders believe that compared to the motherboard, SME board, GEM expansion faster.　　With the growth of the gem and the impending release of the lifting crest, the gem is under great pressure. Raise more than 70 billion due to Suzhou permanent IPO will eventually be no, the state Teng Electronics (300101) is to become the gem listed 100th Enterprise, this is the first gem companies listed less than 10 months.　　In contrast, the first stock of new and medium-sized plates and new into the (002001) listed on June 25, 2004, the 100th listed companies to welcome a total of about 2.5 time. Although the gem expansion speed faster than the motherboard, plate and board, but analysis last year data can be found, gem Company's first audit pass rate is lower than the motherboard and board pass rate. The "2009 China Gem IPO Enterprise will not be the reason for the in-depth analysis of the reasons" showed that last year 74 companies to launch the GEM listing application, passed 59, failed to pass 15, through the rate of 79.73%.　　In the failed enterprise, there are 7 enterprises with independent, subject qualification and other corporate governance structure problems, and there are 8 enterprises with persistent profitability problems. SSE released data show that as of August 2 closed, the Gem 97 listed companies total market value of 396.71 billion yuan, accounting for the total market value of 6%, the circulation market value of 93.36 billion yuan, accounting for the circulation market value of 2.4%.　　Wind data shows that as of August 2, the 97 listed companies have collected more than 69.775 billion yuan, plus the completed distribution of the Juloka and other three companies, hundreds of gem listed companies to raise more than 70 billion of the total capital. From the geographical perspective, gem listed companies are widely distributed, from 22 provinces or municipalities. Among them, the number of listed companies ranked top three in Guangdong 21, Beijing 20, Zhejiang 10.　　In addition, Anhui, Fujian, Gansu, Hainan, Hebei, Heilongjiang, Inner Mongolia, Shaanxi, Tianjin, Chongqing, Henan, Hubei, Hunan, Jiangsu, Jiangxi, Liaoning, Shanghai, Sichuan, Shandong have a number of gem listed companies. From the industry point of view, the gem highlighted the "two high six new" characteristics. According to the Shenwan industry level classification, only the information equipment industry listed companies accounted for more than 1/4.　　New materials, energy, bio-pharmaceutical and other innovative High-tech enterprises have become the main force. Market promotion Valuation rational return to the beginning of the creation of the gem has a high price, high price, the highest rate of "three high" problem, the two-tier market has also been irrational speculation, there has been a share of the gem shares fall and so abnormal phenomenon, so thatA large number of retail investors to chase the high quilt.　　SSE to this end to take a series of measures to the suspected manipulation of the gem stock price of the investment account to deal with the restriction of transactions, the market has gradually become rational. After a period of operation and under the influence of the overall market environment, as of August 2, the listed companies on the gem, the average price-earnings ratio of 62.65 times times, compared to 106.04 times times the highest P/E ratio fell sharply. In addition, the number of break listed companies is 21, accounting for more than 1/5. The gem index has been running for two months since its launch on June 1. From the trend point of view, the Gem index and the motherboard, the main board trend is basically consistent, but rise, the decline of more volatile.　　This fully demonstrates that the gem is a high risk and high returns coexist market. For the break phenomenon, Wanguo Securities research director of market research Gui Haoming wrote that the gem market break, in a sense inevitable. He believes that the A-share venture board break ratio in the world's gem market is not high. Gem in theory, the listed trading is the risk coefficient of a relatively high enterprise, they are often in the early growth, there may be leapfrog development, but also may fail.　　The large number of break of gem is a market phenomenon, it not only hints at the characteristics of the gem risk, but also shows that there is still something worth improving in the operation of the whole market. As the gem is about to reach hundreds of companies, several market analysts point out that, although the growth of the gem average P/E has fallen, but valuations are still high.　　In the growth of the gem, especially the large-scale lifting of restricted stocks, the overall valuation of gem may be further discussed. "The Gem will usher in the central lifting flood peak, the overall trend is expected to have a significant impact." "Huatai Securities analysts pointed out that the lifting of the growth of the gem will start in November." According to the closing price of July 9, the lifting market value will reach 42.2 billion in the second half of 2010, accounting for 82.7 billion of the market value of the gem 51%. Among them, November 1 lifted the largest number of shares, the size of 31.6 billion, the lifting of the market capitalisation ratio of 38%. He believes that the current high valuation is the main reason for the high reduction after the lifting of the gem. In addition, the creation of investment institutions concentrated holdings also increased after the lifting of the sale power.　　He also pointed out that one of the causes of the dotcom bust was a massive ban on technology stocks. Dongxing Securities analysts also believe that the Hong Kong Gem has provided a precedent. Compared to the Hong Kong gem, a-share gem has shown its advantages and vitality, development potential is enormous. However, from the Gem historical observation, the United States, Europe, Japan, South Korea, Taiwan and other regions of the growth of the development of the gem before the low trend. The continuous performance of listed companies will become the key to the development of gem. If there is a gradual increase in net profit growth, the market will be worried that the status of high P/E distribution will change.