Gem: The development of the vicious cycle of the early investment VC

It's been nearly a year since the first companies were listed on October 30, 2009, as of September 21 this year, the gem listed companies have reached 120, and around the gem of the various disputes, with the launch of the time compared with the increasingly fierce: gem listed companies performance overall performance is poor, the growth of the question;　　The company took money but buy a house, buy a car, senior executives frequently leave, triggering a sell-off of shares speculation, the road "immortal" surprise shares, Gem seems to become a "rich" hotbed ... Of course, we believe that many of these phenomena are not the original intention of the "double Love" of the gem. In order to the steady development of the gem, they carefully designed a variety of perfect system to escort: We are not worried about the performance of the gem listed companies volatility may affect market stability? Improve performance standards.　　As a result, we see that the gem was originally in this respect to reduce the threshold of the same, currently listed in the vast majority of these companies can meet the requirements of the Board listing. What is the result of "low threshold and high standard"? At least from the 2010 interim results, the gem can not satisfy people. In the comparable 105 gem companies, the first half of the net profit year-on-year increase of 25.63%, lower than the SME board 45.91% increase in the same period, but also lower than all 1947 listed companies in Shenzhen, the average increase of 41.17%.　　It is a matter of concern that 23 companies have negative performance, and the performance of the shares of the company, Warburg, and the southern capital has fallen by more than 50%, while the National Union aquatic products have produced the first loss report on the gem. In fact, performance is not to judge whether a company can be listed on the gem of the most important criteria, but not the only standard. It is obvious that yesterday's outstanding performance does not mean that tomorrow will remain, after all, the capital market value is the "future", especially to foster "innovative" Enterprise gem. From the Nasdaq development process, we can clearly see this distinction: Yahoo 1995 officially set up, 1996 years will be listed until 1998 to achieve full-year profit, and the 1997-listed Amazon, until 2003 only to achieve full-year profit; even more familiar with our side Sina, Sohu , NetEase, they were listed on the Nasdaq, not even found a clear profit model, including later Ctrip, perfect space-time and many other companies, in the market are at a loss.　　If we apply our current "high standards", the companies that later become industry leaders may soon be gone. [Page] The development of gem seems to be far away from the original positioning: Service growth-oriented start-up enterprises, support innovative ability, business model new, small scale, performance uncertainty, high operating risk of entrepreneurial enterprises. And compared to the GEM launched this period of time, in Shenzhen SME board listed nearly 200 companies, it is not difficult to find, whether in the size of the issue or industry characteristics and other aspects, can hardly make a distinction. Gem listed companies are mostly in the development of mature, traditional industriesEnterprises still occupy an important position, with light assets as the characteristics of the "new economy" enterprises are few.　　This means that there is no need to set up a single gem out! Although regulators have been trying to push the market for the distribution system, there has been no fundamental change for a long time, and it is still the de facto "administrative approval system", and what kind of companies can be listed is determined by a "small handful" who believe they are smarter than the market.　　As a result, the issue of audit caused this part of the resources of the monopoly, and only the inquiry link appears to be market-oriented, and this contradictory system design led to the high P/E issue and the excess fund-raising, who can pass the "audit" to get "abnormal" true gold and silver. No wonder, gem by many people dubbed as "create Rich board", currently listed more than 100 companies not only created 400多位亿万 rich, but also to all kinds of investment institutions to increase capital gain a lot. Take a look at some of the companies that have not yet been released in the recent period (as at September 21): It is not difficult to see from the above table that most of these investment institutions have been in the process of listing after the target company has entered the market, from investment to "over" time in about 1 years, Can be called a rapid IPO investment, with a typical "low risk, high return" characteristics. One of the fastest is, the increase in investment into the rich technology of Bo Xin, Rich Fuhaiyintao venture, this span of only 9 months.