Gem to raise more capital to invest more than a large number of shareholders set now more than billion

Gem in the past two years, the two-tier market less than 20% stocks to achieve positive returns, compared to the first-tier market of large shareholders and venture capital institutions are much happier.

A private equity manager has joked to the first financial daily newspaper, "financial" reporter said, after looking at the gem, found that should not be a fund manager, but should go to business and then put the company on the gem, such as counting money.

271 companies raise 191.526 billion

According to our statistics, from October 30, 2009 Gem turned out so far, 271 companies to land the Gem, the first collection of funds to reach 191.526 billion yuan, the average of each company's initial size of 707 million yuan; Super raise amount of 125.108 billion yuan, over the amount of over 1 billion yuan to raise more than 25 companies, of which the National Technology (300077.SZ) to super raise 2.045 billion yuan topped the list.

In addition, the three companies in the Gem Blue cursor (300058.SZ), Shun Network Technology (300113.SZ) and Lith Chen (300010.SZ) has been in the 2011 shareholder meeting through the Directional additional program, three companies are expected to raise 782 million yuan.

And the same period of SME IPO 322, the initial raise total capital of 314.106 billion yuan, the average company to raise the amount of 975 million yuan, over raising funds up to 180.939 billion yuan, over the amount of more than 1 billion yuan of the 36 companies, of which Hepalink (002621.SZ) over the amount of up to 5 billion yuan , ranked first in the super.

From the point of view of dividends, since its inception, the GEM has 101 companies have never made a dividend, but 87 of them for the 2011 new listed companies, 59 companies to the number of dividends reached 2, 110 companies have made 1 dividend; January 20, 2010 The Market Century Ding Li (300050). SZ), the maximum number of dividends, reached 3 times.

Comprehensive statistics, the establishment of the GEM has been 271 listed companies total dividends of 6.842 billion yuan, the total net profit of 31.303 billion yuan, dividend payout rate of 21.86%. The same time listed 322 of the SME SME dividend total of 16.994 billion yuan, in the meantime the company net profit sum of 79.092 billion yuan, dividend payout rate of 21.48%.

From a stock perspective, the gem of the highest total dividends for the return of gum Industry (300041.SZ), dividends amounted to 72.5978 million yuan, during which the total net profit of the company is 138 million yuan, dividend payout rate of 52.4%. The highest total dividend in the board for the Sea Grid Communications (002465.SZ), the total dividend is 199 million yuan, during which the total net profit of the company is 453 million yuan, dividend payout rate of 44.03%.

More than 10 billion of key shareholders

The reduction of important shareholders has always been the focus of the shareholders of the gem company. Gem companies in the early listing because of the two-level market hype, many shareholders have soared. And after a year of lock-up period, there are some shareholders have started to reduce the set.

According to wind data, the gem set up two years since the establishment of a total of 90 companies 274 important shareholders have been reduced by 941, a total reduction of 426 million shares, reducing the total market value reached 10.415 billion yuan. The top five companies with the highest market capitalization are Le PU Medical (300003.SZ), Tianlong optoelectronics (300029.SZ), Huayi Brothers (300027.SZ), National technology and the gum industry, whose market capitalization is 1.236 billion yuan, 1.015 billion yuan, 754 million yuan, 731 million yuan and 384 million yuan.

However, from the specific reduction of people to see, le Pu medical and the huge reduction of plastic industry from the venture, rather than senior executives. Le PU medical executives only chairman Buzhongjie in March this year to reduce the 15 million shares, set now 370 million yuan, other reduction are venture investment institutions, and the 384 million sets of the gum industry are now all from the venture investment institutions.

By contrast, the other three companies of the huge reduction is more senior executives and individuals, Tianlong photoelectric two shareholder Tang after the ban on restricted stocks began frequent reduction, from January this year to July, Tang total reduction of 30 million shares, set up now 2.7 billion yuan. Huayi Brothers of 5 executives to reduce 34.6455 million shares, reduce the stock market value of 1.258 billion yuan, the national technology of the former Dong Sun Yuan in May this year, the reduction of 387,500 shares, a set of 24 million yuan, and in August resigned all positions in the national technology.

In fact, the gem has been known as the VC/PE institution's "ATM machine", in addition to the profit of executive cash. After all, the purpose of financial investors ' investment is not to share the growth of listed companies, they prefer the income of the two-tier market.

According to Chinaventure group statistical analysis, as of the end of July this year, the gem company has a total of 138 PE background listed companies, PE initial investment amount of 5.54 billion yuan, through dividends and reduce the total profit is 6.46 billion yuan, the remaining stock market value of 46.13 billion yuan, total return of 52.6 billion yuan, the overall return of multiples of 8.49 times times.

Of all VC/PE projects, the number of investors receiving the largest return on investment, the investment of digital video (300079.SZ) received a return of 383 million yuan, the return of 190.56 times times; second, deep venture investment in net-bed technology (300017.SZ) Hat (300150.SZ), which invests in high tech, has a return of 81.6 times times and 74.95 times times respectively. Warburg Pincus's investment, by selling 30.992 million shares of the pop medicine, gained 1.54 billion yuan and became the largest investment institution in real return.

More noteworthy is that from the beginning of November this year to the end of January 2012, there are 56 gem companies 1.06 billion shares will usher in the lifting of the ban.

Only 39 companies overweight

In the gem of the large-scale reduction of the background, but also some shareholders upstream, from the two-tier market to increase the company's shares.

According to wind data, 39 companies have 62 important shareholders in 46 overweight, but the total increase is only 2.629 million shares, the total value of the shareholding is 56.3832 million yuan. The top five companies in the market capitalisation are Hong Li Optoelectronics (300219.SZ), oak (300082.SZ), Tyco Power (300153.SZ), Poly Dragon (300202.SZ) and Da Huanong (300186.SZ), with a stock market value of 26.15 million yuan, 20.98 million yuan, 2.78 million yuan, 1.66 million yuan and 1.37 million yuan.

From the point of view of overweight, 46 overweight only 3 times for the organization, others are executives and individuals. Three of the institutions overweight is the Beijing Science and Technology venture investment in the North Land Pharmaceutical (300016.SZ) 2000 shares, Tencent increased the Huayi brothers 27.8 million shares and GF-Guangdong Securities increased holdings of Hong Li photoelectric 1.2423 million shares.

"I do not think that the gem should be regarded as a whole, or a plate, to explore whether it should exceed the gem board." "A sunshine private equity researcher in Shanghai said to reporters that the gem of the stock has good and bad, the performance is mixed, in the current overall performance growth decline in the background, the increase in performance growth is unlikely." From the valuation point of view, the overall valuation of gem still have further squeeze space.