Gem to return to the city company up to 12 peace National Letter securities were ridiculed as makeup artist

Gem 12 months who will be 12 fallen stars? Ping An securities, National letter securities were ridiculed as "Lurui makeup artist" reporter in October 30, 2009, the first batch of 28 companies shining landing Gem Board. The first anniversary has passed, the gem has expanded to 134.　　Although policymakers have repeatedly said good words to the gem drum drive, but the investors in the motherboard, the board compared to the gem of the disappointment and the original expectations as large. According to the previous planning, the gem company performance is not up to standard, directly back to the city.　　Now 12 months, who is most likely to become the 12 fallen stars?　　Third quarter of negative growth SSE website news shows that as of October 28, the Gem 134 listed companies, the total market value of 595 billion, the average P/e ratio is 69.93 times times, much higher than the same period of more than 30-fold and motherboard 20 multiples. There is a general situation in the listed companies of Gem and the turnover of senior executives. Wind data shows that as of October 26, 134 Gem Enterprises to raise funds up to 60.906 billion yuan. An average of 455 million yuan per company, over 1 time times the proportion of more than 115 shares, accounting for 85.8% of the total, of which the national technology of the proportion of the super raise up to 5.86 times times.　　As of September 13, a total of 51 executives from 30 gem companies resigned, accounting for 2.81% of all 1809 executives at the gem.　　According to wind data, preliminary statistics, the third quarter of the company's net profit growth rate of 6.59%, and the third quarter net profit of Gem is 0.85%. From a single company's point of view, the quarterly net profit of the third quarter accounted for about 40% per cent of the year-on-year decline. This one, the biggest drop in the range for Kang-te, next for the bi-water, the stock and Huayi letter; In addition, the single quarter net profit Quarter-on-quarter growth is the biggest YANGPU medical treatment, its third quarter net profit quarter-on-quarter growth up to 56.84%; In addition, digital video, Canchi Pharmaceutical, silver shares, Ai er, The net profit growth of oak and Sino-Swiss is also at 30%.　　It is worth mentioning that there are oriental wealth, national technology, China and the million shun shares 4 companies for two consecutive quarters of the quarterly net profit growth has shown a negative growth.　　The company, which has already disclosed performance forecasts, the three-quarter net profit fell 65% to 69% per cent year-on-year, while the South power supply and Powerleader shares also predicted a three quarterly net profit decline of around 50%; Netac Technology, the National Alliance of Aquatic products and internet technology are expected to show a different degree of decline in the three quarter.　　Among the 28 companies that first lifted the first batch of projects, the net profit in the middle of 2010 was less than 30% of 21, with a growth of more than 30%, the south wind, the biggest growth, and the star venture grew only about 70%. Among the first 28 gem companies, 7 companies have experienced year-on-year declines, with the shares of the company becoming the most serious gem. After the defeat of the Chinese newspaper, in the next three quarterly, the performance of the gem seems to be difficult to change a big change.　　From the early release of the three quarterly results of the GEM company, profit growth is also lower than the motherboard and SME board. In the first 28 companies to be lifted, the high P/E ratio has become a common phenomenon.　　Dayu Water saving, Jiffeng agricultural machinery, Huayi Brothers and other 5 companies have multiples, the lowest p/e ratio of Rui de also more than 50 times times. Gem P/E is not only higher than the motherboard, but also far higher than the mature market gem. In the case of the mature market Nasdaq, the Nasdaq price-to-earnings ratio has remained at a premium of 1 time times compared to the NYSE since 2005, and the board's 15 times-fold P/E ratio is about 30 times times that of Nasdaq.　　And so on, according to the current a-shares of about 21 times times earnings, gem valuation limit should be 40 times times, then the corresponding gem index needs to fall 40%.　　Some insiders believe that high valuations and below market expectations of growth, undoubtedly to the gem has brought huge price bubbles. "Quasi-retreat city" as much as 12 semi-annual reports show that in the first half of 2010, the business performance of the board fell more than 20% of the company, has reached 12.　　Recently, the gem listed companies 2010.5 Annual report has been disclosed.　　In a short span of one year, some gem listed companies have faded "high performance before the market growth, engaged in High-tech business, with high growth" of the "three-high" coat, profits have fallen sharply, the performance of a partial "quasi-delisting companies," the biggest characteristics, and NETAC technology to become a typical sample. NETAC Technology is one of the typical. Since January 8, 2010 after the listing, NETAC Technology first quarterly results of the big dive, net profit of only 2.55 million yuan, down about 30% year-on-year. The second quarter of net profit, although the chain Rose, but the net profit of only 9.57 million yuan, the year-on-year decline of up to 33.5%.　　The Chinese newspaper also warned that the cumulative net profit at the end of 2010 to three may have fallen sharply. NETAC Technology as the representative of the "quasi-retired city company", how to be among the "high growth" threshold of the gem?　　A number of securities researchers believe that the sponsors of corporate listing should not shirk their responsibilities.　　In view of the large area of the gem, financial commentator Supeko pointed out that those in the market before the rapid growth of the gem companies, in fact, most of the performance of the "packaging" component, once the completion of the listing circle money began to return to the real, the performance of listed companies have been a huge decline.　　Net profit year-on-year decline of up to 82% of the Powerleader shares are sponsored by the Western Securities, the gem in the interim results of the first in the list. For the slump in performance, the company explained that "the global financial crisis on the oil industry's negative impact continues, oil companies and oil services companies to reduce investment, technical equipment export orders significantly reduced, some are performing and the talks on the project was shelved."　　But in the risk-tip section of its prospectus, the company described 18 possible risks without any description of the potential impact of the financial crisis. Gem Gate opened for a year, from ShenzhenPing An securities, credit securities and China Merchants Securities underwriting the number of the top three. Among the 12 "quasi-delisting companies", 3 were underwritten by Ping an securities and state securities underwriting, and 2 were sponsored by investment securities, while the remaining 4 were sponsored by Western Securities, securities, securities and CITIC.　　Among them, the widely questioned network technology and NETAC technology two, respectively by the state Securities and Ping ' an securities sponsor, the two sponsoring agencies have also been ridiculed by the market as a "failure of the industry board makeup artist." This analysis appears to have been validated on the gem.　　Less than a year, the state letter securities sponsored 7 GEM companies, 3 companies just listed on the performance of the big face. The bankruptcy risk rankings are based on the Z-value bankruptcy risk factor, invented by American scholar Arman (Altman), to measure the bankruptcy risk of the listed company of the current A-share gem.　　According to the results of the final calculation, the risk factor of the ruin of sunflower is in high risk range, which is the top of all gem companies.　　In addition, 35 companies have calculated the risk coefficient of bankruptcy in the gray area, that is, there is a certain degree of bankruptcy risk, investors should pay attention to.　　The 36 venture-capital firms with high risk of bankruptcy are relatively more motivated and more likely to manipulate profits because they can disguise the company's real financial crisis. Among the 36 companies with high risk of bankruptcy, the top 10 were sunflower, Huaren Pharmaceutical, Oriental Sunrise, Jiffeng Farm machinery, Hua Wu shares, Dayu water-saving, Western animal husbandry, Jia Yu shares, Shengyun shares, Jintong Ling.