Gem to the pain of foam: limbo or normal

Zhang Gem since the first stock listing has been 1.5.　　After the rise and fall, a real and embarrassing problem in the face of investors: a continuous decline in the infinite, liquidity risk.　　As of April 27, the gem was the lowest in the year, the closing index of 928.13 points was down 23.51% from the top 1220.65 in six months, while the same range of data to the Shanghai Composite Index rose 1.72%.　　Along with the decline is often the contraction of turnover, gem current turnover is only last November peak of One-third, some stocks even appeared limbo phenomenon.　　The industry insiders interviewed by the first financial journal generally believe that the growth of the gem last year has overdrawn the next few years of gains, the future "go bubble" process will continue. "The gem is still the acceleration of expansion this year, and the falling price/earnings ratio is expected." "Wu Guoping, Guangdong Investment chairman, said.　　A non-sunshine private equity person also said that the main reason for the light trading of gem is "loss of scarcity." "Now the GEM has 200 listed companies, more than 500 SME, A shares a total of more than 2000." And at this rate of expansion, the next two years, the market is expected to expand the number of listed companies to 4,000 to 5,000. "In the case of large institutions, it can only cover hundreds of stocks at most, and some stocks are no one's concern," said the private placement. This situation is more prevalent in Hong Kong and overseas gem. "Since there is no scarcity, why do I have to buy gem stock?" Do they have more superior growth?　　"The private placement question," in terms of the annual report and the quarterly bulletin, Gem Stock did not achieve the expected high growth, the performance of the fluctuation also let the funds pay less attention to it ", the issue of high P/E in the loss of fundamental support of the gem is particularly dazzling, the return of reasonable valuations has gradually become the general direction of the plate stock. In addition, Wu Guoping that, "The Gem of the Act also scare back a lot of money." At present, the most closely related words in the market are no more than "cash" and "senior management Turnover" and "decline in performance," Wu Guoping said: "The first two actions led to the trend of continuous marginalization of gem stocks, coupled with the gem itself liquidity is not good, large funds are not afraid to enter the plate, so the big opportunity has been away from the gem." "Next year is expected to be even more pessimistic-the ban will be lifted (the three-year period), so the previous positioning of the gem has already put an overdraft on the future gains."　　"The private equity people think so. More and more listed companies, performance fluctuations, senior managers, three mountain pressure to start the enterprise Board "cattle" does not rise, the future will be a lot of gem companies out of sight of investors, facing the painful "go bubble" process. Wu Guoping said: "This bubble will be expected to be a long-term process, the individual does not feel the bottom of the gem, especially the delisting mechanism has not yet been introduced, in the end this aspect of the risk of how much, there are uncertainties." "The private-equity figuresThe cold will be the norm in the next 3-5 years for the gem, "the market began to bubble up at the end of last year, but the bubble was far from being squeezed," he said.