Gem today lifted the ban to create a "joke" reduction

Kuanzhiyong Liu Baoqiang Today, the Gem will usher in the first anniversary of its debut after the lifting of the peak-the first batch of 28 companies nearly 1.2 billion shares released one year lock-up period.　　If these lifting stocks are ready to open at the time of the floodgates, the gem is undoubtedly jittery, therefore, the venture capital of the hands of nearly 8.2 billion yuan market chips trend, become the current focus of the most attention.　　Will they be able to get away quickly on this track of inflated valuations?　　The biggest winners according to the "First financial daily" statistics, in the first 28 gem companies, 19 companies exist venture shareholders, a total of 32 venture capital institutions in the first batch of gem companies to benefit. Among them, Shenzhen Fortune venture capital Fortune, Fortune financial and intellectual investment projects the largest number. Up to now, Fortune has 6 million shares of AI Seoul Eye (300015.SZ), 2.9393 million Li (300014.SZ) shares and 3.9268 million share of network technology (300017.SZ) shares, Fortune Finance and wisdom also shares the net-bed technology and holds 4.845 million shares.　　"Fortune Department" total holding the first batch of gem lifted shares of the market value of more than 450 million yuan, become the biggest winner of the venture, but also the largest investment in the lifting of the stock source. In the first batch of gem companies, the most beneficial venture shareholders to the number of Kun Wu jiuding Investment Management Co., Ltd. (hereinafter referred to as "jiuding investment"). Jiffeng Farm Machinery (300022.SZ) before the market, jiuding investment in March 2009, April, respectively, the company 1.6 million shares and 3.2 million shares, two times the cost of only 4 yuan/unit and 4.3 yuan/share. In other words, jiuding investment to obtain Jiffeng farm machinery 4.8 million shares the total cost of only 20.16 million yuan. After several transfers, the shareholding of jiuding investment increased to 12.48 million shares, and the company received a dividend of 1.1232 million yuan.　　In the Friday Jiffeng agricultural machinery close to 35.35 yuan calculation, jiuding investment holding stock market value of 441 million yuan, investment return more than 20 times times, investment net income more than 420 million yuan. If you want to find a VC shareholder lifted the pressure of the largest enterprise Board company, that must not be North Land pharmaceutical (300016.SZ). Beijing Science and Technology venture Capital AG holds 14.7248 million shares of North Land Medicine, while another venture capitalist holds 11.25 million shares, with two venture capitalists holding a stake in the North land pharmaceutical sector as high as 25.51% per cent of the total equity of listed companies.　　The North land pharmaceutical industry is not only the largest number of companies to lift the lifting of the company, but also the lifting of the release of the highest share of the company.　　Pressure geometry? Private equity investment manager Lin Xiongping revealed that the lifting of the ban on the gem, investors are most concerned about the reduction of investment institutions. For these institutions, the ultimate goal is to reduce holdings to achieve capital withdrawal. At present, the high valuation level of gem is an excellent exit time.　　The risk of investment reduction is much greater than the lifting of the risk of resignation of senior executives. Among the 28 listed companies that have been lifted today, the venture company holds the market value of 8.2 billion yuan, and the individual shareholder holds 20200 million yuan, including the ordinary individual shareholder 3.2 billion yuan and the company executive stock 17 billion yuan. Huatai Joint analyst estimates that the assumption of venture institutions and ordinary individual shareholders in 1 years to sell 50% (conservative estimate according to the venture or PE institutions and ordinary individual shareholders are listed in the first half of the year into the investors, the second year lifted 50%, all lifted after two years, and executives sold 25% (assuming all executives pledged to reduce their annual sales by 25%　　Calculation), totaling about $10 billion. The total four-quarter lifting market value will reach 46.1 billion, about the gem circulation market value of 126 billion 36.6%, is the gem Average daily turnover of 6.1 billion times, is the September Gem monthly turnover of 7.6 times 123.2 billion.　　Huatai Securities Research report that the share reform produced by the small non-lifting ratio of 63%, is expected to reduce the proportion of the growth of the gem will be higher. VC big guy stance easy face such pressure, the market inevitably worry.　　So how do venture capitalists think the valuation level of gem will be sold out at the beginning of the ban? "We will not expire immediately, we want to see different companies, and some companies next to additional, we not only do not reduce, but also to participate in additional."　　"A PE investment director, who declined to be named, told our correspondent.　　Beijing, a broker in charge of asset Management told the newspaper reporter, the lifting of the board of shareholders, and China Ping ' an (601318.SH) of the lifting of the nature of the shareholders completely different, can be said that the lifting of the ban on the gem shareholders are professional investors or have professional investment background guidance, they will not be low shipments, it is likely to pull high shipments. At present, the Gem 66 times times the P/E ratio, significantly higher than the 46 times times of the board and 300 of the Shanghai and Shenzhen 17 times times, Gem 11.4 times times the city net rate is significantly higher than the board of 7.9 times times and 300 times 2.9 times.　　Huatai analysts believe that even considering growth, according to 46% of the forecast profit growth, the gem needs to achieve 69% of the profit growth rate and SME plate PEG (P/E ratio of performance growth) match, but the current consensus on the growth of the gem is only 39%. The investment director of a large venture capital in Shenzhen, Mr. Liang told our correspondent: "Our company set up a special investment department responsible for the withdrawal after the lifting of the issue, the general venture capital will be released after the listing of the company a year or two to complete." Normally, no one will sell the release for two months. So investors don't have to worry too much. "Fortune President Liu Day in the media interview has revealed, for whether will immediately reduce the gem shares, Fortune venture will also observe."　　This is mainly because of the current market environment has changed, the current capital market initial appearance of bull market characteristics. Shenzhen Innovation Investment Group Co., Ltd. President Li Wanshou last night to this reporter said: "The main consideration of the reduction of shares two points, the first is the trend of the stock market, the second is the actual situation of enterprises." If the stock market is in a bull market or the next company will have a lot of room for growth, the general will not be anxious to reduce. Also consider the number of sharesQuantity situation, if the shareholding ratio is many, usually reduce the rhythm to be much slower. "Li Wanshou also believes that the market and the media should not be overly concerned about the reduction of venture investment institutions."　　On the one hand, the reduction and withdrawal of venture investment institutions is the necessary procedure for the normal operation of VC business. Only when the exit channel is unblocked, the venture capital can play a more valuable role for the social investment and financing environment and the venture capital. On the other hand, the number of VC companies reducing their holdings is less, which will not make a big impact on the whole market. In fact, since July, the Shanghai Composite Index has risen to 24%, and the gem index has risen only 10%, the fear of the lifting of the gem has become the main reason for suppressing the gem market. However, starting from October 19, the gem began to appear continuously rising, especially last week in the final two trading days, in the market concussion callback situation, the gem instead of a roaring, on the Friday even jump high open.