Hoarding the project policy surface of the gem to loosen the target direction curve of the securities firm

Gem small scale, low profit, high risk, small financing amount, sponsorship costs up to millions of yuan

Hands "to cover" a number of gem listed companies project sponsors, the value of a sudden rise. When a reporter attends a venture-investment summit, he encounters a number of "headhunters" in the investment banking Department of several brokerages.

Policy loosening, so that the investment bank of the brokerage department blew up the pot. Some once on the gem listed items "Careless" brokers, began a non-stop rush.

The sponsor of a brokerage Shanghai investment bank told reporters that the company had been hoarding the gem project early last year, but the progress of the project was very slow due to the outstanding time of the gem launch. However, recently, with the start of the policy level, some brokerages began to accelerate negotiations, tentacles began to expand rapidly.

Securities companies eager to search Gem Enterprise, Shenzhen, a broker investment bank in charge of the bare, "the reserve of these listed items, is to be followed by the brokerage direct investment business."

Good Project own vote

"Direct Investment securities Brokerage (" direct ") business of the opening and Gem has a close relationship. According to the above-mentioned leaders, in the domestic OTC market (over-the-counter market) has not developed, only rely on underwriters, sponsors and other intermediaries, can continue to explore more entrepreneurial enterprises into the http://www.aliyun.com/zixun/aggregation/ 17308.html "> Gem market. But underwriting this kind of enterprise to obtain the underwriting expense is less, but undertakes the risk responsibility to be very big. Therefore, taking into account the interests of intermediaries such as underwriters, the industry has proposed that securities companies or financial advisers can be properly allowed to have a stake in the start-up enterprise, so that intermediaries become strategic investors of venture capital, so that their interests share, risk sharing, can take the risk to obtain greater profit space.

The sponsor told reporters that the gem small scale, low profit, high risk, small financing, sponsorship costs up to millions of yuan, with small and medium-sized project profit has a large gap, compared to the main board items tens of millions of or even hundreds of millions of yuan of profit. Although the sponsor system reform, the sponsor in the signing of the main Board project, but also can sign a gem project, thereby increasing the profits of the brokerage, but this is not attractive to the brokerage.

But if you open up the direct investment business, it will be able to achieve the balance of interests of brokerage. A brokerage can have a stake in a start-up enterprise, thus allowing the broker to gain greater profit margins when taking risks. In general, investment in a good project, brokerage through direct investment can get 4 to 6 times times the proceeds.

Straight curve

Driven by interest, a number of innovative brokerages have submitted their applications for release of direct business to the CSRC since last year, but there are no other securities companies approved except CITIC Securities and CICC.

The head of a securities investment bank in Shenzhen said that last November, the company submitted to the Securities and Futures Commission for direct investment business eligibility, but for various reasons, the regulatory layer has been delayed approval. "The funds and projects we are now using to set up independent direct investment companies are ready to be approved by the regulators," he said.

"Many companies in the industry, like us, have earmarked a large portion of their funds for direct investment, but without licences, direct investments are not allowed, and if they are idle, they are wasteful." Therefore, companies can only look for other ways, such as through other institutions or affiliated companies to participate in VC companies, and so on, may be said to be a disguised direct vote.

It is understood that some large-scale innovation brokers have begun to use the name of their trust companies to invest, in which ping an securities is the most typical representative.

However, there are a handful of trust platforms. One way of comparison is to set up a venture capital fund in partnership with VC companies. Shanghai, a VC company general manager told reporters, began last year, there are a number of brokerages to find the company to discuss cooperation matters. "Taking into account the risks of some venture investments, the entry of securities brokers can share project risks to a certain extent." But the profits of the whole process is not much, not to mention in the investment, the brokerage also lacks investment experience, the direct help of the project is very few. Therefore, unless necessary, we are not willing to work with brokerages to share their profits.

In fact, there are securities companies in the indirect investment in the first step, such as Haitong Securities in 2004 to participate in the fund. Last August, with the successful listing of Chenzhou Mining, which was invested by the Fund, Haitong Securities indirectly obtained the success of the first single project of securities brokerage, which also strongly stimulated the interest of some brokerages in direct investment.

Another bubble?

An industry personage to the reporter analysis pointed out, the brokerage direct investment is not "looks so Beautiful", inside also latent a lot of risk.

The person said that the current securities companies face a few serious risks. First of all, the gem in the end when the launch has not been conclusive, a day does not open, the funds invested by the brokerage may face losses. Second, even if the gem launched, some listed companies to raise funds did not produce benefits, or even business failure, leading to a decline in profitability or loss, the project failed to lead to the risk of falling stock prices directly. Again, the cost of capital lock-in. General enterprises to be listed after a year to circulate, this period of time may produce a series of potential risks.

"From the current situation, the market mania has led to a direct-investment bubble has begun to show, some enterprise-level market multiples have reached more than 10 times or even 20 times times, that is to say, prices began to increase." "A broker in charge of the Capital Management department in an interview with reporters said.

With the gem information more and more clear, brokers generally believe that the launch of the gem market, will be the direct investment in the field of securities companies to provide new opportunities, direct investment business will soon be open. However, some people in the industry believe that at present, the investment strength, technology, management of securities companies have a certain problem. Therefore, although the opportunity has emerged, the securities companies need to arm themselves, and then arm others.