Hong Kong Venture board go or stay

Mainland Gem, after the "Ten years of grinding a sword" finally opened the gate.　　However, in the past 10 years, Hong Kong's gem has been very popular since its inception, and now it has become a "backwater". Our reporter Loufengfang "Our declaration material passed the audit of Hong Kong, and received the phone that can be listed in Hong Kong gem, we cheered, all excited like a child."　　"A person who has left an electronic listed company still remembers clearly the moment when he was eligible to be listed in the Hong Kong gem," he said. 10 years ago, Hong Kong Gem was born in the limelight. At that time, mainland China's gem has been in the hope and lost between repeatedly.　　Many of the mainland's innovative quality enterprises have been known as the International Financial centre of Hong Kong, and in its gem to find a world. However, 10 years later, the young Hong Kong gem, after experiencing the dot-com bubble, but the collapse. From the inception of the most sought after, to this day is like "backwater." Corresponding to this is the mainland's gem, after "Ten years of grinding a sword" finally opened the gate, thousands of high-quality enterprises flocked to the full swing to compete for limited listing seats.　　This situation, is described as "10 years Hedong 10 years of Hexi." Helpless stock prices according to the Hong Kong gem, as of August 25, the number of listed companies was 175, the total market value of listed companies was 89.45 billion Hong Kong dollars, down 15.69% from the same period last year, and the total market value of the gem, which was 106.1 billion Hong Kong dollars, decreased by 38.32% in July last year.　　The company's market value is shrinking every year. Moreover, the number of new listed companies in the Hong Kong GEM has continued to decline, with 21, 10, 6, 2, 1 and 1 listings each year since 2004.　　In the Hong Kong gem of the most brilliant 2000 and 2001, the new listed companies up to 47 and 57, the last 6 years of the total of new listed companies are less than 2000 and 2001 any year.　　The many companies that had dreamed of listing on the gem in Hong Kong certainly did not think it would be a few years later. At present, the 40 mainland enterprises listed in the Hong Kong gem, the share price above HK $1 is very few: only Chongqing Changan Minsheng Logistics, Dongjiang Environmental protection, the north-born control of biotechnology, the United States business, Research Xiang Intelligence, Sambo technology, Haiwing Intron, Zhejiang Jiang, Binhai Teda Logistics, Luoxin Pharmaceutical, Tongren Tong Technology, Changmao Biochemical Engineering 12.　　Most of the rest of the stock shrank seriously, Ningbo, Zhejiang Province, Yi East Electronics (8249.HK) initial price of HK $0.5, the current price of HK $0.095; Beida Jade Bird HuanYu (8095.HK) fell to HK $0.355 from the initial price of HK $11. According to the Beijing Jade Bird HuanYu Company, the reason they chose the Hong Kong Gem listing is one of the reasons that the gem can provide financing opportunities for companies of different industries and sizes with good growth potential. Now 0.3The 55 Hong Kong dollar's share price, which is hundreds of yuan a day, has had to disappoint. "I would like to use the appeal of the Hong Kong market to raise funds to attract more international companies and broaden our business scope." Now customers look at our stock price has been left, and sometimes a day there is no turnover, greatly reducing the impression on our company, but not listed it!　　"One of the top executives in the Hong Kong gem is a lot of frustration. The large number of low-cost stocks in Hong Kong's gem has lost its real investment value to investors.　　Some of the best companies with undervalued stock prices have also been overlooked by investors and lack the basic financing function for the company.　　Industry insiders believe that the Hong Kong gem needs to address market identity, liquidity, turnover, market size and other issues. Embarrassing dilemma in order to solve the above problems, the Hong Kong Gem has made its 26th amendment to the rules last year. July 1 last year, the listing director of the Hong Kong Stock Exchange signed the "Gem Listing Rules" has been revised: Gem listed companies to the motherboard, without first in the gem to remove the card, can be directly "from the Gem Board to the board listing." The Board of the applicant's first listing fee will be reduced by 50%, the board when the company can also be announced to replace the previous prospectus, and do not need to recruit a sponsor or financial advisor.　　Obviously, the Hong Kong Gem hopes to pass this amendment, simplifying, reducing the threshold of the motherboard to attract more quality mainland enterprises to get rid of the present predicament. However, it backfired. From last July to the present, in the new regulation for up to a year time, Hong Kong gem New listing of companies only one.　　On the contrary, the new rules have prompted some quality enterprises to speed up the loss.　　August 18 last year, the United States Union group affiliated companies-the United States and Commerce and Industry Co., Ltd., successfully from the Hong Kong Stock Exchange gem to the main board listing; August 29, the year before the first row in the gem total market value of the fourth Wave international officially from the gem to the main board to go public. Subsequently, Ceefeng home, the Yangtze River Life Technology, Phoenix Satellite TV, Kam Heng Automotive Safety, soft international and other companies have transferred to the Hong Kong Stock Exchange motherboard listing.　　These companies are the top quality companies in the market capitalisation of Hong Kong gem companies.　　The loss of these quality companies has undoubtedly made the Hong Kong gem increasingly awkward. The painful choice "the original choice of Hong Kong gem is because Hong Kong's international market, in line with global standards, can attract more investors." Moreover, its market regulations are more normative, which can bring new breakthroughs for the management of enterprises. Zhejiang Jiang President Assistant Liu Frankly, "but at present our company's stock price is grossly underestimated is also the fact, but we need more financing capital to invest in the new research project." "Zhejiang Jiang on May 16, 2006 on the Hong Kong Gem, the IPO price of HK $1.50."　　According to the World Treasure's annual report, since 2006, the world Treasure Gross profit annual growth rate of 20%--30%, but reflected in the share price is seriously underestimated-August 25, Zhejiang World Treasure's closing prices of HK $1.09. A staff member at an accounting firm in Beijing told theZhejiang Business reporter, in his contact with the gem listed in Hong Kong, some small and medium-sized enterprises, the market is deserted, low price-to-earnings ratio (some companies are 2-3 times earnings ratio), the stock price deviation from the normal valuation of the company, such as dissatisfaction, making it difficult to refinance through the capital markets.　　In the case of insufficient revenue, some small and medium-sized enterprises are helpless: to the Hong Kong motherboard, there is no corresponding strength; Choose to return to the city and unwilling, but also afraid to affect the company's reputation; If you maintain the status quo, it will only slowly suffer. On the one hand, the company's research and development, market development needs to invest a lot of money; on the other hand, as the main financing means of the capital market due to the slump in the gem market, the stock price is seriously underestimated, the funds raised are far from the company's need for development funds.　　Many mainland companies listed on the Hong Kong gem are "in the same boat". And some small and medium-sized enterprises suffering from the idea of a return to the city is different, Liu to the "Zhejiang business" reporter said that they are going to the direction of the Hong Kong motherboard, is also in the professional to inquire about the issue of the transfer board. Liu said that it is not easy to list in Hong Kong, they will cherish the Hard-won "shell", and in a good direction. After all, foreign capital market is much earlier than the mainland, the mainland's capital market sooner or later to be in line with international standards, since has stepped out that step, or will continue to go on.　　Moreover, the mainland will not consider jumping back to the mainland for a long time. Senior financial commentator Lucheng that Hong Kong is a free port, is a highly developed financial city, but its own technical force is very weak, because there are few manufacturing. So how can the tertiary industry such a developed city produce a highly risky and highly innovative gem in technology? The lack of high-tech companies on the Hong Kong Gem and the uncertainty of the development of manufacturing enterprises and the lack of understanding of the manufacturing sector have led to their lack of recognition. So a large number of ordinary Hong Kong investors have focused on stable blue-chip stocks, including mainland SOEs and local Hutchison Whampoa, Cheung Kong and HSBC. Therefore, many mainland enterprises listed on the gem of Hong Kong are not getting the desired results. Today, it is said that the mainland's gem is about to go into the market in October, and some of the Hong Kong gem as long as it is in line with the mainland gem listing requirements, the return may not be.