How long does the average price-earnings ratio of the gem be?

Shenzhen's statistics show that, as of June 18, the gem's average P/E ratio was 64.05 times times, the highest value of 127.65 times times from the end of last year has been "halved". At the same time, gem shares of the issue of the issuance of a lower earnings ratio, break gem increase to 19.　　In the two-tier market gradually return to the background of rationality, the radical investment camp ideas or face adjustment. The high P/E ratio is a double-edged sword for the venture capital, on the one hand, it makes the investment in the dormant place get a high return, and also pushes up the cost of VC projects. Under the help of the gem's high price/earnings ratio, the venture capital's bid for the IPO project has risen and even sparked a "nationwide PE craze".　　However, in the two-tier market gradually return to the background of rationality, the radical investment camp ideas or face adjustment. The high price/earnings ratio encourages the creation of huge profits no doubt, in a variety of common exit methods, the listing is VC/PE the best way to exit, so popular. Since last year, with the motherboard IPO audit restart, especially "Ten years grinding a sword" of the Gem Open Gate, plunge into one of the venture to reap a huge profit.　　Statistics show that the current listing of the gem companies, 80% companies are stationed behind the venture capital institutions, the average investment period of more than 2 years, book yield more than 10 times times. Since the beginning of this year, with the growth of Gem and SME, the "return curve" of the venture capital institution is still accelerating upward. According to the data from the Qing ke group, 15 VC/PE companies in the 9 VC/PE-backed enterprises listed in the country in January this year averaged 13.21 times times the profit. of the 9 VC/PE-backed companies listed in the country in February, 19 VC/PE institutions averaged 9.95 times times the profit.　　of the 13 VC/PE-backed companies listed in the country in March, 19 VC/PE institutions averaged 10.68 times times the profit. In April and May this year, the return on investment continued to rise sharply. of the 10 VC/PE-backed companies listed in the country in April, 23 VC/PE institutions averaged 27.02 times times the profit.　　In May, of the 9 VC/PE-backed companies listed in the country, 17 VC/PE averaged 30.74 times times.　　A stark contrast to the negative impact of the high P/E ratio is the fact that, in 2009, as the global economy was uncertain, most VC firms slowed their investment, and China's investment market plunged for the first time since 2002. Gem Feast Passion Open seats for the domestic venture to inject a "stimulant", but also to the listed companies to increase the bargaining chip. "According to the investment stage, the Prophase project generally reasonable PE in 3 to 5 times times, the competition for relatively intense later projects generally 6 to 8 times times more appropriate," a private venture in Zhejiang said to reporters, "and at present, less than 10 times times PE bid is difficult to make enterprises, the competition for quality projects more intense. "In the early June this year, Qianjiang Motor (000913) subsidiary full Bo investment 77.81 million yuan to subscribe to the listing of Jinling chemical new shares. Based on 2009-year earnings per share, the increase is about 21 times times the price/earnings ratio.　　This means that, if the jinling chemical market this year, the issuance of a P/E ratio should be higher than 21 times times, Qianjiang motorcycle (000913) is only floating surplus. "Almost every week there is a new equity investment organization," said the venture capital, because of the country's investment, speculative housing demand for restraint, so that some of the money is also diverted to venture investment industry.　　In the industrial capital, private money and other funds chasing, "the National PE heat" swept. In Wenzhou, where the capital is plentiful, equity investment is more openly encouraged by the government.　　In May this year, the Wenzhou government, China Venture Capital Research Institute, Zhejiang Industry and trade Vocational and technical College jointly set up Wenzhou venture capital Research Institute, aiming to guide the huge amount of Wenzhou folk money into the field of venture capital orderly and professionally. How long can the national PE heat still last? When the national PE tide is surging, the gem market has undergone remarkable changes. Shenzhen's statistics show that as of June 18, the gem has an average of 64.05 times times earnings, 127.65 times times last year the highest value has been "halved." At the same time, the issue of the gem IPO price-earnings ratio has cooled, break gem has increased to 19.　　In addition, the long time for the criticism of the gem company "surprise stake" phenomenon encountered by the regulatory layer strict control. Also noteworthy is that this November, the gem will usher in the first batch of original shareholders lifted the climax, will have a total of 1.2 billion shares in circulation, corresponding to the market value of about 40 billion yuan.　　Because of the low cost of holding shares, coupled with the poor performance of some companies, some shareholders, if they choose to accept, may trigger a stock price adjustment, the growth of the gem to further downward.　　On the one hand, the venture investment as a reference frame of the gem market rapidly cooling; On the other hand, a large number of idle funds continue to "inject", what will bring to the domestic investment industry pattern of change? For the moment, the passion for venture investment has not ceased immediately.　　According to the statistics of the research center of the Qing branch, 41 of the new RMB funds were raised in the first quarter of 2010 years, accounting for 85.4% of the total, over one-third of the annual level in 2009, and the raise amount was $2.868 billion.　　However, the industry has been constantly issuing a warning voice. Yan, chief partner of the Asia Investment Fund, is worried about the influx of money. He believes that China's VC/PE accounts for only 0.1%-0.2% of GDP, a very small proportion, "many people only see the money, but do not see the risk."　　Yan made a bold prediction, the next two or three years may be a "melee" situation, "warlords and the warlords separatist". On June 4 in Shenzhen, the 12th session of China Venture capital Forum, for the current hot private equity investment boom, a number of people in the industry said that PE investment exists "short light long, quick success" behavior. Shengzu, deputy chairman of the NPC Standing Committee and vice president of the DAB, said at the forum that ChinaThe private-equity market is booming, largely because of the herd of investment in Angels, VCs and private-equity funds when the housing and stock markets are not doing well. Gong, managing director of JPMorgan Chase, also believes that equity investment should be "going early" and heading for hatchery funds, Angel funds and VC funds, as these investment markets are relatively rational.　　He reminded investment agencies that with the expansion of the stock market, the current gem, the high valuation of the SME market is likely to be unsustainable, with the current high valuations as a reference to invest in late projects is very dangerous. In the gem, the Board of Fortune Venture chairman Liu Day said: "The venture should be to earn the growth of enterprises, rather than the one or two-tier market price difference." For the market focus on the higher gem myth and high valuations, Liu said, the current gem market is indeed high, a reasonable overall price-earnings ratio should be 30-50 times, may be to next year, the gem of the high valuation situation will certainly gradually differentiated.