Information says HKEx intends to promote gem to be listed in Hong Kong

Every reporter Chao from Beijing long-awaited began to come out. The 10-year-long gem has finally been launched, making it a hot topic in the 2009 (fifth) China Venture capital Development Forum.　　Yesterday in the Forum "Gem, ipo,2009 year worthy of the Feast" Round Table Dialogue, "October" has become the majority of participants on the GEM launch deadline consensus. "A lot of companies are so white about this. Souvit, managing director of Han Investment group, joked. But CCTV securities information Channel Executive editor Shinwen warned: "China's gem will take a lot of detours, the market may fluctuate." "Gem" launched 105 business applications have been accepted "the financial turmoil may be a good opportunity for the development of China's gem."　　Jin Jian, a partner at Deloitte China, says the gem is a "little man" compared to the motherboard, and the impact of the financial turmoil is more on the "big guy" and the "little Man" will get more opportunities. Although the "Little man", but after 10 years gestation period, gem this "Little Man" attracted a lot of attention, many companies have been anxiously waiting. July 26, the gem officially accepted the issue application, the Gem curtain officially opened.　　As of the end of July, 108 companies submitted applications to regulatory authorities, including 105 applications, Souvit introduced. "Gem can provide SMEs with a good financing platform, can promote them in the process of industrial management development, through the capital market to further expand."　　"This is the main reason for SMEs to focus on the gem," said Zhouxiao, executive director of Nomura's investment banking division in China, which will become a catalyst for growth in China's economic growth process. "The HKEx is talking to the Shenzhen stock Exchange on this matter (at the same time), which is listed on the gem, and can go to Hong Kong's gem."　　Jin Jian revealed that Li, the new chief executive of HKEx, who will take office on October 16, would like to promote the joint between HKEx and Shenzhen. "In the two years to come, the development of the gem should become a hot spot." "There are three major features that will boost investor confidence in the gem," Jin Jian said. First, the gem will move towards internationalization, that is, the future of China's gem will be in line with the international gem, especially to allow an enterprise in two or three at the same time; second, the development of GEM will vigorously promote the domestic RMB funds,　　PE and other funds to enter the role, and accelerate the PE and other funds to invest in gem enterprises; third, the state is the accounting standards and international accounting standards are fully integrated, which will further save the management costs of domestic enterprises, stimulate more enterprises to land the Gem board. Gem-risk may lead to market volatility "we say it is likely to launch the gem in October, but what exactly does the gem do?" It requires a lot of technical expertise. "Shinwen that the current gem does not have these" professional technology ", the relevant regulatory authorities also believe that the retail investors are not enough to supportGem market development, "so today we do not see the relevant departments consciously cultivate in the gem investment direction of institutional investors." "Is it good that the market is active?" Active means liquidity, okay? If the liquidity of a market is not good, can it be accurately priced for capital? If the capital is not priced accurately, can it support the exit of our venture capitalists in this market?　　"Shinwen is full of doubts, he thinks, the gem still has many problems to be solved urgently."　　Shonben, chief representative of the Tokyo Stock Exchange's Beijing office, said he believed that, based on the design of the system, the gem would shift some of the risk to the level two market, which could lead to sharp fluctuations in the market and increase investors ' risk. "Gem after the launch of the actual operating results, there are many uncertainties, especially in China's market, human factors and policy factors are more."　　"Souvit that, based on the above factors, to the IPO as the exit channel of PE and VC, GEM Capital value and its financing function in the end, whether to achieve its exit expectations, but also need to observe." "The investment risk is definitely over the motherboard. "A participant of the investor told the reporter, compared with the motherboard market, the gem risk of delisting and stock price fluctuation risk greater."　　If the lack of policy regulation, the gem speculation, stock price manipulation and other speculative behavior may occur frequently. GEM-recommended SMEs should enhance their ability to resist risk and the immature gem, the intention to participate in small and medium-sized enterprises also face many problems. "In China's gem market, small and medium-sized enterprises are facing a relatively poor environment."　　Zhouxiao explained that on the one hand, because the size of the enterprise is small, the ability to bear the risk is limited, the enterprise is easy to be in the economic fluctuation problem, on the other hand, small and medium-sized enterprises generally develop faster, the company management of risk control capacity is weak, especially after the expansion of the enterprise, management "After the listing, executives have to face the test of capital markets. In particular, some high valuations, relatively small circulation of enterprises, its stock price volatility risk is very high, will bring a lot of impact on the enterprise itself. "Souvit that the listing may promote the enterprise to obtain the explosive growth, but based on the enterprise scale, the risk-resisting ability and the profit pattern and so on the insufficiency, the medium and small-sized enterprises must adjust the thought in time, in order to meet the environmental policy, the management and so on change."　　Once poorly handled, these problems can lead to a decline in corporate performance or even bankruptcy. In contrast, investors in the gem will suffer. "The transparency of small and medium-sized enterprises is not very high, and investors rarely get information that will help them make effective judgments."　　Zhouxiao said that, based on the serious asymmetry of information, the "herding effect" will appear frequently in the gem market, and thus increase market volatility. "The number of open accounts has risen rapidly. "A brokerage yesterday in the daily economic news, said in an interview, the Gem just launched, the number of open accounts is very small, but with the launch of the gem is approaching, the major brokers have launched various incentive policies,Some have already opened account number as the Business Department's examination index. News Link RMB Fund investment activity first Ultra foreign Currency fund investment in RMB funds is gradually becoming the mainstream of the market.　　The daily economic news yesterday learned that, from the investment currency perspective, China's investment in the mainland in the two quarter of this year, the investment performance of the renminbi fund is very prominent, investment activity exceeded foreign currency fund for the first time, and has become the market leading force. Venture capital and private Equity Research Institute of the "2009 second quarter China venture capital research Report" and "the second quarter of 2009 China Private Equity Investment Research Report" data show: In terms of the number of investment cases, the two quarter of this year, the case of RMB investment in a total of 62,　　Accounted for 55.4% of the total number of investment cases, from the amount of investment, in the case of the Magnolia officinalis Investment in CCB, the amount of RMB investment in the 749 million U.S. dollars, accounting for the total adjusted investment of 59.6%, also occupy the market dominance.　　From China's VC/PE market in the second quarter of this year, RMB fund investment is gradually becoming the mainstream of the market. The report said that since 2008, the state gradually relaxed the securities brokerage, insurance institutions and other financial and asset management institutions in the equity investment policy restrictions, promoting the domestic renminbi fund fund-raising spree.　　Into the 2008, the RMB fund raised an explosive growth, a total of 108 RMB funds to collect the whole year, involving the total amount of money raised to 23.669 billion U.S. dollars, the ratio jumped to 64.7% and 34.6% respectively. The report also said that in the first half of 2009, RMB fund raising continued to warm up, the new RMB fund 24, new funds 1.128 billion dollars, respectively accounted for 70.6% and 24.7%, the status of RMB funds have been further consolidated, especially in the number of new funds, RMB fund again over foreign currency funds,　　has become the mainstream of China's private equity market fund-raising. Every journalist Hu Junhua