Investors need two years experience? The wind throws the big guy to argue the pioneering board

Perhaps in October, the gem that waits for 10 will depart.　　Now we are not sure, the gem is the catalyst for the stock market, or the Waterloo of the old investors, is the entrepreneur booster, or a round of coaxing after the chicken feather. In the eyes of different interest groups, GEM has different connotations, just like every person has a hamlet in their hearts.　　June 5, the Shenzhen Stock Exchange officially issued the "Gem stock market Listing Rules", and will be implemented on July 1, the footsteps of the gem is getting closer. June 6 and June 7, the 11th session of China Venture capital Forum held in Shenzhen, our correspondent witnessed the industry's various exciting debate.　　The gem will lead us to where, who knows?　　Launch time: July, October or November?　　For those who wait in line to stir up the concept of the gem, their mood and already do a good job in the gem listing of the Enterprise ready, anxiously waiting is the opening time of the gem. "It may be launched after October 1."　　"Wang Shou Ren, executive vice president of Shenzhen Venture Capital Association, said that the possibility of October is relatively large, just after the national day."　　Cao Feng, director of the Center for Finance and Securities research at Peking University, said that the 5th "Shenzhen Stock Exchange gem Stock listing Rules" has been officially released, which means that the company's issue and listing time is not far away, the question is we are ready to do not. "Gem early launch of the time in July." "Yanyanying, an investment researcher at the sky, said. But CICC researcher Wang Songba that the launch of the gem market before July this year is unlikely.　　The current motherboard market IPO is still suspended, the gem market can be in the main board market IPO before the first launch, still with greater uncertainty. Founder Securities believe that the current market for the issue of stocks and the launch of the gem is in a smooth period, the motherboard IPO may be restarted in early July. Gem launched to be declared, audited, the issue and listing stages, the Board of the Securities and Futures Commission issued two audit, the current gem issue of the list has not been confirmed, the agency is not fully in place, the gem has not entered the substantive operation stage, gem listing rules on July 1 will not affect the progress of the gem.　　If starting from July to August to accept the gem IPO materials, after 2-3 months of IPO material audit, is expected to launch from November to December Gem.　　The NPC Standing Committee, deputy chairman of the DAB, Shengzu, said the gem should be launched in the year, the specific time is still undecided.　　Number of first listed companies: 8, 30 or 100? How many companies will be the first to board the gem?　　From 8 to 100 opinions vary.　　Chen, dean of China Venture Capital Research Institute, said that the launch of the gem on the main board market impact is not large, this year gem Enterprises will not be listed in the number of more than 100, to each raise capital 100 million calculation, the total amount of financing not more than 10 billion. "Gem hard financial indicators are 3+2+2+3." "Shenzhen CertificateStock Exchange Planning International Director of the Longwuhua summary, the so-called 3 is set up 3 years, 2 is in China first introduced 2 sets of financial data standards, to 2 annual earnings add up to 10 million, of course, can also profit 5 million, let the growth rate is 30%.　　Before the listing of net assets to reach 20 million, as well as before the listing of total equity reached 3 million. There are a lot of companies that meet the rules. Wang Shou Ren that according to market conditions. If the market continues to be hot, we will be more hair, if the market is deserted less hair. The one to fall below the issue price, fell to a few cents, who also buy?　　This is determined by the market and is explained by the market. ' Now that the rules are out, we're figuring out what the market is, ' says Wang Shou Ren. If the stock index plunges to 1600 points, what does the listing do?　　If investors don't buy it, who's going to go public? Guo Xin Securities Investment Banking Business Department general manager Zhou Cojun that the threshold of the gem is relatively moderate, we are not set, but beauty pageant system. In line with the gem standards of tens of thousands of families, a year up to 100, so we are really a beauty pageant. The first 30 to 50 of the gem enterprise is certainly a small board concept, smaller than the current small and medium-sized plate size, but the operation is very stable is the first batch of gem.　　After running for some time, the gem becomes the promised land for the venture company to go public. "100 a year, to create a board to do?" The board is not a year can be more than 100? "Caofeng that the gem still needs to be a number of enterprises." "The last few meetings, science and Technology Minister Xu Guanhua said, the Ministry of Science and Technology 120,000 of the need to go public, at this rate fundamentally not." "To create conditions for enterprises, create channels, we have to solve the quality problem, so in the sponsor system, information disclosure, exit system to strengthen it."　　"Cao Feng that the gem market is looking forward to the market, the listing of enterprises if the requirements are too strict, it is not possible." But Shen, founder of Sequoia China Fund, said the company should be listed more strictly. It believes that the real approval, to consider the size of the enterprise, quality, the requirements of enterprises should be more rigorous and higher.　　The feeling, this plate to obtain the favor of investors and trust, or rely on high-quality enterprises. "We see why America's Nasdaq is successful because there are a number of companies on the Nasdaq, and today are world-class companies, including Microsoft and Cisco, which have made the Nasdaq plate credible."　　"Shen said. In fact, the listing is a double-edged sword, the norms are double-edged sword. "Societe Generale Securities Investment Bank Headquarters managing director Luopeng advised some enterprises, if there is no good development prospects, not suitable for listing on the market, otherwise it may outweigh the gains."　　This is the first thing we need to consider, to think about the cost of listing.　　Market impact: The first day of the encounter stir fry?　　Gem is the most worrying is not to become a second board, a set up encounter stir fry? Chenhong, Vice general manager of Shenzhen Stock Exchange, said that this is a concern of the gem, we see earlyThe launch of the last two months of investor education, prepared very well, and we continuously emphasize the sense of risk. Chenhong said that the next step is the trading rules, now the rules have not been introduced, how to arrange to see the published rules of the transaction. In the board this piece, we also have a series of measures, or have some effect. Especially on the first day of the listing. After the risk incident, we speak more, the investor's consciousness is also increasing.　　We note that the first day of the small and medium-sized market, the process of frying, is very little retail participation more, so for this kind of small investors, we will also be in the future gem in particular.　　and Chenhong Bridge official statement to Fry to prevent different, Shenzhen innovation Investment Chairman Haitao Jin Frankly, "I think there is also inevitable stir fry phenomenon, the key is to let the market to education." The Caofeng proposed to reform the trading system.　　It is believed that in order to prevent market excessive speculation, restrain the manipulation of market behavior occurs, can implement the city business system.　　Caofeng said that some people said that China is now implementing the market business system is not mature, the strength of Chinese brokerages is not enough, itself is speculators, and lack of integrity, you can designate 3-5 market makers, competition for posts. "At this stage can be implemented on the first day listing trading ups and downs of the system, China's first-day trading premium rate of 200%." First-level market to buy stocks of people without venture capital, the common people two-tier market, a pick up on the quilt. "Caofeng said, we are afraid of the gem market for crazy trading, the people suffered losses, hoping to stop the first day.　　According to foreign experience, the first day premium rate is not higher than 15%, so we set the first day to increase not more than 15%, so better.　　Investment access: Do you want to set entry threshold? "Hong Kong is 150,000 HK dollars to enter, but the limit for a few days no one to invest, so the cancellation, I think should not set a threshold." Caofeng said that the SFC's approach, the gem should be set up with the investor risk tolerance of the investor access system, to investors fully inform the investment risk. This one said, 80% of investors opposed, said that this is unfair, why restrict access?　　To strengthen education, you are the high-risk market, the risk of its own. Wang Shou Ren that the things that have been settled should not be debated anymore. "Do not expect one-step, to continue to explore and improve in practice." The CSRC yesterday also sought advice from the community on the interim provisions on the proper management of gem investors. It is understood that the SFC requirements, investors must have two years of trading experience can directly open gem investment transactions.　　Investors who have less than two years of trading experience will also open channels if they are fully aware of the risks, but need more risk-prompting procedures. Reporter Jongming, intern siao Shenzhen Report