Local PE investment needs to be calm and rational: success is due to the gem

From the gem to the SME board, and now to the gem, if PE only chasing the so-called possible listing of the project, this investment will be abandoned by the market. The SFC has been actively promoting the pace of the growth of the gem increasingly accelerated. Investment funds generally believe that the introduction of the gem to make investment funds have to exit the channel. In 10 years of suffering and other excitement, they are also rethinking the launch of the Gem as a new round of "PE investment boom."　　This upsurge in 2000 and 2007 have been proved to PE and capital markets are tragic. Gem specified PE exit path as Shenzhen's venture capital veteran, Shenzhen Fortune Venture Investment Co., Ltd. Partner Shao frankly, the gem in bringing investors enthusiasm, help VC funds attract more resources. "More talent to focus on the investment industry, thus reversing the promotion of enterprise Board of Business progress." I think only such a complete, multi-level capital market will let China VC and PE into a virtuous circle. "Shao eyes, the launch of the gem is the biggest significance of the capital market is the smooth exit channels." "The establishment of the gem will make PE, especially VC exit channel level rich, but also promote PE to try a more active investment strategy, bold investment in those banks can not see, the motherboard and the SME board is not touch the innovative enterprises."　　PE is the "gatekeeper" of the Gem and the "coach" of the start-up Enterprise, which has played a leading role in the pioneering enterprise board to a great extent. Shenzhen Capital Management Co., Ltd. Chairman Rofei that venture investment for the enterprise, the core competitiveness lies in its ability to bring additional value to the investment enterprises. "A big value for startups is the ability to make profits and increase the growth rate of profits," said the company. "The 10-year waiting for the gem is worth it in Rofei," he said. "Gem to our Chinese economy has activated the innovative gene, this is not only a government-oriented, the enthusiasm of civil innovation, the attraction of talent can promote economic development." As the market opens and the creative genes are activated, I believe we can all get what we expect in this age of genetic resurrection. "Shenzhen Oriental Fu Hai Investment Management Co., Ltd. Chairman Chen further elaborated that the 2003 market has not yet before the reform, the company listed only to Shanghai." Also limited to the legal person shares cannot circulate the stipulation, means that immediately you invests the company to go to the city, the private equity and the venture capital fund does not make the money. The gem came out and solved the problem, because of it, China's capital market is really multi-level.　　And since the 2006 share-splitting reform of the market is really activated, with the gem will have more funds to invest. The worries of the gem to PE but in a good voice, Chen still has worries. In fact, every time the launch of the gem is both good news and bad news. The good news is that investors have a way out, and the bad news is that every capital will make the industry a particularly hot place, and what kind of money will go in. "Actually back in 2009On the eve of April 1, the China Securities Regulatory Commission issued the "initial public offering of shares and on the Gem listing management interim measures" on the day, Chen has "' Gem came ' is clearly no longer April Fool's news."　　In the context of the financial crisis, the Gem wasted ten years after finally restarted "sigh." Later, Chen published a signed article called "Forget the Gem, forget the IPO." Chen said that China should implement the National independent Innovation strategy, provide sustainable growth for the economy, without the capital weapon such as gem. From the PE industry, the role of the promotion of gem is also obvious.　　But he said in the excitement, local PE more need to calm and rational. In Shenzhen, for example, 2000, in response to the upcoming gem, Shenzhen authorities recommended the first batch of 23 pre-selection enterprises. A lot of PE retrace to these "list" company to invest, not only the investment price to compare with each other, the investor also must squeeze the head to find the relationship can cast in. In the end, nearly 80% of the pre-selected companies have institutional investments, except for the five or six companies, such as the missus pharmacy. Because it seems to meet the listing conditions, the nature of the growth of enterprises by investors ignored, coupled with the issue of the system constraints, many PE are used to transfer the way the old shares of investment, the result of the indefinite postponement of the gem is a lot of PE are immersed in, only the founder of the company shareholders. 2006 Shenzhen The 23 companies to conduct follow-up research, from the results of the survey and in conjunction with the last two years, only less than 50% of the enterprises to maintain the relative growth, including the domestic listing of the same continent electronics, science and technology, such as electronics, Gold card and other 6 companies, 12 are still operating, but 7 mediocre performance And the Million De Lai in 2004 bankruptcy, Xun Bao Network, through the days of science and technology, Allwin, Sang-xia People's livelihood technology has long been missing traces.　　Corresponding to this, 2001, only in Shenzhen, there are more than 100 venture investment institutions, and by 2004, leaving less than 50 institutions, the real continue to do business is even less. 2007-2008, due to the domestic capital market booming, a few years of invisible investment boom again, this time is around the SME. Many PE institutions chasing the IPO project of the SME, and to brokers, accountants, lawyers and other intermediary agencies to enter the market, enterprises ready to declare the listed materials as investment standards. Enthusiastic institutions not only raise investment prices, but also pursue investment rates, compressing or abandoning investment processes. For a time, IPO project Hot, a heard that in line with the listing conditions, ready to go public, the various investment team, not only has not done the investigation on the investment case, also has tens of millions of investment degree overnight in between PE divided the light story. The change of economic situation since the second half of 2008, not only let a lot of IPO project to be listed unattainable, the investment enterprise own operation also appeared very big problem. Over the past two years, a lot of money chasing IPO to shipbuilding, minerals, coke and other projects, some funds scale of 1.2 billion yuanFund even only 2-3 IPO projects, and when the business environment changes, the stock market adjustment, the company's IPO is blocked, these PE also and enterprises in trouble, many investment institutions in a year or two after entering the liquidation process. "From the gem to the SME board, and now to the gem, if the PE investment philosophy has not changed, only chasing the so-called possible listing of items, in order to be able to list or meet the listing as an investment standard, this investment will be abandoned by the market." , Chen told China to run a network of reporters, as the industry, he very much hope that the launch of the gem will be relatively stable. "Because I am particularly afraid as a result of the launch of the Gem and a new round of ' PE investment boom ', and this craze has been proven to be harmful to PE and capital markets. ”