Low P/E shares sponsorship + direct profits chain

21st Century Economic Report Lei Liping Shenzhen reported that the "Sponsor + Direct investment" of the gray profiteering zone is becoming more and more attention.　　Just in the embryonic stage of the "Sponsor + direct vote", in the end whether such as the outside of the "firewall" in the form of a fictitious, whether there may be a problem of transfer of interest?　　After this reporter investigation found that a "Sponsor + Direct investment" of the interests of the chain gradually surfaced. Shenzhen venture investors to reporters that investment banks in the hands of high-quality projects are generally preferred to their own direct investment enterprises, and direct investment enterprises, due to the relationship between the sponsor, can be in the share price of the enterprise's care: brokerage "sponsor + Direct investment" enterprises can be a general lower than the overall price of the project to get these items,　　In the same period, non-brokerage companies are hard to get the same price.　　According to the reporter statistics, in the current "Sponsor + Direct investment" in the enterprise, the securities brokerage direct investment in the cost of participation is far lower than the same period of non-brokerage direct investment company's investment costs, and even significantly lower than the sponsor of the brokerage direct investment company costs.　　And some of the quality of the general enterprise, belong to the scope of declaration can not be declared, enterprises are willing to a certain price concessions or shares with the sponsor of the securities, so as to achieve a successful listing.　　"Sponsor + Direct investment" short cycle according to the latest statistics of CIC, domestic brokerage direct investment business started 2.5, as of May 2010, 8 brokerage companies to start investment, completed 55 transactions, the total amount of transactions disclosed over 2.5 billion yuan.　　And in nine listed enterprises, in addition to East Net (300059.SZ) by the CICC company sponsored underwriting, but by Haitong Securities Direct Investment company Haitong Kaiyuan Investments, other enterprises are "sponsored + direct cast."　　According to reporters not complete statistics, Rui Qi Tools, Huaren Pharmaceutical, Qinglong pipe industry, such as three have been the company is also a "Sponsor + Direct investment" mode.　　One of Ping An securities sponsor Rui Qi tools have ping an financial wisdom in August 2009 investment 13.92 million Yuan, Huaren securities sponsorship of the pharmaceutical industry, Qinglong pipe Industry by the canton in August 2009 and March 2009 respectively invested 32 million yuan and 4 million yuan.　　According to estimates, after the successful listing can be in the tsing Lung tube industry to obtain more than 13 times times the book income, and in the listed 8 brokerages "Sponsor + Direct investment" companies, direct investment average book return more than 6.4 times times.　　It is noteworthy that the national letter of the Longi of the securities sponsored by Chinhong Sheng in February 2009 invested 52.6 million yuan in investment, but due to related transactions and other issues on March 25 could not be, become a minority of "sponsorship + direct investment" failure of the enterprise.　　Due to the existence of the "investment-counseling-sponsorship" natural convenience, securities brokerage direct investment enterprises from the financing to the listing of the time period is generally short, the average period of listed enterprises is only 9 months, including the 3 companies have been over 11 of the average cycle is only 1 years. From the time period of investment, reporter statistics of the 12 brokerage "Sponsor + Direct investment" Company, are listed before the project, that is, the securities as a sponsor of too manyYears of counseling, in the final stage of enterprise joint-stock transformation, choose to let its direct investment enterprise equity participation, the process should be "guidance-investment-sponsorship."　　This shows that the sponsor in the selection of direct investment in the object, relatively non-brokerage background to create a firm advantage is very obvious.　　Low P/E shares and entered the "Sponsor + Direct Investment" enterprises, brokerages can also be a preferential price investment.　　Statistics show that the company's direct investment companies in the previous year's net profit for the benchmark investment price/earnings ratio, 12 "Sponsored + Direct investment" companies have an average of 9.38 times times earnings, 8 already listed companies have an average of 9.71 times times the investment P/E ratio.　　Among them, the investment price-to-earnings ratio of the lowest for the national letter Hong Sheng in June 2009 shares in the three-Chuan stock (300066.SZ), investment 7.8 million yuan, only 4.4 times times the price-earnings ratio; Guang de in March 2009, the shares of Tsing Lung pipe industry, investment of 4 million yuan, p/E is only about 6.3 times times. The highest investment price-earnings ratio for Hao-hua Energy, the December 2007 Stone Investment investment of 151.2 million yuan, p/e ratio of 15.3 times times, is the brokerage direct investment projects in the few cases of high P/E.　　And Hao-hua Energy for the Shanghai main board listed companies, the current dynamic P/e 20.7 times times, and the Gem 10 times times the equity participation of PE and 70 times of the listed PE, stone investment cost higher. The sponsor organization aspect, the national letter securities through the state letter Hongsheng shares the YANGPU medical treatment (300030.SZ), Jinlong electromechanical (300032.SZ), the steel Grinds Gourna (300034.SZ), the Three Rivers shares,　　Longi Silicon 5 companies have an average investment price-earnings ratio of 8.9 times times; After the elimination of the main board Hao-Hua Energy, Citic Securities under the Golden Stone investment shares of the Shenzhou Thai Yue, the robot average investment price-to-earnings ratio of 9.5 times times; GF Securities direct Vote Germany shares Huaren pharmaceutical industry and Qinglong tube industry, the average P/e ratio is 8.7 times times. "8-10 times PE is a cap-and-drop price for VC companies under normal circumstances, more than 10 times times, which is not very good for us." "Shenzhen, a venture investment enterprise told reporters," but the above securities sponsor + Direct investment enterprises can be a general lower than the overall price of the market to get these items, and the same period of non-securities companies to create investment enterprises it is difficult to get the same price. "The company said that in recent years, the price of VC shares fluctuated a lot, and in 2006 the investment P/E was generally 5 to 8 times times, and 2007 reached 12 to 15 times times."　　In 2009, the market prices began to soar before and after the gem opened, and the current average price of PE investment has been pushed to more than 15 times multiples.　　But this is only a normal project, the venture to get the late-listed projects tend to pay a higher price. "Previously mentioned listed sponsors + Direct investment Enterprises February 2009-August, as an example, as a sponsor of the brokerage can get 4 times times, 6 times times the quasi-listed items, and the general venture capital enterprises are basically impossible." "The Shenzhen Venture investment personage pointed out," in the same period, the Shenzhen venture investment industry average participation price in 10 times times the waterFlat, less than 10 times times below the project, the higher the price.　　"Moreover, in the absence of direct investment in the brokerage, venture investment enterprises to scramble for later projects often need to be introduced through the brokerage sponsor representative or project team members, and to pay high intermediary costs (see this newspaper June 22," The IPO Rules: "" The Golden Triangle ", the sponsor, the middleman and the venture" "Rent-seeking").　　And as the sponsor of the brokerage, in the investment quasi listed companies obviously have a clear competitive advantage.　　First of all, securities as a sponsor of the background, its direct investment enterprises do not lack of capital projects, and even some brokers claim only direct investment projects.　　Secondly, the background of the sponsor of the brokerage also indirectly reduces the participation cost of its direct investment enterprises. The Shenzhen Venture investor revealed that the investment banks in the hands of high-quality projects are generally preferred to their own direct investment enterprises, there is no direct investment or direct investment to see the project, the sponsor representative or project team members will act as intermediaries, privately will introduce the project to the familiar VC shares. and the direct investment enterprise Fancy Project, because of the sponsor's relations, not only save a lot of expensive intermediary links, but also in the share price of the enterprise to take care of: some of the general quality of enterprises, belong to the scope of the declaration can not be declared, enterprises are willing to a certain price concessions or shares with the sponsor of the securities, so as to achieve a successful listing.