More than half of the venture board companies break private equity creation rate of 10 times times

In the context of the global financial crisis, the gem in the last October Ming Gong run.　　In the 9-month period, the operation of the GEM has promoted the development of small and medium-sized innovative enterprises in China. As of June 30, more than half of the 90 companies listed on the gem were below the initial price, the experts introduced.　　90 companies have raised 40 billion yuan more than expected. Xiaixiao, a partner at PwC's Hong Kong firm, said that as of June 30, 47 of the 90 listed companies in the gem had fallen below the initial price and accounted for 52%.　　Only 43 companies were above the starting price, accounting for 48%. More shocking, only 10 companies now share a higher than the first day of the closing price, accounting for only 11%. 89% of stocks are below the first-day closing price.　　This is mainly due to the initial earnings ratio of up to 40 times times to 126 times times. Gem is the need to attract social capital to invest in small and medium-sized enterprises, and in the current gem has also appeared the problem of excessive concentration of social resources.　　Cheng, partner of Orient Fu Hai Investment Management Co., Ltd. said that the gem is now on the 90 companies, is expected to raise capital scale in 20 billion, but the actual fund-raising scale over 60 billion, raised more than 40 billion. "I personally think it is a waste of social resources. If we have a better way to lead the 60 billion to 200 or 300 companies, is it a greater contribution to society?　　"Cheng said.　　As a gem business incubator, VC/PE for the future development of the gem is particularly important, the Forum has experts proposed to guide the VC/PE more to the early extension.　　Shenzhen Wang Yiyu, director of the Institute of Integrated Research, said at the forum that as of June 18, 2010, a total of 86 companies landed on the gem, of which 57 companies have venture capital and private equity investment (VC/PE), the proportion of up to 66.3%, performance active. "57 companies attracted 102 VC/PE 124 investment, the total investment of 1.852 billion yuan, on average, each gem company has more than two VC/PE investment, the average investment of 18.16 million yuan per institution, the average of each organization holding 6.7%."　　"According to the statistics of the Shenzhen stock Company, the 102 investment institutions invested in the gem are 64, 35 and 3, respectively, for 62.75%, 34.31% and 2.94% respectively. VC and PE investment has homogenization trend. Wang Yiyu said VC average investment time 2 years 4 months, the average shareholding is 7.3%, the average investment amount of 15.8863 million yuan, the average investment p/e ratio 10.98 times times, the average investment value-added rate 13.59 times times; PE average 2 years 5 months, average shareholding 5.77%,　　The average investment amount is 19.1035 million yuan, the average investment p/E ratio is 12.52 times times, and the average investment increment rate is 10.3 times times no significant difference. Wang Yiyu said how to promote the investmentCapital to the early extension, better play its role of mining and incubation of emerging industries and enterprises, to provide more value-added services for enterprises, and the formation of benign interaction between the gem, is the industry needs to think together and efforts of the direction.