No established standard for gem position: Small Stock Big Fund has no intention to meddle

Reporter Shangang Beijing report waiting for a decade to come out of the gem of the recent progress can be used to sit on the "rocket" to describe, September 25, the first meeting of the 10 gem companies began collective IPO, National Day after the official listing. But the passions that ignite this speed are clearly not among the larger institutional investors, such as funds.　　"Huaxia Times" since September 21, the beginning of 5 days, to more than 30 fund companies to investigate "whether it will invest in the gem", found that "on the gem of the policy of different views, and even some confusion" is the current fund managers are generally confused. A number of fund managers told reporters that, although the regulator September 22 to the fund and the custodian Bank issued a "Note on Securities Investment fund investment gem listed securities," to dispel the previous public offering fund can participate in the gem of the doubt, They are still confused about the real issues of participating in the top-shelf positions of the gem.　　Many fund companies privately more clearly disclosed that the current will not consider investment gem.　　The sharp contradiction of the big Fund small stock The Chinese fund a person to the reporter said, as the fund invests in a stock can not exceed the share of the shares of the 10% limit, and gem listed companies have a small share of capital, so, for public offering funds in particular, the larger funds, investment in gem companies have difficulties. "In addition, as the gem listed companies can invest a small number of shares, it means that their contribution to the investment income of a single fund will be very low, therefore, the larger funds and fund companies do not have too much power investment gem, the investment in gem stocks will be cautious.　　"Compared to the" cautious "words of the Chinese fund, more fund companies have made it clear to journalists that they are not considering investing in the gem. "Our questions are actually focused on the big Fund's investment in small stocks.　　Hoi Fu Tong Fund company marketing department September 24 told reporters.　　The reporter noted that, according to the current data published, 149 of the companies officially accepted by the Securities and Futures Commission to be listed in the Gem, the number of shares issued is 100 million shares, at least 8.5 million shares, the average number of shares issued in 24 million shares. However, the real investment difficulties did not stop the Fund's attention to the gem.　　In the interview, a number of fund companies told reporters that their investment and research departments in recent days are holding a special meeting on GEM Investment, and based on the new news to determine investment strategy.　　China Sea Fund to reporters that the first batch of GEM announced the prospectus, the company's research department immersed in research to find potential companies, at present, they have written a research report as a fund manager to participate in the inquiry reference. "From the first companies to see, most of them are in a very special industry, can fill the current motherboard some of the blanks, and the high margin, many are up to 40% to 50% of the high level, if you can continue high margin, high growth, which will be the birth of many cattle stocks." "The fund also told reporters that they have been more concerned about the trend of the gem, is currently studying the relevantWork, but the specific investment behavior will be based on regulatory requirements and relevant provisions of the implementation. There is no established standard for gem position in the big fund, as the growth of the gem company is better, do not rule out the emergence of long-term cattle stocks, grasp these stocks should be able to bring excess income to the fund, but because these companies are more growth of independent innovation enterprises, and "high risk with high returns", therefore, " If we want to invest in the gem, we will certainly focus on its growth potential and remain cautious about valuations. "" At present, the gem company has just begun to contact, has not reached the point of very ripe, but the initial feeling of good quality, "Silver Pioneer fund manager Swisher also to the" Huaxia Times "reporter pointed out," from the current state of the market, GEM stock futures market pricing will not be low, If their share prices continue to perform well, there will be a big valuation bubble. "For the future will have a large proportion of investment in the Gem, Swisher bluntly:" There is no established standards, it is difficult to have a fixed proportion.　　Similarly, the easy to reach fund also said that the specific investment strategy will be based on the stock fundamentals, investment value and the level of the stock index to determine the specific investment ratio is difficult to determine.　　It is noteworthy that the interview of the fund companies in the disclosure of investment in the gem has not yet been considered, without exception to the reporter warned the investment risk of gem.　　Big fund to reporters that from the point of view of value investment, gem compared with the motherboard, has a unique investment value, but they can not simply and the current motherboard listed companies to analogy. "Although, like traditional businesses, the judgment of the growth of the venture enterprise can be measured mainly from four aspects, such as the growth rate, the quality of growth, the internal driving factor of the growth and the external environment, but the High-tech Enterprise has a short development history and lacks relevant historical data, so it is judged that the venture enterprise has no investment value, It should focus primarily on the potential for growth in the future, rather than on the growth performance that the enterprise has achieved in the past.　　"The National security Fund more clearly said that its fund investment gem may exist four risks, respectively, listed companies operating risk, integrity risk, the risk of large stock price fluctuations and entrepreneurial technology risk."　　Impact on the motherboard will not be very big with the launch of the gem is increasingly near, the Shanghai Composite Index has been tumbling since September 21, especially as the first batch of gem companies have been financing far beyond market expectations, with the largest number of China-Thailand-Yue IPO scale even close to 2 billion yuan, so that the market for the gem "Draw blood" motherboard market concerns have suddenly warmed up. "Experience in overseas markets shows that the gem has not had a significant impact on the main board market trend." The United States, the United Kingdom, South Korea and other countries, the motherboard market in the gem market short to before and after a month or two, long to before and after a year of time, the main board market trend has not been significantly affected.　　Hua an fund manager September 24 evening to "Huaxia times" Analysis said. In his view, another corroboration is the SME market in June 2004 before and after the introduction of the time period, a-share market, the original operating structure has notChanged. "Although the introduction of the gem will attract some of the funds to participate, but overall, the main board of the market to divert the role of the Fund will not be very prominent." "He revealed that according to Huaan fund for the latest 10 gem IPO information analysis, preliminary expected 10 companies financing scale of 6 billion yuan, the average of 600 million yuan per home."　　Suppose that 149 gem companies are listed in the year, according to 600 million yuan per home to raise capital, and the average first day of the market rose as high as 100%, then the ultimate diversion of funds will reach about 180 billion yuan. "Therefore, we believe that for the motherboard market, which has a daily turnover of more than 200 billion, the amount of diversion is entirely within reach." In addition, the current ' small number of times ' financing mode will also be to some extent to slow down its impact on the short-term market. ”