PE staring at the gem is a blessing is a curse: domestic grab the pre

Compared to foreign PE, the domestic PE seems to prefer the rush to rob IPO (before the IPO) project, which has become a phenomenon in the P e industry. The reason for this is self-evident ——— invest them with low risk and high returns. At the end of last year, the opening of the gem, once again created a lot of pe/v C (equity investment/venture capital) of the "overnight wealth." According to the latest report of the domestic media 9th, the regulatory layer may be pe/v C surprise shares in the growth of the gem of the situation attaches great importance to add some audit requirements.　　This "attention" actually reflects the hidden risks behind this massive profit. According to statistics, since last year, pe/v C investment Enterprises in the gem, the SME board listing, have produced a huge wealth effect. In the first batch of gem listed enterprises, pe/v C average return on investment reached 5.76 times times. Last December, the second batch of 5 gem listed companies behind the display of 6 pe/v C body figure.　　According to the IPO price, pe/v C received a multiple of the average return on investment of 6.77 times times. October 30 last year, the first landing on the gem of Jiffeng Farm Machinery (300022) as an example, the reporter read its prospectus to understand that last March 31, the local venture Jiuding Investment Management Co., Ltd. through the transfer of equity, to 4 yuan per share of the price to get its 3.34 million shares. In the following April 18, the company at the first general meeting of shareholders in 2009, and resolution agreed to jiuding investment subscribe to the new shares of 3.2 million shares, the subscription price is 4.3 yuan per share.　　June 9, Jiffeng agricultural machinery stock price of 79.86 yuan per share, and jiuding investment at the beginning of less than 5 yuan per share of the initial investment, the huge wealth effect of this show. In the second half of last year, according to statistics, 38 of the 94 gem companies that received the SFC's acceptance notices have disclosed PE/VC investment. Of these, in the last three years, that is, 2007, 2008 and 2009 investment cases reached 29, of which 2008 up to 13. Typically, the average period of PE/VC from investment to IPO exits is 6-8 years. The statistics show that 2004 years ago, investment occurred only 3.　　After 2006 (including 2006), there were 34 investment cases with a relatively dense distribution, so the average investment cycle was estimated to be 2-4 years. According to statistics, the first quarter of the 2010-year new RMB fund 41, raise the amount of 28.6.8 billion dollars. This is a "money" grab "project" era. "Now because of the large number of private funds, more money, so basically the project has become a scarce resource." Used to be a good project, now the General project is also Rob.　　A PE industry personage to "Economic reference newspaper" reporter said. According to Shenzhen 9th disclosed that 86 gem shares total market value of 396.918 billion yuan, the circulation market value of 895 5.1 billion yuan, gem average P/E ratio 69.03Times。 The high price/earnings ratio of the gem makes the pricing model of the original first-tier market completely broken and the prices of the investment projects are rising steadily. According to media reports, in order to rob the project, some institutions do not even talk about the conditions to pay the first deposit, some qualified fund management companies even lost a lot of lists.　　It has been revealed that even intermediary projects in the intermediary costs can rise from 2% to the current level of 10%. But "hot" and "underdevelopment" are two concepts that are likely to be parallel. The madness of the IPO is unhealthy because, in this investment, "discovering the value of innovation and adding value to the business" is not very strong. Gong, vice chairman of China investment banking at JPMorgan Chase at the 12th annual China Venture capital conference, said that the valuation of the gem and the SME market is perhaps unsustainable in terms of the history of stock development.　　In this case, I suggest that you can go early, to the incubation fund, Angel Fund, VC fund, to go early, do not invest in the late, because the late investment is a quick buck investment. "The project will have a lot of difficulties in the future," he said. The early escape of PE money, the back of the estimated to get more. The PE industry directly expressed their concern. Has many years of industry experience in the United States Schelman Seat law firm lawyer Chen to the economic reference newspaper reporter said that PE is not a mass product, but a highly specialized product. Fund managers (GP) need strong professional knowledge, understand the framework of the company, understand the model of investment calculation and so on, if only in a fashion or speculative profit mentality to do this thing, pay tuition is necessary.