Positioning backfired on the gem "Mr. Nanguo" frequency now

Beginnings, it is only when the tide is receding that one knows who has been swimming naked. For the current gem, this sentence is more appropriate. Positioning for "High-tech", "high growth" of the gem, as of now, listed companies have reached 117.　　With the passage of time, some in the IPO was also wearing high-tech, high growth coat impostors of the gem company, began to restore its "Mr. Nanguo" face. Positioning backfired at the beginning of its inception, the GEM is positioned in support of innovative enterprises and growth of enterprise development.　　However, as of today's 117 gem listed companies, there have been obvious "counterproductive" signs, "Mr. Nanguo" frequency. In fact, the gem is not only listed at the beginning of the market is positioned as "High-tech", "High growth", in the operation after a period of March 19, 2010, the Chinese Securities Regulatory Commission and said that the initial stage of market construction, the sponsors should be to the gem to recommend the development of strategic emerging industries in line　　In particular, new energy, materials, information, biology and new medicine, energy conservation and environmental protection, aerospace, marine, advanced manufacturing, High-tech services and other fields of enterprises, as well as other areas with independent innovation ability, strong growth of enterprises. Industry experts believe that investors are willing to bear the high risk of gem, is optimistic about the innovation of the Gem board and high growth; however, in the high price/earnings ratio and the market rate of the risk, if the gem is neither High-tech nor high growth, but high-tech, high growth for the name of "Circle Money", then set up the original intention of the Gem also played water drift,　　It may also put the gem into a "hopeless" situation. 2009, GEM listed company performance growth rate exceeded the overall level of a-share, but also ran to win the SME plate. However, by the middle of the 2010, the growth of gem companies not only run not to win the SME plate, even a a-share overall level also ran. The first quarter of the chain more decline, its subsequent growth is worrying. Some analysts believe that the gem after the listing performance growth rate than before the obvious slowdown, showing some companies have "packaging" the possibility of listing.　　It takes a long time for the "big wave" to discern which is the real "high growth" company. It is worth mentioning that, in the face of some of the gem company's performance decline, the organization's position has been significantly differentiated. Although this year's newly listed gem companies are still being sought after by institutional investors, a number of companies listed last year have been reduced, according to the report.　　With the passage of time, "high growth" appeared weak, some listed companies were "abandoned" by institutional investors.　　"Mr. Nanguo" in which the service of independent innovation capacity, growth of strong enterprises, is the original intention of the gem, but, from the current situation, there are obviously a lot of "Mr. Nanguo" in it. "High growth" is the top of the gem on the head of the halo, just handed over half a year to make its head of the Halo dark. The entire plate average profit growth is lower than the SME board and the motherboard, and some company performance suddenly "face", so that investors are greatly disappointed.　　Statistics show that there are comparable data 105 gem listed companies, 23 of the first half of the performance appeared "Face". Among them, the first listed Pao shares are "face" the most interest, the first half of the net profit fell by as much as 82.07%.　　In addition, the ping ' an shares, the South Capital Power and other 2 companies net profit fell more than 50%. of the first 28 gem companies to be listed last October, 7 had a year-on-year decline in interim results. In addition to the shares, the Han-wei electronic net profit fell 49.78%, net-bed technology net profit fell 29.97%, and xinning Logistics, Huayi Brothers, China-yuan Huadian and the sharp German net profit also fell 17.91%, 11.71%, 7.1% and 5.63% respectively.　　Therefore, the company's performance is hard to say there is no false growth factors. "High-tech" is another "standard" for gem listing. However, like Xinning logistics, it is difficult to imagine a transportation, the number of High-tech companies in the warehousing industry, such as Huaren Pharmaceutical, although known as the "pharmaceutical industry" but in fact, is mainly engaged in a non-PVC soft bag infusion product research and development, production and sales of manufacturing enterprises; another such as Jia Yu shares, but a "construction" company,　　Clearly not what High-tech enterprises. It is understood that at present Shenzhen has submitted to the SFC on the Gem Direct delisting system of the official report, it is proposed to establish early and clearly different from the motherboard of the Board of the delisting system.　　Analysts say investors are investing in the gem to pay attention to distinguish those who are really high-tech, have a higher growth of the company, because, once the direct withdrawal system to implement, some no core technology and growth of bad companies will be the first to be forced to retire the ranks of the market, this risk should be highly valued. Straight point part "Mr. Nanguo" xinning Logistics Industry: transport, warehousing business situation: the first half of the ownership of the parent company's shareholders fell 17.91% of the company's main business is the electronic components bonded warehousing as the core, and for the electronic information industry supply chain of raw materials supply, Procurement and production links to provide Third-party integrated logistics services, including import and export goods bonded warehousing management, distribution planning and implementation, and related to the freight forwarders, import and export customs clearance, such as xinning logistics.　　It can be imagined that the company is not relying on so-called "High-tech" squeeze into the gem of the first batch of listed companies. Since it is not relying on "technical content" to enter the gem, then depends on the high growth of it? The answer is no. It is understood that in the past three years, the company's gross profit margin has been declining, and from last year and the first half of this year, warehousing services, agent Customs inspection business Gross margin are continuing to decline. The report shows that the company's main storage and value-added services business gross profit margin decreased 11.66% year-on-year, the agency's gross profit margin of the inspection business has also been reduced by 9.1%.　　In addition, although sales in the first half of the business gained a 39.84% increase, the net profit attributable to the shareholders of the parent company fell by 17.91% Year-on-year. The recent report of CIC Securities predicts that the company 2010-2012-year diluted earnings per share of 0.23, 0.28 and 0.35 yuan, according to this estimate, the company's current P/E ratio has been as high as nearly 70 times times, compared to peer-listed companies, valuations are significantly overvalued. As the industry said, not only High-tech, but also the performance of the high growth of stocks, sunning logistics can squeeze the arrival of the listed gem is obviously ' operation ' on the success, but for the gem, it is a cup. [Page] constant Letter Mobile Industry: Information Technology industry operating conditions: the first half of the ownership of the parent company's net profit fell 23.82% per cent according to the SFC industry Division, Heng Letter Mobile belongs to the information technology industry, in fact, is a true parasitic in China Mobile, a "retail industry" Company (according to Wind Information industry division), nearly 80% of the company's revenue from Mobile information products sales and services, for individual customers and industry customers, personal Mobile Information terminal sales (mainly mobile phone) and supporting software and mobile agent business sales for the company's main revenue source.　　In any case, it can not be "High-tech" these 3 words. As with xinning Logistics, constant letter mobile is also High-tech does not appear, high growth has not seen the gem listed companies. In January-June this year, the company realized operating income of 489 million yuan, an increase of 17.16%, but to achieve ownership of the parent company's owner net profit of only 10.4794 million yuan, down 26.17% year-on-year.　　In addition, because the company's business is mainly concentrated in Hebei province and single, there is the risk of regional expansion and product structure adjustment risk, and business relies on China Mobile, there are customer concentration risk. There are organizations to the constant letter mobile part of the business, gave a more positive view, but the overall evaluation of the company is not very high. GF Securities, with the 3G high bandwidth to improve wireless data transmission, operators voice value-added services to usher in a new growth, the company through the project will expand the Personal Information Service platform access capabilities. Voice Music category personal information value-added services have a greater scope for expansion.　　And given the "combined with the valuation of similar listed companies, the company reached a reasonable price of 36.33 yuan", ironically, this price is about 6% lower than the company's 38.78 Yuan. Jia Yu shares of the industry: the construction industry is mainly engaged in building energy-saving doors and windows, curtain wall research and development design, production and processing and installation business Jia Yu shares, also do not see what High-tech technology content. From the three compound growth rate of 11.61% in 2007-2009, high growth does not seem to have anything to do with the company.　　However, it is such a company, unexpectedly also can smoothly through the "difficulties" in the gem listing. Previously issued by the Securities and Futures Commission, "on the further good GEM recommendation work Guidelines" pointed out that, the main areas recommended by sponsors should be: Textile, apparel, electricity, gas and water production and supply utilities, real estate development and management, civil engineering construction, transportation, liquor, food, beverages, finance, General Service industry, The State industrial policy clearly suppresses overcapacity and repeated construction of the industry.I really do not know how the Securities and Futures Commission as the construction of the Jia Yu shares, how to pass the audit committee. In addition, the company's business customers mainly property developers, of which the constant land business volume accounted for 30% of the total income of the company, there is a reliance on a single customer development market risk.　　If the real estate market regulation deepens the influence to the Evergrande, Vanke and so on real estate developer's development process, will have the negative influence to the company. From the comparable company, the current a-share in the curtain wall production company Large group and Avic Sanxin, but the two company business structure gradually change, square large group Although the operating income of the curtain wall business proportion is higher, but because of the high value of the new LED materials business, And Avic Sanxin gradually from the curtain wall manufacturers into special glass manufacturers, the future high growth is expected to be higher, the two companies ' valuation level can not be used as a reference to corporate valuation. Most institutions believe that the company's reasonable price should be in the 20-25-yuan range, the average value of 22.5 yuan, less than 26 of the issue about 16% lower.