Private equity VC expert Challege Gem next year "will die a group of"

According to the Chinese voice of "News in the Aspect" 8:07 report, with Juloka, two-forest shares, the state Teng electronics three gem IPO yesterday (27th) began online purchase, gem capacity reached 100, and from last year's first batch of new shares online, gem listing has been 10 months. 　　From the first batch of new shares in the beginning of the rise and fall to the successive stage of the creation of Shenhua again to the emergence of the "broken Mmmm", the gem to those excited investors to bring the wealth of the capricious, both the mountain car-like thrilling, and the joy of return. After 10 months, we look back on the gem of the sad and sad, cut the meat of the retail investors do not have to say, even those in the gem gold in the institutional investor is also a few happy several worries. Perhaps the winner is only the first-tier market venture funds, 10 months after the wave of Rosa, they are the biggest winners of the gem.　　However, can not be an individual, or institutional investors, in anticipation of 10 years and hard work after 10 months, I am afraid even more can not give up this let them both love and hate the gem. Yanxiaoping is a branch manager of one of Beijing's founding funds, a small fund with a capital of only 100 million. Over the past decade, it has grown hard, once a huge loss, and even "almost closed". Now, with the opening of the Gem, the Fortune Fund has become the focus of media chase overnight. In October 2010, the first listed 28 companies collectively landed on the gem, the local VC company because of exclusive ternary and exceptionally eye-catching. Yanxiaoping: 5 have been listed on the GEM, the first batch of the GEM has 3, billion-Wei Li (300014), Ai-Eye (300015), Internet Technology (300017), blue Cursor (300058) and digital video (300079), this is 5 has been listed, and another has been issued a trial,　　Sianda steel pavement Machinery, is a road show, has not been sent out.　　Reporter: How about the rate of return of these companies?　　Yanxiaoping: Because time is not the same, investment time or cycle are different, but static average return about 10 times times. The gem was prepared for 10 years, and the Fortune Fund has been in existence for ten years.　　Tens of thousands of waiting, a stone stirred the waves, has now been in the gem in the 10-month tour of the Fortune Fund, but only the first-tier market.　　Yanxiaoping said, compared to the SME board, GEM investment return higher, the potential is greater, Fortune fund future development will not leave the gem. Yanxiaoping: Inside the gem, because of his growth and innovation of these two characteristics, the future of the Giant-type enterprises have a greater chance.　　Relatively small and medium-sized plates more mature and stable, but the possibility of a giant enterprise. In the first-tier market institutional investors toast to celebrate the time, this side of the two-tier market has been surging. After the first 28 companies competed to bloom, the whole market followed this group of companies through the feeling of riding a roller coaster. On the first day of the market more than 100 times times the price-earnings ratio, several suspensions of the crazy situation, to the next days almost all the shares to fallAfter the opening, the listing of the gem company after a short period of active after the inevitable encounter a rapid U-turn Waterloo. According to statistics, the early 120 times-fold high P/E is now folded in half, only 60 times times. At this time the Enterprise board break company has reached 57, accounting for more than 51%. What's more, the Austrian shares opened the first day of the gem break door, the National Union aquatic Products, Ningbo gqy and so on are listed in the next the following price below the IPO.　　The retail complain, even institutional investors, are caught in the dark.　　The famous private equity person Nanjing Four Tong Asset Management Limited Company chairman Changshang also nearly mashiqianti in the gem. Changshang: Gem Stock Now I basically do not hold, I have a stock to make some money, there is a loss of money, the gem next year will certainly die a group, its share price will fall from 50 to 5 yuan.　　What does that mean, the GEM Stock conference is very few, its performance in the market after the annual decline. Changshang said that high priced high valuations have made him balk at the gem, and that, judging from the current performance report, many stocks do not have a high growth myth, and performance growth simply cannot support the inflated share price. He expects the gem to return to rationality in the near future, but he is not sure how far this future is.