Sanbanxi market will become after the Gem PE, VC another gold mine

With the promotion of sanbanxi related policies, whether to participate in directional additional, or shell transactions, already latent PE (private equity investment fund) institutions, will again usher in profiteering opportunities. The expansion of Sanbanxi will be a feast for the organization.　　Recently, a Southern specialist equity investment agency has raised a 200 million-dollar fund to invest in Sanbanxi, and has completed its investment intentions in a short period of time, and is currently considering raising a second-stage product.　　In July 2011, the 300 million-dollar Gobi Partners Limited also set up a renminbi fund, Sanbanxi market is an important choice for its investment direction. To 10 times times the P/E ratio in Sanbanxi participation in directional additional, to 50 times times the price-earnings ratio in the gem to withdraw, the cross-market arbitrage is the agency's enthusiasm for Sanbanxi.　　Sanbanxi market will become after the Gem PE, VC (Venture capital Fund) of another gold mine.　　Portfolio investment to participate in the directional issue of windfall profits in the form of portfolio investment, even a small number of enterprises listed or turn board, but also enough to cover their costs, this is the current many institutions so keen to Sanbanxi secret. Recently, an institution in the south has just raised a fund of 200 million yuan, which can find 10 investment opportunities in accordance with a single investment standard of about 20 million yuan, and seek to exit within the next 7 years.　　The customers include many provincial large investment companies and private enterprises.　　According to the fund's assumption, if 10 companies can have two or three to achieve the board, will be able to return to this, and the remaining will be profits, the risk is not as large as the outside imagination.　　Previously, according to the relevant data, sanbanxi because of the special trading system-only to allow institutional legal persons and special natural persons to participate in the transaction is very inactive. Another reason for the inactive turnover is the reluctant behavior of the shareholders.　　From the transaction information, 97% is to buy, 3% is selling, institutional investors an important opportunity to participate in the Sanbanxi company's directional additional.　　Due to the lockout period of only one year, participation in targeted additional funds can be released after the lifting of the choice of waiting for the transfer board to cash or exit from the Sanbanxi. Some PE, VC is in charge of Sanbanxi business with the brokerage department, looking for similar opportunities.　　According to a private equity director, they are mainly interested in the opportunity to participate in directional additional. According to his research on more than 40 Sanbanxi companies, with new money coming in, these companies ' earnings growth will be faster and the pace of sprint to the motherboard accelerated.　　and into the SME board or GEM, will be these institutions to cash the profits of a step. Previously, the market had two successful cases. Century Rui Seoul (300150.SZ) as an example, the company in 2009 to 4.53 yuan/share price to the venture capital institutions for targeted additional, raise 61 million yuan.　　At the end of 2010, the company successfully turned board, participate in directional additional institutions profit handsomely, even in accordance with the current price per share of 23 yuan, profit is still more than 5 times times, on the first day of the listing is more than 10 times times profit. In addition, the northern Drug industry (300016.SZ) is another successful case. In May 2008To 5.33 yuan/share directed additional, to 7 institutions to raise 66 million yuan, since the northern Land of Medicine in 2010 landing gem, even with the company's current recovery after the right to 23 yuan/shares of the price, profit also in more than 4 times times.　　In 2008, the agency invested in the Sanbanxi company's directional additional amount of 228 million yuan, while the North Land pharmaceutical directional Additional to the agency to profit by 220 million yuan, which is enough to cover the cost of participation of all agencies. This greatly stimulated the agency's enthusiasm for participation.　　Data show that the participation in the targeted additional funds have been from 2009 to 135 million yuan, rose to 2010 of 561 million yuan.　　As of the end of last year, Sanbanxi amounted to 74 companies, of which 5 successfully realized the transfer plate, and the current Sanbanxi market expansion to 92, but 2011 years have no company to achieve the board, the surface of the probability is not high.　　However, according to the agency, there are now more than 10 companies that have entered the release or transfer process, and the overall probability is not low.　　According to Wanguo securities internal monitoring, the new Sanbanxi listed company's profit growth rate is higher than the gem, the SME Board Company, growth is obvious.　　These companies are likely to accelerate their move to the gem and the SME board.　　At the news briefing on September 2, the SFC officials said in an interview with our correspondent that the current gem of the listed companies has not been artificially raised, but the sponsors in order to ensure that the issue was approved, adopted a more conservative approach: net profit higher enterprises first. Relatively speaking, many listed companies at present profit of more than 5 million yuan, many sanbanxi companies have reached this level, has been close to the gem listing standards.　　The average net profit of 92 Sanbanxi companies is 3.74 million yuan, the semi-annual report shows.　　According to the GEM listing rules, the last two years of net profit accumulated not less than 10 million yuan, and sustained growth, the latter in the last year profit, net profit of not less than 5 million yuan, the last year's operating income of not less than 50 million yuan, the last two years of business income growth rate of not less than 30% For some sanbanxi companies, with the help of directional additional funds, will greatly improve the probability of the transfer board, which led to the enthusiasm of the agency's participation. The [page] shell opportunity to buy shell resources is one of the ways that PE is being calculated.　　Our correspondent understands that there are already PE enterprises in Beijing to engage with the new Sanbanxi business, test water shell investment. Western Securities New Sanbanxi Business Department general manager Cheng said, the enterprise buys the new Sanbanxi enterprise shell behavior, has the motion, but has no case.　　It should be said that there is indeed such a potential opportunity. With the shell transfer, then "not necessarily have what kind of listing qualifications, money can be operated."　　The above-mentioned PE fund personage says.　　Sanbanxi industry insiders said although the new Sanbanxi business is still in the overall preparation, waiting period, but the value of Sanbanxi shell is still not to be underestimated, a rough look, the net worth of shell resources roughly between 30 million-100 million yuan, if the shell of their own assets have added value, then backdoor, buy shell costs will be higher. "Of course, 30 million-100 millionThe yuan itself has already taken into account the premium space for the future business to be listed more smoothly after backdoor. However, due to the risk of uncertainty in the market environment, the final transfer of the shell will still depend on its transaction price.　　"The Sanbanxi industry personage said. He believes that while no one is doing it, the chances are actually greater.　　If you do it, it will attract regulatory attention, on the other hand, the shell itself may increase the premium space, but also may be reduced.　　Sanbanxi PE fund, said the company is mainly looking at the future enterprises can truly listed circulation qualification, which will make the company value greatly increased. The concrete operation method and the motherboard market backdoor to buy the shell operation similar, namely first chooses the shell company, must combine own business situation, the asset situation, the financing ability and the development plan.　　Choose the right size shell company, shell company to have a certain quality, can not have too much debt and bad debts.　　Next, the unlisted company obtains the relative holding position through the acquisition, May through the cash purchase or the asset substitution to complete the holding. However, considering the particularity of the new Sanbanxi enterprises, the change of the main business may be more sensitive, therefore, asset restructuring, locking equity is the topic, the overall shell resources to obtain the need to operate slowly.　　"Some brokers said. In fact, the advantage of the unlisted company or enterprise that gets the shell is that, although there is no listing subject, it holds the company which meets the listed conditions. This is the value of the shell.　　"he said. However, the other side of the coin is that the current new Sanbanxi listing the visible benefits are not obvious, and therefore lack of sufficient attractiveness.　　Referring to the issue of the income period of PE investment funds, Cheng said that it may be until the new Sanbanxi market to improve the trading system will not gradually reflect.　　A listed securities investment banking Department, said the new Sanbanxi market, the current situation is not yet formed a very active market, also does not have a certain market size, the need to wait to enter and exit have a smooth channel, before it is possible to form a trading shell market atmosphere. He further indicated that, taking the Zhongguancun Science Park as an example, the exit mechanism of the listed enterprises in the park has not been determined, especially the expansion of the OTC market has not issued official documents, so the future export of shell enterprises can not be determined.　　Therefore, the intention of the negotiations can be carried out, but it has not been implemented to the operational level. It is to be expected that the preparations for the new Sanbanxi a step further in late August.　　At that time, the Securities Industry Association of China organized a new Sanbanxi business unit meeting, the meeting asked the securities companies to set up a level of agency system business, of which there are not less than 15 personnel, including more than 4 CPA, more than 2 lawyers.　　This is also the brokerage institutions as the clarion call to launch action, while the PE fund to buy new Sanbanxi listed enterprises, shell resources transfer business sponsors, the heart may be more bottom. However, the investment Banking Department also reminded that in 2004, a large number of Chinese companies in order to market, and also to the U.S. powder market to buy shells, a break, which is very important because of asymmetric information. For China's own new Sanbanxi market, buyShell also depends on whether there is a smooth and compliant trading mechanism. It should be seen that there are 92 new Sanbanxi listed enterprises in Zhongguancun, prior to the successful implementation of the transfer plate but a few, "the new Sanbanxi listed enterprises, not the green channel, but need to undergo a trial process, which has also been after the meeting has been called back or the initiative to return the application of the transfer board." So the market outlook for the new Sanbanxi is still unclear. The person finally said.