SFC responds to gem hot issues

Gem launched nearly two years of hot spots, some of the gem enterprise performance is lower than expected, in fact, the city threshold is higher, "three high" problem prominent, positioning deviation, the phenomenon of sudden shares in the general.　　On the two anniversary of the opening of the gem, the Securities and Futures Commission held a media briefing on 2nd, which carried out one by one responses. Its own characteristics determine its performance volatility big listed company 2011.5 Annual Report just ended, GEM enterprise data is not optimistic.　　Statistics show that the gem has been listed enterprises profit year-on-year growth of 22.89%, below the level of the motherboard, some enterprises even have a significant decline in profits, and the gem "growth" of the positioning does not match.　　In this regard, the relevant department in charge of the Securities and Futures Commission said that some enterprises due to market competition or seasonal factors, the performance of a large fluctuation, fundamentally speaking, this is determined by the characteristics of the entrepreneurial enterprise. The person in charge said, the gem Enterprise most is in the growth period, the innovation ability is strong, the growth is high, simultaneously accompanies the small scale, the performance is not stable, the operating risk relatively high characteristic, the performance fluctuation is the normal phenomenon. At the same time, because enterprises in the industry and the growth stage is different, it is difficult to expect all gem enterprises in a moment to maintain the same growth.　　In addition, the factors affecting the development of enterprises are complex and diverse, entrepreneurial enterprises in technology research and development, marketing, business and other aspects are often not smooth sailing, the performance changes and even failure of the situation is possible. The SFC has not disguised a rise in performance thresholds although the minimum threshold of "net profit 5 million" and "operating income growth rate 30%" stipulated by gem is not high, but in fact the market gem Enterprise scale is often much higher than this standard.　　The industry therefore questioned that the gem did not support the role of start-up enterprises.　　The relevant department in charge of the Securities and Futures Commission said that since the establishment of the gem, the SFC in strict accordance with the conditions stipulated by the laws and regulations of the audit, there is no disguised way to improve performance thresholds. For the reason, the official said that, on the one hand, with the development of our country's innovation economy and the steady rebound of our economy after the financial crisis, a large number of enterprises with strong innovative ability and certain scale emerged, and since the establishment of the gem, these enterprises have gradually become an important force in the early development of the gem market On the other hand, the sponsor agencies from their own situation, in the recommendation of the enterprise is often preferred to recommend a relatively large enterprises.　　It is believed that with the steady development of the gem market, more and more enterprises will grow through the gem. The average issue price/earnings ratio has fallen to 36 times times the initial stage of Gem IPO, high price, high price/earnings ratio, superb fund-raising, such as "three high" problem outstanding.　　As the market weakened, many gem companies fell, below the IPO price of the companies abound, investors face greater risk. The head of the Securities and Futures Commission said that in the early stage of the establishment of the gem, investors expected positive and enthusiastic participation, and there was a sharp rise in the IPO price/earnings ratio. As the market parties to the new stock price formation mechanism of deepening understanding, buyers and sellers game intensified, high pricing outNow break, or even suspend the issue, effectively curb the blind high pricing situation, a rational return on P/E.　　Data show that in the fourth quarter of 2010, the gem issued an average of 90.56 times times earnings, June 2011 has fallen to 36.08 times times, the lowest has been reduced to 18.12 times times.　　The official said that the SFC and the stock exchange and the relevant parties to increase risk warning and investor education, and constantly improve the transparency of the inquiry process, the issuer is required to standardize the use of funds to meet the stage characteristics of the gem market. Listed companies in the emerging industries accounted for nearly 90% of the gem listed companies, the industry is diverse, and not limited to High-tech fields.　　Some companies that appear to have nothing to do with the gem positioning are also among the sectors, raising questions about the market. In this regard, the Securities and Futures Commission responsible for the department said that the gem is located in support of independent innovation enterprises and other growth-oriented enterprises.　　March 2010, the Securities and Futures Commission issued guidelines to identify the development of the gem market phase of the focus and guidance, guiding the sponsor organization at this stage to recommend new energy, materials, information, biology and new medicine, energy conservation and environmental protection, aerospace, marine, advanced manufacturing, High-tech services, etc. in line with the country's strategic industry At the same time, in October 2010, the SFC set up an expert advisory Committee on Gem and, on the basis of recommendations from the Ministry of Science and Technology, the Chinese Academy of Sciences and the State Intellectual Property Office, recruited 15 experts from the scientific and technical fields and intellectual property to serve as members and to consult the SFC　　Provide advice and expert advice on major or difficult professional issues.　　According to the introduction, as of the end of August, the gem has been listed enterprises, energy-saving and environmental protection, electronic information, advanced manufacturing, biomedicine, new energy, materials and other emerging industries accounted for up to 87.98% enterprises. Strictly check the investment in the prevention of PE corruption in the initial stage of the establishment, enterprises in the application of documents in a short period of time to increase capital or equity transfer of more cases, surprise shares of the problem is more common.　　The hidden concern of the private equity (PE) corruption has become the focus of the society. In this regard, the Securities and Futures Commission officials said that the Securities and Futures Commission in the gem before the launch of the attack on the issue of a high priority, and in the audit link and the continuous supervision of the relevant measures taken to increase the information disclosure of surprise shares, enhance the transparency of the act of surprise shares. The issuer should disclose the CV of the natural person's shareholders in the last 5 years before accepting the shares in the previous year, disclosing the relevant information such as the main shareholder, the actual controller, the registered capital and the legal representative.　　Six months before the acceptance of the shares, it is to specify the reasons for the increase or transfer, pricing and funding sources, new shareholder background, whether there is the transfer of benefits such as subrogation.　　The SFC has also strengthened the agency's verification responsibility for the surprise takeover, extending the lock-up period for the stock-holding of shares, and locking in the 6-month-old claim for three years from the date of the business change registration or the date of listing. The official said that at present, the gem to declare the proportion of corporate surprise shares have declined.　　(Xinhua) Share: