Shong: The gem is difficult to match the high stock price into the cash machine.

Chinese entrepreneur training camp yesterday, Tsinghua University Camp, the total size has reached 3.2 billion U.S. dollars IDG Venture capital Fund founding partner Shong during the meeting, received my interview. He said vigorous development of investment would help China's economic growth and promote employment. But the price/earnings ratio on the gem is still too high. Shong that the high P/E gem could face challenges in the future. Whether the excellent degree of the gem is worthy of the high price, waiting for the second half of the time test. Many companies rely too much on the domestic market, and overseas and the global market is poor, but also in the domestic listing, but accept the overseas background of a deeper investment in this support listing, a number of gem companies into a venture capital of the Super ATM machine. According to the Shenzhen website, after the close of 9th, the average price-earnings ratio of gem-listed companies has reached 59 times times, and some figures show that VC companies get more than 30 more than the profit. The profit margins are so great that some in the market believe that this level of valuation will inevitably induce the original shareholders to take profits in the second half of the impulse.