Slow money for gem: 180.5 billion less than 30%

Up to the three quarter of this year, 117 companies to raise the total use of 32.296 billion yuan, accounting for its initial fund-raising total 35.59%.　　Although the CSRC announced the launch of the enterprise-oriented corporate bond issue, GEM refinancing system finally essay, but the data show that the overall efficiency of the gem is still low. According to our correspondent statistics, as of November 22, 275 gem companies actually raise 180.5 billion yuan, and according to the three quarterly bulletin, fund-raising has been used 52.778 billion yuan.　　After two years, the gem to raise the overall progress of the use of only 29.24%.　　It should be pointed out that the above data contains some newly listed gem companies, its fund-raising just in place has not yet been put into use, such as the dimension of time to see the number, it presents a different. 2009 years ago, two batches of 36 companies listed, as of the three quarter of this year, the total amount of fund-raising used for 9.729 billion yuan, and its corresponding starting real raise funds for 19.162 billion yuan.　　This means that stepping into the gem 2 years, 36 "veteran" of the fund-raising use of 50%. In addition to enjoying the wealth accumulation effect of the gem market, as a public company, it also faces the restriction of capital use and the expectation of return on investment.　　With most of the return on investment still far away, the high growth they portray on the market still needs to be further confirmed, either by carefully selecting capital tools or by arranging funds.　　This is particularly important when the SFC chooses to finance the trigger with a directional debt-driven gem.　　The slow pace of fundraising for the new venture board, which was launched in 2010, was slower.　　The 117 companies listed in the year, as of the three quarter, the total amount of fund-raising used for 32.296 billion yuan, accounting for the total amount of the initial fundraising 90.755 billion Yuan 35.59%.　　In 2011, the 56 companies that have been listed for 6 months, as of the three quarter of this year, raise the total use of capital of 7.97 billion yuan, accounting for its initial total fund-raising 41.936 billion yuan 19%.　　As of November 22, the gem of the overall super raise ratio of up to 188.06%, listed companies to collect funds to replenish liquidity of up to 195. In the case of a data introduction, the average return period for investment is 58 months in the 515 projects already listed.　　As of the three quarter, the average net asset yield in the third quarter was 2.35% in the 263 companies that had been put into use.　　Although the overall use of gem fund-raising progress slowly, but some of the company ancestors one step. Our correspondent statistics show that as of November 23, Dayu water-saving (12.360,-0.45,-3.51%) (300021.SZ) and Sunflower (14.500,-0.33,-2.23%) (300111.SZ) has been used up to raise capital, another 7 companies use a proportion of more than 80 %, three-dimensional wire (25.010,-0.54,-2.11%) (300056.SZ) 81.73%, Diamond Glass (9.810,-0.32,-3.16%) (300093.SZ) 82.55%, Jiffeng agricultural Machinery (11.780,-0.18,-1.51%) (300022.SZ) 83.3%, Huayi Brothers (18.080,0.09,0.50%) (300027.SZ) 84.81%, Leme Pharmaceutical (20.130,-0.20,　　-0.98%) (300006.SZ) 86.86%, le Video Network (30.110,0.01,0.03%) (300104.SZ) 87.29%, Silver Shares (13.930,-0.32,-2.25%) (300020.SZ) 89.24%. However, the use of fast does not represent good use.　　According to reporters compared to the third quarter of net assets yield, the above companies in the average level above, such as Jiffeng farm machinery for 3.44%, Huayi Brothers for 2.47%. We are more than satisfied with the efficiency of raising capital.　　23rd, Huayi Brothers Dong Ming told our correspondent. "We are raising funds using the overall normal, efficient and good." However, due to the traditional industry, the need for further expansion of investment, the scale effect has emerged. "Jiffeng Agricultural machinery Dong Shan Hairei said.　　[Page] pull back the trigger in the hands of the ammunition is about to be used up, the follow-up development How to continue? In fact, some of the gem companies have repeatedly issued a hope to refinance the signal. Prior to that, most companies opted for the interbank market to issue short-term financing coupons and other modes of financing.　　According to the same flush statistics, this year, a total of 13 gem companies to bond financing model, the proposed release of 6.56 billion yuan, including Jiffeng agricultural machinery, such as 10 for short-term financing coupons, Huayi Brothers Short Bond has been issued. "Short-term financing voucher is one of the financing channels, the company's demand for short-term liquidity is greater, this way is more suitable for us."　　Shan Hairei told the newspaper reporter.　　This may give these companies a new option, as the SEC announces the launch of the gem-oriented private debt. "This short-term financing can meet the current demand, but in the long run, there is a gap." The New deal enriches the financing channels of enterprises, we are learning relevant documents, management is also discussing the content of the new deal.　　"Shan Hairei points out. It is an important impetus for Jiffeng agricultural machinery to take the industry merger as one of the important development models.　　A joint venture broker merger Business Sponsor told our correspondent, the current gem has mergers and acquisitions restructuring and refinancing needs of the company, mainly concentrated not very high industry, because the industry is more decentralized, low market share, through the IPO and refinancing, such as fund-raising after the rapid establishment of industry status. "Refinancing gate opening, marking the gem into a new stage of development." But the pace also needs to be accelerated, the gem refinancing system and the delisting system complement each other. Delisting and enterprise refinancing should be two-pronged, to encourage equity, Bond refinancing, gem Company's problem is not to keep up with the development, mergers and acquisitions to speed up, otherwise the scale does not do, will seriously limit large-scale development.　　"Shenzhen Venture Investment Association vice President Wang pointed out. "Circle Money" impulse will be onInversion?　　However, this brings a question, the gem use efficiency is not high, choose to buckle the gem of the trigger, will bring another "circle Money" campaign?　　The supervision layer chooses to take the gem Company's non-public debt as the cut-in point, mainly based on two considerations, the first is to choose the form of non-public debt open.　　Due to the common "light assets" and low debt ratio of gem companies, the structure of assets and liabilities can be optimized under the premise of keeping the shareholder proportion unchanged. Secondly, it helps to restrain the impulse of the super raise. "This may inhibit the urge to ' raise the foot ' once the initial public offering. "If the company still has a lot of money and there is no suitable project on hand, it will not have a debt-servicing impulse because it will repay the debt," said the head of the SFC department.　　"In fact, for the gem, can you weigh the costs and responsibilities behind the two ways and prudently choose the financing method and the use of funds?" "Corporate debt is good, we have a choice, we have a low debt ratio, so consider debt financing."　　Ming told reporters.　　The new deal also gives these companies more consideration when they choose equity financing in the future. "In relative terms, equity financing costs the most because of dividends." We will maintain a good ratio of bonds and equity financing.　　"Ming points out. The joint venture Securities sponsor pointed out that the current part of the gem enterprises have the idea of mergers and acquisitions, but has not submitted specific plans, from the contact case, more inclined to cash mergers and acquisitions reorganization. "Because the gem is so popular that it takes money." "To start the gem-oriented new initiative, also did not have financing action." According to the company's chief Huating revealed that there is no refinancing plan.