Stock market plunge, away from equity ventures to beckon to stationmaster

The intermediary transaction SEO diagnoses Taobao guest stationmaster buys the Cloud host technology Hall

Sina also key news today: The Shanghai and Shenzhen cities nearly thousands of stocks fell 7.22%, many stationmaster, stationmaster group cries one, many stationmaster in the first 2 years, accumulated to a lot of funds, have invested the turbulent stock market. Or sad or happy 2007 stock market.

The same faint news, perhaps everyone did not notice, 2008 entrepreneurial stock will be some webmaster's new dream, this is not a dream.  As the new forces of the Internet grass-roots web site can be integrated through the resources of cooperation, joint, to build a grassroots entrepreneurial unit? Looking forward to the new network whirlwind.

At present, 1.5 million of small and medium-sized sites, many sites have a huge user groups, and business prospects, some sites in a number of competing investment and financing under the premise, but also gradually thinking about the start-up unit. The NSDQ of the Great Army is far from us. And after 08, the launch of the entrepreneurial Unit will meet the dream of more SMEs.

The purpose of this article is to inspire more entrepreneurial owners dream. Leave the stock market, do not become shareholders, peace of mind to do the station, look forward to the interpretation of your entrepreneurial shares.

The SFC chairman Shang Fulin January 16 in the National Securities and Futures Supervision Conference, said that in the first half of this year to launch the gem market. This is the first time regulators have identified the timetable for the launch of the gem.

Reporter learned that the gem issued a sponsorship system has been the basic tone. The domestic investment banking industry is looking forward to the reform of the sponsorship system, it is expected to borrow the gem launch and break the ice.

It is reported that the SFC is the "securities issue listed in the recommendation system interim measures" (hereinafter referred to as "interim measures") to be revised, the revised version of the gem into the board. At the same time, the SFC is considering running a separate system on the gem to release the number of sponsors. In addition, the board issued by the profit indicators used in the gem will also change. The sponsor's supervision period for the gem company will be extended to three years.

Ten years of planning

This is the domestic gem after nearly ten years of planning, the first time to determine the launch timetable.

As early as 1999, the Shenzhen stock business began to build the gem, to 2000 years later even stopped the main board IPO project. But the gem has been slow to launch. Until May 17, 2004, the Shenzhen stock has launched a small and medium sized SME board, which is a stopgap measure, but there is a problem of unclear positioning. SME Board IPO conditions are the same as the motherboard, only in the size of the share capital--ipo the number of shares issued under 100 million shares of enterprises (except the financial industry) placed in small and medium-sized boards, more than 100 million large enterprises are listed on the motherboard.

As a result of the enterprise landing small and medium-sized market still exist for several years, and a certain scale of demand, so it can not meet the domestic entrepreneurial type of small-scale enterprises through the capital market financing needs, and the current small stock supply shortage, the new board listing in the first day of stock prices, gains, p/E and so Therefore, the launch of the gem is imminent.

Into the 2007, speculation on the launch of the gem timetable has been constantly. August 2007, "Gem Issue listing Management measures" (draft) obtained the approval of the State Council.

However, due to many complex problems, the launch of the gem has not been clear. The main problem is that the gem listed companies to use the approval system or approval system? How to determine the threshold of the listing? Should the gem permit unrestricted access for ordinary investors with low investment identification ability?

Until the national Securities and Futures Regulatory conference convened, the Gem appeared passes to obtain a clear timetable.

The Enterprise Board and the motherboard implement the same sponsorship system

Brokers have said that the gem should be implemented than the main board market more stringent sponsor system. The sponsor system of GEM should be independent of the recommendation system of the motherboard. The view that, because the gem of the recommendation of the Board of higher risk than the motherboard, gem Enterprises may appear to recommend irresponsible packaging enterprise listing phenomenon, or because of lack of experience and professional knowledge caused by the quality of listed companies, poor market performance, leading to investors risk.

In this respect, the Securities and Futures Commission issued an official said that in the sponsorship system, the gem does not need a single independent regulation, the revised Recommendation system "interim measures" will be the gem into the board. The official said that for the sponsorship business, the Gem Sponsor and the motherboard sponsor in the due diligence, counseling and other business processes are fully consistent; From the point of view of authenticity, GEM and the motherboard in the true and false issues are also fully consistent. "Although the gem small scale, low profit, the risk is big, but for the sponsor organization, you can not for its performance guarantee, but you can not fake." He said, as long as the sponsor and the company can not fake the bottom line.

Although it is included in the motherboard recommendation system, but compared with the motherboard, the sponsor of the gem of the enterprise profits of the degree of responsibility have been weakened. Under the motherboard recommendation system, the sponsor should be responsible for the profits of the listed enterprises, and the specific assessment index includes "the loss in the year of the listing" and "The profit decline 50%" in the year of listing two. In the revised new system, in view of the high risk of start-up enterprises, its listed sponsors will no longer face the "IPO that is loss," the responsibility, only to "listed in the year profit decline 50%" one indicator.

Business Board Sponsorship Release Quantity

The reform of the recommendation system, the most concern of investment banking sector is that the number of sponsors signed a release. "We no longer limit the sponsors to sign a few orders, as long as you can do it and sign as many as you want." "If the gem is ripe, the next step may be to introduce it to the motherboard," an SFC official said.

At present, the sponsor system stipulates that an investment bank project should be signed by two sponsor representatives, and the sponsor representative can only be responsible for the sponsorship work of a project. One investment banker said two sponsors were in charge of a financing project that lasted less than six months, or more than a few years. During this period, the sponsor was forced to bind in a project, can not take into account other projects, both the sponsor representative of the waste of resources, but also artificially higher the cost of listing enterprises. Therefore, some investment bankers call for the current "double sign" (two sponsors at the same time to sign a project) to "Single Sign" (only a sponsor representative signed), sponsor representatives can sign more than one project and other changes.

The consequences of "double signing" are not the same as the previous channel system. "The head of a brokerage investment bank said the company had 20 sponsor representatives, which meant 10 channels. And some only two or three sponsor representatives of the small brokerage, only equivalent to access to a channel, if there are two simultaneous preparation of the audit information project, in accordance with the relevant provisions, one of the projects must be postponed.

People in the Securities and Futures Commission said that in the current market environment, the hasty release of the number of bills easily lead to market chaos. Therefore only in the gem first run, if the operation is mature, will consider to the motherboard implementation.

On the issue of the quality fluctuation of the sponsor enterprises that may arise after the release quantity is released, the SFC said that it would strengthen the daily management and supervision of the sponsor representative. "You have no problem signing a few orders, but you have to do it every single request." On the basis of checking working papers and checking due diligence logs, we strengthen on-site inspection. Disqualified if not done. ”

In addition, relative to the main board of the two-year supervision period, enterprise Board enterprises to extend to three years.

The Securities and Futures Commission chairman Shang Fulin recently said he was trying to launch the gem in the first half of 2008. It seems that the launch of the gem is only on the issue of listing standards has not been finalized.

"There are about 1000 companies in the country waiting in line to board the gem," said Jiang Haotien, vice president of the Northern Lights venture capital fund.

In the recently sponsored "2008 China Venture capital and project financing summit", from the venture, VCs and other institutions have revealed a strong interest in the gem.

Many companies are waiting

"Although the gem listing conditions have not been finalized, but we are already in the preparation of the listing." Shanghai, a chemical group in charge told reporters. It is understood that, although the current state has not issued a specific listing criteria for gem, but now the market has circulated on the basis of the "simulation" of the listing conditions of the Board of the gem.

At present, the Shenzhen stock market is one of the listed conditions: Enterprises for 3 consecutive years of profit, 3-year total profit of 300 million yuan, or net cash flow of 50 million yuan. Market simulation of the gem listing conditions, in addition to the total amount of corporate capital not less than 30 million yuan, the net profit and other financial indicators will be properly reduced, requiring two consecutive years of profit, and the last two years of net profit and more than 20 million yuan.

In addition, the gem has clearly put forward the "two high", "five new" standards, namely High-tech, high growth, new economy, new services, new energy, materials and new agricultural characteristics of the entrepreneurial enterprise will become the focus of the development of the target.

The market generally believes that, relative to the motherboard market, the gem will provide a large number of small and medium enterprises a good platform for listing financing. Gem Market properties, decided to be more suitable for those who set up a shorter time, small scale, but promising, with high growth of small and medium-sized enterprises, especially private science and technology enterprises.

A careful layout of venture investment wind

The upcoming opening of the Gem also allows some venture capital companies, venture capitalists to see the business opportunities, to stimulate their focus on investment in the gem listed enterprises.

"We have had substantial contact with a number of companies to conduct a detailed assessment of these enterprises, and once the results come out, we will identify investment objectives." "The head of IBM China Investment Fund said that they recently charge a batch of gem projects.

And some of the investment companies mainly engaged in dollar funds, the gem is expected to launch, has begun to secretly prepare renminbi fund investment.

"Because the renminbi is not convertible under capital, there is a big exit obstacle for US dollar funds to invest in domestic enterprises." If the domestic launch of the Gem, will be to a large extent to solve the venture capital, the exit problem. Lixin, director of the China Investment Fund, said.

It is understood that in the current listing rules, a business to be listed, must be 3 years of profit, after listing at least 1 years, around 4 years. And the gem is different, as long as 3 years of business records the last two years to meet the listing requirements. After the launch of the gem, "The exit channel increased, the time is more flexible."

It is reported that the domestic famous venture capital company-Shenzhen Investment Co., Ltd. has begun to invest heavily in the gem listed enterprises. And last year in the SME market, 40% of listed companies have venture capital and PE participation. These domestic and foreign venture capital and PE because of the investment of enterprises listed, have been a huge return.