The 1 anniversary of the gem has four doubts 20% companies negative growth

October 23, the gem is one year old!　　Over the past year, the newborn gem in the pursuit of investors and the abandonment of the faltering walk; a year of wind and rain, the gem has not only added a bit of worry, but also added a dash of maturity and infiltration of hope. Last year, "Ten years of grinding a sword" of the gem in the introduction of the market is not attracted to the eyeball.　　There is a keen hope that new sources of financing can help small and medium-sized enterprises to create a group of Microsoft, Intel, Amazon-style High-tech enterprises. Unfortunately, everyone's questioning of the gem is much higher than praise. Gem surrendered 28 companies listed, has expanded to 127.　　At the same time, the growth and development of the Enterprise Board Company was the market played a high P/E, low growth, super raise funds and other bad labels.　　Many PE/VC, the Securities sponsor organization because the illegal sponsor, the secret shares and so on corrupt behavior frequently happened, also gave the new gem to cast a deep shadow. Gem, in spite of problems, but there is always gold in the gravel.　　Anniversary, the gem speculation is also slowly return to rationality, "investor" data Research department found: Wambonda, Century separation, star model, Shenzhou Thai Yue, national technology worthy of investor attention. Question one: 20% companies negative growth is originally a high growth of the gem in China but back on the "low increase" mantra.　　Especially after the disclosure of this year's report, the market for the gem "growth" of the question of unprecedented high. Wind data show that the first half of 105 companies with comparable data in the gem, 23 of net profit has negative growth, accounting for up to 21.9%.　　Pao shares, Ping ' an shares, South all power supply ranked three, net profit year-on-year decline of more than 50%, reached 82.07%, 76.6% and 69.79%. On the contrary, the SME and motherboard markets have been able to gain rapid growth opportunities in the context of economic recovery.　　In the first half of the year, the growth rate of the SME board was 45.9%, the motherboard market was 41.1%, and the net profit growth of the gem was only 25.6%. Such a disappointing performance was questioned by investors.　　This is understandable, but the two "face" before and after the listing, can not help but let people speculate that the company has excessive gloss book and packaging suspicion.　　Question two: Disorderly spend super raise funds, is arguably the company to get the market sought after, is good, but "do not do", but is not.　　As of September 30, 123 gem companies to raise capital amount exceeded the planned number, the initial expected to raise the total amount of 28.759 billion yuan, but in fact, the total number of initial fundraising is more than 55.373 billion yuan, the proportion of super raise up to 1.91 times times.　　From each company's ratio, the average company to raise more than 450 million yuan, over 1 time times the proportion of more than 103 shares, accounting for 83.74% of the total, super raise almost become the normal business board. The original intention of the gem is to open up equity financing channels for High-tech Enterprises, however, the fact is not the case. With huge sums of money in hand, many companies are not using the main business. And even use the extra money to repay the bank.Debt, buy a house, buy a car, some simply put money in the account to eat interest, a variety of phenomena emerge.　　Companies to raise funds too much, and did not raise funds for the main business, which is not conducive to the development of enterprises. Question three: high price-earnings ratios for the hidden risk gem of high price-to-earnings ratios have long been no news.　　At the beginning of the opening of the board, they were attacked. The first listed 28 gem companies, with an average p/e ratio of 56.7 times times, and the highest P/E Pao shares reached 81.67 times times, much higher than the entire a-share price-earnings ratio and the SME board.　　The second batch of listed companies has a price-to-earnings ratio of 57.19 times times. Despite all the questions, the gem continues to be pushed higher in a bubble.　　The 2010-year report shows that the average distribution of the gem PE is 65.59 times times, the board is 35.78 times times, the motherboard is 24 times times.　　Despite the high price-earnings ratio, it is clear that there is no growth in performance to support the gem accumulation of the risk is increasing. Research professionals believe that gem companies, which have broad prospects and unique business models, should be given a higher valuation, but also acknowledge that the vast majority of companies are overvalued. [Page] question four: The enrichment movement one year after another, the gem is more like the individual shareholder's making the rich board.　　Listed companies in the high price, the high price-earnings ratio behind, are springing up a wealth of rich shareholders.　　As of the end of the three quarter, 123 gem listed companies in the top ten shareholder list, 772 are natural persons, with the closing price of October 8, at least more than 400 entered the wealth club billion, tens of millions of people are reaching 900. It would be better to invest in reincarnation than a doll shareholder in the rich movement.　　These doll shareholders, by virtue of their family's share, are young enough to have tens of millions of wealth. The Sunflower's 6-Year-old's shareholding market value also rose from 1.05 million yuan to 1.3943 million yuan at the beginning of the issue. 35 Shang, 13 years old, with a name of about 220,000 shares.　　The Leme drug industry's party is true, 16 years old holds 412,600 shares.　　A little hope: After bad value return to the market always have the opportunity, GEM is no exception. In the problem-ridden gem, what investors need to do is look for high growth companies with potential.　　With the lifting of the trend, the relevant bad news has been reflected in September, the month Gem index fell 8%, the real growth of the enterprise will be in the future market stand out. Zhongyuan Securities analyst Guyanbing that the October gem may usher in a negative vacuum period, is expected to end a unilateral decline, ushered in a phased stabilisation.　　CITIC Securities advises investors to pay attention to the gem investment opportunities brought about by the lifting tide, and to look for those companies whose share prices fluctuate but whose fundamentals are confirmed by the market. "Investor" data department according to growth indicators, also found a stable growth potential of 5 enterprises: Wambonda, Century separation, star model, Shenzhou Thai Yue, National technology。