The 28 veterans of the gem mostly fell to 75%, making investors lose money.

September 18, 2009, such as the first batch of GEM Enterprise successful meeting, followed by 28 enterprises as the first batch of "veteran", and soon the official debut gem, marking the opening of China's pioneering board. Today, GEM enterprises have been rapidly expanding to reach 264. When the gem was launched two years ago, what happened to the 28 "senators" of the year--high growth halo fading Gem 28 elders, at the beginning of the listing, they represent the image of China's gem, but also the success or failure of the gem, by the regulatory layer and investors placed high expectations.　　But after two years on the market, what is the growth of these companies? From the latest financial data statistics, the growth of the gem has faded. Flush IFind statistics show that the first half of this year, the first batch of 28 enterprises to achieve business income of 8.526 billion yuan, an increase of 52.3%, to achieve the ownership of the listed company shareholders of the net profit of 1.287 billion yuan, an increase of 35.5%.　　and data show that the first half of this year, all listed companies of the net profit growth rate of 22.3%. Although this data of 28 companies of the gem is still poor relative to the overall level of the listed companies, in fact, as the gem-selected "Senior" signboard enterprises, this growth rate is clearly not to satisfy investors. "Gem first 28 companies in the IPO, is generally considered the best qualified enterprises, so investors have enough reason to believe that their performance growth rate and stability than the overall level of the gem."　　"said the analyst. And if the number of business samples from 28 companies to the entire gem, this data will undoubtedly become very ugly. According to the report disclosed that up to date has been listed 258 gem companies to obtain a total net profit of 9.19 billion yuan, and the same period last year, the data is 7.391 billion yuan, the growth of the first half of the gem company's performance increase is only 24.34%, and the Shanghai and Shenzhen average level is basically on the same horizontal line In addition, 258 gem Enterprises, the performance of the decline in the number of enterprises accounted for more than 62, of which the performance of shrinking more than 30% of the reach of 26. In the first half of the outstanding performance of the Gem enterprises, but also only 16 enterprises growth rate of more than 100%, accounting for less than the gem of 10%. In this respect, investors have said that they have always been accustomed to their own high growth label of the Gem Enterprises, now to hand in such a report of the performance of the report, obviously disappointing.　　From the data hard to see, the growth of gem is only the same as the motherboard mature enterprises. In addition, although the 28 veteran reached an average of 35.5% of the performance increase, but many enterprises have not even reached the average level of the Shanghai and Shenzhen, or even more corporate profits do not rise and fall.　　According to statistics, the performance growth rate has not reached 22.3% average level of enterprises have 8, of which the performance of the decline of 4. It is reported that the results of the disclosure of the report, sunning logistics this year's interim results fell significantly more than70%, the company's first half of the net profit only a few 1.98 million yuan, the performance of the decline reached 74.69%, the company narrowly fell into the mire of losses, the first half of the year, the net profit of RMB 17.32 million, compared with the same period last year fell 15.9%;　　The company lost 19.58 million yuan in the first half of the year, down 13.36% from a year earlier, while its first-half profit was just 2.6469 million yuan, down 12.64% from a year earlier. In addition, in addition to the 4 companies mentioned above, there are 4 other companies whose performance growth is lower than the average of 22.3%, namely, the South wind shares, the bio-tech, silicon technology and huaxing entrepreneurship.　　This also means that more than One-third of the 28 gem of the enterprise performance growth has not reached the average level of the Shanghai and Shenzhen cities; in other enterprises, only the Leme pharmaceutical and Huayi Brothers two companies have achieved a year-on-year doubling of performance. 75% companies have made investors lose money since the gem, the value of its two-tier market has been questioned by many investors.　　Flush statistics show that in accordance with the first day of the listing price of gem listed companies in the two-tier market share prices, the initial listing of the 28 companies, there are 21 earnings negative, loss ratio of 75%.　　It is reported that among the 21 companies whose share prices have fallen, the biggest drop is Jinya technology, which has fallen by 51.12% per cent since the first day of the IPO, while in only 7 of the rising companies, the largest number of robots have risen by about 61% since the first day of the IPO.　　The gem index has fallen 11.27% per cent since the founding of the gem on June 1, 2010, the lowest in all indices. Why do gem listed companies in the two-tier market performance so bad? There is a point of view, although some gem company's quality is good, and has a certain growth, but the reality of its high issue price of the stock listed on the overdraft in the next few years of profitability. Take the gem and the board compared to find, gem stock of the average initial price-earnings ratio (diluted) as high as 70 times times, and the first 100 companies in the SME market, the average starting price earnings ratio is only 21.15 times times, if the SFC on the gem listed companies on the average annual 30% revenue growth requirements estimated, the city's net rate of up to 2.5 times times. In other words, the growth of enterprise Board enterprises in the beginning of the IPO has been exhausted. Gem Index is bound to undergo the process of digesting high valuation, and the length of this process depends more on the company's own growth, the differentiation of different companies will gradually increase.　　And these also become the gem in the two-tier market performance overall unsatisfactory basic reason.　　In the two-tier market investment gem listed companies share losses so serious, so if investors rely on dividends can be paid in full? The answer is naturally negative. With Flower shun data show, Gem first 28 listed companies in 2010 to2011 Annual dividend amounted to 860 million yuan. Among them, le PU medical dividend is about 200 million yuan. If the total dividend of 860 million yuan divided by the total market value of 139.967 billion yuan on the first day, the dividend rate per share is only 6.17%. And if the same amount of money deposited in the bank for two years, according to the annual interest rate of 4.4% calculated, two years to get 8.8% of the yield. This means that investors rely on the gem of the first batch of 28 listed companies dividend yield is far from the deposit of the bank's yield.　　And if the calculation of the two-tier market share loss, the total assets of investors can be imagined.　　However, although the level two market performance is not good, but its large shareholder reduction and senior management is now very active, which makes the gem really become a "rich board." From the beginning of last November, the first batch of GEM shareholders lifted to date, according to the gem listed companies announced, accumulated 115 million shares have been reduced, the size of the current scale of about 3.2 billion yuan. Data show that there are 29 gem has been reduced, tianlong photoelectric, le PU medical and silver shares have been reduced by the scale of more than 10 million shares, the scale is also the largest, in more than 200 million yuan. One of the executives of Buzhongjie Medical management in late March through a large number of transactions to reduce the number of 15 million shares, set is now about 370 million yuan, to become the gem of the highest level of the senior executives. And the second home in the gem of the South Wind shares, the company's senior management restricted shares November 1, 2010 officially lifted, senior executives Deng Jianwei and Liu Jichao the next day began to reduce, in 9 months is also more than billion.　　According to Shenzhen data, from the beginning of this year, a total of 65 gem listed companies were 105 executives reduced, a total reduction of 162 times, reduce the scale of nearly 1.3 billion yuan. In these reduction of the large number of large enterprises, there are many gem companies to reduce the completion of the hands still have a lot of "to sell" stocks. To Le PU medical for example, brook company in the reduction, still hold 126 million le PU medical, accounting for the whole of Le Pu Medical capital of 44.77%. Analysts predict that the reduction of executives on GEM-listed companies such as Le PU Healthcare will continue. [Page]