The big four growth "trouble" new mechanism can save the gem

Ups and downs, bumpy spent two years, GEM has been flourishing, has been lonely. No matter how happy and worried, the gem has many ills, this is undeniable.　　On average 1.8 trading days a new stock market, the growth of the rapid expansion of the gem; Does the overall P/e ratio 80 times times to today's 40 times times mean that gem valuations have bottomed out? The Daily economic news was discussed this week in response to many thought-provoking questions.　　One of the worries why create a rich feast into an investor abyss? If you speculate on the gem, you may lose miserably; If you invest in the gem, you may lose worse.　　The gem is a battlefield, but the winner is not an investor.　　Fat three from October 30, 2009 Open Board Day, the gem is destined to bring them the most direct wealth, that is the gem, as of this year October 31, the 271 gem started to raise the total amount of money reached 191.5 billion yuan, the average of each enterprise raised about 707 million yuan.　　271 stocks, in addition to star technology, precision forging technology, Dongbao biology, Chau Ming Technology and other 4 companies to raise the scale did not reach the expected, the rest are different degrees to achieve the super, and more than 20 companies more than 1 billion yuan, the national technology to 1.965 billion yuan super fundraising successfully boarded the gem "Super Raise the King" of the position. The reason why the listed companies can raise so much money, the sponsor is natural, as the IPO leader, they are also one of the winners. Statistics show that the participation of 271 gem listed companies in the 56 securities sponsors underwriting fees, the issue of a total of 12.69 billion yuan, the average of each sponsor underwriting project can bring 46.83 million yuan to the securities brokerage revenue.　　Among them, Ping An securities sponsor the number of underwriters, for 35, the sponsor underwriting amount of 1.79 billion yuan.　　But the Gem IPO project problem is constantly, such as habitual "whitewash", "excessive packaging" of the story has been accustomed to see not strange.　　Venture capital institutions also in the Gem IPO share a cup of soup, the gem two years of PE equity investment total return to 47 billion yuan, the average return on investment to 10 times times.　　Hang the two people eat lobster abalone, and the bill is active in the A-share market of the investors and funds. If you do not catch up with the good times, eager to hit new investors will be in the gem a bad fall.　　As of October 31, there are 129 shares below the IPO price, 271 stocks more than 10% first day has been break, the check is equal to "in the gun." If investors are investing in the growth of the gem, it may be more unfortunate than the new one. According to the daily economic news reporter statistics, 271 stocks to achieve the rise of only 69, down 202 stocks, retail at any time to step on the mine.　　National technology and the Kennedy fire two shares fell by as much as 64.86% and 61.18%, including Thailand wins wind, South power supply, such as 10 languished share prices halved.　　In the past two years, the gem can be said to hurt the ordinary investors. Fund companies are doomed., even if the choice of relatively secure stock holdings, may still Lau. For example, in the first half of this year, fund holdings accounted for 52.24% of Wambonda shares, but from the three-quarter Wambonda trend, these institutions have been all quilt. There are many examples of such sad reminders, such as the Yongqing of the fund's central purchase, the environmental protection, the Shenzhou, and Yue.　　Gem truly become investors "sad board."　　Annoyance of 22 years of nearly 300 high-speed expansion when Hugh? Today, the open board only two years of the gem company has nearly 300. The rapid expansion of the gem has also brought a lot of problems.　　Will these problems be alleviated, and when will high-speed expansion be slowed? High-speed expansion buried "mine" October 30, 2009, 28 Enterprises lucky to board the first voyage of the Gem, gem in Cheers in the anchor sail.　　Since 2010, the GEM has entered the high-speed expansion period, two years time, gem listed companies have reached 271. As of November 4, the number of gem listed companies accounted for 20.15% of the listed companies, the total market value of 808.93 billion yuan, accounting for the listed companies in the total market value of 10.67%, the circulation market value of 262.621 billion yuan, accounting for the listed companies in the total circulation market value of 5.44%. The gem has begun to take shape.　　Economist Dongdengwen had expected that the next decade is the Shenzhen Gem rapid expansion of the decade, if at least 200 annual IPO calculation, Shenzhen Gem is expected to reach 2000 listed companies 10 years later. Gem in high-speed expansion at the same time, also buried a lot of "landmines." Although the "High Growth" banner was held up before the IPO, it was rare in the past two years for investors to bring in real high returns. Data show that the current 271 gem companies, listed since the stock price rose only more than 50.　　of the first 28 gem companies, only 8 have made positive returns in the past two years. Many gem companies listed after the rapid performance.　　Data show that in 194 companies with comparable data in the GEM, the net profit growth rate than before the listing of up to 70%, of which 41 listed in the year the net profit negative growth, accounting for more than 20%. The first periodic report of Jincheng Pharmaceuticals, which has hit 22.68 times times as low as the gem, has fallen 11.66% per cent in the first half of the year, when the net profit attributable to shareholders in the listed companies fell. The report is less than one months away from the stock market.　　With the rapid expansion of the gem, the performance of such a quick face of a few stocks, which undoubtedly to investors buried high risk "landmines."　　Gem "Great Leap Forward" type of expansion, has brought huge pressure on a shares.　　When will the high-speed expansion take off?　　So when will high-speed expansion be slowed? Li Dahuan, director of the British Securities Institute affirmed the positive role of the gem, the gem since its introduction in 2009, effectively solve the financing of some High-tech enterprises, the market competitiveness has been a certain degree of improvement. Li Dahuan pointed out that the gem is now the development speed is indeed too fast, and createThe board must also undergo such a process to form an effective scale, which is inevitable in the long run, and high expansion may continue. In fact, compared to the Nasdaq and other overseas markets, China's gem is far apart, the road to go is quite long.　　Chan Weihai, an analyst with Shanghai Securities, believes the gem will continue to grow in size. It should be noted that there are signs of differentiation in the current gem, some of the quality of the company outstanding performance. The break probability of new shares increases, as investors blindly speculation to return to the rational, gem listing the situation or will change.　　[Page] annoyance 345 times times PE valuation is high or low? Gem from the debut that day, that is, with "high stock price", "high P/E", "High raise capital" these three high labels.　　In this two-year period, the gem value of the situation has been revised? Valuation level by market correction since the launch of the Gem, the Shanghai and Shenzhen stock market overall performance like hibernation. The Shanghai-Shenzhen 300 index, which began on the day the gem was born, closed as of November 3, down about 16.97%. In the weak market environment, the initial stage of the Gem IPO valuation level is constantly climbing the spirit of the market environment mercilessly polished, gem overall valuation level has been revised.　　June 29 This year's listing of the U.S.-Chen technology to create 18.12 times times the minimum price-earnings ratio. According to the data provided by Shenzhen stock, the average P/E ratio in the 2009-year gem is 111.03 times times, the peak in 2010 is 106.04 times times, and 2011 peak is 80.01 times times. Over the past two years the peak has fallen by as much as 27.93% and the slide is at a glance.　　As of November 3, the Gem index was closed at 877.66, and the market's average P/E was only 45.36 times times. A brokerage analyst said: "Gem early three high, one aspect is due to the scarcity of market resources, another aspect is the market for the gem to give high expectations." High expectations are often detrimental to the future development of the market. With more and more new shares landing on the gem, it is inevitable that the valuation is returned to rationality. "" Whether valuations are reasonable depends on how you look at the problem, and everyone's ability to withstand risk is different. With the constant revision of market valuation level, gem investment and speculative opportunities will certainly increase a lot. But compared with the stable profit of the market, investment risk is self-evident.　　"A brokerage strategy analyst told reporters. Performance risk can not be ignored "daily economic news" reporter learned that, put aside the latest listing of two gem new shares, the previous listing of the 269 gem listed companies this year three quarterly earnings growth of only 16.58% per cent year-on-year. In the same period, the main board and the listed companies, the parent company's net profit growth was 22.08% and 17.19% respectively. The growth of the gem is the last.　　More embarrassing, only 70% per cent of the 269 companies had grown year-on-year, while the other 78 had seen year-on-year declines. The strategy analyst said that "performance changes will certainly result in a revaluation of the valuation, creatingThe industry board itself is risky. Although the current gem of the direct delisting system is still under exploration, but also hanging on the head of many investors in the sword of Damocles, for investors, the risk can not be ignored. "At present, most of the companies listed on the domestic gem does not reflect the number of High-tech content." Listed companies have a wide range of industries, traditional industries accounted for a large proportion. For these companies, there is no high growth. These are hidden risks, time bombs, valuations can only reflect the current level of the market, so look at the valuation should be more concerned about the company's risk.　　A private-equity person said.　　The four troubles of the introduction of the new mechanism ETF can save the gem? Gem two years to bring investors sad greater than joy, worry outweigh the music.　　Recently, GEM Trading has become active, and the official launch of Gem ETF, May herald the investment of Gem will usher in a new era. ETF launched an increase in liquidity Gem index in the early days, also led a strong rally. In early July 2010, the gem continued to plunge after a wave of rebound market.　　The continuing rally has led the gem Index to soar 37% from around 830, creating a record 1239.6 point. Gem new shares also entered the peak state of the IPO at the end of 2010.　　The issue price hundred yuan, issued multiples of the new shares appear, over the past two years, more than 270 companies landing gem, the initial raise amount of more than 190 billion yuan, the average starting up to 707 million yuan, over the amount of 125.1 billion yuan, over the amount of more than 1 billion yuan, the company has 25. After a short while, the gem failed to shake off the impact of the whole market and then went down. October 24 this year, the gem Index to create a record low, the lowest to 741.33 points.　　Compared with the highest point, the index fell by as much as 26.74% in the 10-month period, while the Shanghai Composite Index declined 18.09%.　　There are also insiders pointed out that mature investors can be in the gem after the launch, through a package of gem stock purchase to redeem the Gem ETF Fund, but also in the field to buy and sell gem Fund share, in the gain of low risk stability, but also will help improve the liquidity of gem stock.　　gem ETF risk is smaller most investors will pay attention to the gem, perhaps it is the value of its "High-tech, high Growth", in the final analysis or to pay attention to the growth and performance of the gem stocks, Dongxing securities researcher Silventao told the Daily economic news reporter.　　He further pointed out that in order to effectively control the risk, we must look for the growth potential of the enterprise Board companies.　　Shanghai Securities analyst Chan Weihai pointed out that the gem has begun to appear differentiation, some of the quality of the stock can indeed be sustained under the slump to maintain the resistance, such companies should focus on attention, such as Chuan technology, Furette outfit and so on.　　Li Dahuan, director of the British Securities Institute, suggested that the Gem ETF Index fund is more robust, buying gem ETF funds is much less risky than buying gem stocks. Overseas Gem IssueThe domestic gem market is still in the "feeding" stage. Only the problem exposed to solve, the gem market will continue to mature.　　Learn from overseas mature gem market, perhaps to the development of domestic gem market is helpful.　　A high price does not overestimate the domestic gem "three high" issue eventually led to a higher premium stocks frequent, such as the green Water, Watson Biology, national technology and other stocks, more than a hundredfold earnings, and no rapid growth in the performance support, in the end, or ended up a plunge in the stock price. In fact, the Nasdaq market in the United States also has high prices, but its high-priced stocks are often deserved. Currently, Nasdaq has a total of 3,000 listed companies.　　In the 2009, after a once-in-a-century financial crisis, the Nasdaq market still stands at a premium of more than $100 trillion in 11. Of these 11 stocks, Google shares the highest share price of 497 dollars/shares, but it is only 34.47 times times the price-to-earnings ratio, in other words, Google's share price is high, but the P/E is not high.　　and higher-priced stocks such as CME and Apple are trading at around 35 times times earnings, suggesting that Nasdaq's high-priced stocks are not speculative excesses but real-life high-growth stocks. From the Nasdaq's many high-priced stocks can be seen, these stocks are mostly engaged in High-tech industries, and belong to young new companies. From this point is not difficult to see, although the purpose of the domestic gem is also for the High-tech industry, has independent innovation, is still in the stage of start-up companies to provide financing channels, but from the real listed companies, many companies are not industries.　　Such a company, Nature does not have a big upward momentum, nature did not create the passion. Release Give-and two years later, the gem not only did not return to the city of the company, even the most fundamental delisting mechanism has been delayed.　　Industry insiders pointed out that there is no delisting system of the gem market is like a only import has no export of the pool, precisely because there is no delisting system, GEM overall valuation error, "Three high" continue to appear. February 8, 1971, Nasdaq officially opened the door, the first batch from the over-the-counter market (OTC) to the Nasdaq quotation stock more than 2,500.　　At the end of 1996, the number of Nasdaq-listed companies was about 5,556, now stable at around 3,000. At present, about 8% of Nasdaq's companies retire every year, while the UK gem AIM has a 12% exit rate. Perhaps, only through the withdrawal of the market system, can let the gem truly market, truly "flow."