The collective face of the gem: The rate of decline of 28 companies poor performance

Following the high price, high P/E, high fund-raising, high transfer, high performance rate and high volatility has become the latest "pronoun" of the gem.

According to wind statistics: The 159 gem companies listed before December 29, 2010, 28 companies have seen a year-on-year decline, accounting for 17.61%, of which 13 companies appear operating income and net profit two indicators at the same time decline.

Collective fall

"Gem for the listed companies to the size of the requirements, focusing on growth, which means that the performance of the gem will be due to future uncertainties and fluctuations." Huanghaichao, the former general manager of the Capital Markets Department of the Joint Securities Investment Bank, told the China Business News reporter.

In just the end of the GEM 2010 Annual Performance Disclosure Summary, the yellow tide mouth "gem performance fluctuations" reflected incisively and vividly.

According to wind information statistics: 552 listed companies 2010 years of business income growth of 33.47%, and 183 gem listed enterprises (as at March 1, 2011) 2010 Operating Income growth of 31.54%, gem overall growth is slightly lower than the SME board. And in 2009 (with GEM Prospectus announcement data calculation), Gem 45% performance growth rate is higher than the SME board 17%.

Meanwhile, among the 183 gem companies, 28 companies have seen Year-on-year declines, with 13 operating revenues and two indicators of net profit falling at the same time. Pao shares in the decline of 39.63% to become the gem business income decline champion, South Power is 49.25% of the decline to win the gem net profit fell the top spot.

According to the Gem IPO rules, the financial conditions to be met by the listed enterprises include: The last two years of continuous profits, the last two years, the cumulative net profit of not less than 10 million yuan, and sustained growth, or the last year of profit, and net profit of not less than 5 million yuan, the last year operating income of not less than 50 million yuan, In the last two years, the growth rate of operating income is not less than 30%, the net profit is calculated on the basis of deducting the low or lower of non-recurrent profit and loss.

Statistics show that 183 Gem Company's 2010-year performance and listing standards are very different, operating income growth rate of less than 30% companies up to 86, accounting for a ratio of 47%.

"The 28-year decline in the company, the latest market time for July 10, 2010, despite the volatility of the gem, but only in the past six months, the original meeting the IPO rules of 30% growth rate of the company suddenly changed, it is obvious that it is not justified." "An investment company boss in Guangzhou told reporters that the sudden performance of their faces so that they often participate in the" dozen new "investors are also caught off guard.

"The high volatility of the gem's performance is evident in this year's annual results report." "The day's congenial research report is a commentary.

Excuse me.

Wambonda (300055. SZ) Performance Express, 2010 years total to achieve business income of 292 million yuan, 2009 years of 477 million yuan, the decline of up to 38.73%, is the Gem 2010 annual operating income decline in the list of the first two.

According to the information, Wambonda is a coal chemical, petrochemical, electric power and other enterprises to provide industrial water treatment of environmental-friendly enterprises, landing on February 26, 2010 Shenzhen Gem, and according to its prospectus, 2008, 2009 net profit growth rate of 969%, 111% respectively, 2007-year operating income of only 34.92 million yuan, 2008 up to 376 million yuan. In the composition of its customers, PetroChina and other state-owned enterprises accounted for 99.53%.

"The impact of the national large-scale project approval process, resulting in a sharp decline in business income." Wambonda Performance Express.

Similar to Wambonda this "parasitic" in state-owned monopoly enterprises, large enterprises of the gem companies there are many, such as the constant letter mobile (300081. SZ), South All power supply, Meteno (300038. SZ) and so on, in the 2010-year GEM Performance summary, these enterprises also have a common point, the customer concentrated risk embodiment, operating income, net profit index fell sharply.

Warburg Pincus shares (300074. SZ) explained its performance decline with "no major clients for 2010 years", while, in the first half of 2010, Warburg Pincus shares received a government subsidy of 3.368 million yuan, and its first half of the net profit of 3.6381 million yuan is basically flat, that is, in the first half of 2010, the capital of the ping ' an shares almost no investors earn a penny.

The reason for the southern power supply is even more alarming: "The market demand is falling, raw material prices are rising, competition intensifies." And its prospectus claims that the "six advantages" of the Southern power supply include "strong product competitiveness".

Kang Te (300061. SZ) in the 2010-year gem net profit decline ranked fifth, 2009 to achieve 21.39 million yuan, 2010 only 16.01 million yuan, excluding non-recurrent gains and losses after the decline of more than 40%, Kang-hong-Kahn's net profit decline due to "the company listed in the process of advertising costs, Road show fees led to a significant increase in management costs.

Who is it?

The performance of GEM companies will also help their listed brokerage investment banks to the forefront.

2010, Ping An securities to 38 underwriting companies won the underwriting business "champion." January 19, 2011, China Ping An (601318. SH) released its subsidiary of Ping An securities 2010 unaudited financial data, the 2010-year Ping An securities total operating income of 3.808 billion yuan, an increase of 55.38%, of which ping an securities underwriting business net income of 2.406 billion yuan, a significant increase of 2.29 times times.

And the previous 28 performance-changing Enterprise board companies, 7 for Ping An securities sponsorship project. This includes the second-place NETAC technology (300042), the net profit decline. SZ) and ranked third of the constant letter mobile. At the same time, known as "face-changing King" of the National Union Aquatic products (300094. SZ) in the 8th day after the listing announced that the first half of 2010 loss of more than 12 million yuan, ping An securities is also the sponsor of aquatic products.

Not only that, according to statistics, from the June 2009 IPO restart to December 2010, ping A total of 51 companies to sponsor the listing, in addition to the 2009 fourth quarter of 10, in the remaining 41 companies, as of December 2010 break of 17, accounted for up to 41% In the third quarter of 2010, the performance of 13, the proportion of more than 30%.

"Listed companies make money is not our credit, the loss of money is not our fault." Ping An securities President Shironen told reporters, Ping an investment banking department sponsored projects are based on the SFC designated "rules of the game".

Securities Sponsor in the production of prospectuses, the project will be more substantial packaging, so as to find selling points, which is responsible for the production of financial statements of accountants also ' credit. "An accountant who has long been in charge of the annual financial statement audit of listed companies told reporters that the adjustment of the financial statements can be achieved by adjusting the time of the key financial indicators, such as inventory, accounts receivable and so on. Recently, the Chinese Institute of Certified Public Accountants for the Gem 2010 Annual Report audit work of the risk of a special interview activities, the interviewees are mainly responsible for the annual report audit organization of the listed companies of Gem, and the enterprises involved in the gem are all the companies that have a fast-changing performance after listing and the stock price changes greatly.