The former Scenery Gem encounter reality Waterloo: Vacant Super Raise

Why did the Gem executives leave the field?　　Li Jingying with September 10 Netac Technology (300042.SZ) released chairman and general manager resignation announcement, Deng also became the gem on a hurried off the field of the 36th senior executive. Said hurriedly leave the field is not too, gem Enterprise listed not yet full one years old.　　Although the impatient departure of the Chairman, Vice president, deputy general manager, Dong Secretary, directors are more "personal reasons" as an explanation, but this is clearly a little thin.　　Reduction of the impulse to make the decision of the same flush (300033.SZ) original Dong secret recipe and the original supervisor Yichome in the enterprise listing only 15 trading days to choose to leave, and silver shares (300020.SZ) Deputy general manager Chang also back its follow in 3 day. Huali Chuang Tong (300045.SZ) The original supervisor of Shongjun and Metenofo (300038.SZ) Former President Schwenbo in the company listed only one months after the resignation, for the Internet Technology (300017.SZ) listed the original general manager Peng also early this March exit. At the same time, this 3 April ushered in a wave of executive turnover. According to the reporter rough statistics, during this period, a total of 14 senior executives resigned, involving alone Dong, directors, supervisors, deputy general manager, Dong Secretary and other positions.　　Among them, the first batch of listed enterprises accounted for 8 places. In addition, 17 of the 36 senior executives who resigned are holding shares, either directly or indirectly. Shanghai Rong Zheng Investment Consulting Co., Ltd. (hereinafter referred to as "Rong Zheng Consultation") to provide reporters with statistical data shows that, of which, the highest number of individual shareholding for NETAC Technology (300042.SZ), the original chairman and general Manager Deng, its holding 15.45 million shares, followed by the race for Intelligent (300044.SZ) Original Dong,　　Deputy General manager Zhou Yi, holding 6.79 million shares, and then Jinya Technology (300028.SZ) The original director Lu Yin, holding 5.16 million shares.　　Shenzhen Stock Exchange, the shareholders of listed companies, the annual reduction of the number of shares of the company can not exceed 25% of their own holdings, in the 12 months after the declaration of departure 6 months, the number of holdings of the Company shall not exceed its own holding the total amount of 50%, 12 months after the expiration of all unlocked Bypassing regulators ' rules on the listing of executives in listed companies, in advance, seems to be the main reason for retrospective.　　Rong is consulting deputy general Manager He Zhicong View, in the final analysis, the reason for senior management turnover is the current gem valuation is too high, the impulse of industrial capital reduction.　　The way to grow up. However, the reduction of capital may be only an inducement, behind which the uncertainty of corporate growth is also responsible for the runaway executives. "Gem stock can rise to the sky, but also can fall underground, a swarm of speculation and blindly sought for the stock price ups and downs to bury the curse." "Rong is consulting partner Gu Liang analysis," Gem listed Enterprise Team Collective shareholding is a common phenomenon, for senior executives can enjoy a capital premium, and talent attraction and incentives have a positive effect, but this is not omnipotent. "This shows that the experience of listing success on someSenior executives, more of a career accumulation, so once the right time to meet better opportunities, they will choose to leave. In addition, the "First financial daily" reporter in the interview found that many of the separation of senior executives also have their own difficulties, Peng is a typical example. As early as October 31 last year, after the company listed, he was interviewed in this newspaper frankly stressed. After the close of the market day, Peng immediately convened an interim management meeting, the deployment of a new Year of development and specific indicators of the formulation.　　He has told reporters that the first day of the sharp rise in stocks and the high PE value of his considerable pressure, institutional investors and shareholders to support the enterprise has become a great sense of urgency. Another gem Enterprise Dong secretly also to reporters frankly, after the listing of enterprises to the public market, feeling pressure quite large. "This pressure comes not only from performance, but from the internal and external constraints of the enterprise." He admits that "some of the inherent inertia of the operating system is difficult to change in the short term, and the constraints on the management system once it can not be truly standardized, it is easy to feel tired." A professional manager, who declined to be named, also told reporters that many gem listed companies before the listing to find existing senior management team personnel background and knowledge structure defects, in order to make up for the short board, will pay huge sums of money to recruit professionals and experts to join. However, as expectations are too high, the performance indicators agreed upon by both parties exceed normal expectations.　　Once companies are under pressure, it is easy to force some executives to leave.　　In addition, he noted that there are many rely on the early packaging to be listed enterprises in fact there are some hidden problems, these issues will gradually be exposed after the listing, when these hidden dangers become increasingly clear, as a key factor hindering the future development of enterprises, see the gap between the ideal and reality, the executive will resolutely choose another way out.　　A dazed Li Jingying at the end of last month, Ping An securities in a research report pointed out that, although the gem market, the majority of emerging industries, with national incentives and support policy advantages, the future potential is not small, but if the policy advantage can not be translated into corporate profits, policy advantages of the background of high valuations can not be long-term maintenance. What makes a high valuation?　　Obviously, this is the reason that the enterprise encounters the early stage heat, and its most outstanding performance lies in the widespread existence of the phenomenon of super raise. "First financial daily" reporter statistics found that almost every gem listed companies more than the original plan to raise more than twice times, of which the National Technology (300077.SZ) Super raise capital, up to 1.965 billion yuan, is the amount of 6.86 times times planned.　　In addition, the green Water (300070.SZ), Oak Shares (300082.SZ), Shenzhou (300002.SZ) and other enterprises also took more than 1 billion yuan of funds. In the collation, the reporter found that, in addition to the funds invested before the proposed investment projects, some companies will be over raised funds for the acquisition of related assets, in order to expand the main business. such as Huayi Brothers (300027.SZ) acquisition of HuayiLe 49% of the equity, Ai er Ophthalmology (300015.SZ) has acquired Nanchong, Chongqing, Shijiazhuang, Jinan four local eye projects. But this is not once and for all.　　Some investors pointed out that mergers and acquisitions are the most difficult to ensure that the original main business development momentum at the same time, how to integrate new business into the existing business system to support the main business, rather than replace or consume the original main operations, how to grasp, which has a certain operating risk.　　How hard it is to handle money. In general to the gem to collect funds to classify after the reporter found that it is nothing more than for project investment, supplementary funds, mergers and acquisitions expansion, deposit repayment, buy a car, marketing and marketing network construction and so on.　　And in this, to improve the façade, the establishment of image has become the primary consideration of enterprises. Shenzhou Thai Yue spent 420 million yuan to add new office space for himself; South Wind shares (300004.SZ) with no more than 120 million yuan to buy the land of construction; China testing (300012.SZ) plans to set up a Chinese headquarters in Shenzhen 135 million; Le Pu Medical (300003.SZ) Said it will cost 180 million yuan for core products at home and abroad marketing network projects, of which 110 million yuan in Shanghai and other cities to buy 8600 square meters office Building Marketing Center.　　In addition, it also plans to use no more than 4.2 million yuan to buy 15~20 vehicles ...　　In addition, part of the funds used to repay the bank debt or simply put into the bank bag for Ann, but also become a number of gem listed enterprises of the choice. For example, the southern capital (300068.SZ) nearly 90% of the super funds are used in the repayment of loans, supplementary liquidity and bank deposits.　　The National Union Aquatic Product (300094.SZ) uses the Super raise fund 137 million yuan to return the bank loan. "Early repayment of debt, while beautifying the financial statements of the firm, has no meaning for investors because the use of these funds does not lead to any substantial growth in the business."　　One investor stressed.　　"Do not understand" the listed companies in fact, in the face of the gem, dazed in addition to the enterprise, there are the whole market.　　Suzhou long-lasting in the smooth and complete the purchase and lottery lottery all the process, only to be sounded on the drum, as the patent and the fact that the discrepancy is exposed, only to be disqualified from listing.　　In the video industry has yet to smell the breath of spring, still struggling to burn money, in the industry "unknown" of the Music Network (300104.SZ) but Swagger appeared in the gem of the listing team, causing a market uproar.　　There is also the main Internet Café game management software Shun Network Technology (300113.SZ) in the first time after the gem rebuffed still persistent, the new makeover to the concept of Internet entertainment platform to kill the gem, and finally two degrees "summit" success.　　When these "small" enterprises in the public eye to become invisible to the heterogeneous, gem is how many of the fineness? According to a person who has contacted one of these companies, but eventually gave up investment in the industry to rememberOutspoken, have been contacted by a number of rejected projects existing part of the smooth entry into the GEM listing list. In his view, by understanding this part of the enterprise, found that they have two distinct characteristics, one is mostly only in a niche market leading position is obvious, but to continue to do big and strong there is no market space; the second enterprise obvious false ingredient is serious, once intervene will be a capital gamble, victory or defeat difficult material. [Page] Former scenery gem encounter reality Waterloo Li Jingying in front of the data, once the "High-profile" Gem had to lower the "high" head.　　From the Enterprise Board enterprises in the newspaper released over the January, the vast majority of enterprises in the "silence." The exclusive data from the research Center for the first financial Daily Show that as of August 30 this year, in the gem listing of 113 enterprises, comparable enterprises 94, total profits year-on-year growth rate of 22.7%, in addition to more than 20% of negative corporate performance, the first half of the year's net profit increase of more than 50% of the year, only 17,　　accounted for less than 20%.　　After comprehensive evaluation, it is not difficult to conclude that the growth of net profit of Gem enterprises lags behind not only the unlisted share price transfer system (growth 75%) of Zhongguancun Science Park, but also the motherboard (growth 41.17%) and the SME (growth 45.5%) of Sanbanxi.　　The former scenery Unlimited high growth in the face of the reality of Waterloo, dismal performance, so that people on the growth of the gem also produced a clear question. See empty Qing Branch Research Center analyst Zhao Weipeng told reporters, the current performance and gem high valuations have a sharp contrast. "The current average price-earnings ratio of the gem is 65.93 times times, at the end of last year, 110.74 times times the highest value is almost ' halved '. "he said. In addition, "Now gem shares of the issue of the issuance of a downward trend, break gem stock has more than One-fourth." "Plateau Capital partner Thor to the reporter analysis, compared with the motherboard and the stable performance of the board, the capital market for the gem is mainly due to its own business potential." He pointed out that the general capital market for the main board enterprise growth is expected to be around 15%, small and medium-sized enterprises are 20%~30%, and gem growth rate in 50%. "When the real growth of the gem can not meet the market expectations, it is easy to rapidly produce a gap."　　"he said. However, Fortune CEO Bing believes that the current performance of the gem is still in his expected.　　He stressed to reporters that gem listing does not mean that we must maintain high-speed growth. "Sometimes it takes longer to see.　　"he said.　　However, Bing also added that it is not ruled out that some of the enterprise's performance decline is due to the team, management or market fluctuations, such as the objective environment changes left by the "Achilles heel." Zhao Weipeng also expressed similar views to reporters. Industry, season and financial factors all affect performance, he says. For example, he said, for example, July 8 this year's listing of the National Union aquatic products (300094.SZ), where earnings show losses. "Businesses are part of the agricultural sector, and in view of the unusual weather and seasonal factors, their product sales will be reduced, resulting in losses." "At the same time, in his view, the first half of this year's earnings of the Super Graphics Software (300036.SZ) and National Technology (300077.SZ) is not the gem of the" top. "Hyper-graphic software is because of the national ' 863 ' project funding and some research and development funding, national technology also exists a certain amount of government subsidies, performance growth is not entirely attributable to the development of the main business." "Similarly, for the loss of enterprises, the year-on-year reduction in government subsidies is one of the reasons for the loss can not be ignored."　　"Zhao Weipeng also stressed, do not rule out some enterprises in order to go public, in the IPO before the" do "performance, so that last year's financial data have the possibility of water, and after the listing was gradually" squeezed dry water "of these enterprises are easy to betray their true colours.　　Return to Zhao Weipeng, high P/E is a double-edged sword for VC/PE institutions, and in the same time, it also pushes up the cost of VC projects.　　Investors have complained privately to reporters that many of the companies positioned in the future on the gem will take the market value of the gem as its current price reference for investment agencies. "Excessive market valuations and price-earnings ratios will lead to a move forward in equity investment to the incubator fund, the Angel Fund, and the VCs, as the investment markets are relatively rational." "Zhao Weipeng analysis, and he also pointed out that the gem market at the beginning of the initial high price-earnings ratio is not an individual phenomenon, the rational return process in the United States Nasdaq market and British aim, such as the developed second market has occurred. "As the price-earnings ratio is being squeezed out, the two-tier market is gradually returning to rationality, prompting a change in the primary market's investment and private-equity portfolios."　　"However, the current test of waiting for the gem may not only be here, the upcoming growth of the gem behind the end of the equity ban, for shareholders will be another important test." However, the real test is likely to start on November 1 this year, the first batch of 28 companies packaged in the listing of 1.222 billion stocks of the original shares lifted.　　The attitude of the investors who might be involved as shareholders will be a barometer.　　As a listed company shareholder's 56 venture investment organization, 5 private equity organizations as well as 3 brokerages, what is the place to go? The data from the research center of the Qing Branch show that as of June 30, 2010, 90 Gem Enterprises have 51 VC/PE investment, the ratio of up to 56.7%.　　The 51 companies attracted a total of 64 VC/PE 98 investments, with a total investment of 1.646 billion yuan, and the average VC/PE-backed GEM has received two investments. A partner of a venture capital company admits to reporters that after the expiration of the lockout, if the shares held in the enterprise are less, they will consider withdrawing quickly, while those with a slightly higher shareholding will grasp the rhythm and plan to step out.