The former scenery gem faced with the reality of Waterloo performance bleak question

In front of the data, once "High-profile" Gem had to Low "high" head.　　From the Enterprise Board enterprises in the newspaper released over the January, the vast majority of enterprises in the "silence."　　As of August 30 this year, in the gem listing of 113 enterprises, can compare enterprises 94, total profits year-on-year growth rate of 22.7%, in addition to more than 20% of corporate performance negative growth, the first half of the year's net profit growth of more than 50%, accounting for less than 17.　　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 the current performance and the gem of the high valuation has a sharp contrast. "The current average price-earnings ratio of the gem is 65.93 times times, which is almost" halved "from the 110.74 times-fold peak at the end of last year. "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 the growth of gem enterprises 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." In this respect, Zhao Weipeng said, industry, season and financial factors, will affect performance. For example, he said, for example, the National Union aquatic product, which was listed July 8 this year, reported losses in its earnings. "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 brilliant software and national technology is not the gem of the" top. "Hyper-graphic software is because of the national" 863 "project funding and some research and development funds, national technology also has a certain 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 exclude the original part of the enterprise in order to go public, inPre-IPO "do" performance, making last year's financial data have the possibility of water, and after the listing is gradually "squeezed dry water" of these enterprises are easy to betray their true colours.　　[Page] Return to Zhao Weipeng, high P/E is a double-edged sword for VC/PE institutions, and in the meantime, it is also pushing 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? Data show that as of June 30, 2010, 90 Gem Enterprises have 51 of VC/PE investment, the proportion 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.