The GEM market worries: Microsoft has only one

Microsoft has only one Yang Yudong October's A-share market, people's most concern is undoubtedly the pioneering gem. First out of the current controversy on the gem, looking back on the development of the Business Board of the preparatory process, it is a feeling of the vicissitudes of the impermanence. As early as 10 years ago, the gem has been brewing in the regulatory sector: in January 1999, the Shenzhen Stock Exchange to the Securities and Futures Commission to submit the "Market for Growth Board of the Project Research Report"; In April 2000, the CSRC submitted to the State Council the Instructions for supporting the development and establishment of second market in High-tech enterprises. During this period, as a representative of a securities newspaper, I also participated in the preparatory meeting for the gem of the SFC. At that time in the network stock boom, the enthusiasm of the market, October 2000, Shenzhen resolutely discontinued new shares, preparations for the gem. Who once thought, along with the overseas stock market dotcom bubble's rapid burst, avid China motherboard a huge pile of historical problems remains to be solved, the gem is shelved indefinitely.　　The Shenzhen stock is implicated, languish 4 years, the relevant departments for Shenzhen livelihood considerations, in the new shares stopped 4 years later, made a sibuxiang of the board, said is the gem of the variant, Essence and Shanghai Board no essential difference, the year of the Enterprise board Impulse Sequelae finally have a phased closure.　　In this way, the gem is also said to be "10 years of pregnancy", and now finally able to come to the world, regardless of its future trajectory, from the perspective of market construction, from the perspective of perfect market function, it is always a welcome thing to congratulate. Many observers said after the dotcom bubble burst that China's gem had not been launched at the time, and that the nest had finished its eggs. I don't think that's a good thing to say. According to the vitality of China's economy and the creativity of entrepreneurs, the bursting of the dotcom bubble does not equate to the inability of China to produce a large number of successful entrepreneurial enterprises, in fact, in the following years, there have been such as Alibaba, Baidu, and many other Chinese enterprises listed overseas,　　Financing from overseas capital markets has helped them to finally complete one business myth after another. I'm thankful for the fact that China's gem failed to "premature birth"--when the motherboard was still mired in "first cure or Save first" and nearly collapsed, when the stock market is also regarded as a pure circle money machine, the good idea and the idea will also be swallowed up by the black hole which the mechanism causes.　　Even after the reform is completed today, I am still worried about the fate of the gem is not some of the viability of some entrepreneurial enterprises, still not worried about China's gem out of Microsoft, but in the lack of constraints and disciplinary mechanism of the movement of the circle of money trend. The "motherboard disease" of China's stock market seems to have spread to the gem, for example, exclusively's high P/E ratio, although the Nasdaq price-to-earnings ratio is also higher than the NYSE stock, but the successful gem market is only the Nasdaq, and it does not require our gem in the ability to share the money on the Nasdaq, So the recent brokerage on the gem investment advice is almost exclusively "dozen new don't stir new". Don't Fryis tantamount to not recognize the investment value of the gem, but also hope that by playing a new speculative, holding time may not be more than a minute, the listing on the toss, such a strange logic is actually the early batch of gem companies high P/E IPO real choice. The relevant departments have been stressing the risk of gem market, in the more mature motherboard market, reduce administrative intervention, the market decided to issue price level, which is reasonable.　　But in such a start-up market, can not overemphasize market-oriented, or should be used to guide the use of the window to reduce some of the distribution price-earnings ratio, in fact, this is the most direct means of reducing risk, but also conducive to the long-term development of the gem market. According to the statistics of the relevant organizations, if the maximum price is estimated, the first batch of 10 gem companies will raise the amount of capital to be as high as 7.713 billion yuan, a lot more than the previous estimate of 2.815 billion of the amount of capital raised by 173.98%. Some market people worry that those who are prepared to board the SME company, will be changed to the gem, because the threshold of the gem is low, high financing. In this way, the gem will increase the pressure of money.　　The investment bank for which it was sponsored was also questioned by deliberately raising its IPO price to earn more issue fees. There is the first few batches of gem Company's shiny and can not represent the future of the gem quality, from the nearly hundreds of media to declare listed companies, a large number of enterprises should not become an enterprise board companies, such as the establishment of 1992 years of potato processing enterprises, the establishment of a chicken farm in 1996, In 1994, the establishment of MSG production Enterprises, 1994 on the completion of tourist attractions, and even the establishment of the 1971 water meter production enterprises ... Are such traditional industries, and entrepreneurship for more than 10 years, decades, but also entrepreneurial.　　Our investment bank, our enterprise, is not together to confuse our gem market investors? It may be nitpicking to list some of the worries about the gem, but it should also be a risk education with the regulatory authorities. China's gem will certainly hatch out of China's Microsoft, China's Google, but the gem is the first high-risk market, investors still have to pass serious fundamental research to capture opportunities, control risk, because even in the Nasdaq with more than 5,000 listed companies, Microsoft only one, Google only one.