The gem of ten years to grind a sword: entrepreneurial development or the benefit of speculation?

2009, China's capital market is undoubtedly the launch of the gem. Some people say that China's gem is 10 grinding sword, from the significance of the construction of China's multi-level capital market, promote SME financing, the development of High-tech Industries, China's gem undoubtedly also carries the scientific and technological progress, scientific and technological power of the task.　　So say, this sword, already is the amplifier. But after the gem listing, the super high issue price-earnings ratio, often hundreds of millions of, or even billions of of the super raise financing, exposing the current development of the growth of the enterprise board deformity, so the development, it is inevitable to attack the entity entrepreneurship, the emergence of packaging listing, mismatch funds resources. This sword, sharp more than enough, toughness.　　After a long time, as the problem gradually exposed, China's gem is like Hong Kong and other land, and become a chicken. Tsing Qing Road when young, but is the life regret things.　　After more than 10 years of preparation, the gem should not be "rich machine color." Honed ten years March 31, 2009, the SFC issued "initial public offering shares and on the Gem listing management interim measures", the gem officially opened. July 26, the SFC began to accept the GEM listing application.　　October 30, 2009, 7 companies such as Rui Tak, the official ticket trade, Gem was formally born. The formal incubation of the gem should be in 1998 years. In January, Premier Li Peng presided over the fourth meeting of the National Science and Technology Leadership group, which decided that the national Scientific and Technical Committee should study and establish the overall scheme of venture capital mechanism of High-tech enterprises. February, Deputy Prime Minister Zhu Rongji, led by the National Science and Technology Commission, the State Planning Committee, the Ministry of Finance, the People's Bank of China, CSRC and other inter-ministerial coordination Group was established. August, China Securities Regulatory Commission chairman Zhengqing inspected the Shenzhen Stock Exchange, proposed to give full play to the securities market function, support the transformation of scientific and technological achievements into productive forces, promote the development of High-tech enterprises in the securities market to form High-tech sectors.　　For the real growth and potential of High-tech enterprises, the SFC will be listed in the amount of priority support.　　Since then, the parties to the establishment of the gem, a wide range of discussions and positive preparation. In January 1999, the Shenzhen Stock Exchange was formally presented to the CSRC a report on the project study on the Growth board market, and its implementation plan.　　In March, the CSRC made it clear for the first time that it could consider setting up a technology enterprise plate in the Shanghai and Shenzhen stock exchanges.　　But then, the ups and downs of the US Nasdaq have hit China's gem establishment process.　　Tech dotcom bust International market aihongbianye, the voice of China's gem in the great environment of the cold gradually decline, professionals believe that in China to set up the gem market should be cautious, in China to set up a gem, not only the condition is not mature, and the risk is great, not in line with the political decision "stability overriding" principle　　May 17, 2004, with the approval of the State Council, China Securities Regulatory Commission formally approved Shenzhen set up small and medium Enterprises Board market. Its time, the market inside and outsideIt is doubtful whether the SME can develop well. But the results of the SME board has boosted people's confidence in the gem. To 2007, more than three years, the SME board issued listed enterprises close to 300, become China's multi-level capital market system is an important part. The key figures of China's capital market reform, Shang Fulin, chairman of the CSRC, said: The SME board as the first step in the implementation of the gem market, in the regulatory innovation, integrity construction, standardized operation, information disclosure and other aspects of accumulated a lot of experience for the gem market construction to lay a good foundation.　　The conditions for the construction of multi-level capital market system, which focus on the gem market, have been more mature.　　With the exploration and development of the small and medium-sized plates, further lowering the threshold and supporting the rapid development of the technology progress, gradually become the consensus of all parties. August 2007, the State Council approved to the gem market as the focus of the multi-level capital market system construction program.　　Dust-laden nearly 7 years of gem market construction and surface.　　For the issue of conditions, the interim measures on the listing conditions made clear: in the last two years, the net profit of the last two years has accumulated no less than $10 million and sustained growth, with a profit of not less than $5 million in the last year, and no less than $50 million in the last year, and no less than 30% in the last two years. Relatively broad profit indicators have reduced the threshold for some technology innovation companies to go public. A group of two high six new types of small and medium-sized enterprises listed in the queue to wait for review, that is, high growth, high-tech content, New economy, new services, new agriculture, materials, new energy, new business model.　　[Page] entrepreneurship development or the benefit of speculation? In the past year, the gem has 158 listed companies, the average issue rate of more than 60 times times, the amount of financing more than billions of billion, but also the birth of the 500多位亿万 rich, the effect is very amazing.　　If you deduct off the trading day, in the past year, the gem on average daily "production" Shine Millionaire. For a time, businessmen will talk about gem. "Listing is the ultimate goal and you don't want to do it anymore."　　An entrepreneur once complained to reporters. 10 years ago, the stock market quota system.　　Listing becomes an important means for SOEs to extricate themselves from the difficulties.　　Ten years later, a group of entrepreneurs through the login quickly climbed the rich list, silver around curtilage. Do industrial 100 years to create wealth, may not be as overnight in the gem issued on the market and add value to the wealth; investors in the markets may wonder: After the release of the first batch of restricted stocks, will these pioneering people continue to work hard to "start a business"?　　If money comes so easily, will they run their business seriously? After the formation of paper wealth, the market is worried about the existing set. So far more than 50 managers have resigned, involving more than 30 gem companies.　　Most of the reasons for resignation are "personal reasons", or "couples separated", or "health worrying", "board inconvenient" and so on. December 25, 2009-listed withFlower Shun, January 18, 2010, the company's secret recipe super and supervisors Yichome both resigned, called after the listing of senior executives. According to the GEM rules, the shares held by listed company executives are automatically unlocked after 6 months of separation and can be sold.　　Behind the high-sounding resignation of many executives, there is only one truth: it is true gold and silver. The purpose of the gem is to serve High-tech development. Gem is able to grow at a high speed, it is by virtue of its own certain technical advantages and talent advantages.　　If the company is in a position to raise funds, its original stable team members go their separate ways, then the company's future development, the company's commitment to raise funds, the company and strategic investors signed the agreement and the company's interests of the vast number of investors to protect will become dead, these must become the gem listed companies future risk outbreak points.　　From this point of view, the current system of gem, the defect is very large.　　On the other hand, gem listing, to some extent, a waste of financial resources. According to the reporter statistics, the gem company almost all super raise, the first 135 gem companies are expected to collect funds 32.15 billion yuan, the actual fund-raising 99.24 billion yuan. Even in accordance with the net amount of fund-raising, raise funds also amounted to 92.86 billion yuan, over raising the amount of up to 60.71 billion yuan.　　Twice times as much money as planned. Is it a serious mismatch of resources?　　The vigorous development of gem, eventually become a wealth game? "The company had a systematic consideration of its own fundraising, and now you're suddenly giving it 3 times times as much as the original project, and the rest of the money is spent just to spend it." "said the manager of a Shanghai Securities investment bank. "But, also cannot say, the raise money pushes off, give back to who?" "leading to the gem listed companies generally exceed the reasons for raising funds, there are: first, the listed companies often have a strong pursuit of high price-earnings ratio, the second is relative to the abundant capital, gem stock is small, third, the sponsor of the underwriting income and the fund is linked to the super.　　[Page] Fake packaging listing is a case? It is noteworthy that in a short period of more than a year. There have been two companies which have been forced to cancel the ticket.　　They are to be the gem of the Suzhou permanent and the proposed board of the Scenic Mountains and rivers. December 17, 2010, should be listed trading scenery suddenly canceled, the night before yesterday issued a notice: In view of the company still have related matters need further implementation, the company application, suspend listing.　　Shenzhen also issued a notice that agreed to suspend the listing. The scenic mountains and rivers have successfully issued 17 million shares, circled 580 million yuan. But there are media research and questioning, sales of large quantities of water, income and profit, high-end products blending, fictional industry status and so on. The final conclusion of the market is: a so-called high-quality rice wine Company's enterprises, only 35 production personnel, capacity has reached about 16,000 tons, that is, per capita capacity of 457.1 tons/year, this number is higher than Yue Longshan 358%, higher than Jinfeng wine industry 92%. Funny is, in the major supermarkets in the country, difficult to find its products trace. Are there any similar cases in gem?　　The cancellation of the scenic mountains and rivers can not be said that there are occasional factors, if there is no market doubt, the difference between the first line: 5.8 of the financing will be handed to such a pompous enterprise. Another case is Suzhou permanence. It boasts 5 existing patented technologies, 3 patent applications for inventions, 1 utility model patent applications and 10 international leading, domestically initiated or domestically leading non proprietary technologies. All this seems to be enough to achieve the prestige of Suzhou's long-lasting technology leading enterprises.　　But it is surprising that through the State Intellectual Property Office website patent search found that the scientific and technological research and development of the strength of such a strong Suzhou long-lasting, so far even a national licensing patented technology does not have.　　June 11, 2010, Suzhou Permanent again will be no.　　But the problem is, the scenic mountains and rivers, Suzhou long-lasting Why the first issue of the passing of the trial, and the sponsor in the enterprise listing process, whether there is a "false statement." Behind the major problems is the unsound legal construction. A lawyer told reporters, "if there are false statements, financial fraud, the price paid is some fees, the relevant responsible person does not have any legal liability." "The total word, is the face of the lure of the benefits of gem, false cost is very low, very low."　　The lawyer exclaimed. Over the past decade, China's economy has been developing rapidly.　　In the long wait, a group of once passionate venture capital enterprises fell because of insufficient funds; In the waiting, a group of fast-growing outstanding enterprises can only go overseas listing; In the waiting, a group of once ambitious entrepreneurial talent innovation passion lost. However, after the launch of the gem, whether it will bring a group of garbage enterprises through the packaging, the parade of the Golden Circle of precious resources, and ultimately investors have not returned?