The gem will encounter a surge and stir fry

Every commentator leaves Tan Gem launched ready. Starting from July 15, investors can start to apply to securities companies to open gem market transactions.　　As a result of the founding of the Board, the main supporting policy has been introduced, July 14, the Beijing National Accounting College has 500 from all over the certification and Supervision Bureau, sponsor agencies, accountants and law firm representatives, to participate in "Gem issue system Training", which is considered a big drill.　　Gem of the new issue, supervision, such as numerous market construction expectations, regulatory authorities of the strict supervision of unprecedented, the goal is to make green seedlings grow healthily.　　Have to point out that the gem is inevitable to stir up the plate and the fate of the boom. First of all, the gem and the motherboard growth is different, the difference between the high and low ratio. In the US Nasdaq market, for example, March 2000 was at a record high of 5,132 points, while the lowest point was October 2002 1108, which reflected the board's top 500 index at 1576 points in October 2007. In November 2008, China's SME board index had a 15.7 times-fold price-to-earnings ratio, while the US Nasdaq had a 28.3 times-fold P/E ratio, which was more than 50 times times higher in the dot-com bubble.　　It was in that crazy age that there was a "city dream rate" that put a price-earnings ratio on the soles of the feet. Review of China's small and medium-sized market, p/E most times than Shanghai market, there is also a smaller share capital easier to manipulate and share price fluctuations more characteristics. The market of the medium-sized and secondary plate Chang Changyang rose, and the SME board even pull a number of trading boards, such as St nine hair even pull 30 of the extreme case of trading board.　　If the growth of listed companies "City Dream rate" and small stock manipulation combined, there is no doubt that the gem will become the best Republicans stir-fry hotbed. Second, local governments attach great importance to the ownership of GEM listing resources, will be more mature, financial beautiful listed companies to push the listing. July 6, "E-Shang" magazine disclosed that Hubei province held a working conference on GEM in April, Hubei Province has drawn up the first batch of 13 key enterprises to hit the enterprise list, 13 enterprises from 13 different emerging industries, Hubei Province are the leader of various industries. The indicators of the 13 companies far exceed the threshold of the gem, the average main business income of 223.58 million yuan, the average net profit of 22.57 million yuan, the average net assets yield of 29.09%.　　This is not a phenomenon in Hubei province, the seizure of listed resources is the important work of local government. Although the gem is a growth-oriented business incubator, it is likely to become a local government and capital market intermediary agencies, enterprises jointly rob the listing of resources of a war without smoke.　　They launched the enterprise is the government value, intermediary agencies screened out of the mind of the "high-quality" enterprises, although the subsequent growth of how unpredictable, but beautiful earnings to provide speculation more than enough. Third, speculation and new play is a systemic disease of China's capital market. Investors are relieved to play new, because the system in the secondary market created a gap between the gap did not pass the IPO mechanism correctionis, instead, solidified through the reform of the IPO mechanism. Regulators use special means to prevent frying, such as to prevent Chinese construction after the IPO to become PetroChina second, the company in accordance with the SEC's oral notice suspended trust companies to open a securities account to eliminate the bank through cooperation with the Trust Company to launch a new financial products, or through the tractor account to improve the rate of check. But discerning biddy, the move is not intended to curb the new, but will be a new speculation in the regulatory layer to curb the scope of regulation.　　Because the first batch of gem listed company's small capital and earnings, the new will be much crazier than the motherboard market. Soaring and frying may not be bad. In fact, whether the successful Nasdaq market or the decline of China's Hong Kong gem, all through crazy hype, but the Nasdaq has largely successfully completed the U.S. new technological revolution incubator role, while most other gem market Sodom, Garbage in the new technology gold.　　Whether the success of China's gem is healthy is not determined by the new madness or not, but depends on whether the gem can become the cradle of high growth enterprises, whether the establishment of market-oriented venture capital and exit mechanism, just as China's motherboard market success depends on the establishment of efficient resource allocation channel, the principle is identical. In the face of frying and explosion can not be alarmed, but it is doubtful that the regulatory layer to establish a strict system of the gem, but the practice of high hanging, the fraud of intermediaries and listed companies lightly punish, even to protect investors as the name, blocking the exit mechanism of gem. Moreover, China's equity investment and venture capital company is not a monopoly enterprise, is a powerful enterprise, the gem and the annoying "PE-type" bribery and expand monopoly rights combined. Therefore, look up the shareholder composition of venture capital company, probably can understand the future destiny of Gem.