The ideal does not come into reality investment securities Business Board 55% was in the insider

January 26, China Merchants Securities sponsorship Project-yi-Technology Gem Board IPO application by the SFC issued the audit committee to veto.　　In the 9 projects sponsored by China Merchants Securities Gem, this is the 5th item to be rejected, and the rejection rate is up to 55%. The core is not strict, the ability to sponsor a decline or the project choice of the wrong, investment securities encounter many suspicions.　　Financial expert Charlot even directly published "China Merchants Securities gem Waterloo: The core malfeasance" blog article. In the face of doubt, in recognition of the gem sponsor some haste, at the same time, China Merchants Securities Investment Banking Department managing director She Jijun said: "We choose the standard of the enterprise and the core system is through the motherboard and the successful test of the board, we firmly believe that in these two areas is no problem."　　"It is reported that China Merchants Securities will adjust their thinking, reporting more stable performance, business chain clearer enterprise." However, China Merchants Securities Business Board of Waterloo, but hidden gem audit idea of the debate-is stable such as the board or innovation such as Nasdaq. Frustration and questioning of the 9 gem IPO projects, the successful meeting has Meteno [28.67 1.38%], Tian Yuan di ke [30.33 0.3%], race for intelligent [25.09-1.03%], 35 interconnection.　　Not after the enterprise in addition to the easy technology, there are tongji with the Czech Republic, Aerospace Biology, Zhuo Technology and good creation of video. Since the opening of the gem to January 26, China Merchants Securities rate of 45%.　　And investment is the gem sponsor "troika" of Ping an securities, state securities, the same time the gem rate is 87.5%, 66.67% respectively. Over the same period there were 79 gem companies, 16 were rejected, and the veto rate was 20.25%.　　The veto rate of China Merchants Securities is as high as 55%, so it is criticized by the industry. Public data show that the 2009 net profit for the technology was 53.5 million yuan, up more than 38% per cent year-on-year. But according to our understanding, Yi Xun Science and technology, one of the actual control Lihua is St waveguide [4.71 0.86%], the current chairman of its equity relations, management team, business also with the Wave Guide group, St waveguide has many links.　　Today's wave-guide shares have been losing money for years, so it is thought that the development of space is limited by the easy technology that started with the Wave Guide group. In the face of the results, these enterprises in the interview with reporters, but some of the answer is the same, said "first of the main business, waiting for the next opportunity to market", the sponsorship of investment securities has not questioned the ability.　　In fact, on December 26, 2009, financial expert Charlot published the blog, said investment securities unexpectedly will set "Luliang" in one of the aerospace bio-listed, Tongji and the good creation of video on the suspicion of revenue spending capitalization, Zhuo technology will be reported before the fraud, this shows that China Merchants Securities Venture Board IPO internal control problems. In the early years, he also praised the core of China Merchants Securities Board, the sponsorship work done fine, SMEThe rate is also very high. Data show that since the IPO last year to date, China Merchants Securities SME market rate of 100%.　　[Page] too hasty for approval? In response to the question of summer grass and the question of this newspaper, She Jijun to solve. "The gem has only been open for 4 months and it is normal for the short-term to fluctuate," he said.　　In fact, in addition to the Zhuo technology encountered by the original affiliated company contingency, several rejected enterprises have problems, investment securities have been expected and made full disclosure. Dongfanghong Aerospace Biology Because just born out of the state-owned aerospace group, is considered independent enough. The guidance period of the Dongfanghong space organism is only half a year.　　But in the GEM project, the investment bank intervention in the guidance period is generally about one year to 1.5 or so, some is longer, less than a year or very little. It is also introduced that the good create video digital set-top box is in the early stage of large-scale application, whether the model can form industrial chain is considered to need new market development test.　　Recently was not the technology, because the actual control of the company is originally from the Wave Guide group to venture out of the people, the company has a wave guide mobile phone has an implanted icon business, is suspected of the decline of the waveguide will affect it. In She Jijun's view, Tongji and Czech as the leader in automotive design, it is really necessary to invest a lot of research and development, this national industry breakthrough, should be more support.　　In addition, the current research and development cost capitalization ratio of the high and low standards. Several enterprises from the financial, information disclosure, equity to the business model and other issues, but also many gem listed enterprises are often faced. "It's not that our project has a mishap and it's hard to pull on, but there is controversy and uncertainty." The Commission has rejected the application of the existing enterprises, but some problems need further investigation.　　"She Jijun said. Some investment bankers think: "China Merchants Securities in the gem of the specific project is not in place." On the other hand, a project doesn't have much to do with individuals. The kernel group comments on enterprise issues, but the project team doesn't listen very well. Enterprises too hasty, and investment is not strong enough to respect the idea of enterprises.　　"In fact, in the beginning of the gem, in the face of a rare historical opportunity, companies want to get the first batch of gem listing opportunities." She Jijun Frankly: "The gem to accept, enterprises want to seize the urgency of the mood to understand." We are also reflecting on whether the timing is to be considered and whether individual companies are rushing ahead. Is the escalation rhythm exactly the same as the enterprise development phase? We always seek a balance in contradiction. "[Page] unique and robust dispute worth mentioning is that Tongji 2008 net profit of 25.4 million yuan, increased by only 690,000 yuan in 2007; Zhuo Technology 2008 net profit of 32.42 million yuan, year-on-year growth of only 16.62%; a net profit of 25.48 million yuan in 2008, Year-on-year growth of only 11.9%; Although the 2008 net profit of 31.45 million Yuan Rose 106%, the net profit in the first half of 2009 was only12.16 million Yuan.　　Although these enterprises in the field of industry has a certain unique, financial indicators are also in line with the basic conditions of the gem, but in the performance of the high growth and robustness of the doubt.　　This is considered to be one of the major reasons for the frequent failure of China Merchants Securities Enterprise Board project. "In the SME board and the Gem Audit concept and scale of different background, this is somewhat unavoidable, but we are groping in advance."　　"She Jijun said.　　It is reported that peace and national letter in the gem can not determine the listing criteria, are stable as the premise, the earliest approval of the small and medium-sized board, the uniqueness of a little bit almost, so on relatively fast. Credit investment bankers said that the company even had the approval of the project temporarily removed the situation, that is, would rather slow, but also to improve the rate, to prevent the rejection after the enterprise suffer and increase costs. But he admits: "Investment has its own choice strategy, in the pursuit of uniqueness to do very well." For example, the SME investment sponsor of the whole Poly Tak, xiang-e sentiment are listed. "It is reported that the most recent will be reported to the first batch of enterprise Board enterprises, with the original intention of the gem of the understanding, the choice of corporate philosophy, the idea of deviation-related." Alternative, characteristics of the enterprise listed now is not very recognized.　　It is a common embarrassment that the IPO sponsor is more invested in the enterprise. All along, the SFC has put forward the "two high six new" and "innovative" requirements for the gem.　　However, from the results of the meeting, the Board of Auditors to choose more stable, so the gem is not enough "innovation" or even become "small board" query.　　The pace of China Merchants Securities is considered to be bold and rapid, the choice of enterprises to focus on the industry's unique growth. "We firmly believe that there are no mistakes in the criteria for choosing a business, but there are tweaks," She Jijun said. China Merchants Securities Follow-up project will continue to launch a number of High-tech enterprises, but will tend to conservative and prudent, looking for some performance, the industry easier to judge enterprises, more people can understand. We will adjust it quickly. ”