The industry to explore the gem gain and loss of investment recommendations beware of two types of companies

Gem "full Age" on the eve of the 300 investors gathered in the "2010 Second China Gem Summit Forum" on the Saturday, Shenzhen under the heavy rain, the temperature plummeted, as if the first half of the market trend, from 3,400 straight down to 2,500 points, the market is full of pessimism. But in Shenzhen, Futian Shangri-La, the venue is a noisy crowd.　　When the gem is "full old" Eve, "the Second China (Shenzhen) Gem Forum 2010" Held here, more than 300 investors gathered in the past only a year, the gem of the "Get" and "lost."　　In the past 8 months, the gem from the initial 28 first listed companies continue to grow, up to the Friday, the number has expanded to 90, turnover reached 6.118 billion, although saddled with the issue of excessive price multiples, performance fraud and a series of questions, but it must be admitted that the gem has become the most dynamic market. A the youngest: the average age of the board chairman is less than 40 years old what is the average age of the board chairman? In the Saturday forum, disclosing such a set of data, in the gem listed companies, more than 90% of the enterprises are private enterprises, gem listed companies chairman, general manager of the average age of less than 40 years old, the first batch of 28 listed companies, 29% of the enterprises have the background of returnees, initial statistics gem listed companies　　, entrepreneurial background from university professors, overseas students and family (including father and son entrepreneurship, husband and wife entrepreneurship, etc.) more than 1/3. Chenhong said that since its inception, the active role of the gem in three areas have been reflected: the first is the gem highlighted the innovative characteristics of the enterprise support, conducive to the development of industry.　　The growth of innovative enterprises are more prominent, the growth rate of the Enterprise Board enterprises in the past three years has averaged 40%, and the net profit growth is 1 time times higher than that of the SME. Second, venture capital and industrial funds will become the main channel of technological innovation investment and financing, in the past ten years, China's venture capital growth has reached 12%, while in the gem listed companies, only 70% have been the support of the venture.　　Third, the gem activated the entrepreneurial body, so as to stimulate people's entrepreneurial passion and vitality to a greater extent.　　The most wealth demonstration effect: Small companies, big rich small companies, big Rich, is the industry's definition of the gem, these companies in the IPO, a year up to no more than 500 million yuan, is a "small company", but after the listing, because the founder of the company has a large number of shares, thereby achieving a large amount of assets of the billions of billionaires. In the gem of the successful listing of Liaoning Austrian Chemical Co., Ltd. chairman of the Zhu Jianmin told such a story, May 2006, when the board was restarted, they have a multi-year customers in the SME market, at that time did give the oak chemical very big touch, he can go public, we can also? So in October 2006 the company convened a board of directors specializing in listing. They spent the day actually talking about only one problem, that is, the listingWhat is the purpose, the final answer is--development. Liu Weibing, of China Securities Investment Bank, said that from the angle of investment bank, the biggest contribution of GEM is the discovery of corporate value, from investors, entrepreneurs to investment banks, to form a value chain, each link in the value chain can play a role in other enterprises and funds in the community,　　Pay more attention to the company's own creative ability and growth. Erhai, Lenovo Investment chairman, said in reality that some companies are known as "parts companies", that is, small and beautiful, not too big, and may have 200 million or 300 million of the income. Once you reach a certain level, you can't do too much down there. Such a company is very dangerous. He points out that mergers and acquisitions are the best way for such companies because they are hard to develop themselves. In this scale volume, it is difficult to do equivalent mergers and acquisitions, 200 million or 300 million difficult and 200 million or 300 million.　　There is also a "platter" company, the company has its main business, but the main business has no future, or that the next two or three years will not see the future, this time if there is no new business, then the growth of the company is also difficult. Chenhong: There are five difficult problems in setting up the entrepreneurial mechanism Chenhong said that to build the entrepreneurial chain to the gem, to promote entrepreneurship, entrepreneurship, venture capital and Gem four-member interactive mechanism to speed up the process of innovation of entrepreneurial system mechanism. To establish an entrepreneurial mechanism, there are five main problems: the first problem is the driving force and enthusiasm for entrepreneurship. How do you usually start a business?　　How to motivate people to start a business?　　The second problem is the specification of the entrepreneur's behavior, which makes our entrepreneurship sustainable by standardizing behavior.　　The third problem is how to solve the problem of investment and financing mechanism and system of venture innovation, and how to set up the financial innovation system which adapts to the characteristics of start-up enterprises and innovative enterprises.　　The fourth problem is how to scientifically plan the direction of entrepreneurship and innovation, and how to find the focus of the development of new industries. The fifth problem is how to foster the entrepreneurial body, the formation of entrepreneurial system. [Page] Zuo: Gem to abandon the so-called "Chinese characteristics," the Galaxy Securities chief economist Zuo in his speech, said that in the period of China's economic restructuring to promote the development of the gem is very important, Nasdaq in the U.S. economy to High-tech Development, transition to a new economy in the process of work,　　The gem is also very important for China today.　　Zuo elaborated that in the Gem development process, the gem is located in Shenzhen should become an innovation base, Shenzhen in the reform and opening-up process to cultivate Huawei, ZTE such innovative companies. She also said that in order not to take the Nasdaq detour, China's gem must abandon some of the so-called Chinese characteristics. The first is that China's capital market every new must rise, in fact, every new must rise is the result of conceptualization hype, this is what we need negative model. This can avoid the virtual market to China's overall market injury. "The vitality of the gem is innovation, but excessive packaging and speculation, may ruin the gem." ”　　The second is a listing of the wealth-making movement.　　The process of listing should become the growth of the enterprise, is a process of value promotion, but not all PE, VC last kilometer of wealth investors. Wu Xiaotiu: Not all companies can become "Microsoft," the director of the Institute of Finance and Securities of Renmin University of China Wu Xiaotiu that the current market for the GEM also has a misunderstanding, which includes both the investor's understanding, including the public company itself.　　Investors think that these gem listed companies more than 80 all can become Microsoft, listed companies have ideals in mind, want to become the industry leader Enterprise.　　But China's gem is not like the American gem, theoretically, just a small board, all to become a Microsoft is not realistic, all become leaders of the enterprise is not realistic, such a misunderstanding will lead to the so-called speculation, including a high P/e situation, the misunderstanding of the understanding of the future of the risk of burying the seeds. Zhang Yundong: At present, the threshold of the listed companies is too high. China Securities Regulatory Commission Shenzhen Regulatory Bureau director Zhang Yundong on the gem delisting system construction elaborated personal views, he said, the current listed companies of the threshold is too high, there is easy to circumvent the standards of withdrawal, long time to retire, a single channel, etc.　　Gem can be listed companies in the delisting mechanism to come a road. He pointed out that the current state of our country listed companies in the delisting system is difficult to establish, the crux lies in the current performance of our main board of the restructuring of the company is too hot, and rampant, some interest groups use the expected performance of corporate restructuring to kidnap and mislead investors, the stock price high. To successfully implement the delisting, only the bad performance of the company restructuring of the expected fire. [Page] Beware of "parts" "platter" companies-venture opinion Lenovo Investment chairman Erhai said in reality that some companies are known as "part-type companies", that is small and beautiful, not too big, may have 200 million or 300 million of the income. Once you reach a certain level, you can't do too much down there. Such a company is very dangerous. He points out that mergers and acquisitions are the best way for such companies because they are hard to develop themselves. 　　In this scale volume, it is difficult to do equivalent mergers and acquisitions, 200 million or 300 million difficult and 200 million or 300 million.　　There is also a "platter" company, the company has its main business, but the main business has no future, or that the next two or three years will not see the future, this time if there is no new business, then the growth of the company is also difficult. Gem "Three High" is not a scourge "high P/E" The phenomenon of high IPO price, superb raise rate "has let the gem has been criticized, in response to this point, ping an investment banking department managing director Handing said that the gem" three High "is not a scourge, but the issue of the reform of the marketing process may exist problems,　　It is not possible to return the previous window to guide the old road. For the "three-high" phenomenon, she said, this is in excess of the current market liquidity, the pursuit of funds, as well as investors on a new thing generated by the pursuit of factors related to。　　She also stressed that the "three high" is not the unique phenomenon of the gem, now the "high" is relative to the previous "low", and the Past "low" is artificial control, not market behavior, is depressed prices.　　In order to solve this problem, she proposed to increase market supply, so that more high-quality enterprises listed, and to provide a good environment for the majority of small and medium-sized enterprises, "three high" problem will be effectively resolved. PE investment return is beyond imagination Shenzhen Oriental Fu Hai Investment Management company chairman Chen in the round table, said, in a sense, no capital market there is no PE today. Especially after the gem came out, China has become the world's largest collection of funds, the number of IPOs in the world. 　　On the surface, gem wealth effect, gem stock prices are unmatched in other countries around the world, as a venture, PE, the return is beyond their imagination. But on the other hand, this kind of money looks also very afraid: first, do not know whether can continue, gem such high price-earnings ratio, the growth of the enterprise itself is not able to support? The second is that the market has a high P/E ratio, high stock price and high liquidity, which causes the two-tier market to buy a policy for the first-level market.　　In this way, in the process of market investment, we may take the IPO as an important criterion for investment judgment, and many people forget that enterprise development is the enterprise to grow.　　-RELATED links: "Golden cycle" and "dark cycle" from September 17 last year to June 25, the SFC reviewed 145 gem companies, there are two phenomena: the golden cycle and the dark cycle. Shenzhen Bar Association, the fifth and sixth presidents, China Hao lawyers group firm executive Partner Chunfeng said in the forum, the gold Cycle is September 2009 1 July-September 21st, five days (including Saturday, Sunday), a total of 16 enterprises audited, was fully approved.　　January 29, 2010-March 26 (including Spring Festival) continuous audit of 23 Enterprises, 23 hundred pass. There are two dark cycle, one is April 16-May 17, this one-month time audit of 19 companies, failed to pass 7, failed to pass the rate of 36.84%. Another dark cycle is June 11-June 25, Audit 9, failed 4, failed to pass the rate of 44.44%. Reporter Chen Chunhu comprehensive and News