The interests of the gem "Rashomon Door": Investors suggest three years don't touch

"Investors newspaper" researcher Jian "three years don't touch gem".　　This is the three years ago, "investors," an interview with a TENS investors, the main reason for his argument is that large shareholders for three years, before the gem risk is difficult to completely release. October 31, 2012, the gem will usher in the three anniversary of the opening of the board!　　It seems to me that his words are very good. Gem in the three years of open board, it experienced too much ice and fire, fanaticism and blame.　　In such a controversial market, not only the majority of the individual original shareholders overnight wealth, but also fattened the securities companies led by many intermediaries and "eyes" of the venture, but at the other end of the wealth, but also a large number of enthusiastic investors in the two-tier market.　　Ice and Fire October 30, 2009, was the market high hopes of the gem officially opened, at that time only 28 stocks at the same time landing gem.　　In order to curb the speculation on the first day of new shares, management deliberately adopted a "dense distribution, packaging listed" way to issue.　　Although the Chinese stock market at that time is at a stage of high, but the market is still eager for new shares, so that the 28 stocks of the first day of the rise is still very alarming, the average increase of 106%, the highest Jinya technology even up to 210%, the average turnover rate of 88.88%. The frenetic gem market did not last, and in the second trading day, many stocks began to fall continuously with Xundao.　　Until now (as of October 16, 2012, the same below), there are still 23 on the first day of the listing of unlimited shares did not return to the opening day of the closing price, the most serious fall is Le PU medical treatment, the range fell as high as 70%　　The domestic stock market has always been "fried new" habit, the gem is small and high-tech high growth stocks of the concept, become the speculation of the new listing of the company's best reasons, the first day of the IPO irrational rise often occur.　　This should be the gem to investors the most direct and deepest impression. Perhaps because of this, the gem in three years of rapid growth. The number of companies from the launch of the 28 expansion to the current 355, on average every three days on a company gem listing.　　Gem Total market value also from the initial 160 billion yuan, rose to today's 850 billion yuan, increased 5 times times.　　Investors in addition to experience the first day of the gem boom, long-term hold-up lessons, but also experienced the gem of the company's moral hazard and High-tech listed companies performance instability operating risk.　　Since the launch of the gem, there are many companies because of a variety of reasons have not been passed, such as this has been and successfully published online Suzhou long-lasting, because of the alleged financial and patent fraud, the IPO stopped, this year's GEM application company New Land is also due to false increase in profits, the concealment of related transactions were terminated.　　Not only that, even a lot of gem companies in the successful listing, the same will be due to various problems by the CSRC investigation, such as the water, Huachangda, Wanfosenko and NETAC technology and other companies were investigated. Gem Company after the listing of the performance of the face, but also by investors generally blamed。　　In the first half of this year, the average net profit growth rate of all gem companies was only 2.91%, less than the previous two years, and lower than the gem and motherboard 7.18%, of which, the worst-changing National Union aquatic products, net profit fell by more than 500%.　　Secondary market, the return on investment is difficult to accept investors, and on the first day of the average transaction price, compared to 355 stocks, 296 of the gains are negative, nearly 100 of the stock price is halved, these stocks of the solution set time will be very long. The other side of the "Rashomon gate" risk is revenue, but the benefits of the gem are rarely associated with ordinary investors.　　Because the huge benefits of the gem are concentrated in the original shareholders, distribution agencies and venture capital companies, although they may not verbally admit this. Gem opened the board since the start of a total of 230 billion yuan to raise funds, the first super fundraising for 130 billion yuan.　　The average starting price of 355 shares is 55 times times, the new research shares of the initial earnings ratio of up to 150 times times, Tomson Health's starting prices as high as 110 yuan per share.　　Compared with the high fund-raising and super raise funds, gem company three years of cumulative dividend payout is 15.2 billion yuan, accounting for the total size of 7%. In addition to the company to raise a large amount of money, the gem three years, a large number of original shareholders shake the body into a billionaire. According to statistics, the total market value of these shareholders reached 380 billion yuan, more than 700 of the market capitalisation over billion, 50 of the stock market value of more than 1 billion.　　Tomson Times Jian's chairman Liang worth to reach 7.5 billion yuan (rich list see this newspaper 18~19 version). In addition, through the set is now a rich entrepreneurial board executives are also a lot of three years of time, the board of directors to reduce 1557 times, a total of 6.2 billion yuan.　　One of the vice chairman of the Wu Guanjiang, the amount of money is up to 456 million yuan. With the help of the gem, there is also a group of listed intermediary agencies. A total of 355 gem companies to obtain the total distribution costs of 16.1 billion yuan, the securities company accounted for the bulk, the underwriting and sponsorship of 13 billion yuan, accounting for about 80% of the total issue fees.　　Accounting firms and law firms and other institutions to carve out a lot of risk-free profits (the intermediary list is detailed in this newspaper 20~21 version). The PE/VC (equity investment/venture capital) that participates in the gem also earns huge profits, statistics show that a total of more than 900 institutions share the feast of venture capital, they currently hold a market value of up to 250 billion yuan, the gem is 30% of the total market value, much higher than the IPO (first issue) shares of the total market value (see 22 edition　　)。　　Nirvana Reborn?　　For individual investors in the two-tier market, the gem is certainly not a stage for harvesting. Up to now, the overall decline of the gem index (June 4, 2010) has been 31%. The decline was much higher than in the same period (17%).　　Perhaps the gap is even greater before the gem index is considered. Faced with such a gem market, investors should be more rational view and response. Past losses have become a reality,The next thing to be concerned about is the future. Perhaps in the next period of time, the gem will also be affected by the lifting of restricted stocks, investors need to focus on is still the fundamental investment-corporate performance and stock valuation.　　The Gem has a bad (or even fake) performance, stock valuations too high, their share price to escape the curse of the fall that is deserved; but some companies have good performance, stocks reasonable valuations, and integrity management, their share price rise is also understandable. Over the past three years, China's gem has gone from an extreme frenzy to a praise, from its initial entrepreneurial dream to the so-called creation of a fertile hotbed, which also carries too many of its own.　　Looking back, the halo of Gem has faded, in many of these companies and stocks will usher in the era of full circulation, for all stakeholders, only the knowledge of a controlled access to gain more benefits. If the participation of the gem can return to calm and rational, if the gem market can be more than the above-mentioned good companies and stocks, then it will be in three years after the opportunity of rebirth of Nirvana also exists.