The lifting of the gem will be 30 to 50 times times the valuation or return.

Starting from the initial 110 times times, to today's 63 times times, in less than a year the gem overall valuation level has fallen by nearly half. But the valuation of the gem is likely to continue to fall after the lifting of the November tide.　　Shenzhen Fortune Venture Capital company founding partner, Chairman Liu Day, will be reduced to 30 to 50 times times. In November and December this year, the first batch of gem companies will usher in the original shareholders restricted shares of the lifting of the climax. According to wind information statistics, in November, 27 gem shares of 1.199 billion shares will be lifted, and will focus on November 1 full release. In addition, at the end of December there will be 7 gem shares of 230 million shares to be lifted.　　The release of the original shareholder's restricted shares was expected to create an intangible pressure on gem stocks. China Merchants Fund Research director Chen Yuhui that the lifting of the board's shares are not a lot of industrial capital, but in the short-term investment money, these funds to cash the momentum of profit is very strong.　　At the same time, venture capital to share the listed companies will have a deeper understanding than the market, the current gem two market valuation more abrupt, so these rational investors are the most likely to sell stocks. Huatai Joint Securities analyst Liu Xining also believes that the gem is a major feature of venture capital institutions and individual shareholders higher percentage of shareholding. In general, the venture capital through the transfer of shares after the listing of the means of withdrawal, its low investment costs determine once the stock ban, the creation of investment institutions will be as fast as possible to withdraw. On the other hand, because the two-tier market hype is not the forte of the venture, the venture will not be based on the fluctuation of the level two price to decide timing exit.　　For individual shareholders, the use of high valuations to reduce stocks can quickly realize the realization of personal wealth, avoid the long-term risks of the company's operations. This could be the second half of the year to suppress the growth of the gem stock price is an important disadvantage.　　Liu Xining that, if the restricted stock shareholders eager to reduce in the short term, will certainly have a greater impact on stock prices, especially those who reduce the relatively large volume, the current market transactions and not strong enough stocks.　　Shenzhen, a brokerage enterprise Board researcher told reporters that the recent gem stock on the second half of the investment in the latter part of the withdrawal has actually been a response, unless there is a new subject of speculation, otherwise the gem is difficult to rise. The overall high valuation of the gem has pushed up the price of the original investment project, and the venture capital has obviously felt the increasing cost pressure. In the 2010 China venture capital and private Equity investment forum held in Shenzhen yesterday, Liu said that the project source price is now on the rise. "Our company's investment principle is no more than 10 times multiples." From this perspective, the high valuation of the gem will change after October this year, the average P/E will return to about 30 to 50 times times. ”