The new CEO of the Roentgen Exchange: Gem High PE will continue for some time

Gem Gate opening, International Board brewing Start, financing margin test is ready to, stock index futures mountain rain to come-China a-share market ushered in a wave of financial innovation. At this time, Rolet CEO Xavier Rolet began his first trip to China after taking office.　　Before joining the London Stock Exchange, he was the chief executive of Lehman Brothers (France).　　On January 26, after an easy prologue to "my eight-year-old son is learning Chinese," Rolet interviewed reporters about the ongoing innovations in China's financial markets.　　"21st century": China now has its own gem market, in attracting listing resources, how will the exchange to face this competition? Rolet: China's gem is not a competitive relationship with the high growth market (AIM) of the Roentgen exchange, but a complementary and cooperative relationship.　　In China, the company has positioned itself as a partner of the Shanghai Stock Exchange, Shenzhen Stock Exchange and other institutions, and looks forward to further expanding the scope of cooperation in both the joint listing and IT technology. The biggest feature of the Roentgen Exchange is global, whether it is a listed subject or a market participant.　　The next step for Chinese companies to move out of China into the world is to help Chinese companies achieve global branding, global expansion and financing from international capital.　　21st Century: What do you think about the very high P/E ratios that have been recorded in the Chinese gem market, which has just started? Rolet: Western investors value returns, and rewards come from the company's growth. At present, China's economy is a solo show, in contrast, the growth of Western enterprises is weak, so the world's investors are focused on China.　　The high PE of China Gem Company is the high expectation that the investor grows to the company first. Second, at present, only a small number of enterprises in the GEM listing, the future options will be more, investors will be more mature mentality, the high PE will be adjusted, the London market has also experienced from optimism to excessive optimism and gradually mature process.　　However, from the current situation, China's gem Company's high PE will continue for some time. "21st century": London's aim in the process of attracting Chinese companies to go public, "low threshold" is a focus on publicity. Does the "low threshold" and "investment value" conflict?　　What is the revelation to China's gem?　　Rolet: Aim has no requirement for the minimum financing scale, business record and profit level of the listed companies, and the lowest proportion of public shareholding, but this does not mean that all enterprises are fit to be listed here, but it is designed for the small and medium sized enterprises, especially some entrepreneurial enterprises. At present, the market is regulated by the Roentgen exchange, which is highly valued by the exchange.　　The company has always had a market-making system, and all companies listed on Aim, including the market capitalisation of millions, have their own market makers, which can maintain the liquidity of the company's stock transactions. This can provide reference for China's gem, should try to establish a mechanism to let the marketEven if there is a high liquidity in the economic crisis, the introduction of market maker system is one of the means. 21st Century: China is brewing International board, what does this mean for the Roentgen Exchange?　　What kind of competition and cooperation opportunities will it bring? Rolet: We have paid close attention to the opening of the international board, and are awaiting the promulgation of the relevant regulation regulations.　　After the regulation and the relevant details of the transaction are released, we will timing formally announce our thoughts on this issue.　　"21st century": In the past 2009 years, what has been the results of the exchange, what is the future of the IPO market in 2010?　　Rolet: 2009, including IPO and the two-tier market, the company's financing amounted to 200 billion U.S. dollars, listed companies reached 3,500, of which China's listed companies 57. 2010 will be an active year for IPOs, and there are a lot of global reserves. In the new year, the company will strengthen cooperation with China on the global depository voucher market, and a new listing mechanism is expected to be launched in the future.