The number of gem companies has fallen 80%

Morning News reporter Xin Sunland with the country Teng Electronics (300101) today landing Gem, open board 9 months of Gem ushered in the 100th listed enterprises. 100 companies to raise a total of 74.279 billion yuan, the proportion of super raise 315%.　　For the 20 companies with medium-term comparable data, Roe (average equity returns) and net profit growth have plummeted. Hundreds of companies to raise the proportion of 315% to review the aggregation of hundreds of gem enterprises, the time is not long.　　From October 30 last year to open the board so far, only 190 trading days, on average, there is a record of the company listed 2 day, also refreshed the A-share market IPO speed record.　　When the SME board from the first stock and into (002001) listed, to the 100th family days Kang Biological (002100), between 2.5. In terms of volume, the growth of the gem is no less than the healthy and medium-sized plates. The number of board before the company issued a total of 3.426 billion shares, a total of 27.79 billion yuan to raise funds.　　Gem before hundreds of companies, the total number of shares issued 2.373 billion shares, a total of 74.279 billion yuan to raise funds. According to the company's prospectus disclosure of the proposed fund calculation, the proposed funds only 23.6 billion yuan, the proportion of super raise to 315%.　　In other words, using these extra funds is enough to recreate 2 of the same volume and size of the plate.　　Performance indicators not satisfactory as a capital platform to support innovative small and medium-sized enterprises, hundreds of gem listed companies listed on the application materials are very bright, the IPO materials in the first three years of the net profit composite growth rate averaged 55.45%.　　But after the listing performance indicators, it seems not so satisfactory.　　After large-scale super raise, because of a time net assets surge and nowhere to be available, the gem of the Return on equity (ROE) is a large proportion of the decline. With 20 companies with comparable data in the middle of the year, the average Roe for the year was 5.5%, and the average Roe at the end of 2009 was 31%.　　The biggest drop in the number of Austrian shares (300082), within six months of the decline in Roe to 48%, Warburg Pincus shares (300074) fell 45.6%, bi-water (300070) fell 36.6%. Not only that, there are 20 gem companies with comparable data for the Chinese and 2009 annual reports, with net profit year-on-year growth averaging at 70% per cent from the end of last year to 26.7% in the year.　　Among them, net profit last year rose 60% of the Warburg shares (300074), the middle of this year fell 76.6%. "If the first three years of poor performance, or can not reflect the high growth, it is very difficult to pass the SFC audit." "A lot of the companies that have handled it are fast-growing companies in the first three years of their listing, and the growth in the next few years may not be as good as before," says one investment banker who specializes in gem listings. In addition to the company's own development may be beyond the rapid growth period, the listing also increased compliance costs, operating costs, is also the reason. ”　　Super raise to create a "new sponsor King" Although the total amount of capital raised is not much, but "can be a large proportion of super raise", still attracted a large number of investment banks to compete for food gem IPO sponsorship, also let the investment bank in Shenzhen emerged.　　Some old big investment banks in the gem "Harvest", Galaxy Securities, CIC Securities, Huatai Securities a single did not do. Wind statistics show that up to now, Ping an securities owners underwriting 17 gem companies, a significant lead in other investment banks.　　Merchants Securities Underwriting 8, National letter 7, three Shenzhen securities companies swept the first three gem IPO.　　In terms of passing rate, peace is also a lead, the investment bank has a total of 18 sponsorship projects will be 16. In the gem, Ping An securities to obtain a total of 630 million yuan underwriting costs. China Merchants Securities underwriting income of 356.6 million yuan, credit securities will be 233 million yuan in the bag.　　The 3 securities companies in the gem of the sponsorship business on the account of 1.22 billion yuan, accounting for the total underwriting fee of 3.5 billion yuan of about 35%. Both CICC and Guotai have only underwritten 1 gem companies, but the underwriting fee of CICC's Oriental Wealth (300059) has reached 109 million yuan. In addition, the underwriting fee of more than 100 million yuan and the Shenzhou Thai Yue, oak shares and green water.　　The high cost of underwriting, mainly due to the high funds, hundreds of gem in the largest number of super raise is the national technology, super raise 2.0448 billion yuan. "Extra fundraising is important for underwriting costs," said the investment bank. "There are a number of underwriters who charge a higher proportion of underwriting fees than are promised," he said. Generally speaking, the ratio of underwriting expenses to the amount of funds raised is around 5%, while the proportion of 8%~9% is on average. "A director of Shanghai Securities Regulatory Bureau said," even a sponsor in the contract, the issuer also asked to increase the percentage of underwriting fees, up to 11%~12%. The issue of refinancing or the introduction of the year is expected to be resolved in the second phase of the IPO reform.　　SSE a person in charge discloses. "If the gem companies listed to raise capital, is ' how much to raise," and then according to raise the amount of capital to determine the number of shares issued, this issue is not resolved? "As a sponsor, the issuer should have the role of due diligence and supervision," the person said. The next step, then, would be to strengthen the system.　　"In addition, the gem's refinancing rules are expected to be introduced in the year." As one of the first listed 28 gem companies, Jiffeng agricultural machinery at the end of 2009 to use the 60%~70% raise funds, Dong Secretary Shan Hairei said: "Hope that the regulatory layer can soon launch a refinancing scheme." This is not just Jiffeng the idea of a company of farm machinery. "Refinancing rules are necessary for capital markets, and we expect to be in the early stage of the exit system," he said.　　"said the head of a brokerage investment bank. For the gem of the general super raise and refinancing gate Open is reasonable question, the above people suggest that you can start microfinance, "in the Gem has appearedIn case of a serious super raise, the prerequisite of refinancing is to make a judgment on the effect of the funds used before. ”