The puzzle of the high valuation of the gem with high speed expansion

NO. 200 Enterprise Board Company today to purchase high-speed expansion difficult to solve the puzzle of high valuations-our intern reporter Caoyang Today, Nachuan shares, John Yu Pharmaceutical, high union new materials and US four gem stock will be online purchase, US become the No. 200 company in the gem of the public issue of shares listed companies. From the beginning of the 28 listed companies to today's 200, the rapid expansion of the gem is only less than 1.5 of the time.　　However, the growth of the gem is accompanied by a variety of questioning voices, the overall level of valuation has been hanging on the gem investors Head of the "Sword of Damocles." Underestimate the value of a stock more popular high growth gives the gem a relatively high level of valuation, but high valuations often mean relatively high risks.　　As a result, gem stocks with high growth and low valuations are often more readily welcomed by the market. According to wind statistics, the average starting price of the gem shares is as high as 69.97 times times, while in all the Gem shares, the issuance of more than 100 times times the share price of the shares reached 16. Among them, the shares with the highest price-earnings ratio are new research shares, up to 150.82 times times, while the shares in China's stock have a relatively low price-to-earnings ratio of 36.98 times times. Despite the high price-earnings ratios of new research shares, the stars of the Galaxy and Watson's biology, the first-day performance of these stocks was also good, up 52.4%, 31.1% and 43.5% respectively. Of course, the first-price price-to-earnings ratio of the starting stock on the debut is often more exciting. According to statistics, the first-rate price-to-earnings ratio of the lowest three gem shares is the stock of China Wood, Shanghai Jia Hao and the two-forest shares, the first day of the rise of 64%, 82.8% and 77.7% respectively. In addition, the first day of the biggest increase in the three gem stocks are Jinya technology, bio-biology and Pathfinder, the first day rose by more than 150%, of which the first day of Jinya technology rose as high as 209.7%, and the three shares of the first-rate earnings ratio of 45.2 times times, 46.8 times times and 53.1 times times.　　This may indicate that the valuation level of the gem is relatively low, the security marginal relatively high stocks are often more vulnerable to market favor. High valuation or systemic risk at present, the gem of the entire plate of the P/E (TTM) is 63.1 times times, and the SME board, the Shenzhen board A-share and Shanghai A-share price-earnings ratio (TTM) are 46.38 times times, 32.96 times times and 17.48 times times respectively.　　The reason the market can give the gem such a high valuation premium level, mainly because investors have confidence in the growth of gem stocks. On the one hand, in the gem listing of the company's main business areas for policy focus on supporting emerging industries, such as biomedical, information technology, which is also in line with the promotion of High-tech enterprises to develop this gem set purpose. Therefore, in terms of policy, such gem listed companies will enjoy more preferential policies and government support, to a certain extent, to maintain the future development of enterprises. On the other hand, in the gem listed publicDivision general Financing Scale is small, the company's total equity is low, growth is very strong. According to wind statistics, the current gem of the total market value of 836.322 billion yuan, each gem listed companies, the average market value of 4.333 billion yuan, the two data and the board of the plate, Shenzhen, and Shanghai board motherboard level is very far. Therefore, gem listed companies in the scale to provide investors with a huge imagination space, it is certain that in the current 200 gem listed companies, there must be the next Vanke and the next suning.　　It is also a good vision for the future development of gem listed companies, which provides an overvalued soil for gem stocks. However, we must also see that at present, can always maintain high-speed growth of the gem listed companies are not many, "Gaofendineng" phenomenon in endlessly. In addition, the main board market of the large blue chips in the performance growth of the stability or relatively low valuation level, investors provide a higher margin of security. In this sense, the soil that sustains the high price-to-earnings ratio of the gem is disappearing. After all, if there is a lack of basic performance support, it is only a "bubble" that relies on a good-expected high valuation level. More importantly, with the "new Sanbanxi" expansion of the implementation of the program, GEM listed companies high growth of the attractiveness or will also be greatly reduced. Therefore, once domestic inflation levels remain high, forcing monetary policy orientation to continue to tighten, the first hit may be overvalued gem stocks.　　It can be seen that, under the background of tight monetary policy, the enterprise Board with uncertain performance and higher valuation will face a greater systemic risk. The establishment of GEM will bring three advantages: the first is to let the future development of enterprises to raise funds to establish a more market-oriented corporate system, the second is to enable entrepreneurs to achieve their business to match the growth of wealth, the third is to allow investors to share the future of high-growth enterprises to bring the wealth of society. In the first two basic realization of the premise, how to let investors share the future of the growth of listed companies will be the next most important goal of wealth. And the high valuation level is undoubtedly overdrawn the growth of listed companies, which also to a certain extent to discourage investors to participate in the gem market enthusiasm. How to give a more reasonable pricing for the listed company of Gem, how to protect the general investors of the listed company of Gem, this is still the important problem that the market needs to face.