Underlying system level implies three major worries gem or will be delayed launch

Source: Internet
Author: User
Keywords Investment private equity GEM

"The launch of the GEM needs a series of basic system support." Market people are most concerned about the issue of the non-tradable, also directly related to the launch of the GEM environment. A person close to the SFC told reporters recently.

"China's large number of mature or near mature SME resources are becoming a hot spot for global private investment, after the investment of the set is urgent need to launch China gem." However, the ' new Economy and model ', which is closely related to the demand of gem, has caused three hidden worries because of some characteristics of the gem. These three major worries are not apart, the gem in this year's launch I am afraid it is difficult to achieve. He explained to the reporter.

The degree of disclosure of major issues is difficult to control

Shanghai Lin China law firm Li Lei told reporters: a large enterprise listed in a-share market, the collection of funds can be invested in a production line or production base, generally with the purchase of significant physical assets linked; But for the new economy, the model of SMEs, the need to acquire tangible assets are usually limited, Many will raise funds into the network construction, maintenance, and even virtual database upgrade processing, such as intangible asset construction.

"In this case, the scale of the listed companies to raise funds and its authenticity, accuracy are difficult to evaluate." There are two types of problems that may be encountered: either the CRIC does not pass or a professional is required to address these issues. If the enterprises do not pass to a certain scale, will undoubtedly weaken the significance of the establishment of the gem, but to different models, different enterprises to carry out professional assessment, nor is it easy. ”

"For the gem listed companies, because many belong to the new economy and the model, it is difficult to find the data can be compared or referenced, so the accuracy and reliability of profit prediction is also difficult to guarantee." Li Lei said.

"For gem listed companies, information disclosure should be more full and more transparent, especially related transactions, independence, intellectual property rights and other aspects of information." Gem listed companies should be aware that the SFC and the exchange of companies, controlling shareholders and executives more stringent supervision, the company's internal control system is very important. "Guangdong general law firm Securities Professional lawyer Chen Changjie said."

However, for the gem listed companies, some aspects of fully transparent information disclosure is likely to disadvantage the development of enterprises.

"Most of the small and medium-sized enterprises listed on the gem may not have patents, trademarks may not be well-known, and may not involve copyright issues, to support its vitality is its new model, or even a new way of resource integration." Enterprises to protect these new models as trade secrets, may be one step ahead to gain market advantage. "Senior financial personage Zhou Fen cotton analysis," but this one step advantage, in not with the strong capital together, for other large enterprises, almost no threshold effect. If information disclosure is not handled properly, it is likely to be eaten or halved by powerful followers. ”

To intensify the study of the corresponding system

For the above issues, although the SFC recently promulgated the Gem management measures involved, such as the requirements of the issuer must mainly operate a business, its fund-raising can only be used for the development of the main business, while strengthening the responsibility of the sponsor, the sponsor of the company's growth, independent innovation ability to conduct due diligence and careful judgment And will be the board of Directors of the Board's supervision period of two years from the motherboard extended to three years. But these provisions are not sufficient to address the underlying problem.

Chen Changjie told reporters: "The U.S. Nasdaq market, the miracle of the first credit to the U.S. economic growth miracle." From the system level, there are three main features. The first is the market-making system, which ensures that markets are active, especially when the trust is weaker, and the advantages of doing business are more pronounced, followed by the stringent regulatory regime (highlighted as the Sarbanes-Oxley Act of 2002). ”

"The third feature of Nasdaq is the exit mechanism, the most effective constraint on listed companies and the best way to purify the Nasdaq market, with hundreds of listed companies being delisted every year." ”

Huangliang, executive vice president of the SGX, told reporters: "SGX is using a fully market-based operating mechanism, whether it is the size of the enterprise fund-raising, investment or profit forecasts, or even the disclosure of information related to the business secrets of how to deal with the problem, all by the enterprises themselves to grasp the decision, As long as your decision can get the market approval. Of course, in this respect, the decision of the enterprise usually relies on the advice of the sponsor. ”

Because before the industry discussion focused on the Gem positioning and the threshold, until the "initial public offering of shares and the gem listing management measures" (draft) issued, the above issues were exposed and attention.

"When it comes to the underlying system, some problems are not solved by the SFC," he said. This means that the launch of the gem may be delayed. ”

However, an insider from the SFC also told reporters: "Also do not rule out the first to launch the Gem and then solve the relevant problems." After all, from the historical experience, many basic system level of content is gradually improved. If so, the requirements for the Board of Auditors and its members may be more challenging. The

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