Venture capital cautious to deal with the gem

Whether the high price/earnings ratio can be sustained, refinancing is convenient and cautious to venture board this reporter Liu Zhensheng Chengdu reported that the average issue of 56.6 times times earnings, the first day of the market increase on average up to 106%, the next 20 companies fell, the gem was born and created a lot of "miracle."　　Although nearly 40 pc/pe have harvested more than 10 times times the yield on the book capital, many tradition cast doubts about the eventual exit and will not change the exit strategy and direction because of the high price/earnings ratio of the gem. "The future Gem Company's share price still has much room to fall, I am afraid everyone is not optimistic."　　"After the November 2 closing, BofA CEO Ji told reporters. Lei, a senior partner at KPMG and a member of the Hong Kong Stock Exchange's listing committee, said the gem provided an exit channel for VCs, but how long it would take to maintain the high price/earnings ratio, and whether the gem was still attractive in valuations as the number of gem companies increased. Moreover, "companies ' attempts to list on the mainland and abroad are not the same, and the capital platforms of Hong Kong and the US are more conducive to the future expansion of companies outside China."　　"he said. According to the relevant provisions of Shenzhen, if the increase of shares is to be carried out within six months prior to the issuance of the IPO to the CSRC (on the basis of the official date of the SFC), the spontaneous pedestrian stock will not be transferable within 12 months from the date of listing,　　and committed to: spontaneous pedestrian shares on the date of the listing of 12 months to 24 months, the shares can not be sold more than 50% of the shares held, 24 months before the sale of the remaining shares.　　In addition to the holding of shares held by the controlling shareholder and the actual controller, the shares held by the other shareholders shall be transferable after one year from the date of listing.　　Yang Yi, deputy president of the American billion investment bank, said that this meant that for more rational VCs, it was impossible to see just how many times the current price-earnings ratio was, and more to judge the market surplus in 1-2 years ' exit. He said that companies in the follow-up investment agencies will generally communicate the target listing, and will be in the financial, legal texts, corporate governance and other aspects of the preparation, if the conversion to the gem, the cost is relatively high. "It is estimated that there will be individual cases, but certainly not the mainstream." "For some VC funds, the investors will have a performance commitment when raising capital, so they will pay more attention to the expected stable income." For example, the foreign market 20 times times PE may make the venture to make 2-3 times, while the domestic can earn 4-5 times, but the risk and uncertainty is greater, institutions will choose overseas listing, lest reputation is affected, not conducive to the next issue of fund-raising.　　"he said.　　In addition, the smooth flow of listed channels, the convenience of refinancing is also the focus of many VC institutions. "Nearly 3,000 companies are lining up on the gem, which shows that as a new thing, the future of the GEM listing channels open, refinancing and other relevant market system is still to be validated." "A large domesticThe head of the insurance company's direct investment department said. For example, the Bo said, for example, online gaming companies, the U.S. listing of the P/E is not very high, in contrast to the domestic price is very high, because China is the largest online games market. But why are there so many online gaming companies willing to list abroad?　　In addition to considering the price factors for IPOs, these companies have to consider whether refinancing is convenient, and in this regard foreign markets are clearly more flexible than at home.　　For many of the doubts of the venture, the gem in the pioneering fortune, Shao said, fortune investment in many projects are high growth of SMEs, more suitable for the gem, the future will be the gem and small and medium-sized Board for the listing preferred. "The market is always smart, for High-growth Enterprises will be given an overvalued value, and fortune investment projects are relatively early, compared with late-stage investment institutions, the cost is lower, even if the overall price-earnings ratio of the gem, will not have a significant impact on the yield." "she said.