Venture capitalists worry that the gem has little to do with value

Always klatch after a feast. The growth of the gem has been delayed, many VC and PE began to worry.　　They are more concerned with the real drawbacks of the paper than the average hundredfold. While it is uncertain when the high valuations of the gem will fall, almost all investors believe that a "new normal" in the market is not the price-earnings ratio of a hundredfold. Shaw, a partner in Germany and capital, thinks overvalued valuations "give the market a very illusory illusion".　　Liu, chairman of Citic Industrial Fund, said that in the short term, the current valuation level of the gem could last for two or three years under the combined effects of hot money and economic recovery, but he also stressed that "100 times times the bubble is unsustainable". "The key is to see the growth of the enterprise," said Fortune Venture Executive partner Bing, "Nasdaq also has 100 times the valuation of the company, do not rule out some companies will grow into the future of the company as Baidu, but the gem has many enterprises can not achieve such high growth." "Bing's view is representative of his peers.　　SoftBank partner Xuhang believe that the current investors on the gem of the company lacks a deeper analysis, resulting in the latter did not form a differentiation, Qi rose to the fall. In the stimulus of a hundredfold valuation, VC and PE in the ecological environment is undergoing wonderful changes. Some companies that have not been persuaded by investors to start financing schemes are finally loosening up. This means that investors may have more opportunities to get the investment they desire. Bing that the advantage of the gem is a lot of entrepreneurs to create a great encouragement, but also encourage many companies to go public, which makes his investment goals more. To educate China's many private entrepreneurs why to go public, "before this is very tired of one thing, may talk about a year or two, three years also possible." Now we don't need to talk about the fact that the gem is there.　　"Bing said.　　In addition, he also believes that the high valuation level of the gem will also make more money to invest in China's venture capital market, which will play a big role in China's VC and PE industry.　　However, most investors, including Bing, also believe that the madness of the gem has brought many negative effects to VC and PE industry. The first is the rise in investment costs. This has become a recent problem that has plagued Xu Xiaolin, the international executive director of the bank. He said that some of the recent exposure to the private equity stage has not completed the joint-stock reform of the medical enterprise valuation has reached more than 25 times times. "The introduction of the gem in the short term is too much to pull up the desire of private investment investors, this is not a rational, sustainable phenomenon can be long-term."　　"he said. Eastern Rich Sea chairman Chen also worried about the future VC and PE will be the hands of the stock to cash in.　　He believes that the current participation in the GEM is the majority of retail investors, VC and PE will need institutional investor cooperation, and overvalued valuation has become a stumbling block to the latter into the gem. "I talked to a friend about the gem, and I think some of the companies are gold and some stones, but they'reAnd then they all turn into dice, "said Li Jiaqing, managing director of Lenovo Investment, with a meaningful metaphor," and the games below are not as valuable as the company itself. ”