Wang: can set up mergers and acquisitions fund to solve the growth problem of gem

Gem did not "after the release of a year after the decline of 50% or more of the sponsor should bear responsibility" provisions of the current issue: gem "high growth" design and "low growth" the reality of the paradox of high growth, high valuation has been the label of the Gem.　　Unfortunately, the gem was born dazzling halo, with the introduction of the newspaper, a lot of bleak.　　According to statistics, all more than 1900 a-share listed companies in the first half of the total revenue growth of 40%, profit growth of 43%. Among them, 100 companies have disclosed the report of the gem company revenue and profit growth is 23% and 22% respectively, only half of the relevant data.　　Originally defined as "high growth" of the gem has fallen into the "low growth" of the reality of the paradox. Venture board for nearly a year, the performance of the gem and its design positioning there is a contradiction?　　Market resources for the growth of the Board of the allocation of deviations, failure?　　This issue of institutional meeting room Please come to Shenzhen Venture Investment association secretary General Wang, Shenzhen Oriental Fu Hai Investment Management Co., Ltd. Chairman Chen, this discussion.　　SME board rules different moderator: the newspaper showed that the growth of the growth of the gem is 22%, only half of the SME board, there is media doubts about the growth of the gem, how do you see this problem? Chen: First, from the sample, gem sample size is small; from a statistical point of view, such data is not accurate; second, the development of the gem is not mature, the new model, technology and the content of TMT is very little, the overall also relatively traditional; third, for small and medium-sized plates, after the release of a year performance decline more than 50%　　The sponsor must bear the corresponding responsibility.　　And the gem does not have this regulation, this may lead to the sponsor in the election of the company to ignore the growth of the company.　　Again, performance growth is not the only measure of growth, because it is a sector of technological innovation and a huge risk.　　Wang: From several aspects, first, the gem opened less than a year, the history is short, these figures do not fully explain the problem.　　Second, the board is typical of two systems in the gap between the growth, can be said to be the leading force of the reform and opening-up economy, and the gem is in the context of China's industrial transformation, to undertake the transfer of High-tech.　　Whether the two are comparable or not is a problem; third, our relevant departments in the enterprise listing, only stay in the norms, and did not focus on the cultivation of enterprises, can not provide related services, so there will be a temporary landslide.　　Four, the growth of enterprises need a certain amount of money, but there is now a project can not find funds, and the hot money, especially the creation of investment is idle.　　VC quick success of the host: then how do we think of the venture capital and the effective allocation of the gem? Chen: The problem of the project and the fund idle is normal, because if the venture is not optimistic about the project, it will certainly not get the money.　　And most of the VC relatively quick success, if the project in the short term can not be profitable, generally will not do. So we can see that too much of theFunds are concentrated on IPO projects, but early projects are much smaller and there is a problem of unbalanced investment structures.　　IPO projects are relatively mature and safe relative to earlier projects. Wang: This is from the point of view of the venture selection project.　　In other words, we need to know that the gem is not mature in its lack of a large platform to allow the two to reach a handover. So there is always such a good project in the market can not find funds.　　But the venture can not find a good project, find the project whether has the high growth, whether conforms to the related stipulation is another question.　　Moderator: How to solve the above contradictions?　　Wang: First, foreign countries already have such as "angel investment net" Such a platform, let the two handover together, we can build such a platform.　　Next month, the VC association will hold a large-scale venture investment seminar, summarizing and discussing the smooth development of venture capital and Gem, this is the platform. Second, with the platform, we also need to train the enterprise and venture, especially after the listing of nurture, rather than just stay in the norm.　　Third, we should vigorously develop mergers and acquisitions investment funds, this merger should be a growth of mergers and acquisitions. We have a problem is "heavy listing, light mergers and acquisitions", so the industrialization of large-scale speed is very slow. Our gem enterprises are mostly family or family-type business, family is a few buddies together to do business, mergers and acquisitions after the management of the combination, will form a certain internal control mechanism.　　[Page]　　"Two Gao Gao" bubble phenomenon Host: Two all think that now growth is still not to be seen, but now the gem "two Senior" (High P/E, high valuation, super raise funds) The problem has been very prominent. Chen: It's a market decision.　　GEM has its own characteristics, repression too long, the market is full of curiosity about new things, and the number of gem is very small, rare for expensive, the emergence of "two high Super" is also very normal. Wang: Our gem has not been systematized, has not seen a sharp plunge.　　From the beginning of the global gem, our gem is successful. Germany's gem has not been long before the collapse of the South Korean gem began soon very dispirited, Hong Kong's gem to make a big bubble.　　Nasdaq was far less than we are now in the 70 's. "Two high" indicates a certain bubble phenomenon, but also shows the social various levels of the desire for new things.　　The reason for the "two high" is that the processing industry has not expanded production, so it has flocked to real estate and equities.　　The second reason is that our country has not yet established an open, orderly refinancing environment, foreign enterprises in the six months after the refinancing, and domestic needs a year later, and meet certain conditions to refinance, which caused the inquiry when the high price, resulting in high prices set up the problem. The third issue is our system of distribution.　　More than 80% of the enterprise is not the right to inquire, which formed an inquiry monopoly, that is, the market competition is not sufficient. The fourth reason is that the issuer's roadshow is largely a form, behind which there is a relationship between underwriters and investment institutions.Relevance, it is difficult to form a negative opinion.　　Moderator: The latest data statistics, there are just 100 gem companies have to create investment in the main, and these ventures are half from Shenzhen. Wang: Shenzhen's venture has been very active. I think that Shenzhen should speed up its integration with Hong Kong.　　In the past few years, the mainland and Hong Kong have basically merged in other areas, but the capital market has not yet. Strictly speaking, the motherboard has been integrated, but the board has not yet. If Shenzhen small and medium-sized panels can reach 1000, to a certain scale, will attract Hong Kong to invest in capital markets, leading to the return of red chips, because Hong Kong is a transit point for red chips, formerly a transit point for goods and immigrants, now is the capital market transfer, while driving the dollar center of Singapore.