Wang: Gem mature at least 3 years

Wang Gem market after 10 years of careful and adequate preparation, officially listed last October 30 transactions, up to now has been running for one year. How to objectively and fairly evaluate the efficiency of gem market, both the management and the community are very concerned about.　　The information disclosed by Shenzhen shows that, overall, the gem market is an effective market and is successful. Of course, the growth of the gem in the past year's operation, there are many new contradictions and problems, and face serious challenges.　　We think that the problem of gem is the development of the problem, is because the gem market is high risk, high growth market, coupled with the growth of the gem market just a year, but also relatively naïve, to mature at least three years.　　In this respect, we will use the capital market efficiency theory, combined with the actual situation of the gem operation in one year, through the empirical research, the market efficiency and existing problems of the gem are objectively and fairly evaluated, and then explore some system and mechanism of gem market urgently need further reform and innovation.　　Eight "puzzles" at present, the market on the gem problems, we have summarized the following eight questions.　　"Two high" problem gem in the issuance and trading process there is a "two higher than" phenomenon, namely, the issue price, high P/E and capital, during the short break phenomenon. The main cause of this problem is the market competition of distribution system is not high, to a certain extent, there is the monopoly of institutional inquiry.　　In addition, due to the existence of a large number of idle funds in the community, many retail investors blindly snapped up, the growth of enterprise-board enterprises are not linear and risk characteristics lack of sufficient understanding. "Building a rich machine" problem as of October 19 this year, 130 gem enterprises in accordance with market prices, there are more than 400 natural persons in the stock value of more than 100 million yuan, with tens of millions of yuan stock market value of natural shareholders have more than 500 people.　　As a result, some social opinion will be called the gem "building a rich machine", and the criticism of the gem is unfair. This argument is not tenable. First, wealth is still on paper by market capitalisation, and most of the shares held by the "rich" on the paper have a lock-up period. Second, a pioneering enterprise needs to undergo a long period of arduous pioneering activities, but also undergo a painful self revolution.　　Third, although these people become tens of millions, billionaires, but their contribution to the community to create more, especially their successful entrepreneurial spirit of innovation and valuable experience for more people engaged in innovative entrepreneurship has played a positive demonstration of leadership, and this is precisely our country's most precious scarce resources.　　The resignation of senior executives of listed companies according to statistics, in 130 gem enterprises in more than 30 enterprises nearly 70 senior executives resigned, including directors, supervisors, vice President, Dong, and so on, of which only 22 owned the company's shares, and Two-thirds resigned executives did not hold shares. This paper analyzes the difference between the executive turnover of the Enterprise Board and the stock holding. First of all, the enterprise board listed companies resigned most of the executives are non-core backbone, that is, not the actual control of the majority of shareholders and senior executives, core technical backbone and core management. Second, some senior management turnover is a normal transition and transfer.　　Third, do not rule out the resignation of some senior managers is for their personal purposes, there may be some negative impact, should pay close attention, but not mainstream.　　Growth of the GEM Enterprise 2010.5 Annual report published, its performance growth slightly lower than the motherboard and SME board, nearly 30% of the listed companies have slipped. Our view is that the gem and the motherboard and small and medium-sized board can be different than the base, 2008 due to the impact of the financial crisis, the motherboard and small and medium-sized enterprises performance growth, into 2009 and 2010, due to China's economic recovery and sustained steady growth, the motherboard and small and medium-sized enterprises performance Year-on-year increase,　　In 2009 and 2010, the growth of enterprise Board was in a steady situation. In addition, GEM enterprises listed in the more intense market competition, market uncertainty, development strategy and internal management in the new adjustment and adaptation, performance growth fluctuations are normal, the gem continued high growth into the normal state of minimum three years.　　Enterprise Board Enterprises in the performance of some enterprises decline, to a certain extent, reflecting the beginning of differentiation between Enterprise Board enterprises, and with the passage of time differentiation will intensify, this is the global gem market universal existence of the objective law, China is no exception. Enterprises to return to the city of business enterprises directly to withdraw the market is imperative, to purify the gem environment and the fittest, but this is a complex system engineering, it involves a series of related systems and measures to be matched.　　In particular, how to effectively dispose of enterprises after the return of the city to reduce social shocks, how to establish a complete compensation mechanism to protect the interests of small and medium shareholders, to maintain social stability, must be cautious. "PE corruption" problems in the gem since the opening of the public opinion to talk about "PE corruption."　　"PE corruption" is a phenomenon that occurs before the IPO enterprise IPOs, the correct appellation is called "insider trading". At present, many investment institutions and managers have been found to be engaged in illegal fund-raising and securities under the banner of PE, real estate, high interest lending and other business, disrupting the entrepreneurial investment market order; In the process of enterprise restructuring and listing, there are certain individuals and institutions that use internal information and relationship to engage in insider trading,　　And after the listing of enterprises to obtain profiteering, this phenomenon once found should be investigated immediately, but not generally known as "PE corruption" phenomenon. On the service standard of intermediary agencies the securities regulatory body has investigated and dealt with a number of individual intermediary organizations to fake and led the service enterprises to apply for GEM listing is not the problem, its impact is extremely bad. Enterprises to apply for gem listing can not be separated from accountants, lawyers and other intermediary agencies to provide effective services.　　Therefore, we should further strengthen the strict supervision of intermediary service institutions, strengthen their sense of responsibility and moral quality, to ensure that listed enterprises strictly meet the requirements and conditions of gem. The quality problem of sponsor work in the gem running for one year, the listed enterprise sponsorship work has achieved obvious results, but also exposed a lot of problems, including some of the sponsor organizations quick success, hastyThe provision of sponsorship materials, the lack of responsibility of the sponsor, the existence of the adjustment work is not in place, the internal control system stays on the paper, the issue application and the letter draped the expression evasive, understatement, the release condition is not strict, the excellent mechanism is not effective, the guidance work is not solid, the insurance generation practice ability insufficiency, does not pay attention to the media public opinion guidance and so on.　　This has caused the securities regulatory authorities to attach great importance to and is taking vigorous measures to rectify. System innovation "Five laws" we think that the past year, the gem in the issuance of audit and transaction operation, has revealed some new contradictions and new problems, urgent need to further reform and innovation system mechanism to promote the gem market more standardized, stable and rapid development.　　We believe that the "five laws" can be implemented in the system innovation.　　First, the IPO pricing system further improve market competitiveness. Securities regulatory departments for the gem appeared "two High" problem, has been formulated and will implement the new IPO pricing system on November 1 this year, including further improve the bidding and placement of the binding mechanism, the use of random wave number of shortlisted institutions for more placements; Absorbing institutions with higher pricing capacity and long-term investment orientation, and asking issuers and underwriters to disclose the price of participating in the inquiry institution, perfecting the callback mechanism and terminating the issuing mechanism, etc. The core of its reform is to strengthen the buyer's restraint on the seller.　　However, we believe that the securities regulatory department will soon implement the IPO pricing system, although a new step in the market, but still not enough. First, before the reform of the distribution system, outstanding performance in agency Inquiry price monopoly behavior, that is, retail investors online 80% new shares, but no inquiry to know the right and participation right, only passively accept the issuer, sponsors and institutional partners to determine the price, and underwriters, issuers and sponsors because of interest-driven,　　On the issue of high prices and super raise funds, and with the inquiry agencies exist in such a relationship and business relationship, the inquiry agencies generally will not be the issuer and underwriters to declare the price of objections, so the gem enterprises in the inquiry and fund-raising road play process mostly flow in the motions. The second is to improve the IPO pricing system, although subject to a variety of factors, need to continue to explore and improve in practice, but to let the issue price can reflect the real value of enterprises, it is necessary to enhance market information efficiency, strengthen the competitiveness of markets, in multi-party competition and game to find fair prices, Rather than taking some measures from the outside, the market's inherent competition mechanism could be replaced to enhance the buyer's binding force on the seller's placement.　　To thoroughly break the monopoly behavior of agency inquiry price, we should further strengthen the long competition and game between buyer and seller, between buyer and seller, and carry out the distribution system of inquiry and online bidding under the Agency network, in order to improve the market information efficiency and placing efficiency of gem continuously.　　Second, improve the Enterprise Board enterprises to increase the normal system of distribution. In order to avoid the phenomenon of huge super raise, some people put forward to carry out the stock issue system to enlarge the IPO quantity. We do not consider this practice to be a temporary option. Because the GemMost of the company's shares are concentrated in the hands of large shareholders and actual controllers, if the implementation of the stock distribution system, will have a negative impact on corporate governance structure and business stability, will also discourage investors confidence. In addition to the market competitiveness of the IPO system, the large number of enterprises in the gem is not enough, because the stock market lacks the normal mechanism of the incremental distribution of the listed enterprises, which leads to the impulse of the issuer to raise funds, and the underwriters can gain more benefits through the enterprise's huge super raise. The further improvement of the normal mechanism of listed companies ' issuance will help issuers strengthen their confidence in the subsequent development funds, thus reducing the initial fund raising.　　In addition, we should vigorously promote the Enterprise Board enterprises Employees option period stock system, the enterprise's continuous innovation and high growth and the long-term interests of workers bundled together, which will help enterprises to reduce the super raise and focus on improving business management, promote asset yield and stock price rise, so that workers share the value-added results of the enterprise.　　Third, the implementation of the sponsor's tenure. It is an effective system for the enterprise to implement the sponsor system and strengthen the responsibility of the sponsor. However, the problems exposed in the sponsorship work indicate that the present system is not binding on the sponsors and sponsors.　　Therefore, we should study the successful experience of British Aim market, implement the life tenure of the sponsor, and strengthen the restraint of the sponsor in the process of lifelong sponsorship work, always diligent due diligence, consciously normative behavior.　　The second is to establish a long-term interactive mechanism between gem and venture capital. Gem in the past year's operation, although achieved gratifying achievements, but due to the slow expansion speed, failed to make more high-quality innovative high growth of SMEs to achieve listing financing.　　Gem should increase the pace of expansion, and strive for the next three years to reach 1000 listed enterprises. However, in terms of the number of enterprises listed by the SFC, it is far from satisfying this demand. and venture capital is responsible for the investment of Gem and the cultivation of high-quality listed resources, Gem and venture capital are in the same common prosperity of the entrepreneurial value chain, so we propose to speed up the establishment of the Gem and venture capital between the long-term interaction mechanism, strengthen the gem of the regulatory departments and Shenzhen to venture capital of the correct guidance,　　and timely understanding of the relevant requirements of venture capital, and continuously improve the entrepreneurial investment for the gem continuous delivery of high-quality listed resources efficiency.　　To expedite the establishment of an interactive mechanism between the mainland gem and the Hong Kong Gem. The "Hong Kong-Guangdong Cooperation Memorandum", approved by the State Council, clearly requires that the interaction between the Shenzhen Gem and the Hong Kong gem be accelerated, which has long-term strategic significance for the full use of both domestic and foreign financial resources and the construction of Greater China's capital market system. As we all know, Hong Kong Gem is a serious lack of market resources, but it has the advantage of internationalization, and Shenzhen gem has just opened soon, to achieve scale development needs a certain period of time, it is difficult to meet the domestic large number of innovative high growth of small and medium-sized enterprises to market demand. Therefore, it is suggested that the securities regulatory authorities should, in accordance with the requirements of the "Hong Kong-Guangdong Cooperation Memorandum", activelyTo study and formulate an interactive development plan for the gem in Hong Kong and to create conditions for the implementation of step-by-step: The first step, in conjunction with the Hong Kong securities regulatory authorities to achieve a memorandum of cooperation on the basis of the first trial Shenzhen Gem Enterprises in Hong Kong Gem Board, or apply for listing enterprises, in line with the mainland and Hong Kong gem conditions,　　Simultaneous issue of listed transactions in the two places.　　The second step, after the conditions are ripe, then the implementation of Hong Kong Gem Enterprises to the Shenzhen Gem Board listing. (The author is the executive vice president and Secretary-General of Shenzhen Venture Capital Association)