Wang: Looking forward to the gem incubator China Microsoft said too optimistic

Wang, a 67-Year-old Wang, has been steeped in Chinese venture capital for 15 years, and has been busy for 10 years on the opening of the gem. As early as 1984, he joined with academics and officials from Beijing and Shanghai to attend a two-month study and research class in Hong Kong.　　There, for the first time, Wang felt the power of the securities market.　　After Hong Kong's trip, Wang was hired as a decision advisor to the Shenzhen municipal government, and was involved in the Shenzhen of state-owned enterprise joint-stock reform and the establishment of the Shenzhen Counter-trade Market (OTC). 1999, Wang participated in the construction of Shenzhen Innovation Investment Group Co., Ltd., the largest venture capital institution in China. The following year, Wang was appointed to prepare and operate the Shenzhen Venture Capital Association.　　At present, Shenzhen has become a well-deserved local VC center.　　Morning newspaper reporter Xin Sunland in the gem yesterday formally opened the board, the Morning Post reporter interview with the gem through a decade of the road of Shenzhen Venture Investment Association executive vice President, Secretary-General Wang, its comprehensive deconstruction of the pioneering board ten years to create a board trip, a number of gem development problems and suggestions. Origin: Gem of the "Chinese positioning" Oriental Morning Post: You have been in China's pioneering investment in the field of 15 years, for the start of the business board busy for 10 years. When talking about the future of the gem, you repeatedly stressed that "China's gem is only allowed to succeed, not to fail."　　Why do you insist that China gem must be opened? Wang: China's gem was born in 2009, not only the economic entity under the inevitable development, but also the national consciousness of the symbol of maturity.　　Gem 10 years of road, is accompanied by the whole society's ideological discussion, the capital market function of the big discussion and came. In 2000, the Gem arrow was almost on the string, Qiayu the US Nasdaq dotcom bust. Since many people have previously defined China's gem as "China's Nasdaq", the belief that gem listed companies should also be internet companies (because the Internet companies have high growth), this understanding is relatively narrow.　　As a result, once the American success story has been shattered, the definition of the gem once again suffered a fierce market controversy. At present, the international financial crisis can be said lucky to promote the early emergence of the gem. How do you say that?　　It is precisely because of the financial crisis, so that we "cut the skin" to realize that with High-tech independent innovation ability of enterprises to withstand the financial turmoil.　　From High-tech Enterprises, to network stocks, to the current independent innovation enterprises, the GEM completed its "localization of China", is very difficult. Positioning: Small and medium-sized plate is part of the main board of the Oriental Morning Post: Gem launched, how to differentiate with the SME board positioning?　　What do you think are the future trends of these two plates?　　Wang: Many people still think that the SME board is the "double" of the gem, is in the launch of the postponement of the transition, in fact, the SME board from the multi-level capital market, should belong to the motherboard part. SME Board Openinghas its international background. At that time the New York exchange opened a small business board. Therefore, the SME board is in fact the global economic entity subdivision trend, the capital market moves with the times. In nature, the board is part of the motherboard. Our country's special national conditions, the main board listed companies accounted for a large amount of weight, and small and medium-sized plates are mature, small-scale private enterprises listed in the garden.　　The development of 300 of SMEs, for China's private enterprises issued listing, financing, supervision and accumulated a lot of valuable experience. Object: The leading enterprise of the new Economy Oriental Morning Post: Throughout the first 28 companies, the community's voice of controversy sometimes. Some think they have gone through a period of rapid growth, more that they are in the industry does not conform to the "two high six new".　　What do you think?　　Wang: I think 28 companies are in line with the "China gem" characteristics.　　China's special national conditions and economic development history, the decision of the gem Company "two high six new" enterprises in the "High" and "new" are relative, can not simply take the European and American companies to measure. In the first listed 28 companies, there is the first agricultural chain Jiffeng farm Machinery, ophthalmic chain of the first love eye, entertainment film first Huayi Brothers ...　　These subdivision industries in the developed countries or not high-tech, but in China is still a new economy in the leading enterprises. such as Jiffeng agricultural machinery, its business model is to all types of agricultural production machinery for the integration of sales terminals.　　First of all, China is a large agricultural country, agricultural machinery production still has a lot of market capacity; Secondly, China's vast territory, retail sales resources integration has been widely regarded as a highly profitable new business model in China is still a sunrise industry. Threshold: Gem will also have "multi-level" Oriental Morning Post: Throughout the first listing of the 28 companies, the performance is very beautiful, its qualifications comparable to the motherboard company.　　But there is the question of the sound that these enterprises should not be the company's key support enterprises, because if the innovation is very light enterprises, in the most lack of money in the early development of financial performance is generally difficult to see, or even loss. Wang: The performance of 28 companies is indeed very beautiful, better than our expectations. But this is because of the "first batch".　　Now we want to ensure that the gem can be smooth and smooth launch. According to the Securities and Futures Commission issued by the GEM listing rules, there are two sets of financial standards, the financial threshold is relatively low.　　This will give you the "performance is not very beautiful, there is a broad development prospects," the company reserved the market space. It can be foreseen that the development of gem will not be single line with the diversification of Chinese enterprises and the increasing degree of subdivision. At present, the scale of 28 companies in the gem compared to the motherboard is a mini, but there are many smaller scale, growth of better enterprises will be listed on the gem.　　The future gem will also be subdivided, perhaps according to the size of the subdivision, perhaps according to the growth cycle to subdivide, may also be based on the industry. Development: No wind and waves of the Oriental Morning Post: Gem is imminent, there are many investors look forward to "China's Microsoft" in the Gem hatch middle finger DayCan stay.　　What do you think about that?　　Wang: I'm going to throw cold water on this high enthusiasm, I think it's too optimistic. I have always objected to the view of the left and right.　　If the Nasdaq dotcom bubble burst and postponed the gem to a bit extreme left, then the idea of "China's Microsoft" is now a bit far away. Gem Open Board is the "march" first step, the nature of gem listed companies, market transactions issued by the way doomed to the overall risk of the gem is relatively large. China gem is a new thing.　　We have to allow it to be repetitive and changeable.　　China Gem launched a "It" zigzag, then its development road will not be no wind and waves, there must be a long period of development.　　Supervision: Methods should be strictly monitored Oriental Morning Post: that in your opinion, how to evade the risk effectively in the development of gem, protect the interests of investors? Wang: To ensure the smooth operation of the GEM has 3 suggestions: first, to ensure that the listed enterprises continue to high growth, continuous innovation ability, improve the governance structure of enterprise Board enterprises. Second, gem trading should be active, but also to prevent a sharp fall in the boom.　　The supervision layer, while releasing guidance and carrying out market pricing, should also flexibly grasp the distribution rhythm and grasp the market supply and demand relationship. Finally, it is strongly recommended that the SFC be given "securities jurisdiction". At present, the illegal cost of the securities market is too low, the fines of hundreds of thousands of yuan, the market prohibition, and so on, in the millions of dollars and even the interests of tens of thousands of dollars before the temptation, can not be a deterrent to illegal acts. Therefore, we should refer to the monitoring method of Hong Kong gem to strictly crack down on insider trading and covert operation.