Water skin: The gem will become "Pig-killing Board"

British Hurun in China's editorial publishing rich List, was pushed to the richest position of the basic no dead, not own bankrupt, is to be caught in prison by the government, so we jokingly called this list has become a "kill pig List", and now the upcoming gem has become the Chinese stock market "kill pig plate" trend. Familiar with the water skin of the reader know that the water skin on the gem has two basic judgments. One of the judgments is that China's launch of the gem is actually a cottage version of the Gem, Europe and the United States is not the traditional sense of the gem, and the current operation of the Shenzhen Small and medium-sized board is not very different, if it must be said that there is a difference, then the biggest difference in the length of time, not whether it is profitable.　　The second is the launch of the gem is the day of the curtain call, the gem is bound to open up low, become PetroChina second, we see is possible, entertainment is also possible, but do not take their own money to pay for others.　　However, the water can not think of the gem bubble will be in the IPO phase blown so large, exposing the problem will be so serious, watching an all aspects of the 10 years of anticipation of the innovation market is not born to face the risk of runaway. One of the risks of getting out of control is a higher price/earnings ratio. Gem from the start of the collection to today a total of 28, the first issue of the IPO average P/E ratio is 52 times times, the second batch is 57.19 times times, and the third group is pushed to 57.5 times times. Among them, the price-earnings ratio of the shares is 81.67 times times, and the previous issue of the Ding Han technology 82.22 times times the same ratio, and the red sun is more than 60 yuan in the price of the issue of 58 yuan than Shenzhou Thai Yue 28 companies in the first high-priced shares, and the current a-share weighted average P/e is roughly 22 times times, even half of the gem ratio of the average No, not to mention the Hong Kong stock market is less than 10 times times the share price earnings ratio.　　The higher the growth of the gem P/E effect is huge, directly promote the SME board issue of the P/E ratio, the previous issue of 24 of the SME plate is only 38 times times, now has risen to 48 times times. Is such a high price-earnings ratio really a market choice?　　Don't believe this kind of explanation. The second risk of runaway is the increasing size of the super raise. 28 of the already-released gem companies are on the full range of 7.39 billion, and the actual raise is 15.278 billion, more than 100% of the original plan. One of the highest proportion of the largest is the Shenzhou Thai Yue, plans to raise capital of 502 million, super raise funds 1.33 billion, the proportion reached 264.94%, the most money is ai er eye,　　The plan is 340 million, the actual raise capital 938 million, super raise 598 million, while the famous Light company Huayi Company raises 505 million, the proportion also surpasses 90%, but only 130 million yuan fund use plan. Why do listed companies go public, the reasons are many, but the most important thing is to raise funds, which is understandable, then why the Chinese government to review the process, why do they ask listed companies to announce the use of fund-raising?？ is regulation, for the prevention of risk, is to prevent the vicious circle of money, in order to let the securities market for more enterprises direct financing services, but it is clear that the current IPO has deviated from the management's original intention, is becoming a part of the interest groups of money tools and liquidity channels. It is not by accident that 23 of the 28 listed companies have entered the so-called venture capital with the objective of withdrawing from the present. Who would benefit from the extra high P/E and excess demand? Only for the major shareholders, strategic investors and sponsors intermediary benefits, for the two-tier market investors, only the risk is not income, the new issue has been a full line of the situation has been described. The higher the price/earnings ratio in the first tier, the greater the risk of passing the two-tier market; for the listed company itself is not even a gospel, because the funds raised are to be profitable, the capital of the super plan will only increase the pressure of listed companies, it turns out that many listed companies are the money to die; for management,　　The high price-earnings ratio artificially creates bubbles, on the other hand, the fund is also a valuable waste of social resources, in view of the current situation, 15.278 billion of the funds can be reasonably resolved to solve the problem of 56 small and medium-sized enterprises, why the snow did not send charcoal, Kam on but to add flowers? China's capital market in the emerging + transition phase, one of the characteristics is the imbalance between supply and demand, so in such a context, the distribution of the market can easily deformation, regulation is particularly important.　　In fact, Shenzhen in the latest launch of the Guide to standardize the operation of the Fund has made corresponding requirements, not only not to be used for investment and financial management, but also required within 6 months to disclose the use of funds, the problem is clearly aware of the risk, why not in the distribution link to avoid it? Do not circle white circle, Circle, White circle who do not circle, this is the fundamental price-earnings ratio, investors in addition to when pigs slaughtered, there are other options?