Who makes 12 gem to return to the city company: sponsor front behind the scenes

Gem will be on October 30 to usher in the first anniversary, how to establish a standardized exit system in the gem, once again become the focus of market attention. Shenzhen Stock Exchange General manager Liping September 8 to the outside world, the gem delisting system there is no timetable, due to the system is very complex, the second half of 2010 difficult to launch.　　September 21, the Shenzhen stock market pointed out that the gem in the system innovation will be "first try", including direct delisting system.　　At present, in the domestic a-share of the motherboard and the board, has not established a direct withdrawal system, resulting in the market shell resources flooded, restructuring myths, insider trading and market manipulation endless. Gem delisting system by the market high hopes, but also is considered to be the gem difference between the motherboard and the biggest characteristics of the board.　　Shenzhen announced the "Gem Listing Rules" show that the gem will be in accordance with the "multiple standards, direct delisting, expedited procedures," the standard to establish a delisting system.　　Semi-annual reports show that in the first half of 2010, the operating performance of the business board fell more than 20% of the company, has reached 12, although the GEM direct delisting system has not been formally established, but they have become a "quasi retreat City Company" camp, high risk in advance.　　Who made the gem of these "quasi-delisting companies"? After the announcement of the semi-annual report, facing the market, the issuer, intermediary agencies and sponsor representatives and other related people, the collective silence.　　12 "Quasi-retreat city company"? Recently, the gem listed companies 2010.5 Annual report has been disclosed. Data show that the growth of the overall performance of the gem is not only lower than the SME, but also behind the main market and traditional industries mainly listed companies.　　A short period of time, some gem listed companies have faded "before listing performance high growth, engaged in High-tech business, with high growth" of the "three-high" coat, profits have fallen sharply, the performance of the face became a major feature. Among them, Bao Tak shares, Warburg stock, south of the power supply listed in the first three, the net profit year-on-year decline of 82.07%, 76.6% and 69.79% respectively.　　Another NETAC technology, Internet technology and other 9 companies, net profit fell more than 20%.　　After the IPO, the core executive turnover and the growth are questioned, which become the most characteristic of the "quasi-delisting company", and NETAC technology becomes the typical sample. September 14, the listing of only 9 months of NETAC Technology Bulletin, its founder Deng has resigned as chairman and general manager position.　　The actual control person "bolt leave", NETAC technology is the first gem.　　"Finance and Economics national weekly" reporter in the interview learned that the background of the Deng turnover, is the company is facing a sharp decline in performance, the main business into a difficult growth crisis. Since January 8, 2010 after the listing, NETAC Technology first quarterly results of the big dive, net profit of only 2.55 million yuan, down about 30% year-on-year. Second quarter net profit, although the chain Rose, but the net profit of only 9.57 million yuan, year-on-year decline of up to 33.5%.　　The Chinese newspaper also warned that the cumulative net profit at the end of 2010 to three may have fallen sharply. As for the sharp decline in performance, Netac said in the Chinese newspaper that this was caused by "a decline in patent licensing receipts, a decrease in the gross margin of the product and an increase in costs", and that "the company has no new patent licensing authority since January 2010."　　There is a significant uncertainty about the timing and amount of the new patent revenue. But that explanation contradicts the "bright prospect" the company paints in its prospectus for a proprietary profit model. In the prospectus, Netac Technology said, "As of September 30, 2009, the company has been authorized a total of 116 patents, of which 79 invention patents, and 220 patents are still in the application process", "with the company's patent number of further growth and the gradual expansion of the size of the company,　　Future corporate patent profitability is expected to be further enhanced. The report found that its patent-authorized income had started to fall sharply since the fourth quarter of 2009.　　In the three quarter of 2009 years ago, the average income of its patent license was about 8 million yuan, but that income plunged to 3.7 million yuan in the four quarter, and in the first half of 2010, its two-quarter patent revenue was only 6.14 million yuan, down nearly 50% per cent year-on-year.　　And for the NETAC technology of its own products operating situation, Shenzhen, an unnamed industry researcher told reporters, now NETAC technology in digital products, in addition to U disk, other things can not go on. "Now NETAC technology is actually relying on patent revenue and U disk products to maintain." Now the market big and small U disk brand countless, market competition is very fierce, and the company's marketing ability is also relatively poor, so the future performance should still fall.　　"The researchers said. As a NETAC technology listed sponsor Securities company, Ping An securities insider also disclosed to the reporter, "because is ' own ' sponsor project, so many people know that the growth of NETAC technology is not good." He pointed out that although the gem has no clear timetable for the direct exit system, the details are not issued, but the performance should be the largest reference standards, the first batch of direct delisting companies, may be in the above 12 companies produced.　　[Page] sponsor of the front behind the scenes to NETAC technology as the representative of the "quasi-retired city company", how to be among the "high growth" threshold of the gem? A number of researchers interviewed by Caijing National Weekly are not taboo on this topic.　　They believe that as a sponsor of corporate listing, the responsibility can not shirk.　　The sponsor, as the name suggests, is the "recommended Recommendation", which plays the important role of "the first gatekeeper" in the listing of securities. And the reality is, the sponsor only with the issue of listed companies close cooperation, promote its successful listing, they can obtain economic benefits.　　In this way, the listed companies as clients of the sponsors can not maintain independence, only with the listed companies close "cooperation" in order to realize their own interests. A participant in the NETACTechnology IPO people said: "[Netac technology is in the field of fierce competition and the threshold is not high, how to explain NETAC technology in the subdivision of the position is not easy, to prove that it still has ' core innovation ' is a difficult problem."　　So in the beginning how to explain the NETAC technology has the innovation, the growth aspect, the big expense kungfu. In addition to the innovative "packaging", a number of gem listed companies to face the performance is quite abrupt. NETAC technology in the IPO disclosure, its listing 2007-2009 years in a row three consecutive years, net profit is 38.8548 million yuan, 39.5854 million yuan and 39.6861 million yuan, before and after the difference is hundreds of thousands of yuan, the stability of the performance is quite alarming.　　But as soon as the company is listed, the profit will not be maintained.　　In view of the large area of the gem, financial commentator Supeko pointed out that those in the market before the rapid growth of the gem companies, in fact, most of the performance of the "packaging" component, once the completion of the listing circle money began to return to the real, the performance of listed companies have been a huge decline. Net profit year-on-year decline of up to 82% of the Pao shares are sponsored by the Western Securities, the gem in the interim results of the first in the list. For the slump in performance, the company explained that "the global financial crisis on the oil industry's negative impact continues, oil companies and oil services companies to reduce investment, technical equipment export orders significantly reduced, some are performing and the talks on the project was shelved."　　But in the risk-tip section of its prospectus, the company described 18 possible risks without any description of the potential impact of the financial crisis.　　When the sponsor representative Li Roadshow, the impact of the financial crisis on the company's performance was also expressed that "the impact of the international financial crisis on China's oil drilling and mining industry is limited". In fact, such issues have been brought to the attention of regulators.　　In the most recent issue of the sponsor representative training course, the Securities and Futures Commission has clearly pointed out that the sponsor agency has been overly optimistic about the development prospects of issuers. In accordance with the relevant provisions, after the listing of enterprises, the sponsor also held the responsibility of continuous supervision.　　With the end of the report, there are already a number of gem companies have issued a company's "continuous supervision of the follow-up report." However, none of these reports indicate that there are significant problems or pitfalls in the "supervision" process. The so-called "continuous supervision", nominal.　　Even the biggest decline in performance, so far the location of the project location is still a deserted Pao shares, the sponsor issued by the continued supervision of the report is still all normal. In this regard, the industry believes that the intensive sponsorship of the sponsors to make it difficult to have time to the listed items on site verification, the so-called continuous supervision is to simplify the expiration of a report issued.　　In addition, the IPO one-time collection of continuous supervision costs, also make the sponsor representative of the late continuous supervision of the power shortage. The interest-driven sponsor is "not insured" by the issuer, and the underlying originalBecause the sponsor and issuer of the interests of a high degree of consistency. "Caijing National weekly" reporter in the interview learned that, after the listing of enterprises, the economic benefits that the sponsor can obtain are roughly divided into three levels, one is the underwriting income, this is the sponsor and issuer's interests of the first heavy binding; the second is "Sponsor + Direct Investment" income, more is the brokerage direct investment company "Surprise shares" to obtain the equity value after listing　　, these two are the interests of the sponsor organizations, and the third is the direct signature of the sponsor representative of their own interests appeal. Because the sponsor's underwriting income is closely linked with the issuer's financing quota, the more the issuer's financing amount is, the higher the underwriting fee is extracted from the sponsor institution.　　Therefore, it is a common interest for the company to sell a good price. The sponsor and issuer's other economic interest bundle lies in the brokerage direct investment business. After opening the gem, the "Sponsor + Direct investment" has become the main mode of direct investment business.　　In this mode, national Securities has joined the wholly-owned subsidiary of the state letter Hongsheng, will be long surplus precision, steel research Gourna, Yangpu Medical, Three Rivers water meters and Jinlong electromechanical 5 companies to push the gem, direct investment in the business volume of domestic brokers first. According to public information, the company's investment in 4 of the companies are in a "surprise stake" in the way, and the average shares of less than 9 times times earnings.　　Based on the current growth rate of 65 times times the average price-earnings ratio, these investments will gain an average of more than 7 times times the windfall. August 11 The meeting of the Jialong stake is the state letter Hongsheng "Sponsor + Direct vote" of the 6th project.　　Chinhong Sheng to 30.75 million yuan to get the 5 million shares of Jialong shares, even less transferred to the Social Security Fund 2.6 million shares, the state letter Hongsheng held 2.4 million shares will be more than 60 million yuan after the market. Prior to this, Li Shaowu Securities original investment bank four general manager of "PE corruption case" by the media exposure, sponsor representatives In addition to get the normal underwriting fee commission income, signature fees, through the curve of the listed companies sponsored by the stock, to obtain high profits have been confirmed. In the Li Shaowu case, Li through relatives and the establishment of the company and other means of participation in Lai Bao Gao Ke, Axis research technology and the quartet Dashu, such as the total investment of less than 1.43 million yuan, the value of the market has reached 32 million yuan, the return on investment more than 20 times times.　　[Page] Investment bank "three tigers": radish fast do not wash mud?　　Among the 12 gem companies that have fallen by more than 20%, 8 of them are underwritten by ping an securities, securities and merchants securities known as the "three tigers" of investment banks. Gem Gate opening for a year, from Shenzhen Ping An securities, state securities and investment Merchants Securities won the underwriting number of the top three.　　Among the 12 "quasi-delisting companies", 3 were underwritten by Ping an securities and state securities underwriting, and 2 were sponsored by investment securities, while the remaining 4 were sponsored by Western Securities, securities and bonds, National Gold Securities (17.69,1.09,6.57%) and Citic.　　Among them, the widely questioned net-bed technology and NETAC technology two, respectively by the state Securities and Ping ' an securities sponsor. In this respect, a Shenzhen securities industry researcher told the Financial National WeeklyReporter, this is mainly because the Shenzhen investment bank in the previous years project reserves more, the system is more flexible, and management is relatively loose. "From the industry's perspective, investment banks are divided into two categories, a kind of big projects, such as CICC, Citic, Galaxy, and so on, they are able to rely on their own background and resources to get large projects, and the other is to take small and medium-sized project routes, such securities are mainly concentrated in Guangdong, such as peace, national letter, GF, investment, etc. They rely on flexible systems and rich reserves.　　The researcher said. China Securities is a leader in investment banking in recent years.　　The company 2006 ~2009 Annual stock issuer number four consecutive years ranked industry first, 2009 years even created a week in two Sanbanxi simultaneously listed 5 companies market records. The key is to have a very large sponsor representative team. According to the public information, the existing sponsor Representative 108 people, ranked industry first, far more than the second-ranked Citic Securities (11.29,0.65,6.11%) of 79 people and the third one of ping an securities 63 people.　　2004, the National Letter of Securities only 20 sponsor representatives, and its team size in 6 years grew 5 times times more.　　According to the former Securities industry researcher analysis, the state securities can form such a strong insurance generation team, but also with its "flexible system" relationship.　　After the exposure of Li SHAOWU Securities "PE corruption case", some investment bankers pointed out to the media the hidden trouble in the management mode of the Credit investment Bank Business Department. According to this personage analysis, the National Letter Securities Investment Banking department is numerous, but in fact a department is only a business group only, the minimum two sponsor representative person can form a department to undertake investment bank project, independent accounting, self-financing. This organizational structure is flexible and fast, and can preempt project resources in time.　　But it is this small group of loose management mode, so that Li Shaowu, Shei, etc. to be able to hide in the state securities. This analysis appears to have been validated on the gem.　　Less than a year, the state letter securities sponsored by the 7 gem companies, 3 companies just listed on the performance of the big face, it is inevitable that "radish quickly do not wash mud" suspicion, its project quality is not high should also be attributed to this management mode? And for Ping An securities investment bank business situation, Ping An securities insider's evaluation is "the project is very fierce, the project operation of the market level is very high; per capita projects, very exercise people"; But the last two years should be the focus of exposure to the hidden dangers of previous projects. "Netac Science and technology sponsor Representative Feng Fu, is ping An securities investment bank Division Two deputy general manager."　　Public data show that its investment banking business for more than 6 years, has been responsible for or participated in a number of enterprises IPO projects, and presided over a number of companies restructuring guidance and IPO reporting.　　Among them, since June 2009 IPO restart so far, Feng is responsible for or participates in the IPO project, already has Raleigh home textile, the Southland Real Estate, the NETAC science and Technology 3 listings, the reform guidance and the IPO Declaration project which has presided over, also has the Eschde and the National Union Aquatic Product 2 has already listed.But in the 5 companies, in addition to Raleigh Home Textiles and Eschde 2010 performance growth, the other 3 companies have been listed after the big drop: South China home property to net profit down 91.16% of the reported performance, in the two cities in the net profit growth list in the bottom number one;　　and NETAC technology is referred to excessive packaging, the future is unknown.　　The same situation is also in the Merchant Securities sponsor Representative Hu Xiao and with Shanxin here appears. The two people sponsored by the Gem of the company, Bao-Hua, the net profit growth rate of 76.6%, the performance ranking gem second to the bottom. Coincidentally, February 9, 2010 landed the SME board Hao Ninda, is also the sponsorship of investment securities projects, the same is the two-year insurance generation signed, and Hao Ninda's semi-annual report net profit growth rate of 74.91%.