Why Internet companies are ignoring the board of business

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Recently, the Shenzhen stock company convened a series of more than 10 enterprises and venture capital institutions to conduct a discussion, the launch of the gem is also in intensive preparation. But the much-watched gem has been snubbed by the Internet, which is known for its High-tech concepts. Media reports speculate that because these small and medium-sized Internet companies mostly have foreign investment background, it is more inclined to choose the Nasdaq, Hong Kong Stock Exchange as the preferred place for listing. So how do you look at the reasons why Internet companies are not excited about the gem?

Public Judgment Desk

Lai June: Value the benefits

Regardless of the "plate" problem, only the return of the venture capital investors. Overseas Venture investment is basically the pursuit of short-term cash, the choice of Nasdaq, obviously fancy its mature exit mechanism. By contrast, the mainland's gem has a long way to go in gathering investment in popularity and standardizing the mechanism of retreat.

Hozholing: The market itself is not perfect, the attractiveness of the gem?

For an enterprise, making money is the hard truth. At present, the most influential "gem" in the Nasdaq, as well as Hong Kong, some of the mature market, and our gem has just launched the situation, whether in attracting venture capital, or operating mechanisms, as well as laws and regulations have a big gap. There may also be significant differences in the quality of the introduction of an enterprise. So some high quality enterprises will not choose to be listed on our gem. To introduce more high-quality enterprises, we must further improve our market, financial order and system, the effect of making money, the impact of the rise, and then to consider the next thing.

Feng: Go out for a bigger return

No excitement has three aspects: 1. For some enterprises, it feels that its value is not recognized at home, so on the gem is not excited; 2. For some enterprises, especially the founder or executive team is the turtle, to go overseas "circle money" for its development more helpful; 3. There are many companies that have VC involvement, For them, the potential for overseas listings is even greater.

Tan Xiaohong: Choose the most convenient

In fact, for these conceptual internet companies, where to facilitate the listing will be where to go. Venture capital investment in these companies is to find a relatively smooth exit channel. If the gem is convenient, they certainly preferred the gem. After all, "lap money" in mainland China can be more and more reckless. Of course, the prerequisite is to get through the joints.

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Boiling point feature:

Internet companies have a better chance of listing overseas

Hu Junyan

(CEO of million Ka Capital)

My main job is to lure mainland Chinese companies to other countries to finance their listings, but the mainland is not particularly clear about the financing market.

But as far as I know, first of all, in China, the market cycle is relatively long; second, although the threshold of the gem is relatively low, but it still has its own requirements; third, China's market situation is also relatively unstable, "plate" too small enterprises generally go up not too much attention.

P/E ratios will also have a big gap with the motherboard. This is also the case in the Hong Kong region of China, where there is such a concern, because they feel that generally smaller companies are less valued and that costs are not necessarily cheap.

What I know is that the UK's gem aim has not been very willing to accept some "plate too small" businesses since last year. In particular, mainland Chinese companies on the AIM market, assuming that the "plate" is too small, then they are the proportion of capital and cost is not very appropriate, maintenance costs are relatively high. Of course, now the government has published some rules of the game to encourage companies to stay in the local listing, so that companies may be less than one overseas choice, of course, this is beneficial to the gem.

between 04 and 07, the mainland of China also cleaned up a lot of so-called junk stocks. Many companies listed, no one to ignore. This situation continues to appear in the gem, we need to consider whether the mainland market itself is mature, the management mechanism is not rigorous enough, otherwise, once the opening of the future, history will repeat itself. So I think it should be heavy rather than weight. How many companies can be listed on the gem is not important, the key to see their profitability. I think these internet companies may feel that overseas countries, especially the United States, the more technical content of the country, should be favored by investors, prices can be fixed at a slightly higher price. And stay in mainland China, the gem to engage in these technology projects are everywhere, want to be investors, especially large funds, but not too easy. Only in the foreign listing can quickly reflect their own quality.

So the gem to reduce the threshold for them is not very attractive, financing limit is also limited. In addition, overseas listing opportunities may be better given further consideration of your company's visibility and exposure.