Looking back on the GEM market opened 10 days

 GEM opening 10 days back: the value of return on the road to open the GEM board
10 days have passed, the first batch of 28 companies listed on GEM stock market performance is Chongqing and Guizhou, but the statistics found by the reporter, 28 stocks fell by an average of 11.44% shares in this short period of time, the GEM was 16.008 billion yuan out of the bubble.
first Friday's close, the total market value of the GEM has shrunk to 123.959 billion yuan, which the market value of 22.28 billion yuan in circulation. The first day of the GEM Listing price after the market closed, the total market value of about 139.967 billion yuan, 25.069 billion yuan float market capitalization. After a week of time, Han Ding only Yoshimine agricultural technology and two stocks rose, The remaining 26 stocks fell. which is Geeya Technology the largest decline, down to the 23.51%.
retail waiting for After the first day of trading, the industry will have a lot of people expected the next day there will be 28 stocks a large area limit, and then stock prices will be lower than that. However, a week, although the GEM average stock price fell 11.44%, However, this decline is beyond a lot of unexpected people in the industry, especially on Wednesday and Thursday GEM stock rebounded strongly, even once so many investors want to see some sort of relief.
GEM opening day of the data showed that, retail and hot money is the main force of the GEM do more, because few institutions to participate, so the chip company's shares on GEM is extremely fragmented. from the GEM chips distribution, the company stocks, 28 stocks in the Number of shareholders at least the China Star Venture has 16,084, while the largest number of Huayi Brothers shareholders up to 60 187. Statistics show that in the Oct. 30 debut with 252,Bailey UGG boots,600 individual investors bought shares on GEM account, total stock trading volume that day GEM account for more than 97%.
operating room performance can be seen, idle hands are always a stick and then a stick, pushed stock prices time and time again, and finally compare it took over a stick of luck, and there are a lot of which is blind to get involved retail. hedging richest man in There 596 million.
slowly return to a rational view
first batch of 28 carefully GEM Industry enterprises, mainly in technology and service industries, and fully reflects the GEM's high degree of market recognition. Ultrapower in China as the mobile Fetion business; southerly shares in nuclear power, subway ventilation system equipment; network places in the content delivery technology to accelerate network service (CDN); billion in the use of Wei-Li flexible packaging in the RFID industry in the coming lithium manganese batteries, the market will remain relatively high growth in demand. and Pathfinder, China test detection, Anke Biotechnology, Huayi Brothers, etc. Although the current market share in the advantages of lower areas, but access to capital markets funding support, a wider space for future market expansion, development prospects are very uncertain.
from financial data, the company has a main board and GEM board listed small and medium enterprises unparalleled growth rate: over the past three years, revenue average compound growth rate of 34.03%, net profit up 45.94% compound growth rate, the average gross margin over 43%, net rate of nearly 18.9%, the profitability of the doubt.
Shenzhen Stock Exchange data showed on weeks in the majority of GEM transactions for small and medium investors. GEM listed company's stock the past week, agencies had to buy special seats just three stocks. Wuhan University, Research Institute, a professor of securities so that the new board, the point of this incredible, mainly hot money and private, professional institutions GEM is still more cautious, have to wait and see. One can make the transaction stock prices, not much money to spend can chase the price limit. and l r shares also caused a stir GEM this situation today. shares hit sensation r l Traditional Chinese stock market for many years. The So l will like the traditional r, is because of China's main board, small board, the GEM listed companies, have the same pricing, distribution mechanism, the market system. now is the return value of the GEM is a process of normalization. Single regard to expect through strong control measures to stabilize the market, not as careful to guard against market risk side, while proceeding from national conditions, a more rational research and reform characteristics of the GEM distribution mechanism, the listing regime, trading mechanism and the corresponding mechanisms for information disclosure of listed companies, corporate governance and venture capital exit mechanism. regulators should continue to expand markets and increase the GEM listed companies, with the amount of water in the diluted market. Now the GEM stock price has shrunk, in fact, is in the value of the senses a process. the trend of inflation and the subsequent downturn in the week a loss to investors, market participants began to worry: still in the emerging and transitional phase of a multi-level capital market, China Growth Enterprise Market to the Nasdaq as the United States as successful do?
GEM
emerging markets over the long-term rate of return
As of now, the U.S. Nasdaq market, the Canadian TSX-V market, the UK AIM market and the Korean Kosdaq market ideal, active; remaining Most countries tend to marginalize the GEM, Japan, Singapore, Hong Kong GEM slowly forward in the difficult. In addition, the United Kingdom USM (Unlisted Security Market) in 1996 and closed for 6 years of life in Germany ; new markets, months of high-yield, but medium to long term, there is no excess rate of return, while emerging markets over the GEM have a long return. GEM valuation of 50% -100% premium to belong to a reasonable extent, the U.S. Nasdaq grams of long-term market valuation of more than 100% higher than the board, at present, the Nasdaq in 2008 to 37 times the static PE, S & P 500 than the average PE of about 80% higher than the constituent stocks of the Dow Jones average PE is high out of 150%.
as of October 29, this year there were 22 Chinese companies listed on the Nasdaq Stock Market, including eight initial public offering (IPO). which listed on October 16 in China Real Estate Information Group (ticker symbol: CRIC) and the September 25 grand game market (ticker symbol: GAME), also includes 13 liters Board Company and a transfer board company.
according to Xinhua News Agency reported fiscal this year, companies listed in Hong Kong 45. The data show that the Hong Kong market is still the first choice for Chinese companies listed overseas one. and this year is so close to mainland enterprises listed in Hong Kong, Hong Kong, also displayed an international financial center. This show that, with the domestic stock market rebound, the Hong Kong stock market to domestic enterprises listed in Hong Kong once again showed higher investment enthusiasm. This one of the most convincing evidence of the whole in China is obtained through the Public Offer IPO subscribed 413 times. But Hong Kong GEM market was far from satisfactory, Hong Kong GEM from 2000 to 2008 the number of listed companies each year is 47,57,57,27,21,UGG bailey button,10,6,2,2.
reflection GEM
explore the mainland market because the Hong Kong Advantage
cultural traditions, geographical location, market players and so on, and consistency and similarity of the Mainland, the Mainland GEM can still learn in many ways and inspiration: irrational speculation, resulting in valuation .2000 high GEM 2001 is the rapid development reached its peak period, the Internet, the number of listed companies accounted for up to 80%, but after the dotcom bubble burst in 2001, the market distribution of listed companies are too broke a single Yin Ji , resulting in a large number of companies delisting, the index fell and the huge volume of transactions, leading to many blue chip companies sought after heat plummeted, TOM.COM, Hong Kong network, such as 3 SUNeVision head stock heavy negative impact on the performance of the development of the Great City, which other companies listed on GEM, it constitutes a huge market risks. in This market trading downturn, investors agree that stocks was reduced, it is difficult to price the stock showed that those who can not find a specific transaction, trading activity is not carried out continuously, there was quiet situation, the entire stock market into a downturn, increasing liquidity risk.
crazy GEM companies from the Mainland and the purchase situation, some companies below the issue price is sooner or later. A stock board in 2009 is currently the dynamic price-earnings ratio is about 26 times, If the same 80% -150% of the premium rate, the current GEM reasonable valuation levels should be 47-58 times. GEM 77 times the current dynamic price-earnings ratio is clearly overvalued.
Currently, GEM 9000000 accounts, mainly to small and medium investors in the crowd mostly,UGG boots cheap, of course, raised funds, securities companies in the first batch of 28 companies in the purchase of GEM were active. According to statistics, Harvest's 11 funds involved in the music under the general health of the network Placing funds in a southerly 6 under the net share placement, five funds involved Ultrapower of offline placement, five funds involved in the Hanwei Electronics offline placement and so on. institutional investors should be smooth GEM run, regulate the operation of the promoters, and guide rational investors, investment, value investing, to complete its historic mission to ensure that the GEM.
Nobel Laureate optimistic about China's GEM
Nobel laureate in economics, Columbia University Professor of Economics Egypt Germany, Mongolia and Germany. Phelps said, optimistic about China's long-term investment value of the GEM and the potential, if possible, I suggest investors hold some of the long-term performance can be good company. performance of the company determine the company's commercial value and thus determine the company's shares the basic business logic will not be subverted in the GEM, the foreign-funded companies listed on the GEM stock price performance after the comparison process is also given to verify.
11 6, Yao Gang, vice chairman of China Securities Regulatory Commission, if GEM companies are willing to switch board to the motherboard market, it can, but not mandatory switch board, the future will develop a Transfer of Stock Exchange rules. At present the motherboard and the GEM is also a link, the motherboard 5 company shares The seven listed companies on GEM will provide profit contribution. According to statistics, public utilities, Dianguangchuanmei, China Baoan, CITIC Securities, Hai Tong Securities companies through its venture capital shares of the seven companies listed on GEM, that is, ChinaNetCenter, Ding Han technologies billion Wei Li, Ireland, ophthalmology, Ultrapower, robots and Silver River shares.
International experience shows that the proportion of GEM companies delisting is often higher than the motherboard. While some companies have good prospects, but investors 短炒, the lack of confidence to continue holding.
stone hills, can learn. actively learn from experience GEM can effectively promote the mainland better GEM development.
1225 GEM six companies held shares transferred to the Social Security Fund Research Center
Qing dynasties report released on the 10th, according to the disclosure of the prospectus issued on 28 reporting companies listed on GEM, a total of six 1225.3 million venture capital institutions will be credited to the listing of the name of the National Social Security Fund Council.
report shows the Laoshan technology venture investment company Terios Germany, switched up to 333 million Social Security number; Chongqing Technology Wind vote cast by U.S. pharmaceutical companies Levin, switched up to 230 million Social Security number; high investment company Investment Company Li-Si-chen, switched 265 million Social Security number; China Merchants Technology Enterprise million cast by Wei Li, switched social security number of 220 million shares; venture by Beijing Science and Technology Hokuriku Pharmaceutical Investment Company, switched 170 million Social Security number; China investment company investments in technology industry robot, switched 7.3 million Social Security number.
industry that state-owned venture capital funds switched to some extent, the provisions of reducing the return on investment of state-owned venture capital institutions multiples. For example, at an issue price, China Merchants switched technology investment return of 7.13 times before, then switched to 1.12 times . Laoshan technology venture investment Terios the proportion of the small number of German shares, holding shares have all been switched, switched before the investment return ratio was 4.49 times, switched to zero after the return on investment.
June this year 19 10%, some state-owned shares of listed companies will be transferred to the Social Security fund. Earlier, the state-owned shares transfer of state-owned venture capital company holding the policy will result in greater impact on investment returns, the relevant ministries to the State Development and Reform Commission presented to the switched state-owned shares new regulations, the proposed exemption of state-owned venture capital funds switched. exemption for state-owned venture capital switched into the Social Security program, the National Social Security Fund Council 9, said Wang Zhongmin, deputy director, the program has not yet discussed the current setting, when the introduction does not depend on the National Social Security Fund Council, but on the views of a number of units.
Research Center, Department of Statistics under the clear finish, to 28 companies listed on the day, according to investment companies by the issue price, VC / PE obtained 5.76 times the average return on investment ratio, in which Bio / healthcare industry to bring the most abundant return on investment, investment institutions in the industry received 8.25 times the average investment return ratio.
6 into a private call attention to the GEM market in November Company growth
11 9 May, private equity in a row of Chinese private equity fund net release monthly report (October 2009), reported that a private equity fund for the Chinese survey of the sun, 58.33% of the private call XI Quotes months, only 4.17% put; 64.58% said they would Shigekura private participation, optimistic about the market outlook; past two months bears cattle conversion, private sharply over the broader market.
58.33% private equity market bullish November
10 months Although the stock market only a short 16 days, but during this time, the Shanghai and Shenzhen 300 Index rose 9.17%, private in a row the results of months of investigation online, only 15.79% of the private managers of the stock market bullish in October, large some are waiting to see .11 months, private equity in a row on the 48 Network Research Center conducted a survey of private equity managers, the results show: private manager's analysis of the market, compared with October, there have been big changes in attitude tended to become in the optimistic and policy positions have become more active.
在 Xingqing judged, the 58.33% Private Kanzhang November Xingqing; only 4.17% put; Renwei sideways, 37.5%. in open strategy, 64.58% private equity managers that have been heavily loaded operation; 31.25% of the private adhere to wet storage strategy; short positions only 4.17% said they would wait and see.
in the third quarter GDP, CPI, PPI, etc. after the release of macroeconomic data, inflation is expected to appear and gradually strengthened. For investors more concerned about the anti-inflation measures will affect the mortgage squeeze, 12.5% of the private equity managers that the anti-inflation will lead to the mortgage crunch; 47.92% of the private placement that will not lead to anti-inflationary tightening of mortgage; 39.58% uncertain.
real estate investment strategy will be how to adjust, the survey showed that investors looked for real estate investors more cautious, 58.34% in the wait and see, only 25% said they would increase private investment in real estate stocks. Recalling the previous survey
, from August to October, private equity managers generally bearish on the outlook, from this month's survey results, private call renewed enthusiasm, most said they would Shigekura participation, we can see them coming months of market trend more confident, optimistic attitude. They have set the layout, looking forward to the fourth quarter market.
most important to the growth of
GEM Network Research Center of Private Equity in a row on the first day of trading on GEM of six private equity managers (manager, director of process defined as all assets, investments, general manager of Jing Liang Liao Lihui, director of the new value of the investment Loewe Canton, Xian-Feng Wu, general manager of Dragon's assets, Chief Investment Officer leaves open Asset building initiatives, the source music Sheng Investment Officer have Xiaojie) conducted in-depth interviews.
opened for the first day of trading on GEM performance of six private equity managers are agreed that the first batch of 28 companies on GEM was stir-fried, the stock rose too high, price-earnings ratio in general too high. But from another perspective, this situation also reflects investors on the company business model GEM recognition.
plate for the GEM as a small private operation is more suitable for the problem, six private managers believe that the size of the plate is not the most important, the key depends on the industry and the company's growth prospects; private equity transactions is generally not participate in the GEM, mainly because the plate is too small, the benefits can be limited.
For the future trend of the GEM, six private equity managers are considered, the GEM may be opened to reproduce the beginning of 2004, the situation of small plates, the outcome will be Gaokaidizou. whether the issue involved in the transaction, and only a private equity fund manager, said a small number of transactions carried out; they generally believe that only when the GEM to calm down, we go Panduan value of a company to be able to decide whether to buy.
for which companies they are concerned about the issue, They mentioned that the frequency is more eye Ireland, Huayi Brothers and robots; they think, the GEM companies have a good profit model, which may be the birth of one or two large companies. for GEM companies, private management people pay more attention to the growth of the company and its management team and business model, listed companies in the industry from the point of view, the most bio-pharmaceutical company concerned.
private in a row according to network research center for three consecutive months of investigation results, the private placement for the successful launch of the GEM bring new investment opportunities, said the celebration, but in the investment opportunity of choice, they are very careful to do all that full investigations and wait about a year later, will consider whether to invest.
turn cattle market bears had left a full year, the market can continue to it. tape two months after the shock climbed, rising trend increasingly clear, the survey shows that private equity has been in operation from the cautious to active, from wet storage becomes heavily loaded.
GEM the strong potential of new and old hot money clues
GEM since the first batch of new shares since listing on October 30 volatility in share prices. the enthusiasm of retail investors for the GEM exceptionally high magnification of 28 IPOs in the market volatility, and large capital movements is become the key to find out the context of the GEM.
statistics show that from October 30 has been a total of 3 GEM stocks appear daily limit of 5 times, respectively, Yoshimine agricultural (3), Pao shares (1 times), Ding Han Technology (1). In most the value of the GEM stocks in the context of regression, from Shenzhen, Jiangsu, Beijing, Jilin, Hubei and more money on these stocks for the relay take turns speculation vaguely see the time when the daily limit of investment activity, has always been known for hot money chase sell. which is well known for the hot money in recent years, the Department of death squads operating in Shenzhen Guoxin Securities TaiRan Road business department, and in the market, Forté Road Branch, became involved in the day most of the two GEM hot money speculation in the main.
10 Billboard 30 May trade show in Shenzhen Guoxin Securities Sales TaiRan Road and Jiangyin Futai Road Branch in the first batch of 28 new shares all the speculation, idle menacing evident. the day the transaction returns showed equanimity nine road Guoxin Securities Sales Department to buy 244,106,800 yuan total day, the cumulative sell 190,385,800 yuan, the total net purchase 5372.10 million. and Huatai Securities Jiangyin Futai Road Branch trading volume reached 2 billion yuan, the sales department of the capital stock in most of the major shares to sell mainly in the ballot, just Yoshimine agricultural and Pao shares of two stocks on a net buy. quite interesting is that the recent emergence of only three stocks limit, the two just are Huatai Securities Sales Department Futai road net buying of stocks.
At the same time, Trading public information also shows that Guoxin Securities TaiRan Road in the first company listed on GEM largest amount of net buying Jifeng Agricultural machine (the first day of net purchases of 17.1817 million yuan), is the second day (November 2) 28 only one of the GEM stocks limit the stock market parties for Guoxin Securities TaiRan Road Business Department of the br> 11 月 2 日 Billboard Shenzhen Stock Exchange announced the deal shows that the securities of state Dongzhimen Wai Avenue, Beijing China Merchants Securities sales department and business department of Beijing West Chegongzhuang two main hot money from the new Beijing, the total buy into 14.851 million yuan, in one fell swoop would be pushed to the limit Yoshimine agricultural; and Guoxin Securities TaiRan Road, most of the chips out directly benefit, on net sales of 14,872,200 yuan. Thus, the two business department in Beijing, and Shenzhen Guoxin Securities Sales Department TaiRan Road, one south and the north are two main hot money, jointly directed the GEM's first daily limit.
Zhide to note that, as TaiRan Road business department, as in the past few weeks Gedi hot money stir GEM stocks only,bailey UGG boots, the number of hot money are often the main choice of In total, 28 stocks daily limit of 5 times, a total of 10 different business department business department of the list to buy the biggest and largest selling business department, that is, the biggest one day does not continue to buy the stock main for speculation, the other main follow-up is often the main bargaining chip in the previous case of the basic clearing began running approach.
the recent star of the GEM stocks Yoshimine agricultural example, in the November 2, November 5, November 11 Unit 3 times the daily limit has appeared in the business part of the day's largest purchase of state securities especially Dongzhimen Wai Avenue Beijing, Zhongguancun, Beijing Everbright Securities and Jiefang Road, Changchun Guoxin Securities, the net purchase amount for 9.4278 million yuan, 5.2989 million yuan and 1.5389 million yuan. the day on the stock to do more, and the short of the main sales office is completely different, which fully shows that the GEM stock market hot money speculation on the For nearly two weeks around the hot money on the part of the GEM stocks stir, analysts said, the main stock of hot money to fight a small number of speculative-type, basically a success. but intend to participate in the follow-up funding for the purposes of, and then entering transactions , will face a high risk, retail participation need to be cautious.