The Shenzhen Stock Exchange Has Elaborated On The Construction Of The Gem.

　　 Merger Restructuring must be " Gem Characteristic

In June 25th, Zhou Jiannan, assistant general manager of Shenzhen stock exchange, publicly stated in the "Third China (Shenzhen) GEM Summit Forum in 2011" that we will promote the construction of the growth enterprise market from four aspects: one is to innovate the auditing concept; the two is to establish an efficient refinancing system; the three is to establish the system of mergers and acquisitions with the characteristics of the gem; the four is the direct delisting system of the gem. A broker familiar with the Shenzhen Stock Exchange said that these four measures are a systematic summary of the Shenzhen Stock Exchange's development strategy for gem and the first comprehensive disclosure.

Zhou Jiannan summed up the gem since the first batch of Companies in October 30, 2009. list The development since then. As of June 24th, the total share capital of GEM listed companies reached 34 billion 600 million shares, and the circulating capital stock amounted to 11 billion 100 million shares, and the total raised funds amounted to 173 billion 200 million yuan, with an average price earnings ratio of 65.99 times. According to the closing price in June 22nd, the total market value is 699 billion 900 million yuan, the market value of circulation is 214 billion 500 million yuan, and the average price earnings ratio is 40.44 times, which is nearly 40% lower than that of the first 66 times. Since the establishment of the gem, the total turnover has totaled 24242 billion yuan, with an average turnover rate of 6.84%. 18 million 760 thousand investors have opened the gem account, and 37% of them have participated in the growth enterprise market.

Over the past year or so, there have been many new problems in the gem. For example, some GEM companies do not have strong innovation capability, and the characteristics of innovation are not outstanding, which are not consistent with the GEM market positioning; some companies are not growing enough, and the performance of listed companies has slipped; the high price earnings ratio of GEM has led to overdraft of stock prices; at the same time, a large number of funds have been raised, and the use efficiency of ultra raised funds is very low.

This year, with the decline in valuation, the issue of high valuation of GEM has eased. The average price earnings ratio of 15 companies listed in January 2011 was 92.68 times higher than that of 150.8. By the 21 companies listed in May this year, the average issue price earnings ratio has dropped to 40.7 times, the highest 68.8 times, the lowest is only 23.4 times. The latest data show that the price earnings ratio of the listed company [0.00, 300237.SZ 0% is only 18.62 times.

Zhou Jiannan disclosed that the Shenzhen Stock Exchange will vigorously promote the construction of the growth enterprise market from four aspects.

First, we should further strengthen support and service for strategic emerging industries, and actively encourage and support enterprises listed on the Internet and other strategic emerging industries that meet the listing requirements. At the same time, we should further innovate the concept of issuing audit, focus on the future growth potential and value of enterprises, and no longer overemphasize the growth rate and the flaws in the development process of enterprises.

Second, establish a sound and efficient refinancing system. Zhou Jiannan believes that the refinancing system of gem should break through the framework of the existing motherboard refinancing system, and carry out targeted innovations, such as small and fast financing, to enhance the attractiveness of the GEM market.

Third, we will promote the establishment of a merger and reorganization system to adapt to the characteristics of the gem. At present, the M & a system adapted to the characteristics of the main board companies is not fully adapted to the characteristics of the gem enterprises. Therefore, we should promote the establishment of a M & a system adapted to the gem, reduce the difficulty of the GEM companies to make use of the capital market for M & a activities, and improve the efficiency of M & A.

Fourthly, improve the direct delisting of the growth enterprise market. The Nasdaq market from 1985 to 2008, a total of 11820 companies listed, and during this period, the number of delisting companies reached 12965, and the number of delisting companies exceeded the number of listed companies. It calls for the introduction of the direct delisting method of gem as soon as possible, which will help to defuse market risks and improve the overall quality of listed companies on GEM.

Previously, the main market for Internet companies in the United States was the Nasdaq market. The Shenzhen Stock Exchange made it clear that Internet companies "throw Hydrangea" and invited such enterprises to come to the Shenzhen Stock Exchange to take the initiative. A senior investment bank who has had more contacts with the Shenzhen Stock Exchange said that the direct delisting system is a measure that the Shenzhen Stock Exchange has consistently pushed forward in the four measures Zhou Jiannan disclosed. The refinancing system has also appealed before. Besides, the other two are the first time the senior executives of the Shenzhen Stock exchange have expounded systematically and deeply. In the first place, it means that the trial committee will have a slight change in the way of auditing the gem. Supporting the listing of the Internet enterprise GEM may mean that the path of the red chip enterprises to return to A shares is widening. The third view is that the gem merger and reorganization system is also worthwhile for investment banks to prepare in advance.