Ye Tan: Supervision Is Lagging Behind &Nbsp; China'S Real Gem Is In The US.

China has three highs.

On the other side of the ocean

Private education enterprises in China

In September 2006, Beijing New Oriental was successfully listed on the NYSE, opening the door of China's education companies in the US, and leading many domestic and foreign investment institutions to invest in China's education industry.

According to incomplete statistics, from 2006 to 2009, a total of ten Chinese educational companies were invested in private equity funds, with a total investment exceeding US $1 billion.

New Oriental shares are currently trading at US $107.5, with a market capitalization of US $4 billion 130 million, an increase of 616.67% compared to IPO, and become a banner of China's education industry.

In the New York Stock Exchange, the Chinese educational concept stock plate, represented by New Oriental, amber education, learning and thinking, and big education, has been formed. Most of the subdivisions from primary and secondary school tutoring to vocational education are most likely to be listed in the United States, reflecting the various educational modes such as distance education, one to one education, direct franchise and so on.

According to the "education and training industry report" released by DDT consulting (Shanghai) Limited, in 2009, China's education and training market continued to grow at a high speed, and the total education and training market was worth about 680 billion yuan, equivalent to 1/50 of China's GDP.

This is far from the end. It is estimated that by 2012, the scale of the whole education and training market will reach 960 billion yuan, and the annual compound growth rate will reach 12%.

The education industry can resist the economic cycle. In 2008, the global crisis education industry was against the trend. The education industry is still a promising industry for cultivating high-quality labor force in China, which is in line with the traditional culture of heavy education.

In view of this market, venture capitalists have entered, and 314 domestic education and training institutions have been injected into venture capital institutions at home and abroad.

China Venture data show that in the past three years, the absorption of gold in the education industry ranks fifth in the direction of VC/PE investment, attracting a total of 605 million dollars, accounting for 8.18%.

Such an important and promising domestic demand industry is shielded from the domestic capital market.

Nearly 5 educational and training institutions in China have landed in the capital market very few. Only a few educational institutions such as new Nanyang are listed. Most educational institutions choose to list overseas, and the educational institutions to be listed are almost everywhere in the United States.

It is not impossible to be at home.

At present, the threshold of small and medium sized boards and gem is not what most educational institutions can achieve.

Before the introduction of the "Private Education Promotion Act", there were still a series of blunders in the education industry of the people's Republic of China, such as non national treatment, no dividends, and lack of property rights. However, after the introduction of the law on promoting private education, there were still a series of ambiguities. For example, there was no explicit confirmation that the private school operators or investors enjoyed the shareholders' equity or owners' rights and interests for the net assets of the private schools. However, there was no clear denial or denial of the private schools' investors or investors to enjoy the shareholders' equity or owners' rights and interests of the net assets of the private schools. In return, the private schools could obtain reasonable returns from the school balance after deducting the cost of running schools, setting aside the development fund and extracting other necessary expenses according to the relevant regulations of the state.

The specific measures for obtaining reasonable returns are stipulated by the State Council, and the reasonable return and a certain percentage are not as clear as a system trap.

It can be envisaged that the most dynamic and promising educational institution in China will come from China, but the funds and distribution of umbilical cord will be in the US.

Not only education, but also the IT industry.

China's important and active market oriented IT enterprises, whether they are portals, B2C websites or online games, videos, etc., are well-known overseas companies.

In the mainland, there are listed companies on GEM, or big money in large enterprises such as mobile phones or listed companies with high price earnings ratio.

The hot market of Chinese IT enterprises has already begun, but the listing of Youku and other websites reminds us that the US has little to say about the growth threshold.

When Baidu was listed in the United States, the question was raised.

Baidu only announced profits in 2003, and only two years of profit on the market. It was thrown into the A market by small plates and gem.

Many domestic IT commentators say that the cool 6 network's "sick listing" makes Dudou and Youku dare to face Wall Street investors in the face of failing earnings, which is not rigorous and too dryness.

Are Wall Street investors foolish?

Under the liquidity of quantitative easing, the United States has already wiped out IT enterprises with potential growth potential in China. The capital market of the United States should not only cultivate local future star companies, but also bind the US dollar, the capital market of the United States and the global innovative enterprises.

Domestic policies also support culture, media, education and other sectors, but look at what companies are listed, comparable to the grass-roots guerrilla teams listed in the United States.

The trend of future innovation is clearly presented in front of all investors. New energy is only investment without commercial returns. Biotechnology can not compete with the maturity of IT. At present, the most likely thing is the further deepening of IT industry. Through the apple computer, people are able to intelligently use all the objects around them. We need more than just the big business start-ups such as China Mobile.

The gem determines the future of China's private and innovative enterprises, and the gem of A shares.