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Liu Jipeng Criticized The Gem Three High &Nbsp; Remonding High-Level Reflection Efficiency Fair

2011/1/11 13:49:00 40

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Liu Jipeng, director of capital research center, China University of Political Science and Law

Express

On the status quo of China's growth enterprise market, I would like to share with you my views.

By January 7th, the average price earnings ratio of the 158 companies was 70 times that of 58 times, which is accurate.

The average issue price is 35 yuan, and the average raised fund is planned to exceed 36 billion 500 million. On average, each enterprise only needs 250 million funds, and the result has been raised by 121 billion 600 million. On average, each enterprise has obtained 770 million, an average of over raising.

Among them, the highest issue price earnings ratio is 151 times, the highest issue price is 111 yuan, the highest super collection company is national technology, plans to raise 340 million, the result has raised 2 billion 380 million, such enterprise can withdraw the market, they are jokes, take this money to burn every day,

Three years

It can't be retreated inside. Is this called igniting entrepreneurial passion?

Let's take a look at the shareholding structure of these enterprises. 142 of the 158 families are family businesses, 6 are foreign-funded enterprises, 1 collectives, and 9 state-owned enterprises are the largest shareholders.

The first largest shareholder accounted for 90% of the 91, 40% or more 120, accounting for more than 30% more than 40, the highest listed shareholding 96.43%, 41.2% after the listing, wealth is allocated in such a distribution.

We only release the issue price of stocks, but do not expand the scale, so much.

enterprise

Can it be used to raise funds for small and medium-sized enterprises? Originally, 1216 enterprises should have at least 550 enterprises. How can they reach 150, even 250?

So, I want to talk about a very wrong idea here, that is, China's distribution system.

We now call the audit, which is worse than the approval system. We can also find the responsible person in the examination and approval. We can not find the responsible person in the examination.

Second, we can not give profits to the investors in the two tier market. Instead of giving shareholders the right to give the listed companies, this is a very wrong view.

Finally, I would like to think about how we should approve the issue system today, just like Hongkong and the United States.

At the same time, we must be vigilant. This kind of shareholding structure is a fair phenomenon in the instant wealth making. Today's capital market needs to consider fairness and efficiency comprehensively.