The Pain Of "Going To The Bubble" In The Growth Enterprise Market: Breaking The Stock Market Or Becoming Normal

　　 Gem Surrender of stock list It's been a year and a half now. After the rise and fall, a real and awkward question was placed. Investment In front of us, there is a continuous drop in volume and liquidity risk is imminent.

As of April 27th closing, the gem composite index hit a new low in the year. The closing price index of 928.13 points dropped 23.51% from the high point of 1220.65 points before half a year, and the same interval data rose 1.72% in the Shanghai Composite Index [2923.08 -0.08%].

Along with the decline is often the volume of shrinkage, gem trading volume is only 1/3 of last year's peak in November, and some stocks even appeared the phenomenon of trading off.

The industry generally agreed that the growth of the gem last year has overdrawn the increase in the next few years, and the future "bubble removal" process will continue.

"This year's growth enterprise market is still a trend of expansion and acceleration, and the drop in price earnings ratio is expected." Wu Guoping, chairman of Guangdong Da Rong investment, said. A non sun private person also said that the main reason for the low turnover of gem was "the loss of scarcity".

"Now there are 200 listed companies on GEM, more than 500 small and medium board, and more than 2000 A shares. At this rate, the number of Listed Companies in the market will expand to 4000 to 5000 in the next two years. The above private placement said, "large organizations, for example, can only cover hundreds of stocks, and some stocks are unconcerned." This is more common in Hongkong and overseas gem. "

"Since there is no scarcity, why do I have to buy GEM stocks? Do they have more superior growth? " The above private placement questioned, "from the annual report and a quarterly report, the gem stock did not achieve the expected high growth, and the fluctuation of performance also made the funds less concerned about it." the problem of high price earnings ratio was particularly sharp in the gem which lost the basic support, and the reasonable valuation has gradually become the general direction of the stock market.

In addition, Wu Guoping believes that "cash in the gem has also scared away a lot of money."

At present, the most closely linked words in the market are not "cash in the market", "executives turnover" and "decline in performance". Wu Guoping said: "the first two acts lead to a trend of continuous marginalization of GEM stocks, and the gem itself is not good enough to flow, and big funds are afraid to enter the market, so the big opportunity is away from the gem."

"Next year, the situation is expected to be even more optimistic." the big ban will lift the ban (three years' lifting of the ban on stock sales), so the previous positioning of the gem has increased the overdraft in the future. The above private placement people think so.

There are more and more listed companies, performance fluctuations and executives cash in. Three big mountains are holding up the "bull" of the growth enterprise market. There will be many GEM companies fading out of the sight of investors and facing a painful "de bubble" process. Wu Guoping said: "it is expected that such a squeeze will be a long-term process. Individuals do not feel that the gem has bottomed out, especially the delisting mechanism has not yet been released. In the end, there is uncertainty as to how big the risk is."

The above private placement believes that the cold will be the normal state of the gem in the next 3~5 years. "At the end of last year, the market has begun to squeeze bubbles, but the bubble is far from clean."