The Gem Change Camp Is Increasing By &Nbsp; The Sponsor'S Ethics Is Being Questioned.

Dressed in beautiful Finance Data of the stock market, after listing, the performance is rapidly changing. Gem The company "abnormal fluctuations" order Investment Not only do they lose confidence in the company, they also question their sponsors' integrity.

According to the Shanghai Zhengbao information statistics, in 2010, 32 of the 209 companies in gem were down, and the proportion was over 15%. Among them, the performance of Bao de shares is the worst, with net profit falling by 51.53%, while Netac technology, Hengxin mobile and other 5 companies have fallen by more than 40%. The 7 companies were listed on the market in 2009, and the rest were listed in 2010.

What is worrying is that with the launch of a quarterly report, the performance of the gem has expanded and the net profit has fallen to 46. Among the 56 GEM companies listed only in this year, there were 12 quarterly net profit declines, Anju Bao's year-on-year fall of 77.2%, and Sifang's year-on-year decline of 56.78%.

According to the relevant provisions of the "measures for the management of the sponsorship business of securities issuance and listing", if the issuer has one of the following situations during the continuous supervision, the SFC may not accept the recommendation of the relevant sponsor representative for 3 months to 12 months from the date of the confirmation of the seriousness of the case; if the circumstances are especially serious, the qualification of the sponsor representative of the relevant personnel shall be revoked. Among them, the operating profit of the listed company fell by more than 50% over the previous year.

Although the above provisions do not cover gem, if the companies such as Nandu power supply have met the above circumstances, the sponsors of "escort" are naturally to blame.

Some of the reasons for the decline in performance are due to the sharp rise in the price of raw materials, resulting in a sharp rise in costs. Some are the sharp reduction in orders for major customers, some of which are due to a large expansion after the listing, resulting in a substantial increase in sales, management and R & D expenses. However, aside from these appearances, some GEM companies are exposed to the "dependency syndrome" of big customers, single markets and single products.

The most unpredictable case is Netac technology. The company, which has seen a slight increase in the previous year's performance and nearly half of its net profit margin, suffered a major impact on its main patent profit model. Since January last year, there has been no new patent licensing authority, resulting in a 59% decline in the 2010 year's license license revenue. Even more bizarre, Deng Guoshun, one of the actual controllers who served as chairman and general manager for more than 11 years, has been listed in the company for more than 8 months.

All these problems are not related to sponsors. How did the companies who had defects in their profit models, unstable management teams or heavily reliant on big customers and single market had passed the sponsor's "test" and drew a confident blueprint for their performance?

Further analysis shows that the performance of many poor companies is lagging behind. For example, the new technology R & D center project of Jinlong Electrical and mechanical micro motor (motor) was originally planned to achieve its intended use at the end of 2010, but the actual investment progress was only 38.07%. Huaping 3 investment projects were planned to be completed in April 20, 2011, but the actual progress is below schedule 59%. The location of the proposed headquarters base has yet to be determined.

Even more outgoing is Xin Ning logistics. The progress of the 4 investment projects that IPO intends to invest are all lagged behind, and all of them failed to achieve the expected benefits. In addition, the new bonded storage construction project of Shanghai Xin Ning Jie Tong warehousing Co., Ltd., which spent more than 20 million yuan to raise funds, lost 3 million 365 thousand and 600 yuan in 2010. The slow progress of the listing and financing projects has failed to give timely impetus to the company's performance, which also tortured the responsibility of the sponsor in the due diligence process.

Another questionable phenomenon is that some brokerages who get double income from "sponsorship + direct investment" are wildly reduced after the company has gone public. Investors are perplexed that the direct investment of securities companies should be optimistic about the long-term investment value of the company, but the action of its cash in cash is clearly that the value of the company is overvalued. Before the listing, it was strongly recommended and listed quickly. Some of the sponsors' mentality of quick success and instant benefit was most vividly reflected.