SFC: Gem'S Performance Fluctuation Is A Normal Phenomenon.

The head of the China Securities Regulatory Commission said yesterday that

Overall profitability is strong.

The China Securities Regulatory Commission held a news briefing yesterday to give detailed answers to the relevant issues on GEM.

On the whole, the leaders of the relevant departments of the SFC said that the growth enterprise board has maintained good growth and strong profitability. The first half of 2011 has increased by an average of 32.64% over the first half of the year, and the profit increased by 22.89% over the same period last year.

From 2008 to 2010, the composite growth rate of the GEM listed companies was 29.58%, and the net profit accords with the growth rate of 38.4%. Of these, 43 of the companies with a compound revenue growth rate of more than 50%, accounting for 23%, 4 of the company's net profit in line with the growth rate of more than 100%, and a number of high growing company have emerged in the GEM market.

For market part of gem Enterprises

The person in charge said that the SFC would urge issuers to continuously strengthen information disclosure and risk disclosure in issuing supervision, while investors should further understand and understand the dialectical relationship between growth and risk and participate in the growth enterprise market very cautiously.

There is no disguise to raise the threshold.

According to some market participants, "the performance level of GEM companies is far higher than their minimum threshold". The responsible person said that since the establishment of the gem, the SFC strictly carried out the audit in accordance with the conditions stipulated by laws and regulations, and there was no case of improving the performance threshold in disguised form.

"With the development of innovative economy in recent years, and

The core of "three high" is the issue of pricing.

In response to the "three high" (high issue price, high P / E ratio and high fund-raising) of the gem, the person in charge said that the core issue of the "three high" of the gem is the issue of pricing.

Since the establishment of the gem, the SFC has persisted in playing the role of the market's internal constraint mechanism in accordance with the relevant requirements without conducting "window guidance".

In the initial stage of the growth enterprise market, investors are expected to be positive and enthusiastic to participate. The price earnings ratio of new shares has risen sharply.

"With the deepening of the understanding of the price formation mechanism of the new market, the game between the buyers and the buyers has intensified, the high price has broken down, and even the issue has been suspended, which has effectively suppressed the situation of blind high price fixing, and the price earnings ratio has returned rationally.

In the 4 quarter of 2010, the gem issued an average price earnings ratio of 90.56 times, since June 2011 has dropped to 36.08 times, the lowest has dropped to 18.12 times.

The director said, "the SFC and the exchanges and related parties will continue to increase risk warning and investor education efforts, continuously improve the pparency of the inquiry process, and ask the issuer to regulate the use of raised funds to adapt to the phased characteristics of the GEM market."

Nine enterprises should be recommended.

According to the above responsible person, after the establishment of the gem, in order to further implement the GEM market orientation, comply with the requirements of the state to pform the economic development mode and develop the strategic emerging industries, in March 2010, the SFC, on the basis of fully listening to the opinions of the market and related parties, issued the guidelines on further improving the gem recommendation work, made clear the focus and guidance of the development of the GEM market, and guided the recommendation agencies to focus on new energy, new materials, information, biology and new medicine, energy saving, environmental protection, aerospace, marine, advance manufacturing, high technology services, etc., and other enterprises with independent innovation capability and strong growth in other fields.

At the same time, in order to establish a closer communication and cooperation mechanism between the regulatory authorities and the scientific and technological circles, the CSRC set up an advisory committee for gem experts in October 2010, with the approval of the State Council, and appointed 15 experts from the field of science and technology and intellectual property as members to provide advice and expert opinions on the science and technology policy issues, major or difficult professional problems that the SFC consults.

"The key direction of gem at this stage is highly consistent with the national development strategy and is conducive to giving full play to the role of capital market in supporting economic development."

The official said, "as of the end of August 2010, enterprises listed in the gem have 87.98% of the enterprises in energy saving, environmental protection, electronic information, advanced manufacturing, biomedicine, new energy and new materials."

"Surprise attack" is the focus of attention.

The establishment of the growth enterprise market provides an important exit channel for venture capital and private equity investment, and strongly promotes the development of venture capital and private equity investment.

As of the end of August this year, there were 163 venture capitalists in the listed companies, accounting for 63.18%.

However, the responsible person also admitted that in the early stage of the establishment of the gem, there were many cases of increasing capital or equity pfer in the short time before the application documents were accepted. Therefore, the problem of "assault and equity" has become a matter of great concern to the SFC.

According to its introduction, for the problem of "assault shares", the SFC paid high attention before the launch of the gem, and took corresponding regulatory measures in the auditing link and the continuous supervision link.

The first is to increase the information disclosure of "assault shares" and enhance the pparency of "assault shares" behavior.

During the year before the acceptance, there is a situation of new shareholders of the issuer through capital raising or equity pfer. It requires the issuer to disclose the experience of the natural shareholders in the past 5 years, disclose the relevant information of the major shareholders, actual controllers, registered capital and legal representatives of the legal person's shareholders. In the first six months after the occurrence of capital increase or equity pfer, the issuer will ask the issuer to specify the reasons for the increase or pfer, the basis of the pricing and the source of funds, the background of the new shareholders, whether there is a trust, trust holding or interest pfer behavior, indicating the financial structure, the company strategy and the future issuance of the issuer.

The second is to strengthen the verification responsibility of intermediary agencies for "assault shares" behavior.

The third is to extend the lock up period of the "assault shares". For the shares raised within 6 months before the issuance of the application, or from the controlling shareholders and the actual controllers, the pferee is required to commit to 3 years from the date of the completion of the company's registration of industrial and commercial change or the date of listing.