Ye Tan: Why Is The Gem System Less Than An Idea?

The key to the gem is to break through the idea. interest Constraints.

The controversy surrounding the growth enterprise market comes from the high premium issue, the performance changes, and the lack of a real delisting mechanism. At present, there is no essential difference between the gem and the small and medium-sized boards, and the characteristics are not outstanding. Act as Controller The Shenzhen Stock Exchange's response to the growth enterprise market has not been in place.

Several examples are cited.

In view of the decline in growth rate of gem, this Wednesday (March 28th), the Shenzhen Stock Exchange issued a document saying that the growth of SMEs' performance before and after listing was prevalent in the "Nike curve" feature, that is, the performance growth slowed down or even declined one year after listing, and after 3-5 years, the situation of high speed growth was resumed. The Shenzhen Stock Exchange said that most of the GEM companies are in the stage of enterprise growth, and the performance fluctuation is one of the important characteristics of the enterprises at this stage. To this end, the Shenzhen Stock Exchange appealed to investors that investors should give more tolerance to GEM companies, focusing on the core competitiveness and sustainable innovation ability of enterprises, paying attention to investment in the medium and long lines, avoiding short-term speculation and following the trend of speculation. Apple was lying and shot, becoming a case in which the Shenzhen Stock Exchange listed its performance turnaround.

Is the GEM listed company a start-up company? The two listed companies' earnings criteria are: the last two years. profit In the last two years, the net profit was not less than 10 million yuan, and continued to grow; or the last year's profit, and the net profit was not less than 5 million yuan, the operating income of the last year was not less than 50 million yuan, and the growth rate of the business income in the last two years was not less than 30%. Because of the high profitability and growth, the GEM listed companies, especially the early listed companies, get a high premium. Now they return to liberation before they become an excuse for performance fluctuations.

It is intolerable that China's non dividend listed companies frequently take Buffett's Berkshire Hathaway as a talisman, while the decline of GEM companies is apple. Come on, you call it a performance change. It's called an inappropriate premium premium listing.

How to change Issue price Abnormal phenomena?

In March 27th, Chen Hongqiao, deputy general manager of the Shenzhen stock exchange, proposed that the capital market absorb new businesses and innovative enterprises to meet new needs. In particular, they called for one hundred low standard enterprises, including the Internet, service industry and venture capital companies, and listed companies in the Internet market, service industry, venture capital and other companies. In fact, the second set of standards is not low, in accordance with this standard, continue to adopt the current audit method, high premium issue is still a probability event.

We can only improve the present system from two aspects: marketization and supervision. Chen Hongqiao suggested that capital market system innovation should be promoted from three levels. First of all, we should consider improving and optimizing the ideas and processes of sponsorship under the existing legal and institutional framework. Secondly, we should spanform and improve some existing regulations at the regulatory level, such as lowering the listing threshold and increasing the responsibility of recommending sponsors. Finally, we will improve the legal level from the Future Ltd law and the securities law. It is a good proposal to reduce the listing threshold and increase the responsibility of sponsorship, but to increase the responsibility of the sponsors and to match the rights and responsibilities, why can't it be implemented? The regulators have the quasi judicial power, and the exchange can publicly condemn it. It has been used several times to grasp the sharp weapon instead of what is being questioned.

The responsibilities and rights of the intermediaries and regulatory authorities of the growth enterprise market must match. Lowering the threshold for listing should be based on fair supervision, first of all, establish the correct incentive mechanism, otherwise the repair of collateral will not help. The gem or the new three boards in the future will be the key to implement a market-based distribution system and establish a strict trust responsibility system. If the issuing Committee has the right to be unaccountable, if the audit institution is favorable to no trial, the market will be in disorder, and rent seeking is bound to overflow. The core issues of the Shenzhen Stock Exchange should have a clear attitude towards reform.

Finally, for the public's eagerly anticipating delisting mechanism, draft and so on have been freshly baked. The rules on non recurring gains and losses are fundamentally innovative, but they should not be overly expected. The reason is that the high premium issuing rings take the real gold and silver, as well as the interest groups to foil the share price, so that the delisting is very difficult.