Pi Haizhou: Gem Is Ushering In New Opportunities For Development

There is no doubt that this is a big gift from the SFC to offer 5th anniversary on GEM.

As we all know, this October 30th is the 5th anniversary anniversary of the start up of the gem.

5 years ago, the gem was launched.

In the following 5 years, the gem has made great progress.

As of October 10th this year, the GEM listed companies exceeded 400, the stock market capitalization exceeded 2 trillion yuan, the amount of financing reached 270 billion yuan.

It not only promoted the economic pformation, but also made the capital flow to some new media and technology industries.

The role of resource allocation has also become an important market for institutional investors. As of August this year, institutional investors accounted for more than 4 of the market share.

Gem has become an important part of China's multi-level capital market.

Because of this, the development of GEM has been affirmed by relevant parties.

In early September of this year, China Securities Index Co announced that, in order to meet the needs of the changes in the securities market, it had listened fully to the market opinion and had been examined by the index Expert Committee. The gem stock with the time limit of three years of listing has the spatial index of the index components such as Shanghai and Shenzhen 300 and China card 500.

This means that the gem stock is expected to be selected in December this year, such as Shanghai and Shenzhen 300 Index constituent stocks, which is the development of gem recognition and recognition.

Of course, 5 years of development also exposed problems in the growth enterprise market.

If the issue of "three high" shares is outstanding, it will become an important chronic disease of the IPO system.

For example, when packaging is listed and even fraudulent listings happen, the problem of new listing is serious and the growth of listed companies is insufficient.

Again, the gem has become a "cash board" for the original shareholders of listed companies. The phenomenon of non cash in scale is very serious.

In addition, the market speculation phenomenon is very serious, the gem has become a real "speculative board".

And more importantly, from the perspective of gem development, GEM Listing resources are facing the threat of rapid diversion.

In the face of the rapid development of the growth enterprise market, the Shanghai Stock Exchange, which is at a disadvantage in the IPO competition, proposed the idea of setting up the "emerging industry board" at the beginning of this year, and listed it as the key work objective of the Shanghai Stock Exchange in 2014.

The board is mainly in the Internet, energy saving, environmental protection, biological, new energy, high-end equipment manufacturing, culture, new generation of information technology and other industries, is the "second gem".

Although the "emerging industry board" has not been approved by the SFC, the Shanghai Stock Exchange has gained the opportunity to issue small cap stocks.

In the afternoon of March 27th this year, the SFC issued a question and answer question issued by its official micro-blog, saying: "first companies can choose their own listing sites in the Shanghai and Shenzhen markets according to their own wishes, and they are not linked to the number of shares issued by the public."

Before that, the Shanghai and Shenzhen stock exchanges were divided into the number of new shares issued.

If the initial size is above 80 million shares, the above listed companies are the main ones, and those with less than 50 million shares are listed on the Shenzhen Stock Exchange.

50 million or more than ~8000 million shares, by the Shanghai and Shenzhen Stock Exchange to compete.

Therefore, the issuance of regulatory questions and answers by the SFC means that the Shanghai stock exchange can also issue the first IPO company under 50 million shares.

In the subsequent IPO process, there are indeed a large number of IPO companies from Shenzhen (including

The issue is issued to Shanghai Stock Exchange.

The listed resources of the gem are threatened.

This time, the SFC issued the "opinions on supporting the reform and innovation of Shenzhen's capital market", saying that it is necessary to set up a special level in the gem to allow Internet and technology innovation enterprises that meet certain conditions and have not yet made profits in the 12 third month of the new three boards to issue and go public. This is undoubtedly a great opportunity for the development of the growth enterprise market.

According to statistics, by the end of October 9th, there were 451 information technology enterprises, 342 industrial enterprises and 155 material enterprises in the 1167 new three board enterprises.

Most enterprises are distributed in

Mobile Internet, equipment manufacturing and new materials.

These companies meet the requirements of the gem listing.

If this measure is implemented, gem will get a steady stream of listed resources.

Therefore, with the advent of the 5th anniversary day of the gem, the gem is ushering in a new historic development opportunity.