Gem 5Th Anniversary Inventory Of Those Growing Pains

　　 Or now the first delisting company.

Although the growth enterprise board starts with the start up and growth firms as the leading factor, its listing threshold is too high, which hinders a large number of high quality companies that need large amounts of capital in the early stage and are hard to make profits. In May this year, the SFC lowered the threshold of gem listing, that is, IPO's request for continuous growth in performance in recent two years was abolished and its financial indicators weakened.

With the release and imminent implementation of the "most stringent new rules for delisting", gem will usher in the first case of delisting. For GEM companies without ST "Probation", a three consecutive year of loss means a direct suspension of the listing. At the same time, it is not allowed to sell shell and backdoor listing. The loss of this "no death gold medal" company is more difficult to protect its shell.

　　 Listed companies reduce surges

In the five years of listing, the wave of gem reduction is getting stronger and stronger. The important shareholders are in the two tier market. Reduction phenomenon Significantly higher than holdings. The data center statistics show that at present, 400 GEM companies (including ST) have increased their holdings for only 5 companies in the past 5 years, while the number of holdings has been as high as 321. In the past 5 years, the net reduction amount was 5 billion 290 million shares, with a total net reduction of 86 billion 172 million yuan.

Statistics show that this year, a total of 272 GEM listed companies have been reduced holdings, only 27 holdings, net reduction of 30 billion 691 million yuan, accounting for 5 years to reduce the total amount of more than 30%.

　　 High growth halo

For five years, though Gem The number of companies has expanded from the first 28 to the current 400, and the total market value has increased from 140 billion yuan to more than 2 trillion yuan, but the performance growth rate has been declining, and companies with frequent performance changes have also sprung up.

According to our data statistics, the overall net profit growth rate of GEM companies reached 47.6% in 2009, followed by a downward trend and even 7.53% negative growth in 2012. Although the overall growth rate of GEM companies has picked up last year, it has not yet reached the two digit growth rate. From the three quarterly data this year, the overall growth rate of GEM companies has dropped by nearly 3 percentage points compared with the first quarter, while the 140 quarterly growth of three growth companies has been negative.

　　 Blacklists of many companies

stay list Over the past five years, inflated profits, insider trading, letter approval violations, illegal buying and selling, stocks and so on have all become troubles in the growth of gem.

Although the SFC has not released the final findings, Hai Lian news has recently been identified by the Shenzhen stock exchange for financial fraud. According to the announcement, the Shenzhen Stock Exchange indicated that there were significant accounting errors in the company's financial reports in 2010, 2011 and 2012. In this regard, the Shenzhen Stock Exchange decided to give public officers the punishment of public condemnation, and credited them with the integrity files of listed companies.

Tianjin magnetic card is a typical representative of "blacklist" repeatedly. Recently, the company announced that the company was suspected of using the letter to violate the illegal profits and inflated profits, and was fined 600 thousand yuan by the SFC. Many executives of the company were also warned. In addition, in June this year, the company was also ordered to rectify by the Tianjin Securities Regulatory Commission because of five major flaws in the internal control mechanism. Last year, it was put on file by the securities and Futures Commission for covering up related transactions, disclosing the shares of the acquisition companies and failing to disclose more than 100 million yuan of land compensation in time.