Finance: Gem 5Th Anniversary Message

With the expansion of the scale of the growth enterprise market, the controversy is also endless. The problems of making rich, three high, fraud, performance change and zero delisting have been plaguing the growth enterprise market.

Take the gem of "gem making", the list of the richest people in 2014 reached 26 from the gem.

Many private enterprises are on the market. Listing has become a stepping stone to wealth. There are still a lot of GEM companies waiting to be listed.

The gem's shortcut to get rich makes many people regard gem as "cash machine" and "create wealth board".

The gem has also become a banquet for PE institutions. The successful exit of the gem IPO project has provided a substantial return for VC/PE institutions.

As of October 23rd, the VC/PE agency achieved a total of 519 IPO exit through the GEM listed companies, earning a total return of 67 billion 470 million yuan on the basis of book withdrawal, and the average book return rate was 8.67 times.

At the same time, it is not difficult to understand the crazy reduction of gem.

Since the beginning of this year, a total of 299 companies in gem have had two major market pactions in major shareholders. The total change is in the direction of "reduction", with reference to market capitalization of up to 29 billion 565 million yuan.

Over the past few years, small and medium sized board of gem

Issuance, the size of the non high price reduction, many listed companies executives to resign as soon as possible to become rich and become the norm, and even appear Wanfu, such as financial fraud fraud listed companies.

But the question is,

The upsurge of new wealth is not due to the value creation of enterprises, but because of the distortion of the market valuation system. In the past, the listed companies in the name of "marketization" under the IPO distribution system were mainly private small and medium enterprises. After the hardships of entrepreneurship, the sudden increase of wealth would easily lose their motivation to continue to struggle.

In the market economy environment, the pursuit of wealth is understandable. Pursuing wealth is the driving force behind the innovation of market economy.

But the key is system design, good system design can not make the wealth acquired become the end of continuing innovation.

The Nasdaq market, which has been serving the high-tech industry, has nurtured a large number of top high-tech enterprises such as Microsoft, Intel and apple, and has directly promoted the wave of high-tech industry represented by information technology in the United States.

Although there are such doubts in the A share growth enterprise market, the achievements are obvious to all. In the past 5 years, the gem has gathered a number of new industry companies with new models, high technology content and representing the future development direction, becoming the capital platform for the resource allocation of new industries.

The Shenzhen stock exchange data show that as of the end of August, the gem has gathered 290 strategic emerging industries, accounting for more than 70% of the total number of GEM companies, covering a wide range of new generation of information technology, energy saving, environmental protection, high-end equipment manufacturing, new materials, new energy and Biology and other fields.

Strategic emerging industries have become the mainstay of growth enterprise market. In 2013, these strategic emerging industries contributed 69.74% of the GEM market revenue and 72.55% of net profit.

In a series of

Under the system, after 5 years of hardship, the gem can be expected to change from creating wealth to innovation.

At the beginning of the establishment of the growth enterprise market, the experimental field of A shares is not allowed. The new rules for backdoor listing, the listing and refinancing of gem, and the regulations of merger and reorganization are not allowed. A series of innovative systems have made the construction of the gem system far ahead of the two cities and played a role in the "capital market special zone".

A number of institutional changes to be launched, such as regulatory authorities are adjusting accordingly to the listing threshold of GEM companies, have raised the issue of promoting Internet Co and hi-tech enterprises to enter the growth enterprise market in China. They have begun to study the listing problems of unprofitable Internet and technology innovation enterprises. They have clearly defined the legal effect of gambling agreements, studied and solved the obstacles of VIE enterprises' return, and released restrictions on equity incentives.

Both will enhance the inclusiveness and innovation vitality of the growth enterprise market.