The venture plates overview of the venture capital plate, often referred to as the venture capital board
GEM is a miracle place, which is from the historical experience of other countries has been proven. A large number of small businesses through the GEM finance bigger and stronger, and early investment company also has received a huge benefit. GEM, GEM, also known as the second board market, listing resources and traditional motherboard market, listing requirements, transactions, and regulatory means there are significant differences in the general term of the new markets. GEM listing resources are mainly high-growth small and medium-sized enterprises, including high-tech industries account for a large proportion.
GEM listing conditions relaxed than the main board market, but there are strict delisting system. Relaxation of listing standards, to encourage and nurture emerging high-tech enterprises listed on the main features of the GEM. GEM is generally in the share capital of the scale, the establishment of the earnings period of the requirements loose. In addition, the GEM has a strict delisting system, which guarantees the GEM listed companies, the leading and market flexibility. The concept of venture capital venture capital is the abbreviation of Venture Capital. Venture capital refers to the activities of investment professionals (venture capitalists) to provide financing for high-tech startups. And general investors, venture capitalists not only invest, but their long-standing experience, knowledge and information network to help business managers to better run a business. Therefore, the venture capital institutions engaged in the activities of institutions that provide financing for high-tech-based startups.
So-called venture capital concept, refers to the motherboard market risk to get involved in venture capital, the big profits of listed companies is expected in the GEM Listing has its own "split" the concept of listed stocks. Company by investing in advance, directly or indirectly, holds company shares that may be listed on the GEMWorld Steel Pipe , once hatching success, then the parties will participate in the investment in the GEM Listing absolute profits. Foreign GEM revelation from the market perspective, it is necessary to look at the launch of the GEM market impact if the motherboard market trends. In this brief analysis of the United States, South Korea and the United Kingdom in the 30th before and after the launch of the GEM market trends.
From several countries before and after the launch of the GEM on the 30th, the motherboard market trends in the United States, South Korea and the United Kingdom did not show a significant decrease or rise. In other words, the launch of the GEM is not the motherboard market trends form a significant effect. In addition, each GEM when volume is small Market funds shunt is not obvious. Therefore, we believe, in the context of the current excess liquidity, the launch of the GEM, the short term does not cause pressure on the motherboard market, and thus the impact is limited. GEM launched the impact GEM launch, we believe that may have capital markets have the following effects:
◆ launch of the GEM will increase the supply of the stock market, will help alleviate the liquidity excessive growth of asset prices in the context of excess. Launch of the GEM market conducive to improving China's multi-level capital market system, more reasonable and makes the valuation of the stock market by increasing supply to meet the different risk-return preferences of investors. Experience from abroad, the Main Board and GEM are complementary, the two different risk-return, the investor is not the same structure, there is no direct competition. In addition, according to the experience of small plates ETF (Quotes net) enterprise listing arrangements, the future GEM IPO arrangements will be more orderly. From the demand point of view, the launch of the new variety of transactions, most investors have a wait and see period, while itself is high show up GEM-risk, high-yield characteristics may attract speculative capital greater.
◆ conducive to small and medium-sized enterprises (market shares) the problem of financing. GEM listing threshold will be lower than the current listing standards of the SME Board, will address the financing needs of a group of high-quality small and medium enterprises. Since 1999, the Shenzhen Stock Exchange has been committed to the preparatory work of the GEM. SME board run successfully for three years, accumulated sufficient experience for the start of the GEM.
◆ launch of the GEM, there will be conducive to the exit of venture capital, more venture capital firms invested enterprises in the seed stage of development. Venture capital tends to invest in high-risk high-yield seeds of stage, focusing on the cultivation of the early stage of enterprise development, When the enterprises into the growth stage, venture capital, general corporate IPO exit. Therefore, this point of view, the introduction of the GEM will provide venture capital to create a normal exit channels, some of our high-growth enterprises, especially the development of high-tech enterprises.
◆ the construction of multi-level capital market, including the launch of the GEM, will expand the financing channels for enterprises, reduce the proportion of indirect financing, reducing the risk of the banking system. Over the years, our corporate finance to indirect financing. The one hand, market risk is highly concentrated in the banking system; other hand, this also makes the narrow channel of corporate finance.
◆ launch of the GEM for the A-share market has brought a number of investment opportunities. In the current market environment, the launch of the GEM, a number of innovative investment company in the enterprise listed after the cast to reap huge gains, while holding these innovative investment company shares, the A-share listed companies will also be indirect investment income.
◆ launch of the GEM will expand the company's investment banking, securities, and to improve the current monopoly of several brokerage firms, medium-sized state-owned enterprises listed on the situation, many small and medium-sized brokerage firms have more opportunities. The concept of the most qualified to share the huge profits of the GEM plate venture capital is most qualified to share the huge profits of the GEM plate, and the company by investing in advance, directly or indirectly, holds company shares that may be listed on the GEM, once hatching success listed on the GEM will participate in the parties of the investment in absolute profits. Has not been clear due to the previous launch of the GEM, when venture capital theme of speculation merely a concept, but with the GEM gradually had the looks, the venture capital concept is expected to get real income, staged a performance surge miracle, and for the venture capital concept stocks, the companies involved in venture capital volume is naturally expected more share earnings of the GEM, GEM officially launched the next few years, the biggest dark horse in stocks may be in the shares of the venture capital concept was born! Five venture capital firms, there are dozens of worthy of attention to the listing of the shares of venture capital companies and how to choose the venture capital stocks? From a venture capital enterprise of view, should focus on the project resources, fund size, the staff professional company, such as Shenzhen Innovation Investment, the the violet venture, Tsinghua Venture Capital is a venture capital fund focused on. Combined with the considerations listed company equity participation and equity scale, we believe that the share of the benefit of the venture capital concept is: the mass public (market share it) Paid by (market share it), the force co-shares, Zhangjiang Hi-Tech (market share ).
Public utilities (600 635)
investment in Shenzhen Capital Group 3.07 billion, 20 percent stake, Shenzhen Capital Group has seven projects successfully listed, more than other venture capital firms. Paid by
(000 917)
holding subsidiaries Shenzhen Rong Han holds a 75% stake in Fortune Venture Capital, Fortune Venture Capital investment in Coship Electronics (market share) five-year value-added 30 times . The
force co shares (600 532)
Tsinghua Venture Capital holds 57.15% stake in Tsinghua venture with registered capital of 200 million yuan, the main cast growing and the expansion of the company, investment company, listed companies Chenzhou Mining (market share it). Zhangjiang venture held
Zhangjiang Hi-Tech (600 895)
52 World Pipe network informed.09% stake in Zhangjiang Venture with national semiconductor lighting industrial base, the National 863 Information Security Industry (Eastern) base, the state Software Industry Base and National Software Export Base, the National Cultural Industry Model Base, national online games and cartoon industry development base of the national base. The
Qianjiang Water Resources (market share it) (600 283)
holds 37.9% stake in Zhejiang Paradise Silicon Valley Venture Capital Co., Ltd., the venture capital companies registered capital of 161.8 million yuan, investment company listed Xin Fu medicine (market share it), Leybold Tech.
Risk Warning:
venture capital concept listed companies, are generally high-risk, high-yield sector, investors must not be reckless, should be appropriate to band operation, because its theme the concept of speculation ingredients emphasis, risk large, does not belong to the mainstream of the market value of investment. GEM Events After nearly a decade sharpening, either from the decision-making or market investors, has long been the launch of the GEM, conditions and timing of any doubt. After nearly two years of reform and development, China's capital market is at a historic period of development from the central government to the SFC, and clearly should vigorously promote multi-level capital market, as soon as possible in the GEM market.
In May 2009: the Shenzhen Stock Exchange officially launched the GEM
: Shang Fulin said in 2008, and strive to multi-level market system has achieved a breakthrough for the first half of GEM;
in August in 2007: Fan Fuchun said GEM was launched as soon as possible;
in July 2007: the Shenzhen Stock Exchange said it was intense preparations GEM; authorities said officially launched in 2008; June:
2007, the GEM framework for an initial the;
in 2007 March: the Shenzhen Stock Exchange said the GEM technical preparations in place; Shang Fulin requirements and actively and steadily push forward; the second half of
2006, Shang Fulin said to push the GEM in a timely manner;
in 2006 in June, new from the old segment shares CAMC (market share) (23.13,0.62,2.75%) is released in the small board, the two cities for the IPO heavy gate;
in 2005 June, the small plate 50 the stock market, after Shanghai and Shenzhen stock stop share reform issued new shares, to give way;
June, 2004 in Shenzhen, restore the new shares - 8 new shares listed on the small board, said the Chinese stock market "a new eight-part essay";
May, 2004, the Commission agrees with those set up small plates;
in 2002, Cheng Siwei, the GEM "three steps" recommended small plates as the transition of the GEM;
in November 2001, executives believe the market is not yet mature, be dealt with first motherboard GEM plans on hold;
the beginning of 2001, satisfied that the city has been shattered, and the domestic stock market frequent scandals Cheng Siwei suggested that the slow push GEM; in October 2000, Shenzhen IPO freeze, and building a GEM.