After five years of growth, China's GEM system is brewing a new revolution. The reporter was informed that the Shenzhen Stock Exchange recently held a special seminar on how the GEM market can support the development of domestic Internet companies. Industry insiders expect that at the end of October, the fifth anniversary of the official launch of the GEM, the GEM will usher in a key time window for major institutional changes.
On October 23, 2009, the first batch of 28 GEM companies were listed on the Shenzhen Stock Exchange. As of October 21, 2014, the data released by the Shenzhen Stock Exchange showed that the total number of listed companies on the GEM has reached 397, and the total market capitalization of listed companies has reached 2.24 trillion yuan, of which the market value of the market is 1.35 trillion yuan, and the average price-earnings ratio is It is 68.59 times.
Statistics show that up to now, a total of 398 GEM companies have completed online and offline distribution in the past five years. The average issuance price of the above-mentioned enterprises is 29.08 yuan/share, and the average price-earnings ratio is 52.83 times. The total amount of funds raised was .43 billion yuan. During the period, the criticisms of “three highs†and “making riches†were always accompanied by the development of the GEM. Despite the mixed performance of listed companies, it is undeniable that in the past five years, the GEM is indeed the most active sector in China's securities market, and it has also cultivated a considerable number of emerging companies.
Judging from the performance of the GEM, since the launch of the GEM on June 1, 2010, as of October 21, 2014, the GEM index has increased by 53.90%, with a maximum of 1571.40 points and a minimum of 585.44. Point, the amplitude is 99.99%. In the 1062 trading days, the cumulative turnover of the GEM reached 7.35 trillion yuan. During the same period, the Shanghai Composite Index fell by 9.74% and the amplitude was 51.58%. In general, the overall performance of the GEM is far stronger than the broader market, and its volatility is far beyond. As a representative of the new economy, despite the considerable speculative component, the activity of the GEM market still reflects investors' expectations for economic transformation.
Statistics show that, historically, although the issue price of GEM stocks is generally higher, in the past five years, the vast majority of stocks have risen compared with the issue price, as of October 21, 2014, 397 In the GEM stocks alone, a total of 37 current prices are below the issue price and are in a broken state. Among them, the current price of the infamous Wanfusheng Branch has dropped by 54.2% compared with the issue price (after the reinstatement), and the breakup of 8 GEM listed companies such as Sunflower, Tianlong Optoelectronics, Xindaxin Materials, and Oak Stock Co. %the above. LeTV.com became the first bull stock on the GEM, and its current price has increased by 886% over the issue price. The data also showed that a total of 216 GEM stocks rose more than 100% from the issue price. Despite the overall downturn in the market over the past five years, the GEM has gone out of the bull market without compromise.
Despite this, experts interviewed by reporters said that due to the approval system and the high threshold, the GEM is still small after five years of development, failing to give full play to the function of supporting the development of the real economy, especially innovative enterprises. .
“The bubble of the valuation of the GEM is mainly due to the shortage of supply.†Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told reporters that the GEM market has undergone five years of development due to the high approval system and high threshold. The post-expansion is too slow, there is no scale, and it fails to achieve the intended purpose. He said that the GEM is originally positioned in a market with high risk and high elimination rate. It should be fully inclusive and allow enterprises, losses, failures or bankruptcy. The existing industrial version of the listing conditions is not suitable for the development of the GEM. He stressed that the 5th anniversary will be an important time window for the reform of the GEM, and whether the reform dividend can be released is a move.
In fact, Song Liping, the general manager of the Shenzhen Stock Exchange, publicly stated in July that the Shenzhen Stock Exchange will speed up the reform of the GEM market, adapt the market's rules system to the characteristics of entrepreneurial and innovative enterprises, and effectively leverage the capital market's financing, regulation, and M&A restructuring and equity incentives. The reporter was informed that the Shenzhen Stock Exchange's plan to allow loss-making enterprises to list on the GEM has been submitted to the regulatory authorities, but there is still no final statement.
On October 23, 2009, the first batch of 28 GEM companies were listed on the Shenzhen Stock Exchange. As of October 21, 2014, the data released by the Shenzhen Stock Exchange showed that the total number of listed companies on the GEM has reached 397, and the total market capitalization of listed companies has reached 2.24 trillion yuan, of which the market value of the market is 1.35 trillion yuan, and the average price-earnings ratio is It is 68.59 times.
Statistics show that up to now, a total of 398 GEM companies have completed online and offline distribution in the past five years. The average issuance price of the above-mentioned enterprises is 29.08 yuan/share, and the average price-earnings ratio is 52.83 times. The total amount of funds raised was .43 billion yuan. During the period, the criticisms of “three highs†and “making riches†were always accompanied by the development of the GEM. Despite the mixed performance of listed companies, it is undeniable that in the past five years, the GEM is indeed the most active sector in China's securities market, and it has also cultivated a considerable number of emerging companies.
Judging from the performance of the GEM, since the launch of the GEM on June 1, 2010, as of October 21, 2014, the GEM index has increased by 53.90%, with a maximum of 1571.40 points and a minimum of 585.44. Point, the amplitude is 99.99%. In the 1062 trading days, the cumulative turnover of the GEM reached 7.35 trillion yuan. During the same period, the Shanghai Composite Index fell by 9.74% and the amplitude was 51.58%. In general, the overall performance of the GEM is far stronger than the broader market, and its volatility is far beyond. As a representative of the new economy, despite the considerable speculative component, the activity of the GEM market still reflects investors' expectations for economic transformation.
Statistics show that, historically, although the issue price of GEM stocks is generally higher, in the past five years, the vast majority of stocks have risen compared with the issue price, as of October 21, 2014, 397 In the GEM stocks alone, a total of 37 current prices are below the issue price and are in a broken state. Among them, the current price of the infamous Wanfusheng Branch has dropped by 54.2% compared with the issue price (after the reinstatement), and the breakup of 8 GEM listed companies such as Sunflower, Tianlong Optoelectronics, Xindaxin Materials, and Oak Stock Co. %the above. LeTV.com became the first bull stock on the GEM, and its current price has increased by 886% over the issue price. The data also showed that a total of 216 GEM stocks rose more than 100% from the issue price. Despite the overall downturn in the market over the past five years, the GEM has gone out of the bull market without compromise.
Despite this, experts interviewed by reporters said that due to the approval system and the high threshold, the GEM is still small after five years of development, failing to give full play to the function of supporting the development of the real economy, especially innovative enterprises. .
“The bubble of the valuation of the GEM is mainly due to the shortage of supply.†Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told reporters that the GEM market has undergone five years of development due to the high approval system and high threshold. The post-expansion is too slow, there is no scale, and it fails to achieve the intended purpose. He said that the GEM is originally positioned in a market with high risk and high elimination rate. It should be fully inclusive and allow enterprises, losses, failures or bankruptcy. The existing industrial version of the listing conditions is not suitable for the development of the GEM. He stressed that the 5th anniversary will be an important time window for the reform of the GEM, and whether the reform dividend can be released is a move.
In fact, Song Liping, the general manager of the Shenzhen Stock Exchange, publicly stated in July that the Shenzhen Stock Exchange will speed up the reform of the GEM market, adapt the market's rules system to the characteristics of entrepreneurial and innovative enterprises, and effectively leverage the capital market's financing, regulation, and M&A restructuring and equity incentives. The reporter was informed that the Shenzhen Stock Exchange's plan to allow loss-making enterprises to list on the GEM has been submitted to the regulatory authorities, but there is still no final statement.
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