Comments: The Growth Enterprise Market Ushered In The "Red Monday" &Nbsp; No One Fell.

The growth enterprise market today ushered in "red Monday". At the close of the stock market, stocks rose all the way, and no one fell. The average stock rose by 4.8%. The total turnover was 7 billion 237 million yuan a day, up 30% from the previous trading day. In terms of stocks, GEM stocks mostly go higher in the morning, and Jifeng agricultural machinery (300022), Nanfeng shares (300004), and Tianlong Group (300063) share up to the top. The afternoon market is becoming more and more intense, and stocks are everywhere. At the close, Dayu water saving (300021), 100 billion Li Li (300014), Jifeng agricultural machinery (300022), and Tianlong Group (300063) four share trading. There are market participants analysis, after a continuous decline, the market short energy has been greatly released, people thought of rising, and weekend news surface is warm wind, all of which have created an opportunity for retaliatory rebound after overfall. However, as the short-term increase is relatively large, we should not blindly chase up the operation.

Explore the breakage phenomenon: who will take the last stick?

According to voice of China "8:44 news" 8:44 report, in May 20th, gem 4 IPO, two stocks opened on the "break", with 85 yuan to create the third highest gem history of oak shares (300082), the first day of listing closed down 9.91%. The gem, which is full of high growth, high price earnings ratio and over raise, is now breaking through. The latest issue of the new century (002280) is the launch of the gem: who will take the last stick. CCTV reporter Chai Hua talked to Li Qing, director of the Securities News Department of the new century weekly.
Chai Hua: as of 20, more than half a year after the start of the market, the gem has 82 listed companies, and 35 of them are in the "break" state, accounting for more than 40% of all GEM companies. It is said that the growth enterprise market is distorted. Who is distorting the market?
 
Li Qing: the big breakage of the growth enterprise market is mainly caused by overpriced public enquiries. The reason why the price is too high is that on the one hand, the performance is indeed very good. In the long run, we think he is a very good company. At the same time, we think that it is relatively small, and there are a large number of private equity funds to go in. The private equity fund is of course pursuing absolute income and can enter the venture capital investment with relatively high risk.

At the same time there are public funds, public funds did not enter last year, after the first quarter of this year, a large number of public funds invested. According to the interview, the public fund is mainly due to the small size of the gem and easy to operate. In the more than 600 open funds, there are 71 funds and 158 preparation of the gem, of which the top ten shareholders have eight funds.

Why do we think that breaking is supposed to happen? It is sure that the future will go further down to the standard of return, that is, those who should not go into the market are hyping.

Chai Hua: the gem has been showing high price, high price earnings ratio, excessive oversubscription from the beginning of the issue. They say GEM companies are growing up, but after the first quarter, some companies immediately changed their faces. For the issue of gem reform, how to consider the regulatory level?

Li Qing: many people in the industry suggested that we should introduce the pricing issue and the way of issuing stock prices, and provide the choice of other listing mechanisms for the issuers of gem and small and medium-sized boards. We should not make inquiries and listing as soon as we get approval issued, so we can raise funds according to their own needs and market realities in batches, so that the quotation will be more reasonable, and the phenomenon of over subscription will be greatly improved. But the problem is that the design of the system is more detailed or technicalization, and the essential issue is whether the issue is too high or excessive. It is the problem of controlling the issue structure of new shares, which inevitably results in imbalance between market supply and demand, and the price will be fired up.

Chai Hua: at present, does the positioning of the gem need to be amended? How should it be amended?

Li Qing: let's take a close look at the listing standards of gem, including how many years of profit, it seems that the standard is much lower than that of the motherboard. But if we take a look at the listed companies, we will find that the GEM companies that have already been listed are always qualified on the motherboard. If this goes on for a long time, it will lose the significance of the establishment of gem, and some small and medium-sized companies that really need to start businesses will have no chance. Therefore, from a regulatory point of view, it is necessary to transition from the current approval system to the registration system as soon as possible, and decide the market price, the price earnings ratio and the price issued by the market.