(CFP)

　　Growth enterprise market launched the second anniversary of the “ring” nearly 200 billion dividend less than 4%

　　On October 30, the gem will usher in a 2 year old’s birthday. In two years, the gem expansion almost 10 times, crazy “circle” nearly $ 200 billion, creating a 164weiyiwan rich. But their market performance has been disappointing: recent 30% performance fell, five stocks break, 70% market value evaporated, capturing investors buying on the first day to lose money. Was going to let shareholders who enjoy developing fruit of gem to make some money?

　　Retail investors suffer losses

　　Nearly half the company share price break

　　On October 30, 2009, 28 listed companies lifted the curtain, the gem. In two years, expanding markets startups flounder. As of October 30, and released the GEM listing companies reach 274, is almost 10 times the first batch of listed companies. But the rapid expansion of the scale did not bring smiles to the shareholders, capturing investor buying continued losses from the first day.

　　WIND statistics data shows that at close of market on October 28, prices, 271 in second board stocks, with 209 stocks complex prices closed below its market debut, accounting for up to 77.12%. This also means that if investors buy and has held the gem on its first day, nearly 80% investors are still at a loss. National technology, Swiss fire, three rivers share and 4 second board stocks such as century real complex right relative to the decline in first-day closing price above 60%. Among them, national technology on its first day closing price as $ 157.31, but after listing, shares of continuous setbacks, complex right for the latest closing price of only $ 55.038, down as much as 65.01%, becoming the worst decline in the growth enterprise market companies.

　　Even compared with the price, “break” also abound. As of yesterday, complex shares continued to be run on the right below the issue price of second board companies there are 123 per cent ratio of 45.39%, close to half. Among them, hengxin mobile break over the 50%, the sponsor of ping an securities company issue price is $ 38.78/unit, its current price has dropped from $ 17.92, than the issue price lost 53.79%. If at the time of online purchase, the share of each sign and held so far, its positions on more than million.

　　In addition, from the gem, since the peak of 1239.6 on December 20, 2010 will fall all the way, now fell to the 833.42, or 32.77%.

　　Executives at Fortune

　　Trojan worth over 250 billion yuan

　　The GEM’s effect to make money and build feature-rich is staggering, but the money into the pockets of who?

　　It appears from the index of the first episode, including the three companies are not yet listed, average offering price of $ 32.64 274 gem/unit, the average was 61.97 times times after the release of earnings. Brokerage institutions get underwriting sponsor costs accumulated up to 12.691 billion yuan, of which, ping an securities corporate underwriters of 38 gem, get $ 1.51 billion in revenue.

　　Making big money from the gem also has a number of venture capital (VC) funds and private equity (PE) capital barons. According to Kiyoshina Research Center, since it was lifted October 2009 gem, China growth enterprise market with VC/PE support a total of 147, accounted for more than Shenzhen growth enterprise market new definitions today, 50%, and investment institutions such as behind the gem of the VC/PE reached 174, local institutions there were 156 foreign at 16, but these institutions after the exit, significant benefits in all. Data show that as of now the total 323 exits, local VC/PE 299, foreign capital was 20. Aggregate multiple 8.9 times times the average carrying amount of investment returns, in which foreign investment returns of up to 14 times times, can be called satisfaction.

　　Due to listing on the gem and “get-” non-listed companies be the boss or executives. On October 30, 2009, the first batch of 28 second board stock market, medical, founder and General Manager of Pu Zhongjie 3.832 billion yuan, become the richest man in the first of the gem. Subsequently, aier eye shareholder Chen Bang, sunflower, Chairman Wu Jianlong did’s richest man. Two years later, is subject to the half-year report on disclosure, gem Executive Trojan worth up to $ 255.335 billion, Chairman of billions of dollars of wealth, there are 164.

　　In two years, a total of more than 80 various gem companies were 203 executives sold, total amount of cash in about 3 billion yuan, of which 7 executives become billionaires by cash.

　　Mad money

　　More raised 176.96% dividends only amount to finance 4%

　　Statistics show that as of now, the gem Trojan raise almost 200 billion, more raised 176.96%. While most public companies become “stingy person”, cumulative cash dividends per cent of the amount raised for two years than not to 4%.

　　According to flush the data, since the opening of 2009 gem, a listed company through IPO cumulative financing amount up to $ 193.6 billion, and is expected to raise funds for only $ 66.9 billion, equivalent to every extra proceeds reached $ 462 million, Super-raise up an average of 181.18%. Which, as of now up to the national technology, its Super proceeds up to $ 1.965 billion; blue water, Watson bio, oak, songcheng shares, shares, huichuan technology mountain shares, narada, rising in the East, digital video, Super-raise funds over $ 1 billion.

　　These hyper-raised funds and not much to expand the scale of production, developing main businesses, most of the extra proceeds are “lying” in the accounts of the Bank, interest, or pay down debt. Ping an securities according to a study, the current gem ultra-84.66% of listed companies raise money idle in the Bank. Preparation or already in use most of the funds to repay Bank loans and additional liquidity, these two input total investment of 51.42%. What’s more, direct the proceeds used to purchase super car. If Shenzhou taiyue first Super proceeds of $ 250 million for research and development and the acquisition and construction of office building; the South wind shares more uses, including Super proceeds funding bid for State-owned land; toread Super proceeds spend $ 66 million purchase of real estate, and so on.

　　Investors just do not understand is that while second board company a fortune overnight, payment of dividends to shareholders is negligible. Reporter comparison, since 2009 gem company with cash dividends recorded a total of 172 rooms, the cumulative distribution to the shareholders of “red packets” only 6.862 billion yuan, accounting for IPO size 3.54%, 16.85% per cent of total net profit.

　　Results for face/off

　　147 companies in the third quarter earnings fell

　　Gem started one of the main purposes is supporting small and medium enterprises, in particular to finance with high growth enterprise platform. But as things stand, the gem performance of listed companies not only frequently “changing faces”, with high growth as “clouds”, and most companies “high tech” content is not solid.

　　As of yesterday, the gem has 271 companies listed, three quarters of total profit of 14.289 billion yuan on average each company profit of 52.7266 million Yuan, an increase of 16.65%. Compared to the same period last year, there are 78 listed company net profit decline, 28.78%.

　　From sequential data, of high growth is “cloud”. The third quarter of this year, a total of 147 per cent from the performance of listed companies fell, with Route Twisk silver high-tech (300,087) and Kang Zhi pharmaceuticals (300,086) performance fell the sharpest, respectively and 212.02%, and the rate of three per cent from the quarter is decreasing. Overall, documented 244 listed companies only 18 per cent from the listed companies in the first three quarters of this year to maintain sustainable positive growth, but most of the listed company a sequential growth rate continued to decrease, afternoon, or the face of the company’s performance weak growth.

　　Worth noting is that in addition to high growth, the gem has also become “high tech” a synonym for. According to the securities industry classification, the gem in the manufacturing sector there are 179, the information technology industry has 52, in addition, social services, agriculture, forestry and animal husbandry and fishing are also their gem team. These companies in the “high tech” content is not high, and many really good growth is high, yet a wealth of scientific and technological content in overseas stock markets.

　　Reporter observation

　　Withdrawal system

　　Led to speculation prevalent

　　”Because the gem is temporarily not delisting mechanism, so as long as they can market, basically equal to the safe deposit box. Development of the enterprise itself is not necessarily a good thing. “A securities company analyst told reporters. Gem delisting system were once high hopes, the reporter was informed that, there is still no specific timetable.

　　Gem from entrepreneurship trading place into a fortune place, runs counter to the established purpose. The most fundamental reason is that its distribution system, including delisting mechanism. Economist Ma Guangyuan pointed out that on the issue system did not fully implement market-oriented, resulting in many institutions share price and eventually high cash; “on the other hand, as the gem itself lacks delisting system, leading to speculation system prevailed, many enterprises performance in freefall. “Ma Guangyuan said.

　　Industry analysts believe that the second board delayed the delisting mechanism, may be the regulators fear that investors will face greater risks. But in order to encourage high-growth companies, the gem should not become “ring” of safety deposit box, as long as listing all, false speculation to say, “three high” goes.

　　In fact, the gem delisting abroad has been more mature experience. If the United States NASDAQ has been available for more than 3,000 companies, approximately 8% of the delisting of the company, and the United Kingdom the gem delisting rate as high as 12%. (Text/table reporter Zhang Zhongan, Ge Dan)