Pay Close Attention To The 5 Year Old Growth Enterprise Market: Look Forward To The Leap Of The System

Starting at the end of October 2009, A shares will soon be 5 years old. At such a time point, looking back on the road that has taken place in the past 5 years, summarizing the gains and losses, can provide a meaningful reference for the future development of the gem.

From a global perspective, there are not many successful cases of gem. The A share growth enterprise market started late. At the early stage, it also faced problems such as the "three high" issuance and the fluctuation of listed companies' performance. The market was once far away from the gem, and even in the period of 2011 to 2012, there was an awkward predicament. What will happen in the future of gem? Many people are holding a sweat. However, with the accelerated pace of China's economic transformation, gem as a new growing enterprise gathering place has become more and more distinctive, and has been gradually favored by investors. Over the past two years, the gem has become a "hot" plate in the two tier market, while the market has been expanding continuously, and the index has repeatedly refreshed its record highs. At present, the overall price earnings ratio of more than 60 times also reflects the preference of investors for gem.

Because of this, the current situation of China's growth enterprise market is hard to come by. However, the strong performance of the index and market development results can not be fully equated. At present, the gem is active, investors are enthusiastic, but they also face many challenges. The long-term development of gem requires the support of the real economic environment. On the other hand, it is more important for institutional innovation to form a set of system that really meets the development requirements of gem. Obviously, at this point, there are still many articles to do in the A share growth enterprise market.

The importance of institutional innovation for gem is related to its natural characteristics and positioning. The gem's mission is to serve innovation driven strategy and promote the development of innovative enterprises. This requires institutional arrangements that are different from the main board market. The success of the NASDAQ in the US is due to relying on the big economy of the United States and the launching of the gem in the period of economic transformation, so that there are large and active entrepreneurial and innovative enterprise groups, and the market means to "dig for gold in the sand" and select a number of leading enterprises such as Microsoft and apple. At present, our country is in the economic transition In the critical period, it has become a consensus to create new advantages of China's economy by innovation driven, which provides valuable opportunities for the development of gem. At this point, the system is good, for the future of gem is more important.

Customer view, the existing system structure and system design of our capital market take into account the characteristics of traditional industries, and still lack of inclusiveness for emerging industries. This makes a large number of new industries such as Internet, new energy, bio medicine and so on go overseas. It should be said that at the beginning of the design of the gem system, the problem has been recognized, whether it is the listing conditions, or the applicable law is different from that of the motherboard. In particular, since the beginning of this year, the financial admittance index has been revised, and the performance growth and the lower profit limit have been abolished. As long as profits have been made in the latest year, the inclusion of the gem has been improved. It is clearly proposed that the study should establish a separate level within the growth enterprise market to support the unprofitable ones. Internet High tech enterprises are listed on GEM.

However, what needs to be addressed is Gem The breakthrough of the system is not fast enough and is still far from the expectations of all parties. Among them, the issue of how to further market the GEM board, whether the delisting system can really be implemented, whether the merger and reorganization of listed companies and equity incentive arrangements can be further relaxed or not, and so on, the market voice is higher. As for the unprofitable Internet and technology innovation enterprises currently entering the GEM market, how to link up the existing gem system in the aspects of investor suitability system, information disclosure system, delisting system and refinancing system, and how to reflect differentiation arrangements, should also be clarified as soon as possible in the future. Only by constantly breaking through the construction of the system can we fully stimulate the vitality of the growth enterprise market, actively innovate the new market, and rationally spit out the causes, so as to let the market develop into a lasting benign track.