A Historical Aspect Of Reincarnation: The First Batch Of 28 Companies In The Gem

Ten years ago in October 30th, the first batch of 28 GEM companies collectively traded, ushered in their capital market journey. The gem has officially set sail, and a magnificent high-tech business incubation feast has been launched.

As the first batch of enterprises to grow together with the growth enterprise board, the fate differentiation of the 28 companies in ten years is also a microcosm of the ten years' differentiation of the gem. The 28 lucky men who had struck the gong on the same stage rushed to a different distance in the torrents of history.

Those who have "fish jumping gate", such as eye eye performance, share price double growth, break through 100 billion market value early, and "frustrated" such as Jin Ya Technology, because of fraud, financial fraud or usher in the delisting result; more like explorers, Huayi Brothers, and so on, in the industrial change and macro environment changes, they are expected to get out of "fog" after several ups and downs.

On the whole, though some companies have split up with the optimization and adjustment of the macro-economic structure and the replacement of industries, most of the 28 stars have developed well. Many enterprises have become the representative enterprises and the benchmark of the new industries.

Overall revenue growth

According to public information, although the first 28 listed companies are from emerging industries, they are scattered in distribution. They come from 15 different Shen Wan industries. The largest number of them are the pharmaceutical and biological industries, and a total of 6 enterprises come from this. In addition, computers, communications, mechanical equipment and electrical equipment each have three enterprises.

Up to now, many of these enterprises have become the mainstay of growth enterprise market. The first 28 companies on GEM were listed on the first day of the total market value of 139 billion 972 million yuan. As of October 29, 2019, the total market value of the first 28 companies has increased to 399 billion 895 million yuan, with an average annual compound growth rate of 12.38%.

Among them, 1 enterprises have more than 100 billion market capitalization, 10 companies have a market value of more than 10 billion yuan, and 14 have a market value of more than 5 billion yuan.

In fact, the share price of most of the 28 enterprises has a positive growth compared with the issue price, and many enterprises have gained astonishing gains.

As of the evening of October 29th, the total closing price of the resumption of power increased by more than 500% compared with the total of 6 enterprises, and the relative increase of more than 100% of the number of enterprises has 20.

Behind the positive return, it reveals the steady operation of GEM companies.

In twenty-first Century, according to the statistics of Wind, the economic report reporters found that in the past ten years, the total operating income of the first batch of listed companies of the 28 GEM companies increased from 9 billion 863 million yuan in 2009 to 70 billion 546 million yuan in 2018, with an average compound growth rate of 24.43%.

However, in terms of net profit, the "black swan" incident of a few enterprises made the overall net profit of GEM companies negative, and the four enterprises of Tian Hai defense, Li Si Chen, Nanfeng group and Huayi Brothers were the most serious drag on the overall performance. The four enterprises in 2018 lost 1 billion 881 million yuan, 1 billion 394 million yuan, 1 billion 39 million yuan and 909 million yuan respectively.

If the four companies were excluded, the total profit of the remaining 24 companies in 2018 was 3 billion 939 million yuan, more than double the total net profit of 1 billion 641 million yuan in 2009.

In fact, although the first batch of listed companies' overall income and share price performance are steady, they are showing a trend of ice and fire.

In 2018, with the adjustment of macro-economic structure and the merger and reorganization of "buried thunder", the company became more and more obvious. Some small and medium-sized private enterprises with weak risk tolerance capabilities appeared, resulting in a sudden change in their performance.

According to Wind data, in 1-9 months of 2019, there were 12 enterprises in 28 enterprises whose business income declined, and 8 enterprises with net profit declined, of which 6 enterprises suffered losses in the first three quarters.

Operating ice and fire

The biggest loss in 28 stars is still Huayi Brothers. As one of the leading enterprises in the film and television media, Huayi Brothers used to be a hot star enterprise in the gem. But in 2018, it encountered the cold winter of the film and television industry.

In the first three quarters of this year, Huayi Brothers' main investment in the film and television program was absent, and the transfer of subsidiaries GDC shares caused non recurring gains and losses of -1.32 billion, which has become the main reason for its performance. 1-9 months, Huayi Brothers net profit loss of 652 million yuan, down 298.56% over the same period.

In the performance notice, Huayi Brothers frankly stated that during the reporting period, the box office income of the films had dropped considerably, and the TV drama revenues were not optimistic enough. However, it emphasizes that with the director of Guan Hu's "eight hundred" scheduled to be released, Feng Xiaogang directed "only Yun know", Stephen Chow's Mermaid 2 and so on, and will enter into the post production stage. "Huayi produce" is expected to exert its strength in the fourth quarter and set off a whole offensive trend in the movie market.

By contrast, the most difficult situation at present is Jin Ya Technology. In June last year, the SFC announced that Jin Ya Technology was suspected of fraud, and decided to transfer it to the public security organ for investigation and punishment. Subsequently, the Shenzhen Stock Exchange announced that it had launched the gold Asia Technology compulsory delisting. Jin Ya Technology has become the second case of delisting after fraud.

In May of this year, gold Asia technology was suspended from Shenzhen stock exchange due to its negative net profit for three consecutive years. In addition, because of the company's Securities Misrepresentation, Jin Ya Technology was brought to court by small and medium-sized investors. This civil action led to the accumulation of 1 million 178 thousand and 800 yuan fund account funds of Jin Ya Technology (frozen as at October 8th).

Of course, this is only one side of the coin. In the past ten years, there are many top students in the first listed company of the gem.

Take the eye ophthalmology department as an example, in the year of listing, the revenue of the eye eye 606 million yuan and the net profit of 89 million 913 thousand and 700 yuan were in the forefront of the first batch of enterprises, but they were not outstanding either.

However, after ten years of development, the eye ophthalmology has emerged from a large number of star enterprises, becoming the first enterprise to break through 100 billion market capitalization. As of the evening of October 29th, the total market value of eye eye was 118 billion 274 million yuan, which is two times of the second total market value of Le Pu medical.

Earlier, Wu Shijun, an eye constable, told the twenty-first Century economic news reporter that the capital market platform played a key role in the development of the company's business scale.

When it was launched in 2009, the net funds raised by the eye eye market reached 882 million yuan, 2 times that of the original plan of 340 million yuan. For AI eye, IPO fundraising first solved the financial problems faced by enterprises, and rapidly increased the scale of the company's business.

"Hospitals need a breeding period, which takes about 3 years to make profits. The rapid development of the company requires continuous capital investment, while short-term bank lending can not meet our development needs. In addition to the worries of our development, the company has entered the fast lane of development. Wu Shijun explained.

After the listing, the eye ophthalmology department raised funds by IPO to build, expand and buy about more than 30 eye hospitals and improve the layout of the country. After that, stock option incentive and restricted stock incentive plan were implemented several times to drive the enthusiasm of talents.

In addition, aleye ophthalmology also set up an industry M & amp; a fund from 2014 to improve its efficiency of extension and expansion through the expansion mode of M & a funds. It is reported that the hospital has more than 120 hospitals. In the first half of 2019, the eye ophthalmology acquired 11 hospitals through buyout funds. Recently, Al eye is also planning to launch an offer to ISEC Healthcare Ltd. shareholders.

"Over the past ten years, there have been some shortcomings in the growth enterprise market. There are some problem stocks, and some companies are not growing enough. This is actually a very normal phenomenon. We hope that (GEM) reform will be able to carry out the survival of the fittest, reward and punish the poor. Tian Lihui, President of the Financial Development Research Institute of Nankai University, told reporters on twenty-first Century economic report.