[Edit this paragraph] The concept and characteristics of GEM
Growth enterprise market, also known as the second board market, refers to the securities trading market outside the main board, which provides financing channels and growth space for small and medium-sized enterprises and emerging companies that are temporarily unable to go public. It is an effective supplement to the main board market and occupies an important position in the capital market.
Most companies listed on GEM are engaged in high-tech business with high growth, but they are often established for a short time, with small scale and outstanding performance.
Growth enterprise market is characterized by low entry threshold and strict operation, which helps potential small and medium-sized enterprises to obtain financing opportunities.
The purpose of developing GEM in China is to provide more convenient financing channels for small and medium-sized enterprises and create a normal exit mechanism for venture capital. At the same time, it is also an important means for China to adjust its industrial structure and promote its economic reform.
For investors, the risk of GEM market is much higher than that of the main board market. Of course, the rewards may be much greater.
Governments all over the world have stricter supervision on the second-board market. Its core is "information disclosure". In addition, the regulatory authorities also help investors choose high-quality enterprises through the "sponsor" system.
The second board market and the main board market have different investment targets and risk tolerance, and generally will not affect each other. Because of the internal relationship between them, it will promote the further development and growth of the main board market.
[Edit this paragraph] Classification of Growth Enterprise Market
According to the relationship with the main board market, the global second board market can be roughly divided into two modes. One is "independence". Completely independent of the motherboard, has its own distinct role positioning. Nasdaq, the most successful second-board market in the world, belongs to this category. Nasdaq market was born in 197 1, and its listing rules are much simpler than those of new york Stock Exchange, and it has gradually become the securities market with the largest number of high-tech listed companies in the United States. By the end of 1999, there were 4,829 listed companies with a market value of 5.2 trillion US dollars, of which 40% were high-tech listed companies, and a number of famous high-tech giants like Cisco, Microsoft and Intel emerged. Thirty years later, the Nasdaq market is full-fledged, the total number of listed companies is 60% more than that of NYSE, and the stock trading volume exceeds NYSE by 1994. The other type is "subsidiary type". Attached to the main board market, it aims to cultivate listed companies for the main board. Second-board listed companies can upgrade to the main board market when they mature. In other words, it is the "second echelon" of the main board market. Sesdaq in Singapore falls into this category.
The second stage of the development of the second board market began in the mid-1990s, and its background and reasons are as follows:
(1) The rise of knowledge economy has enabled a large number of high-tech enterprises to grow up;
(2) The rapid development of NASDAQ market in the United States has intensified competition and pointed out the direction for the development of stock markets in various countries;
(3) With the rapid development of venture capital industry, emerging enterprises urgently need the stock market;
(4) Governments all over the world attach great importance to the development of high-tech industries and have set up second-board markets.
Under this background, there is a new upsurge of setting up second-board market in various countries' securities markets, including: Hong Kong Growth Enterprise Market (GEM, 1999), Taiwan Province OTC (OTC, 1994), London Stock Exchange (AIM, 1995), and French New Market (LNA, LNA).
Judging from the current situation, the development and operation of the second-board market in this stage is much stronger than that in the first stage, and most of them are distributed smoothly, among which the trading volume of NASDAQ in the United States and Kosdaq in South Korea even exceeded that of the main board market for a time. But overall, the market share of the second board is still lower than that of the main board, and some second boards (such as Easdaq in Europe) once fell into operational difficulties. The article is from www.ipo668.cn.
[Edit this paragraph] The purpose of establishing GEM
(1) Provide financing channels for high-tech enterprises. (2) Effectively evaluate the value of venture capital through market mechanism, promote the combination of knowledge and capital, and promote the development of knowledge economy. (3) Providing "export" for venture capital funds, dispersing the risks of venture capital, promoting a virtuous circle of high-tech investment, and improving the flow and use efficiency of high-tech investment resources. (4) Increase the liquidity of innovative enterprise shares, facilitate enterprises to implement equity incentive plans, and encourage employees to participate in enterprise value creation. (5) Promote the standardized operation of enterprises and establish a modern enterprise system.
[Edit this paragraph] GEM market transactions related content
The securities traded on GEM include: (1) stocks; (2) Investment funds; (3) Bonds (including corporate bonds, corporate bonds, convertible corporate bonds, financial bonds and government bonds, etc.). ); (4) bond repurchase; (5) Other trading products that can be traded on the Growth Enterprise Market with the approval of the China Securities Regulatory Commission.
Gem trading rules:
(1) The trading unit of GEM stocks is "shares" and the trading unit of investment funds is "shares". The number of securities declared for purchase is 100 shares (copies) or its integral multiple. Securities with less than 100 shares can be declared and sold at one time.
(2) The quotation unit of securities is "price per share". The minimum change unit of "price per share" is RMB 0.0 1 yuan. (3) The price of securities shall be limited to 20%. The price calculation formula for price increase and price decrease is:
The upper limit price of price fluctuation = (1 price fluctuation ratio) × the calculation result of the closing price of the previous trading day is rounded to RMB 0.0 1 yuan. There is no price limit on the first day of listing.
Judging from the current situation, listed companies mainly participate in five venture capital companies: Shenzhen Venture Capital, Ziguang Venture Capital, Zhejiang Paradise, Shanghai Lianchuang and Tsinghua Venture Capital.
Shenzhen chuangtou
Shenzhen Innovation Technology Investment Company is the largest venture capital enterprise in China at present, with a registered capital of 654.38+0.6 billion yuan. At present, the Group has 654.38+0.3 wholly-owned, holding and joint venture investment (fund) companies and investment management companies, with investment capacity exceeding 3 billion yuan. Its main investment targets are high-growth technology start-ups, including bioengineering, IT and software.
Volkswagen Public, Shenzhen Airport, Guangdong Electric Power and Yantian Port invested 307 million yuan, 320 million yuan, 50 million yuan and 50 million yuan respectively, holding 20%, 20%, 3 13% and 3 13% shares of Shenzhen Innovation Investment Group respectively.
Ziguang chuangtou
65,438+065,438+0 listed companies such as Ziguang, Changshan, Baike Pharmaceutical, Zhonghai Haisheng, Yanjing Beer, Century Zhongtian, Ling Gang and shougang shares all participated in Ziguang Venture Capital Company. Of the company's capital scale of 250 million, except Ziguang 1 1, the rest accounts for 8% on average.
Zhejiang Paradise Silicon Valley
Zhejiang Paradise Silicon Valley Venture Capital Co., Ltd. was jointly established by Zhejiang People's Investment Holdings and some well-known enterprises newly listed or about to be listed, with a registered capital of1.61.80 billion yuan. The listed companies involved are Tiantong, Dongfang Group, Zhejiang Sunshine, Minfeng Special Paper, Golden Eagle, Qianjiang Water Conservancy, Qianjiang Biochemical, Shenghua Encyclopedia and Commodity City.
Shanghai lianchuang
Shanghai Lianchuang Investment Management Co., Ltd. is a well-known venture capital company in Shanghai, and its venture capital fields include IT, biopharmaceuticals and electronics. The listed companies involved are Kangyuan Pharmaceutical and Lianhuan Pharmaceutical.
Tsinghua chuangtou
Listed companies involved include Li He, Huayin Power and TBEA.
How to find the potential stocks of venture capital concept
Looking for potential stocks according to the amount of investment
We believe that at least 50 million yuan needs to be invested to have a greater impact on the company's profits. Therefore, listed companies with investment exceeding 654.38 billion yuan deserve attention. Such as Shenzhen Airport (000089), Volkswagen (600635), Tiantong (600330) and Tangshan Iron and Steel (000709).
[Edit this paragraph] Shenzhen GEM has a clear timetable.
Clear timetable for the establishment of GEM-March 3, 20091
At 1: 45 this morning, the Growth Enterprise Market, which has been brewing for 10, has a clear timetable for the first time.
The China Securities Regulatory Commission issued the Interim Measures for the Administration of Initial Public Offering and Growth Enterprise Market Listing (hereinafter referred to as the Measures) in official website at the above time, which will be officially implemented on May 1 day. The next step will be to prepare for the first batch of enterprises to officially land on the GEM. Chen, chairman of Shenzhen Stock Exchange, said at the two sessions this year that the first batch of GEM enterprises were not less than eight.
A person in charge of Shenzhen Stock Exchange, which has been preparing for the GEM for many years, thought yesterday that the launch of GEM and the New Third Board would be a new measure to cope with the financial crisis and help SMEs to raise funds this year.
After the promulgation of the Measures, the CSRC and the Exchange will successively issue rules and guidelines that are compatible with the Measures, set up a GEM issuance review committee, timely issue listing rules, special trading regulations and other relevant rules, train sponsors, lawyers, accountants and other intermediaries, introduce the characteristics and related systems of the GEM to enterprises and investors in various ways, and fully reveal the investment risks of the GEM to investors. After the above work is basically completed, the CSRC will accept the initial application materials of enterprises according to the Measures and relevant regulations.
From the launch of the GEM IPO to the official landing of the first batch of enterprises, it can be said that the GEM has taken root, but it may take two or three months. A person in charge of a brokerage investment bank who is coaching the queuing enterprises on the Growth Enterprise Market explained: "It will take some time from the introduction of IPO rules and supporting rules, and it will take at least two or three months to report the issuance applications of enterprises, and the latest annual reports of these enterprises must be published."
The revised Measures are divided into six chapters and 58 articles, including 2 new articles, 5 revised articles and some text adjustments. However, the core threshold of listing and issuance has not changed, that is, two sets of listing financial standards are adopted. According to Article 10 of the Measures, the first set of criteria for the issuer's financial status is: continuous profit in the last two years, and the accumulated net profit in the last two years is not less than10 million yuan, and it continues to grow. The second set of standards is: profit in the last year, and the net profit is not less than 5 million yuan, the operating income in the last year is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%. The above two sets of standards must also meet four conditions. Net profit is calculated at the lower before and after deducting non-recurring gains and losses. The net assets before issuance are not less than 20 million yuan, there is no uncompensated loss at the end of the recent period, and the total share capital after issuance is not less than 30 million yuan.
The four major amendments to the Measures include making it clear that the power of issuance review belongs to the CSRC, and the GEM market should establish an investor access system suitable for investors' risk tolerance, fully remind investors of investment risks, and strictly supervise the controlling shareholders and actual controllers of issuers. For example, the controlling shareholder and actual controller of the issuer shall issue a confirmation opinion on the prospectus and sign and seal it. In addition, increase the principled provisions on the delisting constraints of GEM companies.
Last Friday and this Monday, many venture capital concept stocks such as Volkswagen (600635. SH) and Ziguang (000938. SZ) rose against the trend, and the Shanghai and Shenzhen stock indexes both fell on the same day.
Ten years later, the GEM has not been launched. During the two sessions this year, the Democratic National Construction Association Central Committee, which has called for ten years, continued to submit proposals to boost the GEM, hoping to alleviate the financing difficulties of SMEs.
It is under the guidance of the expected launch of GEM that some high-tech SMEs have obtained good financing. An investment banker is coaching dozens of companies waiting for the Growth Enterprise Market. He believes that the expected guidance of GEM has established a new financing system, which makes these companies not bad.
The market's expectation of GEM is still high. "It is certainly disappointing that the GEM cannot be launched as soon as possible. Decision-makers may pay attention to the lessons of GEM in various countries and its impact on the secondary market. However, the effect of GEM has already been reflected. However, as long as the enterprises that want to get on the board enter the brokerage counseling period, they will become the targets of the government, banks and PE. As long as the enterprises queuing up for the board have project investment needs and launch a round of private placement at a lower P/E ratio, it will attract a lot of PE, make bank loans easier and local governments will support it. All this is because of the expectation of the GEM. Everyone still expects to launch it soon this year. " The above investment bankers said yesterday.
However, it can't be ignored that the global economic crisis has had a great impact on some enterprises planning to list on the GEM, which is manifested in the sharp decline in operating income and the inability of the growth rate to meet the requirements of the GEM. "Half of the 20 companies we cultivated in advance last year have been unable to meet the requirements of the growth rate of operating income of the Growth Enterprise Market for more than 30% in two years, so we can only postpone listing, because the impact of the economic crisis is mainly reflected in the fourth quarter, and we will re-count and cultivate this according to the annual report."
[Edit this paragraph] Comparison of listing conditions between GEM and Main Board
situation
ChiNext
Main board (small and medium-sized board)
Rights as a client
A joint stock limited company established in accordance with the law and operating continuously for more than three years is positioned as a growth-oriented entrepreneurial enterprise; Support independent innovation of enterprises
A company limited by shares established and existing according to law.
Capital stock requirements
The net assets before issuance are not less than 20 million yuan, and the total share capital after issuance is not less than 30 million yuan.
The total share capital shall not be less than 30 million yuan before issuance and not less than 50 million yuan after issuance.
Profit requirement
(1) has been making profits continuously in the last two years, and the accumulated net profit in the last two years is not less than100000 yuan, and it continues to grow; Or make a profit in the last year, and the net profit is not less than 5 million yuan, the operating income in the last year is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%;
(2) Net profit is calculated according to the lower before and after deducting non-recurring gains and losses. (Note: The above requirements are optional standards, and only one of them can be met. )
(1) The net profit in the last three fiscal years is positive and accumulated more than 30 million yuan, and the net profit is calculated according to the lower before and after deducting non-recurring gains and losses;
(2) The accumulated net cash flow generated by business activities in the last three fiscal years has exceeded RMB 50 million; Or the accumulated operating income in the last three fiscal years exceeds 300 million yuan.
(3) There is no uncompensated loss in the latest period;
Asset requirements
The net assets at the end of the latest period shall not be less than 20 million yuan.
Intangible assets at the end of the recent period (after deducting land use rights, breeding rights, mining rights, etc.). ) the proportion of net assets does not exceed 20%.
Main business requirements
The issuer shall mainly engage in one kind of business, and it has not changed in the last two years.
The main business has not changed significantly in the last three years.
Directors, management and actual controllers
The issuer's main business, directors and senior management personnel have not changed significantly in the last two years, and the actual controller has not changed. The executives have not been punished by the China Securities Regulatory Commission in the last three years, or have not been publicly condemned by the stock exchange in the last year.
In the last three years, there have been no major changes in the directors and senior management of the issuer, and the actual controller has not changed. The senior management has not been punished by the China Securities Regulatory Commission in the last 36 months, and has not been publicly condemned by the stock exchange in the last 12 months.