Chinese version of NASDAQ has not yet grown Gem three years itch

three years ago, we are looking forward to it; three years later, everyone said it was grotesque". Tomorrow, had been high hopes, hope to be able to grow into the gem Chinese Nasdaq, will usher in the three birthday anniversary of opening. But at this time, there is no flowers and applause, only overwhelming doubts. Machine made rich "and" quanqian board "and" cash in"…… Three years, the gem for their own to win these aliases. Regulators distressed investors helpless. Where does the crime of the gem come from? Where is the way?

3 years, the top 3, the 355

has already become the breeding of "three high", the results of face, executives cash problems such as a gem, in the eyes of many scholars and people in the market, is not a successful market. After all, when our vision is so beautiful, Chinese of the Nasdaq stock market, boosting technology can become entrepreneurs realize the dream of wealth platform.

remember, in October 23, 2009, 10 years of grinding sword gem, is as impressive Chinese boarded the stage of capital market. At the time of the Chinese Commission Chairman Shang Fulin, in Shenzhen Wuzhou Hotel opened the launching ceremony of the gem emotion: gem from brewing to the preparation, construction, after ten years, is ripe, accumulate steadily.

a week later on October 30th, the first batch of 28 GEM companies listed on the Shenzhen Stock Exchange, the collective with vigour and vitality. At this point, the overall framework of China’s multi-level capital market system is basically clear: motherboard, small plates, the gem, the transfer of the OTC market these four levels, will be facing different stages of development of corporate groups.

Why did

have a good vision, but today has become so cruel reality?

it is undeniable that the original intention of the gem was established to open up equity financing channels for high-tech enterprises. However, since the opening of the day, the gem is shrouded in the high growth of the "myth". Accompanying, and gem "due to excessive pursuit of high" phenomenon, high issue price, high rate, Gao Shiying raised funds.

October 30, 2009, 28 GEM companies listed on the first day of listing, the overall price earnings ratio of 82.36 times! That was only the Shanghai stock market average price earnings ratio of 28.19 times inferior by comparison. The GEM board so far, three years ushered in the 355 companies to join, the issue of the average annual rate of nearly 120 per month, nearly 10 years, is also the main market within sight but beyond reach.

222 below the issue price of

with the expansion of the market scale, the quality of GEM listed companies became uneven in quality overall performance worse. 2010 to 2011, the overall growth rate of GEM companies were 43.32%, 18.51%. But from the first half of this year, a large number of companies began to face performance. The latest three quarterly bulletin shows that about 146 GEM companies into negative growth negative

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