GEM in China sooner or later catch up with the NASDAQ 亚洲私募论坛 长沙股票开户
Pregnancy ten years, finally got the birth of the GEM and nurture this "newborn" process will be full of challenges and hardships, after all, China's capital market is still a young "mother."
From the U.S. Nasdaq market opened in 1971, prompting the date, the GEM 38-year global development history, very few success stories. In addition to NASDAQ, the United Kingdom and South Korea Kosdaq AIM more influential, the most market transactions created light. Japan, Singapore, China, Hong Kong GEM slowly forward in a difficult, Germany, GEM, and even forced to close in 2003, and lasted only 6 years.
In contrast, mainland China nurtured GEM longer to prepare more fully, and absorbed the lessons from overseas GEM, at present, although entering the IPO stage, but has begun to reveal its own advantages, which will be the mainland of China GEM towards healthy, long-term development path of the strong support.
NASDAQ's most successful
In the current operation of GEM has been the most successful was undoubtedly the Nasdaq Stock Market. NASDAQ is the world's largest electronic stock market, since February 8, 1971 inception, to loose market conditions and fast electronic quotation system by the favor of the emerging small and medium enterprises, bringing together the world's outstanding high-tech companies , many of them Microsoft, Intel, star enterprise. In its stimulation, other countries have established similar to the second board market, the Nasdaq as the world's countries are scrambling to emulate objects.
Since the establishment of the Nasdaq market experienced two major changes, first since 1982, NASD (National Association of Securities Dealers) to the system of high-capitalization stocks with other stocks separated from the formation of the Nasdaq National Market and small capital markets, two markets still offer the same system, but the criteria for listing differentiated, forming a two-level market structure.
In 2006, the Nasdaq to create a new listing standards, in turn the stock market is divided into three levels: the NASDAQ Global Select Market, NASDAQ Global Market (formerly Nasikeda national market), and Na Nasdaq Capital Market (formerly the NASDAQ SmallCap market, a move to further optimize the market structure to attract different levels of the enterprise market. Among them, the new NASDAQ Global Select Market was created specifically for the blue-chip set The company listed on the stock liquidity of financial standards and are promoted to the world's leading level, more high-quality companies were in the bag.
Thus, the Nasdaq has been non-traditional sense of the second board market. Although it is mainly the United States, high-tech enterprises, but also for other high-growth enterprises and foreign enterprises financing, "paradise."
Looking at the proportion from the industry, the computer industry, the market value of more than 40%, industry, finance, telecommunications and other industries have also occupied the half, showing a typical diversified characteristics, are no longer rigidly adhere to SMEs and high-tech enterprises. Facts have proved that such a diversified industry structure has not only expanded the scope of listed companies, and effectively reducing the systemic risk.
Difficult for emerging markets GEM
In addition to NASDAQ, the world's most GEM state of development is not satisfactory. The Asia-Pacific region, for example, in addition to Korea's relatively successful Asian economies, Japan, Singapore, China, Hong Kong GEM were unimpressive.
Japan has a number of GEM exist, including the early establishment of JASDAQ (JASDAQ) and Osaka Stock Exchange's "Nasdaq Japan", Tokyo Stock Exchange Mothers and so on. Because of the convergence of market resources, positioning, competing, making the market volume continued to shrink and this is unsuccessful the JASDAQ market development, the direct cause.
Growth Enterprise Market of China was established in 1999, located in the region (Hong Kong, Macao and Taiwan regions and the Mainland) and high-tech, private and small and medium enterprises. Since its inception the distribution of listed companies, the industry is too single, focused on network technology stocks, dot-com bubble burst, the Growth Enterprise Market long-term slump. From the volume point of view, their mobility is clearly insufficient.
Investment in equity research reports that the GEM of the downturn causes the following four points: First, the GEM market, the lack of local high-tech high-growth enterprises strong support; Second, the lack of available resources to force them to the target business location in the Mainland high-tech enterprises and private enterprises, and this and Shenzhen SME board there is a certain convergence; third, many blue-chip companies have fled the Growth Enterprise Market. By TOM Group and Kingdee software for the withdrawal on behalf of a group of Mainland companies to Hong Kong Main Board or GEM listed overseas, making the operation of GEM has become increasingly difficult; Fourth, GEM's own position was not sufficiently clear, there is a large competitive pressures. As a second board market, the need to attract more excellent enterprises are listed, but the small and medium board market in Shenzhen, Singapore Exchange and the Nasdaq have a serious diversion of the Growth Enterprise Market customers.
In contrast, South Korea's GEM rapid growth in government support. Kosdaq (KOSDAQ) market was established in July 1996 by the Korean government in the OTC market has been established. The late 80s of last century, South Korea implemented a series of foster SME development, strategic planning, not only to relax listing standards, and tax breaks given to listed companies, so Kosdaq market transactions in recent years, very active.
Mainland GEM advantage of the post -
After lengthy deliberations, the Chinese mainland GEM "long-awaited." In drawing the lessons learned from overseas, Mainland China has the advantages of the GEM has already began to take shape, mainly in the following four areas.
First of all, China's abundant foreign countries can be compared with the non-enterprise resources. Overseas market is in the capital market has experienced long-term development after birth, many high-quality companies already listed, the mining enterprise resource available for far less than China. Some overseas GEM is precisely because there is not enough growth in the number of companies listed, or limited, not enough to support multiple markets, we can only shut down or merged.
China, after 30 years of reform and opening up have accumulated a lot of good new industries and private enterprises, has a wealth of project resources, there are numerous financing needs of enterprises. According to incomplete statistics, there are 9.7 million small and medium enterprises in Mainland China, even though only 10% of the enterprises more standardized, there are nearly one million, if only 1% of the enterprises are listed, there are as many as 10000.
Second, diversification of industry structure of listed companies. The United States, South Korea indicate that the experience of the GEM, a successful GEM listed company should not limit the scope of high-tech enterprise, if the industry is too focused on the distribution would undermine the GEM market as a whole anti-risk ability. Data show that GEM and the new German market in the peak of the market value of Internet-related companies accounted for 80% of the overall market and 50% in the Internet bubble burst, many business failures, affecting the entire company as a whole GEM quality.
China positioning GEM growing small and medium enterprises, are not confined to high-tech enterprise. From the first issue and has been declared on the 100 GEM companies point of view, the industry widely distributed, both network technology and other new economic model, another high-growth business model entities such as the traditional economic model, which avoids the same industry types or kinds of business models with the excessive concentration of enterprises.
Third, the strict listing requirements, indicators system is sound. Compared with overseas, the Chinese mainland market the highest threshold for the profitability of listed companies have a clear requirement, which is drawn from overseas failures result. Germany is the main reason for closure of the GEM listing standards are too low, regulatory approval is not strict, resulting in a large number rely on the concept of packaging, the lack of substantive business enterprises enter the market. After listing many companies insolvent, falsifying results to deceive investors, so that Germany GEM scandal has seriously dampened market confidence and ultimately the fate of hard to get rid of premature end.
If the underperformance as the company flooded the market, is bound to weaken investor willingness to participate, so the mainland of China adopted a cautious attitude towards the GEM, the financial requirements of listed companies is more specific to cover not only the net assets, operating income, net profit, but also to further the company's make quantitative growth requirements, which is relatively rare overseas GEM.
Fourth, the market is awash in liquidity, trading activity. Overseas Growth Enterprise Market in the start-up are sought after by investors, but then for various reasons, turnover continued to shrink and, in addition to the Nasdaq, the other GEM are facing liquidity shortage. Thus, in addition there are a certain number and size of enterprises to enter the market, but also must ensure that there is sufficient investor groups involved in the transaction.
A-share market investors, the large number of funds on the market this year has been maintained ample liquidity, this "not bad money" situation is expected in the GEM will be renewed. The first week of pre-IPO, the GEM accounts, suddenly a "blowout", investors are rushing to ride on subscription of new shares, "the first departure."
However, excess liquidity is a double-edged sword. If the stock price has been speculation too high, excessive overdraft of the company's future growth will lead to sharp market fluctuations, thereby dampening the enthusiasm of investors to participate in, and allow enterprises to finance the follow-up difficult. The first batch of 10 new stock issues an average of 54 times earnings, far exceeding the SME board, the issue is too large a premium will increase the secondary market, investment risks.
Currently, China mainly involved in the GEM majority populations to small and medium investors, funds, private institutions such as the performance was more cautious. From overseas experience, the UK AIM market, the proportion of institutional investors for more than 40%. To increase the proportion of institutional investors and help alleviate the speculative atmosphere of the market to maintain stable operation of the market
Pregnancy ten years, finally got the birth of the GEM and nurture this "newborn" process will be full of challenges and hardships, after all, China's capital market is still a young "mother."
From the U.S. Nasdaq market opened in 1971, prompting the date, the GEM 38-year global development history, very few success stories. In addition to NASDAQ, the United Kingdom and South Korea Kosdaq AIM more influential, the most market transactions created light. Japan, Singapore, China, Hong Kong GEM slowly forward in a difficult, Germany, GEM, and even forced to close in 2003, and lasted only 6 years.
In contrast, mainland China nurtured GEM longer to prepare more fully, and absorbed the lessons from overseas GEM, at present, although entering the IPO stage, but has begun to reveal its own advantages, which will be the mainland of China GEM towards healthy, long-term development path of the strong support.
NASDAQ's most successful
In the current operation of GEM has been the most successful was undoubtedly the Nasdaq Stock Market. NASDAQ is the world's largest electronic stock market, since February 8, 1971 inception, to loose market conditions and fast electronic quotation system by the favor of the emerging small and medium enterprises, bringing together the world's outstanding high-tech companies , many of them Microsoft, Intel, star enterprise. In its stimulation, other countries have established similar to the second board market, the Nasdaq as the world's countries are scrambling to emulate objects.
Since the establishment of the Nasdaq market experienced two major changes, first since 1982, NASD (National Association of Securities Dealers) to the system of high-capitalization stocks with other stocks separated from the formation of the Nasdaq National Market and small capital markets, two markets still offer the same system, but the criteria for listing differentiated, forming a two-level market structure.
In 2006, the Nasdaq to create a new listing standards, in turn the stock market is divided into three levels: the NASDAQ Global Select Market, NASDAQ Global Market (formerly Nasikeda national market), and Na Nasdaq Capital Market (formerly the NASDAQ SmallCap market, a move to further optimize the market structure to attract different levels of the enterprise market. Among them, the new NASDAQ Global Select Market was created specifically for the blue-chip set The company listed on the stock liquidity of financial standards and are promoted to the world's leading level, more high-quality companies were in the bag.
Thus, the Nasdaq has been non-traditional sense of the second board market. Although it is mainly the United States, high-tech enterprises, but also for other high-growth enterprises and foreign enterprises financing, "paradise."
Looking at the proportion from the industry, the computer industry, the market value of more than 40%, industry, finance, telecommunications and other industries have also occupied the half, showing a typical diversified characteristics, are no longer rigidly adhere to SMEs and high-tech enterprises. Facts have proved that such a diversified industry structure has not only expanded the scope of listed companies, and effectively reducing the systemic risk.
Difficult for emerging markets GEM
In addition to NASDAQ, the world's most GEM state of development is not satisfactory. The Asia-Pacific region, for example, in addition to Korea's relatively successful Asian economies, Japan, Singapore, China, Hong Kong GEM were unimpressive.
Japan has a number of GEM exist, including the early establishment of JASDAQ (JASDAQ) and Osaka Stock Exchange's "Nasdaq Japan", Tokyo Stock Exchange Mothers and so on. Because of the convergence of market resources, positioning, competing, making the market volume continued to shrink and this is unsuccessful the JASDAQ market development, the direct cause.
Growth Enterprise Market of China was established in 1999, located in the region (Hong Kong, Macao and Taiwan regions and the Mainland) and high-tech, private and small and medium enterprises. Since its inception the distribution of listed companies, the industry is too single, focused on network technology stocks, dot-com bubble burst, the Growth Enterprise Market long-term slump. From the volume point of view, their mobility is clearly insufficient.
Investment in equity research reports that the GEM of the downturn causes the following four points: First, the GEM market, the lack of local high-tech high-growth enterprises strong support; Second, the lack of available resources to force them to the target business location in the Mainland high-tech enterprises and private enterprises, and this and Shenzhen SME board there is a certain convergence; third, many blue-chip companies have fled the Growth Enterprise Market. By TOM Group and Kingdee software for the withdrawal on behalf of a group of Mainland companies to Hong Kong Main Board or GEM listed overseas, making the operation of GEM has become increasingly difficult; Fourth, GEM's own position was not sufficiently clear, there is a large competitive pressures. As a second board market, the need to attract more excellent enterprises are listed, but the small and medium board market in Shenzhen, Singapore Exchange and the Nasdaq have a serious diversion of the Growth Enterprise Market customers.
In contrast, South Korea's GEM rapid growth in government support. Kosdaq (KOSDAQ) market was established in July 1996 by the Korean government in the OTC market has been established. The late 80s of last century, South Korea implemented a series of foster SME development, strategic planning, not only to relax listing standards, and tax breaks given to listed companies, so Kosdaq market transactions in recent years, very active.
Mainland GEM advantage of the post -
After lengthy deliberations, the Chinese mainland GEM "long-awaited." In drawing the lessons learned from overseas, Mainland China has the advantages of the GEM has already began to take shape, mainly in the following four areas.
First of all, China's abundant foreign countries can be compared with the non-enterprise resources. Overseas market is in the capital market has experienced long-term development after birth, many high-quality companies already listed, the mining enterprise resource available for far less than China. Some overseas GEM is precisely because there is not enough growth in the number of companies listed, or limited, not enough to support multiple markets, we can only shut down or merged.
China, after 30 years of reform and opening up have accumulated a lot of good new industries and private enterprises, has a wealth of project resources, there are numerous financing needs of enterprises. According to incomplete statistics, there are 9.7 million small and medium enterprises in Mainland China, even though only 10% of the enterprises more standardized, there are nearly one million, if only 1% of the enterprises are listed, there are as many as 10000.
Second, diversification of industry structure of listed companies. The United States, South Korea indicate that the experience of the GEM, a successful GEM listed company should not limit the scope of high-tech enterprise, if the industry is too focused on the distribution would undermine the GEM market as a whole anti-risk ability. Data show that GEM and the new German market in the peak of the market value of Internet-related companies accounted for 80% of the overall market and 50% in the Internet bubble burst, many business failures, affecting the entire company as a whole GEM quality.
China positioning GEM growing small and medium enterprises, are not confined to high-tech enterprise. From the first issue and has been declared on the 100 GEM companies point of view, the industry widely distributed, both network technology and other new economic model, another high-growth business model entities such as the traditional economic model, which avoids the same industry types or kinds of business models with the excessive concentration of enterprises.
Third, the strict listing requirements, indicators system is sound. Compared with overseas, the Chinese mainland market the highest threshold for the profitability of listed companies have a clear requirement, which is drawn from overseas failures result. Germany is the main reason for closure of the GEM listing standards are too low, regulatory approval is not strict, resulting in a large number rely on the concept of packaging, the lack of substantive business enterprises enter the market. After listing many companies insolvent, falsifying results to deceive investors, so that Germany GEM scandal has seriously dampened market confidence and ultimately the fate of hard to get rid of premature end.
If the underperformance as the company flooded the market, is bound to weaken investor willingness to participate, so the mainland of China adopted a cautious attitude towards the GEM, the financial requirements of listed companies is more specific to cover not only the net assets, operating income, net profit, but also to further the company's make quantitative growth requirements, which is relatively rare overseas GEM.
Fourth, the market is awash in liquidity, trading activity. Overseas Growth Enterprise Market in the start-up are sought after by investors, but then for various reasons, turnover continued to shrink and, in addition to the Nasdaq, the other GEM are facing liquidity shortage. Thus, in addition there are a certain number and size of enterprises to enter the market, but also must ensure that there is sufficient investor groups involved in the transaction.
A-share market investors, the large number of funds on the market this year has been maintained ample liquidity, this "not bad money" situation is expected in the GEM will be renewed. The first week of pre-IPO, the GEM accounts, suddenly a "blowout", investors are rushing to ride on subscription of new shares, "the first departure."
However, excess liquidity is a double-edged sword. If the stock price has been speculation too high, excessive overdraft of the company's future growth will lead to sharp market fluctuations, thereby dampening the enthusiasm of investors to participate in, and allow enterprises to finance the follow-up difficult. The first batch of 10 new stock issues an average of 54 times earnings, far exceeding the SME board, the issue is too large a premium will increase the secondary market, investment risks.
Currently, China mainly involved in the GEM majority populations to small and medium investors, funds, private institutions such as the performance was more cautious. From overseas experience, the UK AIM market, the proportion of institutional investors for more than 40%. To increase the proportion of institutional investors and help alleviate the speculative atmosphere of the market to maintain stable operation of the market