Gem: From Ten Years To Qingyun Road

2010, December, Gem Index closing point. Nowadays, the gem has developed over 158 years, and has already achieved the financing needs of the enterprises.

In 2009, China's capital market The highlight is undoubtedly the launch of the gem.

It has been said that China's growth enterprise market is a sword in the past 10 years, which promotes the construction of China's multi-level capital market. SME financing To develop new and high technology industries, China's gem will undoubtedly carry the important task of scientific and technological progress and great power of science and technology. In this way, this sword is made of large implements.

But after the listing of gem, ultra-high price earnings ratio, hundreds of millions, even billions of super financing, exposes the abnormal development trend of gem at present. If this continues to develop, it will inevitably crack down on entity entrepreneurship, promote packaging listing, mismatch capital resources. This sword is sharper and less resilience. After a long time, with the gradual exposure of the problem, whether China's gem is also like Hongkong and other places, and become chicken ribs.

When Qingyun road was a teenager, it was a lifelong regret. After 10 years of preparation, the gem should not be rich in machine color.

　　 Sharpen for ten years

In March 31, 2009, the SFC issued the Provisional Regulations on IPO and listing on GEM, and the gem was officially opened. In July 26th, the SFC began accepting applications for growth enterprise market. In October 30, 2009, 7 companies, such as 300001.SZ, formally launched the trading system, and the gem was officially born.

The formal preparation of the gem should be in 1998. In January of that year, Premier Li Peng chaired the fourth meeting of the national science and technology leading group. The meeting decided that the State Science and Technology Commission should organize relevant departments to study and set up a general plan of venture capital mechanism for high-tech enterprises. On February, Zhu Rongji, vice premier of the State Council, indicated that the inter ministerial coordination group composed of the State Science and Technology Commission, the State Planning Commission, the Ministry of finance, the people's Bank of China and the China Securities Regulatory Commission was established. In August, Zhou Zhengqing, chairman of the China Securities Regulatory Commission, inspected the Shenzhen stock exchange, and proposed that we should give full play to the functions of the securities market, support the transformation of scientific and technological achievements into productive forces, promote the development of high-tech enterprises, and form a high-tech sector in the stock market. The CSRC will give priority to listed companies in terms of listing size and so on.

Since then, the parties have made extensive discussions and positive preparations on how to establish the gem.

In January 1999, the Shenzhen Stock Exchange formally submitted to the CSRC the "Shenzhen stock exchange's Research Report on the development of the growth board market" and attached the implementation plan. In March, the China Securities Regulatory Commission first made it clear that it could consider setting up a scientific and technological enterprise board in the Shanghai and Shenzhen stock exchanges.

But then, the twists and turns of the US NASDAQ made China's gem setting process hit.

With the collapse of the technology network share and the international market, the voice of China's growth enterprise market is declining under the severe cold of the environment. Professionals believe that it is prudent to set up a growth enterprise market in China. The establishment of gem in China is not only ripe but also risky, which is not consistent with the principle of "stability overriding" in political decision making.

In May 17, 2004, with the approval of the State Council, the China Securities Regulatory Commission formally approved the establishment of the SME board market for Shenzhen Stock Exchange.

At that time, both inside and outside the market had doubts about whether the small and medium-sized boards could develop well. However, the desire for small and medium-sized boards has boosted people's confidence in the growth enterprise market. By 2007, in the past three years or so, the number of small and medium-sized board issuing enterprises has been close to 300, which has become an important part of China's multi-level capital market system. Shang Fulin, chairman of the key period of China's capital market reform and chairman of the China Securities Regulatory Commission, pointed out: as the first step in implementing the GEM market step by step, the SME board has accumulated a lot of experience in various aspects, such as regulatory innovation, integrity building, standardized operation and information disclosure, so as to lay a good foundation for the development of the GEM market. The conditions for building a multi-level capital market system focusing on the growth enterprise market are relatively mature.

With the exploration and development of small and medium-sized boards, further reducing the threshold and supporting the rapid development of small and medium enterprises with scientific and technological progress have gradually become the consensus of all parties.

In August 2007, the State Council approved the construction of a multi-level capital market system focusing on the growth enterprise market. The construction of the GEM market, which has been closed for nearly 7 years, emerges again.

For the terms of issuance, the Interim Measures specify the conditions for listing: continuous profit in recent two years, net profit of not less than ten million yuan in the recent two years, and continuous growth; profit in the latest year, and net profit of not less than five million yuan; the operating income in recent year is quite fifty million yuan, and the operating income growth rate in recent two years is no less than thirty percent.

A relatively broad profit index has lowered the threshold for some technology innovation enterprises to go public. A group of two and six high and new small and medium sized listed companies are queuing up for review, that is, high growth, high-tech content, new economy, new services, new agriculture, new materials, new energy and new business models.

　　 Entrepreneurship development or benefit speculation

In the past year, the gem has 158 listed companies, the average issuance rate is more than 60 times, the amount of financing is over 100 billion, it is also the birth of more than 500 billionaires, the effect of building wealth is amazing. If the non trading days are deducted, the gem will produce two billionaires on average every day in the past year.

For a time, entrepreneurs will talk about the gem. "Listing is the ultimate goal and no longer wants to be so exhausted." An entrepreneur once complained to reporters.