Dating back to June 25, 2004 small and medium-sized plate and into the first new shares (002,001) of the IPO market in 2008, a moratorium on final listing of small and medium-sized enterprises board Huachang Chemical (002274), the SME board of the platform has been the capital for the 273 small and medium-sized financial services provided.
Although this number - 273, with the Shenzhen Stock Exchange's initial 3-year envisaged a far cry from 1000, but in small and medium-sized plate of the platform's boost, many small and medium-sized boards of listed companies has been made, therefore the development. Data show that 273 small and medium-sized board of listed companies through the IPO a total value of 97.338 billion yuan of financing, 37 small and medium-sized board of listed companies to refinance a total amount of 24.474 billion yuan. In the capital in connection with the enterprise, small and medium-sized company found a plate of their own development path.
the eyes of institutional investors "香饽饽"
As we all know, the SME board in Shenzhen Stock Exchange in order to encourage independent innovation, and set up small and medium-sized company specialized plates together. Plate inside the company generally has a faster revenue growth, profitability, and the characteristics of high-tech and stock liquidity, and trading activity is seen as China's future, "NASDAQ." China's future, "NASDAQ" is presumably the eyes of institutional investors "香饽饽."
yesterday on the 5th anniversary of the small and medium-sized board forum, Song Liping, general manager of the Shenzhen Stock Exchange said that from 2004 to 2008, the year there are eight, 11, 21, 48 and 72 small and medium-sized boards of listed companies with a clear background of the venture. The number of accounted for 21.1%, respectively, 22%, 20.6%, 23.8% and 26.3%. Even worse, many listed companies have a number of VC bodies behind the figure. RONGXIN in shares (002,123) as an example, the venture capital company has four shareholders, including Shenzhen, the Shenzhen-Hong Kong research venture, Shenzhen City days Figure venture, Beijing Tiancheng Investment Days, as well as the Kowloon-Shanghai View of the investment, this 4 venture capital organizations at home 33.89% of total shareholding, the natural person shareholders than the first one to be left strong and more. It can be seen that after the realization of small and medium-sized plate full circulation has gradually become a local venture capital funds out of an important channel, and it will also become the choice of many VC institutions.
most investment institutions have not only invest in publicly listed companies, because venture capitalists is not interested in business enterprises owned and operated, but the final exit and realized investment gains. Dividends rather than the operation of venture capitalists to pursue the ultimate goal, the purpose of venture capital is to invest through the rapid development of enterprises, in order to boost the value of its investments and cash at the right time to withdraw from. This may be the withdrawal of public offering (IPO), sale of shares to a third party (trade sale), entrepreneurs repurchase (buy back), or winding-up settlement (liquidation). In terms of the current status quo, VC and PE backed IPO companies to withdraw from the adoption of A shares since 2006 have become mainstream, while the Shenzhen small and medium-sized panels has become a venture capital firm support from the IPO market of choice for the location. Start small and medium-sized panels for the future of the GEM model has played a role in a lot of GEM investment institutions are also going to be another channel from the landscape clean.
good majority of business operations
since the establishment of small and medium-sized plates, small and medium-sized listed companies boards of more than 95% of the time outperform the Shanghai Composite Index, to invest in small and medium-sized plates can be brought about by Composite SSE Composite Index exceeded the excess earnings. Compared to the Main Board companies, small and medium-sized companies the ability to resist risk board, and management of high-performance, small-scale and better growth.
In addition, small and medium-sized panels for the breakdown of the company leading the industry in small and medium-sized plate 273 companies, 126 companies listed on the market after the leading market share compared to before the upgrade, the world's market share The first 19 companies, ranking the first 113 companies. Such as the world's largest speakers, microwave ferrite permanent magnet manufacturers DMEGC Hengdian (002056), China's first wind turbine Jinfeng Technology (002202), beverage packaging machinery to express the first lung (002,209) and so on.
small and medium-sized panels, there are 96 of the "stealth title" is a small business small and medium-sized plate of the cradle of great leader.
there is VC / PE Market background of small and medium-sized enterprises, a good operator. Qing Section 60 companies to choose which samples to study, according to these 60 companies in 2008 showed the Annual Report: VC / PE background of the average listed company operating income was 824 million yuan, with an average net profit of listed companies for the attribution of 8,105.54 million, respectively, than the 32.8 percent growth in 2007 and 10.9%; the average earnings per share of 0.47 yuan, compared 21.8 percent decline in 2007, but with small and medium-sized enterprise board of all listed an average of 0.42 yuan per share compared to nearly 12 percentage points higher.
which 60 are VC / PE Market background of small and medium-sized enterprises, the majority of enterprise sales and stable growth of 50 enterprises operating income was a positive growth, of which the 21-year growth rate of more than the same period last year 30.0%, of which Joyoung shares (002,242) and the Wind Science and Technology (002202) is the fastest-growing business, respectively, than the 122.5 percent growth in 2007 and 108.1%. Profits, the 60 enterprises, 58 enterprises in 2007 to build on the profit, of which the highest profits for the gold wind technology, its net profit as high as 915 million yuan, representing 45.3 percent growth in 2007. But the impact of declining demand at home and abroad, and some corporate profits decline.
VC / PE value, dividends benefit from dual-channel
launched the SME board, many good quality, high-growth companies in the listing and financing to speed up the cutting of the foot. After the June 2005 listing of 267 companies, small and medium-sized panels for the 223 companies, up 83.5 percent share. The total market value of small and medium-sized plate with the total percentage of the total market value of A shares of the increase in small and medium-sized plate of the impact of China's stock market increases, the improvement in industry structure, investment institutions increasing their interest.
We can see from the first day of IPO pricing terms of VC and PE board involvement in small and medium-sized enterprises access to the huge gains. 8,9 month of 2007 small and medium-sized listed companies to issue new plates reached 30 times earnings, shares listed on the first day of 200% or even higher prices, many companies listed on the first day of up to 100 times more than earnings. This phase of the downturn in the market to 5 times, 10 times the earnings of the venture capital investment institutions, the means to obtain 10 times earnings even higher. Moreover, there is VC / PE firms in the context of the first day of the performance of listed more than non-VC / PE business background have higher premium, trading more active. Invested in innovations such as Shenzhen Coship Electronics (002,052) project was a 6-year return of nearly 30-fold in the Sinoma Science and Technology (002080), Division landing Electronics (002121), Yuanwang Valley (002,161) and other projects have much to good income. We can imagine the future of GEM will be a new venture from the positions of large-scale venture capital sector project will significantly improve the success rate.
"the listing of the item in general there are at least 5 times earnings." Shenzhen Capital Group said Wan Lee, president. The reporter learned from Shenzhen Capital Group was informed that almost 10 years in the investment process, to vote by Shenzhen 3.8 billion investment funds from the project is currently about 80, including 39 enterprises in the global capital markets 14 listed listed, 10-year IRR is 36%, if the GEM to the smooth introduction of this year, it will at least once a year to bring the capital market more than 10 companies, Shenzhen voted as number one domestic venture capital firms, the next 10 years it is expected IRR of over 20%.
clearance was also observed in Section Research Center, the VC / PE Market background of small and medium-sized companies, the majority of enterprises are profit-sharing measures for the implementation of positive, the highest 10 per share dividend to send 5 yuan cash dividend . Some enterprises are not direct the delivery of cash dividends, the implementation of the转增shares, as well as the enterprises are taken to send cash,转增shares, a combination of bonus. Enterprises to profit from the implementation of a positive dividend program, will invest a certain amount of revenue brought.
today's small and medium-sized panels, GEM tomorrow, will enable more enterprises embark on the road to the listing. Shenzhen Capital Group, general manager of Lee Wan in an interview with our reporter said, IPO exit mechanism for the gradual improvement of the relative risk of investment, competition among venture capital will become more intense, so that the real risk to the investment companies will more Early attention to the company, they will go to planting trees, rather than picking just want a son. In addition, venture capital companies will be re-considered, money is not the most important thing, the most important thing is a service for enterprises. Venture capital not only from the financial statements of an enterprise point of view, but from the many uncertainties in the value of the business to discover. Of enterprises, more companies have been at an early stage venture capital concern, the investment. Even in small enterprises, and capital markets have the opportunity to docking, so that led to earlier stage companies to standardize.
"I hope that the GEM can truly become a platform for entrepreneurs and docking, the GEM can bring along the whole society to support the funding of innovative and high-growth enterprises bigger and stronger." Wanshou Lee said.