Since the September 17 GEM Fashen Wei has been a formal review applications for corporate issuers, as of September 30, 29 companies successfully through the issuance of audit, the first batch of 10 enterprises board firm initial public offe
　　
Since the September 17 GEM Fashen Wei has been a formal review applications for corporate issuers, as of September 30, 29 companies successfully through the issuance of audit, the first batch of 10 enterprises board firm initial public offerings has been completed, the second batch, the first three batches of nine enterprises have entered the distribution process, respectively, will be held October 13, 14 on-line subscription - GEM review and issuance of corporate bulk rhythm clearly exceeded market expectations, according to the present progress, the market is expected to GEM time to focus on listed companies locked in late October.

With GEM companies offering one after another, investors are also constantly heating up the enthusiasm of accounts, some brokerages have their accounts department to ease the pressure failed to break even during the National Day. GEM will be launched in China, a time when most investors are hoping that they can Huiyanshizhu from GEM to find out that China's future, "Microsoft" to gain excess returns. The first GEM firm initial public offerings, price-earnings ratio than the main board, small and medium plates much higher, but still received more than 100 to 200 times over-subscribed the fact that fully confirms this point.

For the moment, had worried about the market launch of the GEM board market funds may face greater pressure caused by the factors that have basically can be ruled out. In fact, the financing amount from the point of view, has completed the 10 IPO companies and the upcoming IPO of 9 Total financing of enterprises, but more than 4.6 billion yuan, it is not, and the motherboard market, a medium-sized enterprises financing amount, so the GEM, and will not be a market "loss of blood "is the mainstay. Market participants said the GEM market in bringing new investment opportunities to investors the same time, the impact of its motherboard market investors to invest in more reflected in changes in the concept.

For investors, the opening of the GEM undoubtedly opened up new investment channels, has brought new investment opportunities. Guoxin Securities R & D Center, said a researcher Hui-Ying Chen, first of all to the good in the current economic backdrop, China is not a lack of high-quality innovative companies, and will continue to emerge. With reference to international as well as the combination of GEM economies, the level of activity at the present stage of China's point of view, even if the valuation of the GEM board higher than the small and medium 30-40% is reasonable. Secondly, from the historical experience, China's capital market, once the emergence of new species tend to be favorable for the market, while the reference to track the experience of mature markets abroad, the GEM by the degree of concern and investment returns, investment risk is often more than the Main Board, GEM vitality should not be overlooked. Again, this year's capital city, features a very clear preference for the risk capital market, a few, are still very well-off, the launch of the GEM will be guided to some extent the entry of venture capital, inject vitality into the market.

On the other hand, with the continuous development of China's capital market and investors become increasingly sophisticated in recent years the concept of value investing has been deeply rooted among the largest circulation of capital, good fundamentals, excellent performance and has a sustained growth of the stock market into the mainstream toward the backbone. However, the GEM as a service in the emerging economies in the growth stage, high-tech SMEs in the market, in business maturity, firm size, profit model, value judgments, etc. No doubt the Main Board has a great difference, which also made part of the investment to feel a little confused.

"The introduction of GEM investment philosophy will encourage further growth of active investors in corporate growth will be the focus of attention." Northeast Securities Institute of Finance and Industry, said YUAN Xu-Asia, investment GEM companies, investors in addition has a certain professional ability and risk tolerance, but also need to update the investment philosophy and methodology in determining the value of business investment differ with the motherboard market, more emphasis on attention to their basic characteristics different from the mature business. "For example, investors respond to the GEM has the non-linear growth of the enterprise features, strong vitality and adaptability of self-innovation ability, highlighting the role of human capital, a strong dependence on equity financing, etc. sufficient knowledge and understanding of pay more attention to business growth. "

Xian Chen, director of Soochow Fund Research, said that once the GEM enterprise has requested the SFC continued profitability, its growth characteristics will certainly cause for concern. In his view, the investment board and investment, the GEM has a very different concept. Motherboard is based on the value of investment as the yardstick in order to "buy low and sell high" principle; and investment GEM, places growth as the yardstick in order to "high trading is high" principle. Such levels of different markets, different investment philosophy, different investors will greatly enrich the market is conducive to an active market, thereby contributing to market more healthy development.

"GEM's investment philosophy and motherboard are different, more focused investment in GEM investment, rather than buying the stock 'see another job lost'." Talked about how to understand the GEM business growth, Chinese Academy of Social Sciences Institute for Monetary Research Professor Wang Guogang, deputy director, said the GEM companies may be highly profitable at some point, there may be 2 ~ 3 years profit growth is not fast, but the turnover has grown rapidly, or the market to open up share capital; Guo 2 ~ 3 years will be up soon, so more should be concerned about business growth. Meanwhile, as a business enterprise, its own influence by market volatility and a lot of volatility, unlike many of the current motherboards are the industry leading companies, performance stable, and therefore the risk of delisting of GEM should pay more attention to.

If we say that from 1999 to 2000 Along the Internet stocks to heaven, where the "subject" is stir-growth investment philosophy failed because it was only at the embryonic stage high-tech industries, high-tech stocks in name but not a matter of fact, then, 10 years later, China's high-tech industries is by leaps and bounds, but also by years of experience in the SME board of the transition and accumulation of upcoming listing on the GEM of the mostly new energy, communications and information, new materials, bio-medicine and so on really high-tech industry leader. "At this time opening the GEM is no doubt the entire market growth birth and wake-up investment philosophy will allow the market to once again return to growth investment philosophy." East China Normal University, said that Dr. Li Zhilin.