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Cherish present,focus on future!




The GEM(创业板)  

2009-10-25 11:13:17|  分类: 英语学习 |  标签: |举报 |字号 订阅

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The ceremony for the opening of GEM (growth enterprise market) was held on Oct. 23 in Shengzhen city, a city which has the bourse where the shares are traded publicly. The ceremony meant the GEM will run formally days later after years of consideration.

It is necessary for us share investors to have some knowledge concerning the GEM.





How to play with GEM on earth?

  盼星星,盼月亮的创业板的脚步越来越近。以前那种只听楼梯响,不见人下来的等待就要破茧成蝶。3月31日证监会发布创业板IPO办法 自5月1日起实施。创业板从最初筹备至今,时间已长达9年。设置创业板最初的设想,是借鉴国外资本市场对科技创新公司的推进作用。由于上市门槛较低,吸引了大批科技类创业公司在此上市,让中小创业通过创业板得到了资本市场的支持,实现了快速成长,进而带动了整个经济向新经济转型。中国设置自己的创业板市场就是希望能够模仿这一成功的经验,促进中国创新企业的发展。特别是在金融危机下中小企业资金短缺的今天,创业板推出就如箭在弦上了。

The footstep of GEM is drawing very clear just like expecting the appearance of the stars and moon. The previous fact that could only hear the sound from stair but without a person coming out will end up with the butterfly cocoon-breaking from its nest. On March 31, the CSRC(中国证监会) issued the regulation for IPO of GEM, which will take effect on May 1. The GEM has undergone nine years of brewing from the initial preparation to current availability. The original purpose of establishing the GEM was to learn the experience from abroad that the capital market might impel the development of the companies engaging scientific innovation. Because of the low threshold of the GEM, it can attract a large number of companies, which are science and technology oriented, to be publicly traded. The middle and small enterprises could achieve their rapid growth through GEM by means of obtaining the support from the capital market. The achievement of those companies will take the lead in bringing about the economic transition as a whole. The gist of establishing the GEM in China is to assimilate the successful experience in GEM field, which will promote the development of Chinese innovative enterprises. The appearing of GEM has become so urgent that it is just like the arrow being fully-strained on the cord; in particular the middle and small enterprises are today staving for the capital in the current financial crisis.



Nonetheless, how to play with GEM?


What is meant by venture capital investment? Its original name was called risk investment, which is supposed to be a type of investment combined highest risk with highest return. Why is it considered high risk? It is because you might reap nothing after you have thrown the money into the business. It was borne out by then venture capital investment in two American companies. Five million dollars were diverted into Yifei Group which was considered rather promising. However, the unexpected decease of the charismatic entrepreneur caused the huge investment just like throwing into the water. This thus embodies its implication of risk. Then why it is also considered high return? It is because the return might be as high as several folds even tens of folds more than original investment after the venture capital company is being floated. For example, the original value of the venture capital investment worth 50 million dollars for Shanda Networking achieved dozens of folds increase after the share has been public list in Nastaq.


    However, Chinese investors have little knowledge about venture investment, and they think it is for cry from now. In fact it is just before you, and controls your purse all the time.



Venture investors are akin to the parents who feed the high-tech businesses in the beginning, whereas the thousands of shareholders are akin to the parents for the venture investors. How to understand it? Venture investment has the same function as the hedging funds in the capital market, playing the most active role as the tide-surfing. Its destination is to transfer those uncertain high technological breakthroughs being risk in nature to productivity, so much so that the chick that might not have more chance to incubate successfully could appear from the eggshell. Therefore, venture investment is the cultural genesis in America knowledge and economic time. Similarly, it is the propeller for the advancement of human society. Particularly it contributes much more to the development of high technology than that of the society. Definitely, its involvement relates closely to the development of today’s American Silicon Valley, Microsoft, Intel, Apple, Pfizer and carapace-bone-script.


   Nevertheless, venture investment is always playing the dual roles of belle and beast since its debut. It is because it has shouldered extraordinary risks before; it can not swallow all the pain down itself.



Let’s be clear about how we can play the game.


The paradigm of risk investment can be described as the following: infusing the capital to the start-up enterprise( sowing period), through package that the enterprise can produce proper products( incubating period), to being a public listed company(harvest period), and finally selling out the shares in the second market( bowing out period). It is the game rule of risk investment which signifies the nature of speculation relative to venture capital. Comparing with other general investment, the profits in risk capital are secured from selling the business in the stock market, rather than managing the company well to make the wealth accrue. The paramount objective is how to pack the enterprise to be listed and sold it afterwards; thus it treats the enterprise as its product that could be sold after that, with main focus on the initial work. Other considerations in terms of the healthy growth, and the future development seem all negligible. They will spare no efforts and means to achieve this goal. Consequently the short sighted nature has determined the natal shortage of the infant who is born depending on injecting venture investment hormone. So the survival rate is quite low. The infant is abandoned immediately soon after it was born because of being too familiar with the infant. There should be a fundamental condition for the venture investor to fall back on; that is they must find out a platform as only one outlet for releasing the risks. This outlet is very the stock market for which the risks are shed completely. Then the relays who hide behind the screen appear on the spotlight. Who are you? It is like you? Believe it or not, as long as you are playing the shares, and pursuing the current hottest notional shares relative to venture capital, you might be dragged in this type of game, and furthermore, you will be predetermined to enact the role playing the game till its end.


All the risks have been swerved towards you after the venture investors step down soundlessly. Of course it also promises the possible high return.


The establishment of GEM and the booming of privately called-on equity could make some excellent enterprise escape from blocking in finance, thus they can come to the light and grow much quickly. For instance, the investment plan that previously needed 5 years to be realized could be shortened to three years. Because GEM has narrowed the time for the enterprises from its establishing to being public, those excellent and emergent businesses that can not obtain the financial support from the banking system can secure the blood as early as possible. The time taken to being public for American enterprises has been encapsulated from 10 years in 1980’ to 5 years now. The shortened period from the establishment to trading publicly might also pave the way for a large number of middle and small enterprises which can confront the head-on competition from the large enterprises, and face the threat of merging or taking over; consequently, they grow independently and become much stronger, even some can play the game that the snake swallows the elephant.


The set-up of GEM will bring about both challenges and threats for more enterprises, which will fuel the competitive position and variation among the newly-born enterprises as well as strengthen the mechanism that the excellent prevails whereas the worst dies out. The set-up of GEM and the flourish of privately called-on equity allow the middle and small enterprise to face an ample fund-raising environment, which makes the MSEs equip themselves with more growing space, stronger growing ability, higher growing efficiency, rapider growing speed, more value-added growth.


What are we playing?


The diversified new financial systems are needed if China wants to be an innovative country. Stock market can act as the vehicle through which the benefit can be sourced from financing for the company. The GEM lowers the threshold for which the new emergent enterprises, because they are short of self accumulation and in the state predicament difficult to obtain the loans from bank, might gain the capital depending on the anticipated growing high value in the future. We can say GEM is a pivotal accelerator which incentivises people who are keen to be creative and focus on self innovation. If the main board is called the weather meter for the national economy, then the GEM can be called the weather meter for technologic innovation and business mode upgrade. The enterprises listed on GEM represent the rising sun and the future growing trend although currently they might still be in the phase of low profit. GEM will also motivate the privately called-on capital businessman to invest into enterprise being in the nascent period in a bid to give the remarkable wealth increase for the sponsor of the enterprise. It is because GEM is the most efficient short cut for the augmentation of either social or individual wealth, the large motivation and demonstrable effect brought by the business start-up come into play. How America Nastaq has impelled and galvanized host of people indulging in innovation! How can it make the wealth hero like Bill Gates? It is for sure the GEM is the prerequisite for fund-raising in order to build an innovative country.



No doubt, Chine will at once have its own Chinese style Nastaq GEM called merry land by venture capital investors. Every game in the capital market is just like a beautiful dream. More importantly, we should ascertain the role to be played before the dream comes true. We ever saw those shares like Zhiguang Shares, Dazhong Utility that possessed the notion of venture capital and became shining against the bear market when last year the Chinese stock market was bogged down. Luoxin High-tech, which was crowned with the notion of venture capital, whose share price soared up 476 percent just during three months, was called the first Ox share in the Ox year. Furthermore, the middle and small board consequently became the wholesale of Ox shares as result of the commensurate effects of price-hiking. Should we pay close attention on ourself purse when in the context of whole circulation over-speculation in notional shares of venture capital are pursued, in particular for purchasing the shares still not being traded publicly? Without question, in Chinese style of GEM there may either have the chance for the birth of Chinese style of Microsoft, Intel, Apple, Beetle, or the emerging of Zhongke Changye, Yinguanxia, Yiankeji, and ST-jingtai, etc. due to the lower threshold in GEM. Because it is only in the experimental stage, the P/E ratio might be pushed too high due to lack of binding mechanism in evaluation, and the risk-taking speculators might risk themselves just like the fish in the water. Therefore enough attention should be paid for all quarters to prevent risk and constrain over-speculation.




The GEM is a complete new marketplace for the middle and small enterprise to source capital, which is balanced by risk and opportunity. You could be upstart overnight, or being broke one day. It is the paradise for the risk-takings, which might give you boundless orgasm and breathtaking venture experience during the course of playing the game Bungee Jumping and Roller Coaster.

The greenhand in share investing should practice more thereafter obtaining some knowledge about the share and trade method concerning the GEM.





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