Since 2011, the P/E ratio of the GEM has shown a significant downward trend. In terms of IPO P/E ratio, there are 16 GEM companies with a P/E ratio of more than 100 times. Most of them are concentrated in the market at the end of 2010. Since 2011, with the continuous reform of the new share issuance system, the pricing of new shares of the GEM has begun to return rationally. Among them, Meichen Technology issued in June this year issued a minimum P/E of 18.12 times.
With the decline in the price-earnings ratio of the issue, the situation of excessive funds raised by the GEM companies has also improved. According to statistics, many stocks listed in 2010 have been over-raised. By the middle of 2011, some new shares even began to appear insufficient fundraising.
At the beginning of the GEM, 20% of active customers accounted for the number of shares, corresponding to less than 1% of the stock supply, the phenomenon of high price-earnings ratio is particularly obvious. The market positioning that emphasizes the financing function and neglects the investment function makes the market develop to a certain stage and faces the problem of insufficient investors, which limits the development of the market. The pricing of IPOs is a key issue in rebalancing the interests of financiers and investors.
Therefore, the person in charge of the CSRC stressed that reforming the issuance of the regulatory system requires sustained efforts. In recent years, the CSRC has standardized procedures and behaviors for inquiry and pricing, and on the other hand, strengthened the market constraint mechanism. In addition to continuously improving the level of auditing, it is necessary to strengthen the responsibilities of intermediaries, establish an interrogation procedure for intermediaries, strengthen on-site inspections, and increase the investigation and punishment of issues found in the issuance process; Tips, strive to improve transparency, improve predictability, and so on.
On December 10, 2011, the 2011 China LED Industry IPO and Private Equity High-Level Seminar jointly sponsored by the High-tech Industrial Research Institute and the High-tech LED Industry Research Institute invited many heavyweight speakers to be listed as equity investors and LEDs. The company provides a strategic interpretation of the GEM listing under the new situation.
2011 China LED Industry IPO Financing and Private Equity Investment High-Level Seminar | ||
Time Time | Topics Topic | Speaker Speaker |
Investment and financing special | ||
09:00–09:20 | 2011 China LED Industry and Capital Market | Dr. Zhang Xiaofei, Dean of the High Industry Industry Research Institute |
09:20–09:40 | Capital industry-driven LED industry revolution | Mr. Tong Ziping, Vice President, Shenzhen Tongchuang Weiye Venture Capital Co., Ltd. |
09:40–10:00 | Financing strategies for all stages of small and medium-sized LED enterprise development | Yao Haibo |
10:00–10:20 | LED industry investment case experience sharing, how to choose the right equity financing for you | Shenzhen Innovation Investment Group |
10:20–10:30 | Break time Networking Break | |
10:30–10:50 | China's LED industry faces reshuffle PE mergers and acquisitions opportunities | Feng Weidong Vice President, Tiantu Ventures |
10:50–11:10 | How to grow a diversified capital platform for growth companies | Mr. Gu Liji, China Merchants Technology Group Co., Ltd. |
11:10–11:30 | Where are the support points for technology and capital to succeed? | Mr. Fu Zheluan, Partner of Dachen Venture Partners |
11:30–12:00 | Roundtable Dialogue Topic 1: Industry Development Trends and Opportunities Topic 2: Industry Core Values ​​and Investment Hotspots | |
IPO special | ||
13:30–13:50 | How to do a good job in corporate governance structure and clarity | Mr. Meng Wenzhuo Partner of Beijing Bangsheng (Shenzhen) Law Firm |
13:50–14:10 | Analysis of key points and difficulties in enterprise restructuring and listing | Mr. Yao Xiaoping, General Manager, Nanjing Securities Investment Bank |
14:10–14:30 | LED enterprise IPO listing situation and PE prospects | Mr. Wan Wei Director of Dongxing Securities |
14:30–14:50 | Analysis of domestic listing strategy of LED enterprises | Mr. Xiang Sheng, General Manager, Hualin Securities Investment Bank |
14:50–15:00 | Break time Networking Break | |
15:00–15:20 | LED companies to go overseas to prepare for good work | Jinglin Investment Wang Hao |
15:20–15:40 | From private companies to listed companies – successful experience sharing | To be determined |
15:40–16:00 | Which type of LED company has the potential for IPO | Mr. Tian Chongliang, Director of IPO Business Unit, Institute of Advanced Industrial Technology |
16:00–16:30 | Topic 1: Listing Opportunities for Enterprises in Various Sectors of the Domestic LED Industry Chain Topic 2: Experiences and Experiences of LED Investment and Financing Projects | |
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