Under the multi-level capital marketPE"New Era"
(Source: Sina Date:2013Year12month23日）
11At the end of the month, the China Securities Regulatory Commission announcedIPOGate opening plan. After more than a year of hiatus,IPOThe reopening of the gates not only makes the securities companies that have been idle for a long time busy, but also makes people who have no way outPESeeing the light. However, compared with this good news,PE/VCThe data on fundraising, investment, and exit all showed a sharp decline compared with the same period last year. In the context of the macroeconomic downturn andPE/VCUnder the dual influence of internal adjustments in the industry, the first half of the yearPE/VCThe market performance is unsatisfactory.
Just asProfessor Zhang Jianping, w88 casino of International Business, w88 casinosaid: "This is an era of change. Only those enterprises and individuals who are determined to reform, have the courage to innovate, and can control risks well can embrace this era well." So, in this eraPEWhat will happen? What opportunities and challenges will we face? days ago byInternational Business w88 casino, w88 casinoAt the China Reform Roundtable Discussion co-sponsored with Caixin Media, participating experts,PESenior people in the industry jointly discussed the above-mentioned related issues.
NEEQ market expansion andPENew opportunities
The countdown to the expansion of the New Third Board has entered. High-tech parks around the country have prepared a number of companies on standby. Small and medium-sized enterprises are also eager to give w88 online casino betting a try, eager for the gunshot to be fired. At this critical node, small and medium-sized enterprises may be more concerned about the design of the New Third Board market mechanism, how to provide more financing opportunities for small businesses, how to transfer the board, and how to solve the lack of market liquidity. At the same time, the expansion of the New Third Board and the establishment of a multi-level capital market system will bePEWhat opportunities does w88 online casino betting bring?
w88 online casino betting is understood that the official name of the New OTC Market is the "National Small and Medium-sized Enterprise Share Transfer System". This system is the third national public securities transfer market after the Shanghai Stock Exchange and the Shenzhen Stock Exchange. w88 online casino betting mainly provides share transfer, direct financing, mergers and acquisitions and restructuring services for small and medium-sized enterprises across the country, especially innovative and entrepreneurial enterprises, as well as enterprises in emerging industries.
“Building the New OTC Market, w88 online casino betting should be said that w88 online casino betting is summarizing the capital market20On the basis of many years of development experience, we will build this market in accordance with the concepts of reform and innovation. "Chen Yongmin, deputy general manager of the National Equities Exchange and Quotations, believes that the system designed in the process of building this market should be characterized by broad coverage, strong inclusiveness, and high flexibility in meeting market requirements. In this way, w88 online casino betting can make corporate financing more convenient, share transactions more flexible, and investment easier.
But as we all know, as a national public securities trading venue approved by the State Council, w88 online casino betting is currently limited to4parks, although this year6In March, the State Council has made w88 online casino betting clear that the scope of this system will be expanded to the whole country, but when will we be able to participate in w88 online casino betting?
In this regard, Chen Yongmin believes that this is this year5Month sum6The tasks clearly stated twice at the State Council executive meeting in March were proposed as a key task of our national economic reform system this year. As a key task, w88 online casino betting should be implemented this year. The current main tasks should be ready and waiting to be announced at a time. The State Council is going to publish a document. This is the so-called nationwide.
This means that although there is only one left until the end of the year20days, but the management is still paying close attention to the strong demand for capital by growing companies across the country in the process of growth, and strives to open the door to the capital market for these companies through the expansion of the New Third Board, and to open an avenue of stars for these growing companies to transition to the main board listing through the New Third Board in the future.
According to relevant data, as of12month10As of today, the number of companies officially listed on the New OTC Market in my country has reached348home, total share capital reaches94.97100 million shares, the sponsoring brokerage has reached80companies, the total number of listed companies is close to the total number of companies listed on the GEM. According to estimates by industry experts, as the comprehensive expansion of the New OTC Market accelerates, the number of companies listed on the New OTC Market will quickly approach the number of companies currently listed on the Main Board, and is expected to increase in the near future1With the goals of thousands of listed companies moving forward, the New Third Board may become a source of growth for growing companies to become stronger and bigger with the help of the capital market.
Not only that, the expansion of the New Third Board may become a test area for companies to transition from an audit system to a registration system for listing. As we all know, the management has determined the general direction that future listings on the domestic main board market will be changed to a registration system. However, how to ensure that major problems and market fluctuations do not occur during the transition from the review system to the registration system for listing of domestic enterprises? In Chen Yongmin’s view, the purpose of the experimental zone can be fully achieved through the expansion of the New OTC Market.
"At present, the listing of enterprises on the New Third Board is basically similar to the registration system. Through the expansion of the New Third Board, w88 online casino betting is completely possible to test the pros and cons of the registration system for enterprise listings in practice, and explore a capital market listing registration system for the domestic capital market that is suitable for China's national conditions." Chen Yongmin said.
So, with the New OTC Market, what benefits will w88 online casino betting bring to investors?
"First of all, the exit channels for investment will be smoother, and secondly, w88 online casino betting may be easier to set prices for listed companies," Chen Yongmin said. After the establishment of the New Third Board, there will be a market reference system for pricing of companies of various types and formats. In this way, w88 online casino betting will be easier to set prices for listed companies, and there will be a more rational pricing benchmark, and companies in various business formats will also have pricing benchmarks. Since there are no rigid requirements for the price and lock-up period of directional issuance, this should also be convenient for investment institutions.
In addition, in Chen Yongmin’s opinion, there should also be investment opportunities in the New OTC Market. “The inclusiveness of the New Third Board market makes the listed companies diverse, so w88 online casino betting can meet the diverse needs of various investment institutions. Those doing venture capital, pre-IPO investment, or mergers and acquisitions can find your investment targets here. "Chen Yongmin said.
IPOReform andPEMarket Trend
2013Year11month3019338_19392IPOThe signal to reopen the gate has also been released. According to relevant deployment, w88 online casino betting is expected to be next year1month, approx.50Companies can complete the procedures and go public one after another. This signal has caused shocks in the stock market, with mixed reactions from the main board, GEM, and small and medium-sized enterprise boards. In the medium to long term, adjustments to the series issuance policy will have a positive impact onPEWhat impact does the market have? What opportunities lie in change?
"Capital MarketIPO’s suspension, we can’t deny that China’s capital market has more say and the development of the entire market is still in the hands of the government, but in fact the suspension has little to do with changes in the secondary market,” Liu Zehui, partner and managing director of Legend Capital, said, calculating at the time80Many financing scales have been passed, and only Flash Media has large-scale financingEMS, other average financing is only a few hundred million, and now the daily trading volume is about 100 billion, and the weekly trading volume in Malaysia is about 1 million yuan. Therefore, I think the size and liquidity of China's capital market will not change much for the issuance of our entire market.
However, w88 online casino betting is undeniable that marketization will definitely be stratified, and w88 online casino betting will be more stratified from the main investment targets in the capital market. In the future, with the changes in marketization and enterprises, especially the pricing power of investors in the entire issuance process, including the pricing mechanism, and the pricing decisions of securities companies in the middle, there will be differences. Therefore, Liu Zehui believes that in the future, good companies will obtain good returns, and even poor ones will fail in issuance. Entrepreneurs, investors, and market practitioners will gradually return to rationality and realize that listing on the market is not a good thing.
"Therefore, capital market stratification pairsPECapital also stratifies. Liu Zehui said that abroad, w88 online casino betting basically complies with the 28th principle, that is20%’s fund management company can earn80%Money, so the strong will get stronger in the future.
Of course, branded sowing isPEThe future trend of institutions, but China’sPE/VCAfter more than ten years of hard work, we not only need to sow seeds, but also see the harvest. As we all know, after an investment is completed, what investment institutions are most concerned about is exit. Because an investment fund has a time limit, how much money you earn if you don't withdraw is still on the books and has not turned into actual income. So far,PEandVCInvested in 20,000 companies in China, now withdrawn3000More than one, and more16000Companies have not withdrawn. How to clarify the exit channel? w88 online casino betting’s obviously alreadyPE/VCOur highlight in the coming period.
So, how can regulatory authorities make adjustments to meet the conditions for promoting the development of the entire market?
Professor Zhou Xuan, w88 casino of International Business, w88 casinoThink,IPOLifting the ban is actually the result of balancing the interests of all parties, in the futureIPOJust registered, no approval required. The essence of the registration system is that the regulatory authorities do not substantively judge the quality of the company to be listed. Whether a company can be listed is left to the judgment of securities firms and market investors. Under the registration system, securities firms must be responsible and investors must be bright-eyed. If you make a mistake and the stock goes down, that's the investor's business.
“This registration system actually only gives a long-term direction, butIPOOpening the gate is a short-term substantial concession to all interested parties. BecauseIPOThere are no detailed rules on how to implement the registration system. How should the proportion of online and offline be allocated? How to position the relationship between direct investment and sponsorship by securities companies to ensure the smooth operation of the market-oriented mechanism? These have not yet been given detailed explanations. Overall, as an old saying goes, the direction is right and the future is bright, but the road is still tortuous. ”Zhou XuanSaid.
Also,Zhou XuanI also believe that the current trend of financial opening up is relatively obvious, which is a relatively big challenge for regulators. Since our reform and opening up, the market mechanism has replaced the planned mechanism and brought about30years of rapid growth, problems have gradually been exposed. When future growth may be unsustainable, the country hopes to promote sustainable economic growth through the institutional dividends of financial openness. But I think the dividends of this system are not so easy to obtain, because many of our opening conditions are not yet mature. The environment for the development of the real economy is not good enough. Financing for small and medium-sized enterprises is still very difficult. The number of government civil servants is still relatively large. These will restrict the institutional dividends of financial openness.
So, what is the next step of reform of the capital market?PEIsn’t this a big benefit?
In Zhang Jianping’s view,PEThere will be good development opportunities in the next few years. "Next yearIPOThe meeting will open, the New OTC Market will expand nationwide, and the multi-level capital market will gradually improve. From this perspective,PEThere will be good development opportunities. From another perspective, the world economy and the Chinese economy are the same,2013The bottom is in the middle of the year,2014The economy is still recovering slowly, but2015We will see vigorous development in China's capital market after 2020. Therefore, the Shanghai Composite Index reaches6000Above the point, at2018、2019Around the year, there should be no problem. Based on this judgment,PEThere will be brilliant prospects in the coming years. "As the saying goes, the time, place, and people are favorable, althoughIPOThe equity investment world is smelling the breath of spring with the imminent restart, but for industry insiders, how can they stand out when the foundation for industry investment recovery is still weak?
Song Bin, deputy general manager of Bank of China Zheshang Investment Company, believes thatPE26885_26944
"Do w88 online casino betting firstPEis to use information asymmetry to provide value-added services between financiers, investment bankers and entrepreneurs who have different understandings of the market and information. Today, we are in the asymmetry of knowledge and have different understandings of solutions, methods and approaches to solve problems, so as to serve the industry. Song Bin said, the next step, or today has arrived, is to provide our value-added services based on asymmetric capabilities. Through the analysis of trend investment and the ability to integrate resources, you can do what entrepreneurs can do, but you can’t do what I can do. w88 online casino betting must be done by us investors. We are complementary and win-win. This isPEWhere the micro value lies.
To this,Zhou XuanSuggestion,PEConcentration should be the basis. "PEThis is something that will become more professional in the future, okayPEInvestment must focus on a certain development stage of the enterprise. Angel investment, venture capital, growth stage equity investment and M&A equity investment have different characteristics.PEInvestment requires specialization in the industry. Secondly,PEIn essence, investment is the same thing as secondary market investment and industrial investment. They are all judgments of the company's core capabilities and future value, and should be viewed with the concept of value investmentPEInvestment is buying the future growth and core value of the target company. ”
At the same time, you must know your stuff.Zhou Xuanmeans,PESimilar to investing in the secondary market, you must invest in areas you are familiar with. inPEIn investing, don’t touch industries that you are not capable of understanding. Focus on a certain stage, focus on industries within your own capabilities, develop unique industry insights, see the future earlier than other competitors, and grasp the key variables and their development trends. This is a successPEQualities that investors should possess.(Reporter Qin Yue)
Attachment: Original report link
http://edu.sina.com.cn/bschool/2013-12-23/1520405031.shtml
