Gem Needs To Solve Nine Major Problems

Can China's growth enterprise market reproduce the Nasdaq's brilliance? Or is it going to take our own third way? Its institutional arrangement is to completely learn to copy the institutional arrangements of NASDAQ, or to formulate its own rules according to historical changes and national conditions.

I have confidence in China's growth enterprise market. When we talk about confidence, we have to see the problem.

The first is the phenomenon of rent-seeking shareholders' assault on shares, which is quite serious. I have created a term called rent-seeking shareholders. It basically does not take part in a risk taking process of enterprise growth. The purpose is very strong and directly grab high capital returns. The emergence of rent-seeking shareholders has seriously damaged the fair principle of the market, seriously damaged the core values of capital and destroyed the basic norms of wealth.

The second is that the interests of the direct investment and the sponsor system are relatively serious. The system is being adjusted as if it is being studied recently because it has impair fairness.

The third problem is that the phenomenon of excessive fund raising is serious. The biggest problem of overfunds is that it will ignore the entrepreneurial ideals of enterprises and hide the contradictions and problems that the enterprises are undertaking.

The fourth is that the high P / E ratio is very serious.

The high price earnings ratio of the growth enterprise market is not sustainable. Behind it, investors have a dreamlike expectation of the growth enterprise market. Most of this dream period is expected to end, so there is great risk.

The fifth is frequent resignation of executives, which seriously undermines market confidence, and there must be flaws in system design.

The Shenzhen stock exchange is doing all these questions.

The sixth is that information leakage is rather serious.

The seventh is delisting mechanism dystocia.

The delisting mechanism is one of the core rules of the gem. Without an efficient delisting mechanism, the gem will not succeed, which is the basic premise of it.

Without efficient delisting mechanism, the risk structure of gem will not be established. The so-called high risk market can not be formed, and speculation can not be stopped. Efficient delisting mechanism is very important, and is one of the most essential characteristics different from the main board market.

The eighth is the distorted wealth creation effect.

It is mainly caused by distorting the wealth of rent-seeking shareholders.

The ninth is a strong willingness to cash in.

In my view, some of these problems are developing problems, some are imperfect systems, others are defects in the system.

Of course, I still have confidence in our market. Confidence comes mainly from several points:

The first is that China has numerous small and medium-sized enterprises to become an inexhaustible motive force for our growth enterprise market. Second, China's financial system arrangement is conducive to the development of the GEM market; the third is that China will have a large number of strategic emerging industries to grow, and also provide inexhaustible listing resources for the growth enterprise market; fourth, the future Chinese financial system and financial market will become a new global financial center and wealth management center.