At the beginning of the Year of the Ox, many anticipated the introduction of the Growth Enterprise Market of the small and medium enterprises and venture capital institutions once again saw a ray of hope. January 6 Shenzhen chairman Chen Dongzheng published a speech at the New Year, in 2009 Shenzhen will effectively guard against risks to ensure the safe operation on the basis of continuously improve the competitiveness of listed companies to accelerate the development of small and medium-sized panels, to achieve a smooth GEM start, and vigorously promoted the transfer pricing system, speed up the improvement of the organic links the multi-level capital market system.

The recent release of nine of the 30 "Office of the State Council on the current financial promote economic development a number of opinions" put forward in the capital markets, it is necessary to perfect the system of small and medium-sized board market, and timely launch of the GEM, and gradually perfect the organic linked to a multi-level capital market system. At the end of 2008 SME Financing Forum, the China Securities Regulatory Commission Chairman Shang Fulin said that in order to support the development of SMEs, especially small and medium enterprises to ease the problem of financing will be a timely introduction of the GEM.

Imminent launch of the GEM

In view of the global financial crisis a threat to China's rapid economic development entities, the majority of SMEs are facing an unprecedented financial difficulties, has affected the survival and development of SMEs. Director of Research Center of the China Securities Regulatory Commission recently祁斌said on public occasions that the course of China's economic development has never been as they are now the urgent need for an effective allocation of resources places, the current crisis should seize the opportunities brought about by the capital market to accelerate the pace of reform. Specifically, he proposed include speeding up the introduction of the GEM, and promote mergers and acquisitions market, bond market development, including the five measures.

祁斌believe that after 30 years of rapid development, China's economy to rely on low-cost, low technology content of the growth pattern has come to an end, followed by the industrial upgrading and economic transition, despite more difficult, but it is inevitable for economic development.

Shenzhen Venture Capital Association, said the Secretary-General Wang Shouren first half of this year should be the launch of the GEM a good opportunity. He believes that small and medium-sized countries to support the development of monetary and fiscal policies have made it clear, the next step of capital markets is expected to make a difference, from the current macroeconomic situation is expected to slow down the rapid decline, investor sentiment has gradually turned from pessimism to restore confidence These are launching, the GEM has created conditions.

Wang Shouren also placed particular emphasis on the secondary market for the recent performance of the SME board is better than the main board, especially in Sub-sectors with better market performance of leading enterprises, innovative small and medium enterprises the advantage of being anti-risk ability, and high growth potential, its launching, the GEM has A slump in shares in favor of a time when the confidence boost, showing excellent high-growth small and medium-sized, vibrant innovative edge. In his view, the launching, the GEM will provide investors with new investment highlights and restore market confidence in making investments.

GEM positive significance of the importance and has received generally agreed that transit Wah financial consultant researcher Wang Yuan believes that the GEM was established for the purpose is for high-tech ventures, to raise capital through the market mechanism to effectively evaluate the value of business assets, to promote the combination of knowledge and capital, and promote the development of knowledge-based economy for venture capital funds to provide "export" to promote a virtuous circle of high-tech investment.

Wang Yuan said that in the current macroeconomic situation, the Growth Enterprise Market at the higher level mentioned, to become a real acceleration of the GEM as a positive signal, the state hopes that the capital market to solve the financing difficulties faced by small and medium-sized intent is obvious. China's economy in 2009 is to overcome difficulties and to secure a growth rate of the year, launched the Growth Enterprise Market, is conducive to the development of SMEs, venture capital is conducive to active, and the right time.

Diversion of funds is not obvious

As early as March 2008, the SFC issued the GEM on the draft rules, but the introduction of the process is delayed. In this regard, the industry is generally considered as the A-share market downturn and financial crisis hit, the market worried about launching, the GEM will be a large-scale diversion of funds, further deterioration of the situation of supply and demand of funds in the market. However, Shanghai Rui, chairman of Investment Management Companies李振宁that GEM companies limited size, the demand for capital is very small, the question of diversion of funds do not have to worry.

Ba Shusong of the State Council Development Research Center, also said that small and medium-sized finance GEM expect to resolve, it may still only a very small part of solution. Motherboard market development over the years, only 1600 listed companies, while the country can achieve the GEM listed companies, but will eventually lead to the listing is not much GEM funds will not face too much pressure to produce.

Southwest Securities analyst Wang Dali slight concern, "it is difficult to precisely identify the launch of the GEM on the stock market is bad or good, but be sure, for listing on GEM thereby open up the financing channels, to resolve a number of entrepreneurial enterprises funding problems, thereby promoting the sound development of related businesses or ride out the storm. This is both for the concept of venture capital with listed companies or the economy as a whole are positive. "

But investors are worried about the problem of diversion of funds, Wang strongly believe that the mentality of the current investors are more cautious, a lot of money gathered in the over-the-counter reluctant to enter, while the GEM has provided new investment opportunities and investment varieties, diverting part of of idle funds in the over-the-counter can also play an active role in the investment climate and will not be pulled out of funds from a large number of motherboards.

Yu Kai-chi and more profit to invest, said the mechanism of the missing, is bound to enlarge the risk of venture capital, and its high-yield capital markets can not be reflected, it goes on like this is bound to hinder the cause of China's venture capital development, is not conducive to the real economy most has the potential of small and medium-sized and healthy development. GEM some similar functions since the establishment of the SME board of the Practice has proved that this innovative mechanism for nurturing small and medium enterprises, standardization, and guidance and play an important role.

The market mechanism needs to be perfect

GEM timing of the introduction of the industry has been subject of heated discussion, TX Investment Consulting's chairman Lin Yi-phase pointed out that the "National Office of Financial 30" mentioned measures, some of the results after the stock market improved, and did not constitute stock market conditions change, and "the stock market can fully play its role, the key will depend on whether the stock market as soon as possible turn for the better, in this regard need to implement some concrete measures."

Shanghai Rui, chairman of Investment Management Companies李振宁also said that before the introduction of the GEM must first concentrate on the main board to do a good job. In his view, the ability to enliven the Main Board, suspended or not issued shares of these measures are not passive approach, the key is to take the initiative to deal with, multi-angle explore ideas, do a good job in two-way expansion, we must take some active measures in the stock market.

李振宁suggested that the initial stage of its launching, the GEM, be guided by the SME board model, the implementation of a number of companies listed on packaging. The first batch of listed companies by market爆炒, will stimulate短炒purchase and the inflow of capitals. In strengthening the risk prompted to step up monitoring at the same time, the release of the Growth Enterprise Market for the entire capital market stimulation is a positive choice.

Haitong Securities senior analyst Xie salt shared the view that the introduction of the GEM to the Main Board as a prerequisite for doing a good job. Only the healthy development of the motherboard, and GEM in order to give investors hope. Although eager financing small and medium-sized, but if not the healthy development of capital markets, the finance function will be to failure.

Since the GEM listed companies for high-growth small and medium enterprises, which must be an inevitable requirement of the market mechanism with the motherboard, there are strict distinction between the introduction of ways to take into consideration the characteristics of small and medium enterprises. Focus on intangible assets Cai auspicious scholars believe that the Growth Enterprise Market of intangible assets should also uphold the norms and principles of innovation and simultaneously, it is necessary to standardize the behavior of the GEM companies, with the exception of motherboards and small and medium-sized companies require board behavior, at the same time, should also consider the norms of the company's intangible assets GEM acts.

Financial commentators have suggested皮海Chau GEM launched at the beginning, we should adopt the way of bulk listing, a listing of 50, or even more, so as to avoid acts of market speculation. Only one-time multi-listing of some enterprises in order to alleviate this爆炒acts.

And Wang Shouren are more concrete proposals, in his view, the GEM must be established before the introduction of a mechanism to prevent the skyrocketing plummeted, the SFC and the discussions covered the need to establish a rapid response mechanism, while non-listed companies to establish a strict punishment mechanism.