What are the three highs of the Growth Enterprise Market and what are the three highs of new stock i

High stock price, high price-to-earnings ratio, high fundraising.

The "three highs" phenomenon of listed companies, such as high issue price, high issue price-earnings ratio, and ultra-high raised funds.

**The investment value lies in the fact that if the company can continue to grow at a high rate after listing, the market will often give a higher valuation; If accompanied by a high percentage of cash payouts, investors will receive both cash dividends and capital gains. Taking the relative valuation indicator "P/E ratio" as an example, the P/E ratio of major overseas ** new shares is generally 5-10 times, and the higher one is not more than 15-20 times. This means that the theoretical period for investors to recoup their investment is around 20 years at most.

The irrational issuance of new shares is only more than 1 yuan per share, but it was sold at the time of issuance of 88 yuan, and it will take nearly 100 years to recover the investment. The price-to-earnings ratios of Tiehan Ecology and Guodian Fresh, which are issued by the A-share "three highs", are as high as multiple and multiple times. Through the unfair issuance rules of the capital market, any shareholder who can get the original shares (costing only a few cents or one yuan) in the primary market can easily increase their wealth by dozens or even hundreds of times.

According to the data, 717 billionaires have been created by 233 GEM companies after listing, and the average market value of more than 230 GEM chairmen has reached 1.1 billion because of their listing. In a short period of time, the hard-earned money of most investors was transferred to the hands of a few people, and such a strong robbery of the poor and the wealth accumulation effect has become a major phenomenon in China.

The phenomenon of "three highs" is a special phenomenon under China's new stock issuance mechanism and the concept of national investment, which does more harm than good from the perspective of the market. Behind the high-priced listed companies are the tangled interests of enterprises, sponsors, institutional investors, and capital brokers. When many investment banks do IPO projects, the issuer will often directly ask the sponsor of the bidding whether they can issue a "40 or even 50 times" P/E ratio, and directly give the P/E ratio required by the company.

Secondly, in terms of the demand for existing raised funds, the sponsor often charges additional fees for the over-raised part, for example, the sponsor fee rate for the basic fund-raising part is often 1%-4%, and the over-raised part can even reach 10%-15%. Huge profits naturally have the driving force to push up the issue price.

The high issue price is the high base price on the first day of listing, and the ups and downs are calculated based on this base price, which is caused by excessive valuation, which will lead to the problem of high investment risk; The price-earnings ratio is high, and each industry has an average standard, that is, the market overestimates the profitability of listed companies; Gao Chao fundraising, this is easy to understand, that is, everyone desperately invested money in a company, and people originally planned to circle one or two hundred million, and finally circled more than one billion, which is super high.

High stock price, high price-earnings ratio, high excess fundraising.

High net assets, high undistributed profits, high capital reserves!

The first two batches of companies listed on the GEM are not bad, such as Shenzhou Taiyue, etc

** Star asks stocks.

**Software Success Rate Leaderboard" has a large number of answers to questions about this kind, you can check it out!

At present, there are 379 GEM**, and with the reopening of new stocks, there will be more and more GEM**, but the GEM is now three high-risk obvious.

Although since June last year, with the ******, it has led to the rise of **, but the issuance of ** GEM is basically above 30 yuan! Once the profit falls, this excessively high stock price and price-earnings ratio will inevitably shrink significantly, resulting in the stock price**!

Therefore, the risk of entering the market is higher.

At present, there are 459 on the GEM**.

**What is the change in the GEM.

Why can't we buy it on the GEM? .If you have already opened a shareholder card in Shenzhen, you only need to bring your ID card shareholder card to your ** business department to open the GEM (free of charge), and you can do it. .

The upward rhythm of the ChiNext index has not changed since the beginning of this year.

As we all know, there are very few successful examples of GEM in foreign countries except for NASDAQ, and even about seventy percent of countries have later canceled the board. This is related to the setting of the threshold of the GEM, although the A-share GEM is much lower than the main board, but there are still strict requirements. And the current scale is an unreasonable structure of an inverted pyramid compared to the main board.

And those countries that have not done well on the GEM are precisely because there is almost no threshold, and the listed companies can be supplied unlimitedly, and there are many delisted companies, which leads to the lack of investment value in the entire market.

Since its establishment, the A-share GEM has been very Chinese with Chinese characteristics. The biggest feature, in the author's opinion, is that the GEM caters to the market appetite of A-share speculation. Although value investment has been aroused with the development of institutions in recent years, the biggest feature of A-share companies is that they focus on financing and light returns, and investors need to rely on the best of the stock price to obtain income.

The stock price is mainly driven by funds, and in the stage of insufficient liquidity, it is difficult for funds to shake those aircraft carrier-type state-owned enterprises, so everyone can only try to speculate in small-cap stocks to obtain the price difference.

Originally, it would have been brilliant to give a little sunshine, not to mention that the GEM has now added too much aura. Its "three highs and six new" positioning: new economy, new services, new countryside, new energy, new materials, new business models and high growth, high technology, high value-added, so that the market of companies and the future of China's economic transformation and upgrading direction in line with the direction, and many companies are more or less the leading enterprises in the market segment, even if the short-term can not see its growth in the first place, but can give people infinite reverie.

This seems to be "hot" and reasonable. However, after thinking about it, no matter how much the GEM companies are in line with the future direction of economic development, in the context of the main board is still in a downturn, this "fire" is somewhat hot, and the author is more willing to link it with the inherent foolish habits of A-shares. In fact, in the days of the suspension of IPOs, GEM companies may be "scarce and expensive", but once the discussion of lowering the threshold for listing on the GEM is truly implemented, and the number of GEM companies will eventually exceed the main board market, at that time, coupled with a strict delisting system, will the GEM still be able to go so alone?