Landing place soon burning passion for GEM.

<P> This Guide: First page: landing soon GEM "burning" passion of the second page of the local finance: Financing the Growth Enterprise New Sichuan, Hubei and cited the desire Zone "reward" the third page of listed companies: rush rush "First Bus" Shandong .GEM survey fourth page of resources: Chongqing venture capital industry: No retreat in the middle of the fifth page of the line: hundreds of Zhejiang enterprises "snatch" the first GEM places </ P> <P align=center> landing soon .GEM "burning" of local financing passion </ P> <P> GEM IPO approach is being consulted, it will be the biggest venture capitalists are positive; more importantly, the Commission plans to hold GEM Venture Capital .shares in the company shortened to one year lock-up period, which makes venture capitalists are highly encouraged. .</ P> <P> venture intends to ban one year </ P> <P> It http:// hearing, the Commission on Friday issued "initial public offering and listing on the GEM management approach (for advice .draft) "(hereinafter" the draft ")," the draft "and will be landing the GEM for the" independent innovation "and in the growing small and medium enterprises listing and financing a wide open channel. ."The introduction of the GEM is the largest venture capitalists are positive, which they cast out the best channel for enterprises." Shenzhen Stock Exchange chairman Chen Dongzheng of "First Financial Daily" said. .Will be launched one after another related to the GEM system to encourage venture capital to further express the idea, according to a CSRC official said on Friday that the idea embodied as a venture capital holding shares in companies listed on GEM lock-up period .reduced to one year. .Management approach in the motherboard in the IPO, according to the Shanghai Stock Exchange Shenzhen Stock Exchange stock market rules, controlling shareholders and actual controllers, the listing for the 3-year lock-up period, and published in the prospectus the issuer within the previous year to increase their investment in new .shareholders, the issuer complete lock-up period for the change of business registration procedures to increase their investment within 3 years. .Shorten the lock-up time is conducive to venture capital to speed up capital turnover rate, then go cash in investment income to invest in new enterprises. .Venture capitalists are all excited. .The country's most famous venture capital company, Shenzhen Capital Group Co., Ltd. President Wanshou Li told this reporter yesterday, said: "The shorter lock-up period is very good, this guide is also very conducive to innovation-oriented country strategy, which will encourage innovation .investments with innovative companies to invest in the seed stage, venture period, rather than the maturity of the speculation. "Wanshou Li proposed a refinement of the system and shorten the lock-up can enjoy the preferential policies of enterprises eligible to be distinguished," for example follow-up policy .investment in time as the planning of specific breakpoints, listing the stage two years ago to invest in this enterprise should be viewed as a risk investment, because "the draft" which provided two sets of criteria listed on business for three years, two years of profit or .profitable year, the standard, then the investor should at least be true in the market two years ago to invest in this business, because that is the bear a larger risk, should be encouraged; must not be a pre-IPO investment in this business one year .people will be able to shorten the lock-up period, as with the speculative nature of such acts should not be encouraged. "from Shenzhen Capital Association's Professor Wang Shouren told this reporter that he was very happy. ."We adhere to the proposed venture has been shortened to one year lock-up period, which reflects not only the encouragement to us, but also acknowledged the contribution of our venture." Principle, the venture can not avoid risk, but investors should .adhere to risk. ."We will properly take into account the contribution of venture capital, according to the length of time to distinguish between investment give a different lock-up period, but the venture capital market can not put a risk of the buck to the investors pulled out of his body, after all, the enterprise can .has withstood the test of the market, still need time. "Chen Dongzheng said to be balanced to grasp this. .</ P> <P> loss of corporate venture capital regret missed </ P> <P> venture capitalists are enraptured, they also feel a little regret. .IDG Venture Capital Fund, a partner that is also on the loss-making enterprises should be allowed to GEM, Sohu is the loss on the year listed. .Wanshou Li this particular business model that some enterprises have losses, but still have value. ."We spent more than 6000 million of investment is at a loss of a business, and now more than 300 million profit, but this business model is rather special, requires a certain level of ability to identify risk tolerance and investment." He believes that some companies do not belong to .rains it pours type, value judgments can not just financial data standard, but look at business models, technology research and development. .Adventurous spirit of the venture capitalists have their quality of GEM sponsors, issuance examination committee has some concerns about professional standards. ."They can adapt to the GEM companies different? GEM demanding of sponsors, not only to understand the distribution rules of the market, but also to understand the industry, understand technology, understand the market. Issuance examination committee is a small and medium panels, board .different styles, not just focus on legal, financial aspects, the GEM's value can not be reflected here, but rather reflected in the technical threshold, innovation, market potential, quality of the team, this is the ultimate success of start-ups factors, the .trial, the trial link has to be made of experts in various industries to do. "Wanshou Li said. .</ P> <P>.

GEM early June the first batch of about 70 listed companies.

<P> Pass the first landing of the GEM business will likely already have from the current market conditions in the small and medium enterprises board production, this is mainly to strictly control risks and ensure the early launch of the GEM running smoothly. .In addition, a large brokerage investment banking official said, according to the process, the earliest before the end of June this year, the company will be the first landing on GEM, the first scale will be 60-70 business </ P> <P> the first batch of medium and small companies or from .Board reserve resources </ P> <P> It http:// hearing, as the "IPO and listing on the GEM management approach (draft)" on Friday (21 May) announced the industry on the first .many listed companies approved guess. .Had a higher rate of market recognition theory is first listed on GEM listed companies in the agency share transfer system of Zhongguancun Science Park in the selected enterprises. .</ P> <P> But they have recently said that due to strictly control the risk of the market was first considered, the first listed company listed in the small board reserve selected resources. ."GEM Listing to set a lower threshold, the main purpose is to small and medium business enterprises, especially small and medium sized high-tech enterprises, innovative financing channels for enterprises." This person said. .</ P> <P> the provisions under the draft, the financial position of the issuer shall meet the following conditions: the profitability of the past two years, the last two years the cumulative net profit of not less than ten million yuan, and growing; or a recent .year earnings, and net profit of not less than five million revenue last year of not less than fifty million yuan, revenue growth the last two years no less than 30%. .</ P> <P> "lower listing threshold in the investment objective, lead to an increased risk." The source said that a market in the just-established, tend to be immature, anti-risk capability is weak. .Therefore should follow the "high step" principle, the selection of good quality companies listed on the first, to prevent the Growth Enterprise Market "sick on the road." .</ P> <P> this statement with the Shenzhen Stock Exchange chairman Chen Dongzheng coincides with the previous view. .Chen Dongzheng had admitted during two sessions, the first one listed higher qualification requirements of enterprises, and second, the first scale than the small plate to more mass market principles will be taken to prevent the hype. .According to informed sources, the first number of listed companies is expected in the 20 or so. .</ P> <P> the first batch of listed companies of about 60-70 </ P> <P> According to "the Oriental Morning Post" reports, brokerage sources, in accordance with the procedure, 21 of the draft to the public, will take .down listen to public views within two weeks. .Two weeks later, the Commission will be based on feedback to modify "procedures" and finally declared officially issued with the "management approach", then, the relevant departments will gradually be accepted and reviewed the materials submitted by the company, the review period will not exceed the maximum .three months. ."In other words, the fastest before the end of June, there will be the first company qualified GEM landing." The source said. .</ P> <P> about the current preparations for the Shenzhen Stock Exchange has 200 listed resources. .Shenzhen Stock Exchange chairman Chen Dongzheng once during the two sessions, announced that the volume is too small to avoid the initial launch will be taken each time the number of listed homes in the form of 60-70. ."Official data, the first of dozens of listed companies." A Shanghai investment company official said the first batch of enterprises are "in good quality" companies. .</ P> <P>.

97% of the fermentation has been revealed positive profit report.

<P> Market is still down in the inertia, the two cities yesterday, driven down heavyweight again, the bottom of the building appears not a single day. .In the pessimistic expectations, restore investor confidence requires a complex process. .The recent market events occur very intensive, it is all the new situation in the game of unprecedented complexity of the market led to the current market and confusing. .</ P> <P> is still good "fermentation" </ P> <P> in a number of recent fundamental and market-related information, the positive factors in the majority. .Olympic torch has been officially lit, the Olympic business opportunities on the positive effects of the economy has been closer and closer, approaching launch of the GEM, the prototype of a multi-level capital market is emerging; unpopular in Taiwan last weekend's "referendum" failed, over the years hanging in the market .to alleviate the concerns, a point often weighed on the market in sensitive excuse be removed. .</ P> <P> Policy surface continued to pick up, especially the issue of new funds. .21 China Securities Regulatory Commission approved four new funds, including three equity funds and one bond fund, which is the third consecutive year, 7 weeks since the Commission approved on Friday a new fund. .This means that A-share market's subsequent efforts to gradually strengthen the supply of funds, but also conducive to the formation of a wave of efforts to the broader market bounced up a larger market. .</ P> <P> change inflation expectations may be at a turning point. .Residents of the central bank survey showed a substantial decline in inflation expectations. .The central bank said that "interest rates, reserve ratio has increased space" only after raising the deposit reserve ratio, the intensity is actually less than expected; analysts believe that inflation in the coming months if there is no significant decline in inflation expectations may change in the residents. .</ P> <P> It http:// hearing, the Commission said it would strictly review refinancing options listed company, yesterday another fund company issued guidance on fair trading system, from the investment decision-making, trade allocation, monitoring, surveillance and information .Disclosure of fair trading system building, "Rat" and the special fund account the interests of financial transfer may occur by the scheme. .</ P> <P> but, as in the strong market rally, the bad effects of the policy tends to weaken or delay until the cumulative effect appears to play the same deficiencies in the decline of the market environment, many positive effects also need to .a fermentation period, and, as the market environment, the cold, the fermentation period also need to be extended. .</ P> <P> valuations become more reasonable </ P> <P> Annual Report is being disclosed, according to statistics, annual reports have been disclosed over profits of listed companies increased 37.75% over the same period last year; if weed out the impact of China's oil, .comparable year on year profit growth of 79.28%. .Among them, 97.15% of the listed companies profit, 86.97% of the listed companies net profit growth year on year. .Even if the business slowdown, but still growing. .The fundamentals of listed companies in the large-scale deterioration of the situation did not occur, the results sufficient to support the current share price, after a sharp correction in the market, the valuation has been amended, has little room for further decline. .Can be said that a rebound in the direction is clear, but the bottoming process is very complicated. .</ P> <P> games become more complex </ P> <P> but the market is supply and demand variables are unprecedented since the bull market. .The biggest bull market in the main body?? Funds, and their right to speak face the biggest bear market size of non-lifting of the ban the army of the main challenges. .According to statistics, from 2008 onwards in the next three years, A-share market will usher in the "ban" peak, total "ban" the scale is expected to reach 903.19 billion shares. .Among them, the number of shares in 2008 lifted a total of 118.127 billion shares, 2009 is 663.742 billion shares, up 121.321 billion shares in 2010. .Short army arrives in the new situation, the market structure becomes very complicated game, which is the bottom round market can not afford to delay the end of one of the most important factors. .Opportunities and risks in this period, the market may need more patience. .</ P>.

Today, raising the deposit reserve ratio of funds still hard to shake loose surface.

<P> Today (25) raised the deposit reserve ratio is the implementation date, but the price movements of money market funds, the market liquidity is still loose. .Relative to the corresponding reserve accumulation and a lot of money invested by the release of the central counting of funds due for the freezing of funds did not 2000 billion to the market impact. .</ P> <P> It http:// hearing, from the central bank announced that the implementation of the reserve banks to obtain funding for only one week paid. .But in fact the central bank since the 18th since the declaration notice, subject to sufficient funds to face the support of funds in the interbank market price is steadily falling, there is no sign of a rebound, pledged repo was touch the lowest weighted average interest rate to 2.25% .fell 16 basis points yesterday to 2.2013%. .And because of demand, the amount of repurchase transactions are also shrinking, reducing 266.6239 million yuan yesterday, closing 510.2782 million yuan. .</ P> <P> market analysis, this occurs mainly due to stable sources of funding capital needs and stock market turmoil to dilute the impact of two factors. .</ P> <P> the one hand, brought about by the rapid increase in foreign exchange reserves, money supply remains a larger scale, there are a lot of maturity in April stepped in and buy back the release of funds. .While the data released by General Administration of Customs, the trade surplus in February of this year plummeted to $ 8,555,000,000 of data, but the market that the larger the chance of data, through exports, FDI and other channels are still large-scale inflow of funds, they .corresponding to a large number of base money market funds are an important pool "into the water." .</ P> <P> At the same time, affected by seasonal factors, a quarter of bank liquidity has always been more abundant, more relaxed side market funds, the bank's excess reserve ratio is higher. .The open market but at this time scale is also a great central ticket expires, even if withdrawn from circulation and increase strength, or will have a lot of money to market the objective results. .According to statistics, not including repurchase expired in March due only to the central counting the amount as high as 566 billion yuan, 596 billion yuan, second only to January the second highest single month. .</ P> <P> in "into the water," a massive injection of funds for the market, while short-term money market has caused tension in the recent purchase of new shares also strengthened the capital deserted pool water effect. .Spring Festival, China Railway Construction only large-cap stocks issued in the stock market turmoil intensified, "playing the new" risk arbitrage funds, but also to securities companies, insurance companies, fund companies have been the main "playing the new" in reducing the financing in the money market .needs. .</ P> <P> simultaneously the inter-bank dealer said that this implementation of the deposit reserve ratio increase, there are still some banks are required to use the foreign exchange payment, which reduces the financial needs of the local currency market. .</ P>.

The market ahead of the advent of low or.

<P> ● With the overseas markets to stabilize and decline in valuation due to non-reduction of refinancing and the size of the expected weakening of the factors that affect the domestic stock market is improving. .</ P> <P> ● The rapid recent market fell sharply is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> ● size of the non-lifting of the ban is a long-term future development of factors to control the market, the proposed capital market authorities to balance the market supply and demand as a basic principle and unremitting task. .</ P> <P> It http:// News, Galaxy Securities Research Center Tengtai yesterday in an interview with this reporter, said that despite recent stock market caused by the continued substantial decline in uncertainty has not been eliminated, but this .rapid decline is not sustainable, the market lows may have come earlier. .</ P> <P> for the market's recent sharp decline, Tengtai that major overseas capital markets, tight monetary policy and capital market supply and demand imbalance in the three major uncertainties common market valuation driven downward move. .</ P> <P> from external factors, the U.S. subprime mortgage crisis led to the outbreak of the relevant overseas markets have continued to adjust and indirect impact on China's market. .Since the current round of European and American stock market's decline, not because the valuation is too high, but the economic slowdown caused by reduction in the level of listed companies due to yield. .Therefore, this fall will be a long slow process. .The subprime mortgage crisis, further accelerated flow of capital, resulting in the Asian market, especially the Hong Kong market's decline occurred in Europe and America market overreaction. .</ P> <P> the other hand, Teng Tai pointed out that the market for refinancing and the size of the non-reduction of the expected fear, showing rapid decline sharply index, which is a short-term overreaction. .Refinancing just an expectation, while the size of the non-lifting of the ban is a sustained release process is a long-term behavior of stock in such a short period of time, the sharp fall in the form of concentrated burst out, not only be ahead in time .and expressed as a over-reaction. .</ P> <P> "With overseas stock markets stabilized and the resulting decline in the valuation and size of the refinancing is expected to weaken non-reduction, the factors that affect the domestic stock market is improving. But to be significantly alleviated, have to wait until the second year .end of the quarter. "Teng Tai said. .</ P> <P> Nevertheless, Tengtai expected, the recent sharp decline has been rapid market performance of the excessive reaction of the above factors, it is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> Tengtai that gradually stabilized the situation in the neighboring market, accelerate the appreciation of the renminbi, the domestic economy will maintain rapid growth in the context of the valuation of stock has fallen space, the stock market's fundamentals remain the better .. .With the new Development Fund for the gate opening and a quarterly disclosure of listed companies, stock will be gradually stabilizing. .</ P> <P> the same time, Teng Tai also said the size of the non-lifting of the ban is a long-term future development of factors to control the market, capital market authorities should balance the market supply and demand as a basic principle and unremitting task. .Only in this way, China's capital markets to long-term prosperity and development. .</ P> <P> Related: buy clothes and see if you fit in the stock market </ P> <P> New York Times: A ratio of anti wealth effect or the United States urgently </ P>.

Asking the Commission held a forum to focus on GEM.

<P> 4 days, the GEM Listing management approach will be the end of comments. .In this connection, the Commission held a forum yesterday, from academia and industry in the six persons on the launch of the GEM time, listing requirements, approval procedures and so on their own to express their views. .</ P> <P> timing of the introduction </ P> <P> draft does not specify the launch of the GEM time, so all speculation continued. .Participate in the forum Yanjing Overseas Chinese University President Watson said yesterday that the launch of the GEM take a long time, the rules are being developed, there are still a process of approval, but there are still many problems need to be studied. ."I think the first half is unlikely." Watson said, regulators will be more stable when the market launch of the GEM, but not volatile, when released, "so the market do not have much of GEM .Fear. "while attending the symposium, Professor of Renmin University of China, Wu Xiaoqiu also believes that the market should be more stable when the introduction of the GEM. .According to http:// News, China University of Political Science, Professor Liu Jipeng that: "GEM focuses on the opening of this year, not to quickly develop into a certain size." But the first batch of GEM companies should not be less than 50, then in the end is .mass market, or a two listed, this is a need to consider the details. .During the two sessions this year, the Shenzhen Stock Exchange chairman Chen Dongzheng told this reporter that, "May" after the first GEM is expected to issue stock, depending on the fat trial time. .</ P> <P> listing threshold dispute </ P> <P> for the threshold of GEM listed companies, securities firms and academics, representatives of different viewpoints. ."GEM should have a relatively high threshold, which is determined by our national conditions." Watson believes that the current more of a good business, many companies want to market, design a relatively high threshold is necessary, and domestic .Investors are not very mature, to protect investors need to set a relatively high threshold. .Liu Jipeng that GEM standards can not be too high, but never all of a sudden drop too low, to draw on international norms, while also respecting the realities of China's national conditions, market standards should be gradually adjusted from high to low. ."A lot of companies listed on Nasdaq in the listing or a loss, but it proved a good quality growth companies, whether the GEM we exclude such enterprises out?" To participate in research department of CITIC Securities forum .person in charge, said Xu Gang. .In his view, the stock market very often stir caused by scarcity of resources, should lower the threshold, so that more business enterprises to enter the market, brokers should be allowed as a market maker, really played the role of intermediaries. .</ P> <P> made strict examination, or wide? .</ P> <P> the issuance examination committee for the draft Regulations set approach, Xu Gang, that this board continues the issuing system, issue is still the Chief of the Audit, the local enterprise resource possible to push overseas. .Attending the symposium TX Investment Consulting Co., Ltd. Chairman Lin Yi-phase that the issue of the GEM board review process should be more simple than some private companies to tilt. .GEM business use of the funds raised should not need the approval of relevant government departments are not required to do authentication, "needs approval of the project less the better." .Watson, that, given the actual situation in China and did not approve or does not work, still need approval. .But "the key to development of the GEM of emancipating the mind" and can not act like the same board, "Board of reform to make it the first experimental field." .</ P> <P>.

China Life will be reduced further increase in the stock market sell-off in equities than the.

<P> Mr Liu said the long-term bullish equity finance, equity and infrastructure in large enterprises within the equity </ P> <P> earned in the stock market last year, pours the China Life Insurance (601628.SH, 2628.HK, the next .referred to as "the Life"), determined in this year's "green" landscape of the stock market Jiliuyongtui. .At yesterday's annual results briefing, Chief Investment Officer of Life Mr Liu said that this year will adjust the investment strategy to reduce the proportion of stock investment. .</ P> <P> shares by reducing debt </ P> <P> It http:// hearing, Vice President Liu Jiade in life that "shock" is the theme of this year's global financial markets. .Mr Liu said, according to the current market environment, this investment strategy will be adjusted in life, in high inflation, interest rates uplink situation, the increased debt investment, reduce equity exposure, while increasing strategic equity investment and infrastructure investment .. .Life published in the annual report last year, benefited from the A shares rose, according to Chinese accounting standards, to achieve a total investment return last year, 84.58 billion yuan (RMB), an increase of 79.82%. .Investment assets of 850.207 billion yuan, of which the financial assets available for sale 417.513 billion yuan. .Life in the last year in the asset allocation structure, the ratio of investment funds and stocks increase over 2006. .Life stock investments last year amounted to 125.349 billion yuan, accounting for 7.3% in 2006 jumped to 14.7%, the investment ratio approaching the ceiling on investment; fund investment 69.769 billion yuan, accounting for 8.2%, compared with growth of 1.6 percentage points in 2006; .the proportion of bank deposits fell 5.7 percentage points. .Faced with the sly deceitful cloud the stock market, Mr Liu said that to reduce the impact of stock market investment income, in life will reduce equity exposure. ."There are optimistic about our long-term asset class: Equity in the financial sector, infrastructure, large-scale enterprises within the field of equity, and equity. We believe that this year and next year such investment opportunities may be some more, the price will be better." Investment in fixed income .regard, Mr Liu said that this year there will be many opportunities to focus on higher-yielding bonds, corporate bonds and private corporate bonds, and debt investment plans and other varieties. .Life last year amounted to 443.181 billion yuan bonds, accounting for 52.1%, unchanged from 2006. .Mr Liu said that this year will increase the ratio of fixed-income asset classes, bonds and term deposits accounted for more than 70% will be maintained. .</ P> <P> cautious "exit" </ P> <P> under the shadow of the subprime crisis for the overseas market, China Life Chairman Yang Chao repeatedly "cautious" is to emphasize its investment principles. .China Life shares a few days ago to 300 million U.S. dollars VISA, its initial investment in the stock market in the United States. .Yang Chao said that in the closely track changes in global financial markets under the premise of the implementation of "two legs" walk the strategy of combining domestic and foreign markets, the length of combination of combination of financial investment and strategic investment. .According to reports, China Life was established in July last year, the Working Group on overseas investment, "Investment Committee" and "liability matching strategy of the Investment Committee", and frequently sent a work team to carry out investigation and research abroad. .Yang Chao said that in life we must first make domestic investment, although many organizations outside of the valuation is now very low, but risky investments, the key is to choose a good time. .Mr Liu believes that this year more overseas markets. .Yang Chao believes that foreign investment not only to consider the return on investment, but also consider whether the two partners interact, mutual benefit and reciprocity, and sharing of resources. ."The most important thing is customers." Mr Liu said that China Life through asset allocation adjustments, will maintain a relatively stable investment income. .Yesterday, in the Life A shares closed at 28.44 yuan, down 2.1%; H shares closed at 27.4 Hong Kong dollars, down 0.182%. .</ P> <P> further increase in the stock market sell-off in life? .</ P> <P> some market participants believe that Life announced a reduction in the proportion of equity investments, will further enhance the stock market sell-off and decline. .Orient Securities analyst Wang Xiaogang that the financial market reaction was overdone. ."Last year, the case of rising stock market, agencies are increasing the proportion of stock investment. In this year's stock market downturn and the volatility of the stock market, the corresponding reduction in the investment ratio, is a normal adjustment of the investment strategy." Wang Xiaogang that, although still in .rate hike cycle, but may be less frequent than last year, bond interest income will not have much room for growth. .Life for the expected return on investment this year, Wang Xiaogang that no more than 6%. .For the insurance sector this year, investment income growth, Wang Xiaogang that, from infrastructure and private equity investment in the field will be the new Aspect. .</ P>.