The Lifting Of The Ban On GEM Is Approaching &Nbsp; The Fund Is Shrinking Or Selling Now.

At the end of the first half of the fund's performance, the seemingly dynamic growth enterprise market is increasingly high. In the near future, in the face of the coming of the lifting of the ban on the share allotment of the second tier companies under the GEM board, the small amount of net cash held by the fund has shrunk.

　　 Gem Short term encounter lifted ban

Since the launch of the gem index, the index has been listed for the 17 trading days and finally returned to its original point. In recent days, the growth enterprise market has continued to fall, and the marginal effect of the growth rate of the IPO has been decreasing.

In the Agricultural Bank of China's listed nodes, the financial worries and worries caused the blue chips to "jump up and down". The blue chip index of Shanghai Stock Index 50 and Shanghai and Shenzhen 300 index also kept a narrow range. With another wave of gem lifting the tide has already arrived, the gem has been greatly reduced by the stir up of funds, the net "new" fund may appear signs of profit making.

According to the information statistics of the Shanghai Daily, there were 20 listed companies in June and July, and 20 of the five time nodes in June 21st, June 28th, July 21st, July 27th and July 27th were lifted. Gem A total of 92 million 138 thousand shares were eliminated. Among them, Yu diamond, which has just been lifted yesterday, involves 28 funds, and the national technology released at the end of next month involves 129 funds.

Take yesterday's lifting of the ban of 4 GEM stocks for example, in addition to Yu diamond due to convene shareholders' meeting suspension, Hai Lan Xin, Tianlong Group and three Chuan shares are all down, as early as last week, the four stocks began to decline, Hai Lanxin has been three consecutive days volume drop about 14%.

At the height of the cold, the gem has been under the tide of the lifting of the ban has become a common phenomenon. In June 21st, A shares rose more than 70 points. The 4 gem boards that were lifted on the same day were stable, but on the same day, the volume of these 4 GEM stocks increased sharply. These stocks continued to decline in recent days, and the new debt base that had flocked into the market was suspected to be profitable.

Reporters noted that most of the gem varieties listed on the market in March surged wildly, and few individual varieties went wild. Gem Stocks occupy the majority.

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Is the fund waiting for the bubble to be released?

It is worth noting that, whether from growth or valuation and market performance, the overall bubble speed of the gem has eased temporarily, and the differentiation of the two tier market has become a major trend.

From the perspective of the growth of listed companies, the growth enterprise market needs to be mixed up. In recent years, some GEM companies have narrowed their profit margins, reduced their competitiveness, and sharply reduced their performance growth. Even GEM listed companies have just been listed for less than a few months. In the 1 quarter of this year, there has been a sharp slowdown or negative growth.

From the valuation point of view, the 90 price Gem The company's current dynamic PE has a minimum of 40 times, and the highest blue water source is 148 times, and most companies have dynamic PE between 50 and 80 times. Judging from the performance of the two tier market, the total number of companies falling and rising is evenly distributed. The best performing eye eye has increased by more than 70% this year.

In fact, the current market style transformation is seen as a cliche. The logic of the market operation is that the traditional industries have underestimated the value of their assets because of the capital factor, and the new industry has given an extremely high valuation level due to the logic of industrial transformation. However, recently, gem, small and medium-sized board and medicine represented a large decline in the stability class, so the so-called structural bull market is very difficult to grasp.

For the gem and small and medium board high valuation stocks, a fund manager rethinks that the overall market structure is still in the stage of systemic risk release. Some highly valued stocks and stocks will fluctuate in the future, while some of the stocks with higher safety margins tend to become hedge funds.