Word: boarding
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...Instead, government planners are banking on GEM to help SMEs get access to capital, augmenting previous initiatives such as the Small and Medium Enterprises Board that the Shenzhen bourse set up in 2004 and state funding for the domestic private equity sector to supply SMEs with venture capital and other funding. GEM, in particular, is regarded as a platform to jumpstart ventures that could dominate China's post-crisis economic environment, in which heavy industry and manufacturing is supposed to take a back seat to higher "value-added" and consumer-focused businesses. It is no coincidence that some in local...
...China launching a new stock market board when the prospects for the global economy look so uncertain and investors appear to be souring on IPOs? Like many other counter-intuitive decisions in the communist state, this one also has a method to the seeming madness. It may not look like it, but GEM is actually an important plank in a campaign to tackle one of the country's most pressing predicaments: how to nurture small and medium-sized enterprises (SMEs), which create nearly eight out of 10 jobs, pay 50% of taxes and account for 60% of gross domestic product...
...like Bawang were accorded high valuations. Based on their aggressive IPO pricing, the average price-earnings ratio of the 10 stocks is estimated at 55 times 2008 profits, higher than the average p/e ratio of 40 times asked by the 10 companies that most recently listed on the SME Board. (See pictures of Shanghai today...
...perceived higher risks emanate from GEM's lower listing thresholds compared with those at the main boards in Shanghai, Shenzhen and Hong Kong - and even the SME Board in Shenzhen, which requires IPO applicants to have at least three years' operating history and profits. GEM may consider for listing a company that turned a profit of as low as $730,000 in the previous one year, provided total sales exceeded $44 million. (See pictures of the making of modern China...
...sector enterprises. If SMEs are to tap the capital markets for steady and sustainable financing, investors must be willing to support them for the long term. Unfortunately, the market's current get-rich-quick mindset cannot be changed overnight. Hong Kong, a more mature financial center, launched a GEM board 10 years ago. It has not been a notable success, with just 172 companies and total market capitalization of $11 billion - equal to 0.6% of the main board...