Question 2: What does SME board mean?
Small and medium-sized enterprise board-a small and medium-sized enterprise gathering board specially set up by Shenzhen Stock Exchange to encourage independent innovation. Companies in the sector generally have the characteristics of fast income growth, strong profitability, high technology content, good stock liquidity and active trading, and are regarded as the future "Nasdaq" of China.
SecondBoard is a concept corresponding to the main board, which refers to a new market that provides convenient financing channels and effective exit channels for venture capital for the development of small and medium-sized high-growth enterprises, high-tech enterprises and emerging companies. Many growth enterprise markets are also called small capital markets or emerging company markets.
Comparing the definitions of small and medium-sized board and growth enterprise market, we can see that their listing objects and functions are basically the same. Nevertheless, there are still differences between them, mainly in:
(1) The entry threshold of the small and medium-sized enterprise sector is relatively high, and the listing conditions are relatively strict, which is close to the existing main board market. GEM has low entry barriers and more relaxed listing conditions.
(2) The operation of SME board adopts non-affiliated market mode, also known as two-board parallel system, that is, SME board is affiliated to Shenzhen Stock Exchange. As a supplement to the Shenzhen Stock Exchange, the SME board merged with the Shenzhen Stock Exchange, operating in the same way, with the same organizational management system and trading system, and even adopting the same regulatory standards. The main difference lies in the different listing standards. For example, the second board of Singapore Stock Exchange, the second board of Kuala Lumpur and Thailand Stock Exchange, and the Growth Enterprise Market of Hong Kong are all the same. In the future, the Growth Enterprise Market established in China will adopt an operation mode, that is, the Growth Enterprise Market and the main market-Shanghai Stock Exchange will operate separately, with their own organizational management system and trading system, and adopt different listing standards and regulatory standards. For example, Nasdaq in the United States, OTCExchange in Japan, ROSE and French”； in Taiwan Province Province "; New markets "; Wait, that's it.
(3) From the time sequence of its establishment, the SME board should precede the GEM. In other words, the SME board is the embryonic form of the future growth enterprise market.
Docking between Small Business Plate and Growth Enterprise Market
Growth enterprise market has become the key to build a multi-level capital market system. The construction of China Growth Enterprise Market should follow the principle of gradual progress and be implemented step by step. Small and medium-sized enterprises can be launched first, which is the first step to establish the GEM. If the SME board is regarded as the low-level form and initial mode of the GEM, then the GEM is the high-level form and target mode of the GEM. At the same time, taking the establishment of small and medium-sized enterprises as the starting point, the development idea of steadily promoting the construction of GEM market has gradually become clear. Taking the establishment of small and medium-sized enterprises as the breakthrough point, we can accumulate useful experience for promoting the construction of GEM, explore a successful development path, minimize the negative impact that the establishment of GEM may bring to the main board market, and then build a multi-level capital market system.
The title of China Growth Enterprise Market has gone through an evolution process from high-tech board to second-board trading system, second-board market to growth enterprise market, that is to say, the original listed objects should be repositioned reasonably. If from "; High-tech board "; Replace the reference with "; Second board market "; And "; Growth enterprise market "; In order to reduce the negative impact of the bursting of the Internet high-tech stock bubble, then from "; Second board market "; 、"; Growth enterprise market "; Replace the reference with "; Small and medium-sized enterprise sector "; More consideration is given to the limitations of the current legal system and the pressure of the market environment. It is more realistic to adjust the listing conditions slightly and set up a small and medium-sized enterprise board in order to avoid the resistance caused by the excessive risk brought by the establishment of the GEM. This is not so much a kind of "; Settle for second best "; The compromise choice is better than a curve savings plan that takes advantage of the trend. In this sense, the launch of the SME board is a chess piece that came into being in the process of building a multi-level capital market system "; Pathfinder stone "; .
What are the investment advantages of SME board compared with the main board?
The underlying index of small and medium-sized board stock fund (ETF) has the characteristics of high growth and high return. From the benchmark date of the index on June 7, 2005 to April 2, 20061day, the index rose by nearly 70%. In the same period, the Shanghai Composite Index only rose by 37.4%, while the Shenzhen Composite Index only rose by 36.7%. Small and medium-sized board index is the fastest rising index!
By the end of 2005, all 50 listed companies in small and medium-sized board were profitable, with an average earnings per share of 0.40 yuan and an average return on equity of 65,438+065,438+0.05%. The overall main income increased by 37.7 1%, and the overall net profit increased by 12.83%!
Comparison chart of historical trends of small and medium-sized board index, Shanghai composite index and Shenzhen composite index
(June 7, 2005 ~ April 2006, 2 1)
Comparison chart of historical trends of small and medium-sized board index, Shanghai Stock Exchange index and Shenzhen Stock Exchange index (Source: Huaxia Fund)
What stocks does the SME board include?
At present, there are 50 stocks in the small and medium-sized board * *, and a number of outstanding listed companies of small and medium-sized enterprises have gathered, among which the enterprises familiar to investors are:
Suning Appliance-the domestic appliance chain operation industry ranks second, with a cumulative increase of 878% since its listing;
Aerospace Electrical Appliances, the leading technology producer of high-end electronic components in China, has increased by 761%since its listing;
Kane shares-the global market share of electrolytic capacitor paper is 20%;
Eastcom Peace-one of the largest top-up card manufacturers in the world, with the first domestic market share;
Hite Hi-tech-the maintenance scale of airborne equipment of modern aircraft in China is the largest, the user coverage is the widest, and the number of maintenance equipment is the largest;
Shandong David Machinery, the largest manufacturer of drill chuck in China, is also one of the major production bases of drill chuck in the world, with a market share of 40% in 2003.
Zoje shares-industrial sewing machine 8%; High speed sewing machine15%; Zigzag sewing machines account for 62% of the domestic market and more than 40% of the world market.
Why does the SME board have high growth?
(1) Growth period: Most small and medium-sized enterprises are in the growth period of enterprise life cycle. Compared with mature enterprises, growth enterprises have the characteristics of high growth and high income.
(2) It has regional advantages: SMEs are mostly located in economically developed areas such as the southeast coast. Among the 50 enterprises, Zhejiang, Guangdong and Jiangsu provinces accounted for 3 1, accounting for 62%. The economic development in coastal areas provides a huge development space for small and medium-sized enterprises.
(3) Strong ability of independent innovation: SMEs are mostly small companies that are in the leading position in their respective sub-sectors, and nearly 90% have their own patented technologies. Some companies are listed as key high-tech enterprises in the National Torch Plan and recognized as national key high-tech enterprises by the Ministry of Science and Technology. The Eleventh Five-Year Plan emphasizes the independent innovation ability of high technology, and small and medium-sized enterprises with high technology content will have a good market development environment.
(4) Full circulation board: It is worth mentioning that there are currently 50 listed companies in the small and medium-sized board, all of which have completed share reform, and the SME board is the first full circulation board in China. Based on the data of March 3, 2006, the total market value increased by 19. 19%, the circulating market value increased by 63.75%, and the average share price increased by 43. 15%.
How to invest in the SME board and share the rising income?
Investors can choose various ways to participate in SME board investment according to their own risk tolerance and share the economic achievements of the rapid growth of southeast coastal enterprises.
Investors can choose to invest in stocks, but the stocks of small and medium-sized enterprises are high-risk and high-yield, and the fluctuation of individual stocks is the common feature of small-cap stocks. Investors with strong risk tolerance and certain investment experience can choose to invest in small and medium-sized board stocks.
Small-cap funds are also a good choice. Fund investment can spread the risk of individual stocks, and expert financial management of funds can also avoid the trouble of selecting individual stocks.
When the market is optimistic, the stock position of index funds is higher than that of other types of funds, so they can fully enjoy the benefits brought by the index rise and get higher returns than ordinary stock funds.
ETF has the unique advantages of convenient transaction and low cost, and can obtain the same income level as the tracked index with less passive investment risk, so it is an efficient index investment tool. Investing in small and medium-sized equity funds (ETFs) is a good choice for investors to gain the gains from index rising at a lower cost on the basis of diversifying the risks of individual stocks.