The strong performance of non-listed companies in the financing market has begun to make many investment tycoons cautious.
Xue Kai, a PE partner, believes that this round of PE / VC foam has been blown more and more. "The PE value of shares now is generally around 15 times, and many companies that are planning to raise funds even use the PE value of listed companies in the industry as a benchmark. Some companies offer prices that I can't understand."
Xue Kai once contacted a biopharmaceutical company, and the other party directly reported 100 times the PE, and the reference for this number was based on the PE price of listed companies in the industry. Although this sky-high price scared Xue Kai back then, PE eventually took over the project.
"Even if a company lacks money, it will not lose its value. There are always scared PEs that will rush in. After all, the market is not short of funds."
Xue Kai bluntly said, "In the past, a series of value-added factors such as the brand of the investment institution and the assistance that can be provided to the enterprise will be considered first in the financing of the enterprise, but now it is directly compared to the price, often the one with the highest price."
According to industry insiders, from the launch of the domestic GEM in 2009 to the second half of 2010, the number and scale of financing of Chinese companies have hit the highest in the world. "The current average return on investment in China is almost 12 times, while the average return on investment abroad is about 3.5 times, and this is also the main reason why many companies choose to list in the country." Chen Jie said.
"At present, the reasonable scope of a five-year investment return of a qualified RMB fund should be 5 times, and that of a US dollar fund should be about 3 times." Xue Kai said that comparing such a multiple, he regarded the current "distortion" phenomenon as It is a kind of speculation, and the era of huge profits in the entire investment industry has gradually come to an end. "The higher valuations of companies have also inadvertently pushed up the cost of institutional investment. If anyone throws money in now, they will die miserably." Xue Kai asserted, "Now this craze will not last longer than Three years. "
In fact, changes in the market have begun to transmit some signals. Since April 2011, the GEM has issued a total of 13 stocks with a P / E ratio. The highest issuance P / E ratio is 67 times, the lowest is 46.6 times, and the average is 59 times. In 2010, the GEM's average issuance price was as high as 81 times. The average issue price-earnings ratio has decreased by about 27% compared with 2010.
According to Yan Xiaoping, a partner of Dachen Ventures, because of the transmission of this secondary market bubble, there is a certain lag effect, so the price-earnings ratio of the primary market will remain high for some time. "But this periodic phenomenon will change with the improvement of the market repair mechanism, and ultimately the profits of the investment industry will tend to average."
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