Ups and r4i suppliers downs for enterprise board

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Ups and  r4i suppliers downs for enterprise board

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Ups and downs for enterprise boardPublished: 01 Nov 2009 08:02:01 PST<p class="authorInfor"]</p]<P]</P]<P]By Cong Mu in Shanghai </P]<P]Experts attending an innovation forum in Shanghai Monday expressed both hopefulness and concerns at the country's newly launched growth enterprise board (GEB), or ChiNext, on the Shenzhen Stock Exchange.</P]<P]Venture capitalists, entrepreneurs and scholars said on the sidelines of the forum held at China Europe International Business School (CEIBS) said that the GEB, which saw stock prices nearly doubling on their first trading day Friday, will fluctuate in the near term.</P]<P]Shao Jun, founding partner of DT Capital Partners, worried that the investors have a tendency to speculate on start-up concept stocks, which will divert share prices too much away from the fundamentals, eventually hurting market sentiment.</P]<P]Li Yu, CEO of Shanda Games, called people to have patience with GEB's development. Shanda, a new spin-off that was listed on Nasdaq September 25, saw its share price continuously falling since its debut, down 7 percent Friday. However, Li said she believes long-term investors will stay with her company based on solid fundamentals.</P]<P]There are currently 116 Chinese listed companies on Nasdaq, including Baidu, Nasdaq's largest listed company in China, according to a statement by the market operator.</P]<P]In comparison, 28 stocks were trading on ChiNext, with a market capitalization of 25 billion yuan ($3.66 billion) Friday. The average price/earning ratio of the market was 111 times.</P]<P]"It's probably a fairly immature market. I would expect it to be a volatile market for a while because it's new," Nobel laureate Mike Spence told the Global Times on the sidelines of another forum in CEIBS.</P]<P]Although the scale of the market is not up to what it needs to be, Spence still think the GEB is a good idea. "Five years from now, Baidu should be financed here," Spence said.</P]<P]Shao of DT expects around 100 to 200 companies floating on ChiNext within a year, when it will achieve equilibrium between supply and demand, eliminating unreasonable valuations.</P]<P]Li of Shanda said that the investment arm of her company, "18 Fund," will provide financial and legal support to its portfolio game companies, which are preparing for initial public offerings in the GEB, and their number is under 10.</P]<P]The significance of establishing the GEB, according to Kwaku Atuahene-Gima, director of the center of marketing and innovation at CEIBS, is that it will enable companies to take on what he called "disruptive innovation," which has a high failure rate, by diversifying the risks into a large number of investors so that the risks become affordable.</P]<P]On the other hand, diversification is also the advice Atuahene-Gima gave to the investors who want to invest in such a high-risk, high-return market.</P]<P]"Invest in more of them, so that if nine fail and one becomes successful, you'll make all your money," he said.</P]<P]Meanwhile, the government has a big role to institute processes and structures that ensure investors believe in the system so that they won't cheat, Atuahene-Gima said.</P]<P align=center]Explore the World, Understand China!
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