be filled before a short legs. Similar there is Route Twisk silver high-tech

Wen Liang Yu Shenzhen reported from the early excitement and denigration of to follow constantly, gem enterprises spent two years ' time, finally found a sense of direction. 　　For second board companies, today, from the earliest money did not know how to spend, gradually towards the refinancing of the how to spend money and further exploration. In recent days, The Commission formally lifted its refinancing on gem, allowing gem company's non-public debt. Shortly afterwards, coming on second board companies publish the notice intends to issue bonds, because there are three high issuing ex, many investors are sceptical about the refinancing of the gem. Recommended reading hexun about City Hall: next week's a-shares or to five major gold stocks are now buying opportunity age of consumption will burnLate passion 8 unit zhanchiyufei muddy water and min all: who black has who sets are can't wait large shareholders discovered food Lee 8 family a 12 years fuck disc hand of 8 section to deep investment feeling IPO Meng Yu Tiger 29 months "ring" go near trillion [micro-Bo] old Sha: push international plate Qian will do a thing [Unit 's] strongly signal Xia does not copied end are is fool super raised billions of, using rate does notThree foot into the end of October 2009, gem lifted release. For these small and medium enterprises, they were planned by listing and financing in order to achieve their own development, under peoples attention, however, also do not form a scale number of gem experienced brokers, institutions and money jointly sought after, and high price, high price-earnings ratio, high raise moneyPlates issued by the main tone. 　　Among them, many extra proceeds and the number of release compared to previous plans of project funding, has more than a couple of times or even a dozen times, suddenly appeared the huge Super proceeds, almost all second board companies are at a loss. 2009 years ago, two groups of second board companies listed, for example, 36 companies accumulated proceeds amounted to 19$ 162 million, and ending on September 30 this year, 36 companies actually use the raised funds were not sufficient billion. Although a small number of gem company has launched follow-up plans to raise funds in a timely manner, but with huge amounts of money in the hands of, most of the growth enterprise market is still there is no way out of all the money in the hands of, and loan payments, deposits become Super offeringPrimary purpose of the Fund and bank interest, and even became part of "performance of face changing" companies "specializing in income". Now, from the gem has been open for two years, in mengmengdongdong after a long period of time, many second board companies have begun to wake up and get down to thinking about the main industry larger and farther development space. However, they found that at this time, whenSuper proceeds now has been inadequate. 　　Thus, while the perfect business through acquisitions, refinancing needs is born. As of November 25, the gem of listed companies has reached 276, raising funds amounting to $ 194.364 billion, accumulated more raised 114.022 billion. According to the third quarterly results show, listed companies a total of 276 gem realOperating income more than $ 95 billion, the total profit of more than 14 billion yuan, compared with last year's rate of nearly 17%; used to raise money for 52.778 billion yuan, compared with the actual fundraising star wars the old republic power leveling, the utilisation rate is less than 30%. Bond stronger than the binding of additional gem on the polarization is not only reflected in the performance of, used to raise fundsOn the whole. 　　In many enterprises still crazy for a fortune overnight, while anxious to do not know how to spend money, few companies have begun to go into the financing of the second age. According to the third quarterly statistics, many second board companies raise money has run out, such as the Sunflower (300,111, unit), Dayu water-saving (300,021, unit); raiseSet funds utilization exceeds the 80% are also a few, such as King Kong glass (300,093, unit), the huayi brothers (300,027, shares), jifeng farm machinery (300,022, unit), laimei pharmaceuticals (300,006 swtor power leveling, shares), silver shares (300,020 shares), plus net (300,104, unit), sanweisi, etc.Above has started "money" growth enterprise market, there are more than 10 companies to be adopted to the issue of short-term financing bonds to refinance, huayi brothers approved issuance of not exceeding $ 300 million of short-term financing bonds, laimei pharmaceutical plan to issue no more than 380 million worth of short-term financing bonds, jifeng agricultural machinery companies planning to issue shares not exceeding $ 250 million of short-term financing bonds.A few companies is "money" serious, such as blue water garden and Oriental Sunrise (300,118, unit), which plan to issue up to $ 1.1 billion worth of short-term financing bonds, which is also planning to issue shares not more than $ 1 billion worth of short-term financing bonds. Wuhan University of science and technology, Director of the Institute of finance and securities Dong Dengxin (blog, Twitter) thought that the GEM listing companies as small and mediumEnterprise is a relatively strong demand for financing and debt financing in the stock market and loan market, opened up a new financing channel, this is a perfect financial structure. 　　In addition, people who purchase debt tends to be more understanding for the company, and debt-servicing company constraints in a way that is relatively high. 　　Really acquire or fashion? For thoseGem enterprises, selection of mergers and acquisitions, is undoubtedly the fastest growing its scale. Judging from the current situation, some companies are rivals frequently hand even to related companies, such as El eye (300,015, unit), listing 19 chain at the beginning of the hospital, but now 36 chain of hospitals, has implemented a total of 16 deals, TrojanDeals amounting to $ 320 million. 　　Blue cursor (300,058, unit), Jinya technology (300,028, unit), wanshun shares (300,057 shares) and other companies also has tentacles reaching abroad, one in Singapore and the United Kingdom and the Netherlands to carry out the takeover. Lisi-Chen (300,010, unit) through private placement bidNetwork science and technology, is the GEM's history of "first case", much market attention. 　　Currently, Lisi-Chen, a blue cursor plus net science and technology (300,113, unit) directional add-issuance plan also has passed the vote of the shareholders. Dong Dengxin says China growth enterprise market closed issue and private placement of two kinds of financing is essential differences of, which hasVery haphazard, companies can even be very irresponsible to directional add-issuance without payment, but not in public debt is the debt-servicing, should be encouraged. He also emphasized that despite recent mergers and acquisitions continue to many gem, but did not rule out the possibility that some enterprises was due to the pressure of public opinion in disguise money is "follow the trend of fashion" in order to takeMoney to spend, this is not necessarily a good thing. 　　As a business should have a plan, have scientific decision-making mechanism, we cannot simply to whether companies in merger and acquisition spending, as the evaluation of enterprise management as a benchmark. Comment gem at once three major types of mergers and acquisitions review recent gem Wen/Ku refinancing of listed companies can be found,The finance project, it looks like there are many but in the end, its investment targets is to focus on industry collaboration. 　　Collectively, these mergers and acquisitions can be broadly classified into three types. First class around the industrial chain of swim up and down (front end). Lisi e acquisition technology, is typical of front end integration. Lisi e and friends network technology focuses on file outputLink and enter the link, ex post, Li SI-Chen will have to provide customers from a file (image) input to a file (image) managed to file (image) output of train services. Jinya Harvard international technology acquisition, it is typical for upstream and downstream integration. Harvard International technologies in General, but overseas sales channels is very good, Jinya known technology to technology, domestic channels to buildSet does not work out, acquired Harvard International will to some extent compensate for insufficient on their channel. 　　Similarly, Zhendong pharmaceuticals (300,158, unit) capital increase holding in Shanxi Medical University medical science. Type II is a product line expansion. In this regard, typical huayi brothers. Huayi Brothers film and television while the famous, but its reputation mainly rely on film in the early break, TV series produced in the pre-IPO rarely set foot in. More recently, from the Bank of Beijing (601,169, unit) a loan of $ 100 million, dedicated to television; issue bonds to raise $ 300 million, a significant share to the nation TV series production, be filled before a short legs. Similar there is Route Twisk silver high-tech (300,087, unit), three rivers shares (3,00066, shares). Third category are chain expansion. Typically aier eye, listing the company has continuously, using Super when IPO proceeds of $ 542 million, continuous acquisition of 19 hospitals in less than two years it expanded the whole 1 time. However, this merger is essentially inverted pie-style copy, but after the scale, its business philosophyAnd profit model will also be greatly affected.