Three new board is not a stock market here should be venture capital marketOperators to increase su

three new board’s biggest problem is "miscarriage of justice"".

can foresee, the future of SP industry from thousands of SP pattern evolved into several giants carve up the market, big SP began to focus on the construction of the whole industry chain.

the Ministry of information industry and the operators of this year in the regulatory policy for SP is undoubtedly a storm since the move to carry out up to 20 ~ 40 days free users and SMS confirmation act, plus the original SP inventory has a customer is legal, Chinese stocks collective diving. Among them, the pure SP company was the most affected, during which TOM TOM.NASDAQ shares fell 19.59%, KONG.NASDAQ shares fell 11.33%, and Hurray fell by 2.44%.

Sun Jianbo has been firmly optimistic about the new third board of the future market system construction. In his view, the three new board in the past two years, some of the reasons for the downturn from the past unreasonable speculation, the new three board should be venture capital market, and now began to return to its true colors.

I think the new three board downturn in the past two years, it comes from this unreasonable speculation in the past. Because we put the new three board is located in the stock market, just when the new three board, most investors are running the system arbitrage. They feel that the new three board market to carry out a lot of institutional reform, so in the future will rise, based on institutional arbitrage, the new three board as a pure two tier market speculation.

at the same time, he believes that the entire capital market there is a lack of responsibility, the responsibility to return to the capital market reform is a major direction, the new three board also exists service role, lack of responsibility.

Sun Jianbo is the new three board market "old man", has served as Galaxy Securities chief strategist, the new three board research team leader.

mainly depends on the business >


, but not really. At first I thought the new three board is the largest pool of venture capital projects. For example, originally wanted to invest in a company, it is necessary to carry out comprehensive survey, and the new board, as far as possible adjust the workload will be reduced, because shares, brokers, lawyers checks, can be said that the new board is a draft of the place.

brand promotion with these strokes, July activities set off 500-1000 yuan

"from 2013 to the present, I have always thought the new three board is a huge venture capital market, and I am very optimistic about it."." Read Sun Jianbo, general manager of capital said.

I think this is the market, the system guide problem, originally took it as a pure two level market to propaganda and guidance. This led to everyone’s understanding of the new three board market has a lot of "miscarriage of justice", all feel that the new three board is a stock market place, and now liquidity is so bad, so I think the new three board is no longer.

in such a venture capital market, after the listing companies rely on their own path, the business model of the company, to better demonstrate to investors, rather than the hope of active market trading after the stock right back out, this is not a permanent solution.

in addition to policy, for SP, the operators into the pace of SP is also a direct impact on the industry pattern. In July 18th, Lu Xiangdong, vice president of China Mobile, announced that the M.Music wireless music club was formally established. Club members include four major international record companies and mainstream labels, portals and large professional SP, mobile terminal manufacturers and music media.

maybe it was at that time that SP’s winter really came.

new three board is a venture capital market, rather than a pure two – tier market

in the past three new board market propaganda misleading, so that companies feel new three board listing will be able to finance, and in fact is not. Listing is to facilitate the transfer of corporate information through the three new board to the society, it will not change the company’s business attributes.

following Sun Jianbo oral, only on behalf of their personal views.

three new board in the past two years, some of the reasons for the downturn from the past unreasonable speculation, the new three board should be venture capital market, and now began to return to its true colors.

in the past year, TOM’s share price has fluctuated between $8.83 and $28.89, and the company has a market capitalization of about $821 million.

JP Morgan analyst Dick Wei in the July 6th report predicts that the income of China’s SP listed companies in the second and third quarters of 2006 will be about 10% to 20% of the loss of income. This was verified by several subsequent quarterly reports from SP.

is the same as the NASDAQ listed companies, SP service provider has achieved great success in a short period of time, but relying on the Internet and other business income compared to SP more depends on the attitude of telecom operators and regulators, will result in SP company income such as the roller coaster like fluctuation.

The business attribute of

TOM has long been regarded as the most successful SP company in china. In the third quarter of 2006, TOM online revenues amounted to $38 million 950 thousand, of which wireless Internet services revenue of $34 million 710 thousand, accounting for 89.1% of the company’s total revenue in the third quarter. However, due to policy implications, TOM’s revenue fell 19.6% over the same period last year, down 24.1% from the previous quarter.

also suffered heavy losses, including air networks. Air network 2006 third quarter quarterly report shows that its total revenue of $25 million 80 thousand, down 17% over the previous quarter. In the third quarter of 2006, air web 2.5G services including WAP, MMS, and Java technologies

, 2006, SP golden years are in the past, replaced by more standardized market constraints.

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