GEM board attracts venture capital

China's NASDAQ-style Growth Enterprise Market will likely create hundreds of individual millionaire shareholders. And a lot of venture capital that has been through hard times with the first batch of listed companies will see a return.

Only five of the first 28 companies to list on the GEM board are not backed by venture capital. These 23 companies have on average two venture capital investors, who will gain a combined 6.8 billion yuan profit. The luckiest investor is expected to get back 2.2 billion yuan in five years.

But analysts also say they've seen signs of speculation since some venture capitalists waited until early this year when the GEM board looked set to launch soon.