Introduction
How many "myths" will this wave destroy?
Capital winter, come as soon as you say it.
When the market broke through 2500 points several times, the once famous private equity tycoon could no longer hold back.
The former "public investment leader" is now a private equity master Wang Yawei , which has to face the dilemma of early liquidation of products.
According to the latest data from the China Securities and Fund Association, the asset management plan of China Railway Baoying Xiangyun No. 3, a subsidiary of Qianhe Capital managed by Wang Yawei, was liquidated in advance. Some media said that it was because the stock market continued to be sluggish and the performance of the asset management plan did not meet expectations, causing some investors to request early liquidation. Qianhe Capital said that it was because of the product structure. According to the requirements of the new asset management regulations, this product structure does not meet the requirements of the new regulations. Now some adjustments need to be made, so some treatment has been made.
However, whether it is proactive or passive, the former "No. 1" Wang Yawei's performance this year is indeed not very good.
is not the only one. The survey data released by Geshang Financial Management shows that the number of private equity products liquidated in the first three quarters of this year reached 4,045, involving 1,942 private equity institutions, setting a new high in the past five years. Among them, there were 2,087 stock strategy private equity products that were liquidated, accounting for about 51.59%.
The bone-bone cold is disintegrating the market's ideas bit by bit...
Weak city changes, private equity tycoons say "goodbye"
mingle in the capital market, and Wang Yawei is a well-known figure. He looks humble and gentle, but he is always able to keenly grasp the investment opportunities brought about by the transformation of market hot spots.
At the end of 2005, Wang Yawei, who had many years of trading experience, took over the Huaxia Market Selected Fund . It was this attack that started Wang Yawei's most legendary investment journey.
In 2006, the Shanghai and Shenzhen Index ushered in a big bull market with one-sided rise, with an annual increase of 130.43% and 132.12%. Wang Yawei closely grasped the market conditions, and after careful research on four angles, including macro, policy, capital and fundamentals, he placed the popular big white horse stocks aside, and instead focused on exploring concept stocks such as unequity reform, restructuring, asset injection, and hidden asset types.
At the end of 2006, Huaxia Market Fund ranked 12th among the 118 stock funds with a yield of 154.49%, while the average annual yield of all stock funds during the same period was 109.83%.
In 2007, the fund was in full swing, with a net value growth rate of 226%, ranking first among all types of funds in China, 35 percentage points higher than the second place, and its net value growth rate was 2.33 times the increase of the Shanghai Composite Index during the same period.
For a time, the China Market was in full swing, and Wang Yawei became "China's most profitable fund manager."
In the following years, the Huaxia market continued to lead. Until Wang Yawei resigned, the fund's re-equipped unit net value growth rate reached 1198.91% in 6 and a half years, with a cumulative unit net value growth rate of 1046.05%. The base index rose by 132.78% during the same period, creating investment results that many peers could not match, and also became a milestone event in the history of public funds.
may be "the coldest place is high". After becoming famous, Wang Yawei revealed that he was paid too much attention and the pressure was too great, which restricted his investment.
In May 2012, Wang Yawei resigned from Huaxia Fund . In September of the same year, Qianhe Capital Management Co., Ltd. was established, and Wang Yawei was appointed as the legal person. The market interpreted it as formally investing in the private equity field.
However, Wang Yawei, who has excellent performance in public funds, has not achieved ideal results in the private fund field. After years of hard work, the performance is really average. From 2012 to 2015, many of the series of products such as Yunfeng Securities, Yunfeng No. 2, Yunfeng No. 3, Yunfeng No. 4, Qianzhihe No. 1, Yunbao No. 1, and Yunbao No. 1 managed by Wang Yawei left the market with negative yields, and many of the stocks they subscribed were delisted or on the verge of delisting.
In 2018, under the influence of complex internal and external factors, the market continued to decline. The performance of many private equity products managed by Wang Yawei fell by about 30%. As of mid-November, the net value of Yunfeng, Qianzhihe No. 1, Yunfeng No. 3, Yunfeng No. 2, and Yunfeng No. 4 in the past year reached 33.69%, 31.76%, 38.97%, 30.14%, and 24.04%, respectively.
Now it seems that everything is a cloud, and no matter how powerful the "god" is, it is time to come down from the "altar".
has been hitting hard continuously, and it is difficult for the "No. 1 brother" to copy the "myth" of public offerings
After joining private equity, Wang Yawei seemed a little unacceptable and suffered many "Waterloo".
Environmental concept stocks are Wang Yawei's favorite field, among which Sanju Environmental Protection is the "star stock" of the GEM. From 2013 to 2018, Wang Yawei remained in the stock and had a heavy holding.
Specifically, as of the first half of 2018, Wang Yawei held 37 million shares and 15.3 million shares of Sanju Environmental Protection through the Yunfeng Securities Investment Collective Fund Trust Plan and the Yunfeng No. 3 Securities Investment Collective Fund Trust Plan, respectively, ranking 4th and 9th among the top ten circulating shareholders. During this period, Sanju Environmental Protection's stock price rose from around 5 yuan to more than 30 yuan, and Wang Yawei made a huge profit, with a maximum profit of more than 7 times.
However, since this year, Sanju Environmental Protection has continued to decline. During this period, the stock price was significantly sold off on October 15, October 16 and October 17, with a drop of nearly 25% in three days. Wang Yawei's profits quickly shrank, from 7 times to 2.7 times.
latest information shows that Yunfeng No. 3 Securities Investment Collective Fund Trust Plan is no longer among the top ten circulating shares of Sanju Environmental Protection. Yunfeng Securities Investment Collective Fund Trust Plan increased its holdings by 11.1 million shares in the third quarter, ranking the sixth largest circulating shareholder with a total number of 4,810 shares.
In addition, Wang Yawei also "falls" a big deal on Guangyin Network this year.
Optoelectronics Network was listed on the New Third Board in January 2016, with a stock price of more than 100 yuan at one point and a market value of up to 3.5 billion yuan. In March 2016, Guangyin Network announced its plan to issue 1.8 million shares, with an issue price of 66.67 yuan per share, and a raised amount of 120 million yuan. "Ruiyuan Qianhe Hibiscus No. 51" under Qianhe Investment spent 10 million to buy 150,000 shares, ranking eighth among the top ten shareholders.
This stock is definitely not useful, and it is much worse than Sanju Environmental Protection. Since Wang Yawei bought it, Guangyin Network has started a "declining" trend, and the continuous decline in net profit has gone from profit to loss. Until now, the stock price is less than one yuan.
Wang Yawei cleared all Ruiyuan Qianhe Hibiscus No. 1 in the second quarter of 2017. Ruiyuan Qianhe Hibiscus No. 3 took over and bought it, and its holdings increased to 1.408 million shares. But no matter how you "twitch", losses are a foregone conclusion.
And these are just the tip of Wang Yawei's "stepping on the thunder" in recent years. FAW Car, FAW Xiali, Langfang Development, Zhongke Investment, Haixin Kejin, Yilianzhong, Jingwei Textile Machinery... Even in the good market in 2017, only Qianhe Bauhinia No. 1 G and Qianhe Bauhinia No. 1 B have achieved positive returns.
"The threshold for customer funds starts at RMB 20 million, and there is also a saying that it starts at US$5 million. In addition, the amount of funds invested by customers in their private equity shall not exceed a certain proportion of personal assets (or 5%), which means that the target customer is required to be worth at least hundreds of millions of dollars." Some media once reported on the target customer population locked by Qianhe Capital.
High standards often mean high returns. Now it seems that this achievement is obviously difficult to repay the above statement.
Private equity "stepped on the mine" and normalized
A-share 's bleak market has made private equity managers "suffer the bitter fruit". Wang Yawei is not the only one who "Prince of Moutai" Dan Bin is obviously not as high-profile as last year.
According to statistics from China Economic Network, among the 38 funds under Oriental Harbor, which has been chairman, only 2 have achieved slightly positive returns within the year, with an increase of 1.62% and 1.18% respectively. Among the remaining 36 losses, 34 fell by more than 10%, 24 fell by more than 15%, and 6 fell by more than 20%.
, especially the Kweichow Moutai that has been advocated, let Dan Bin lose all his face. Since the second half of this year, Moutai has retreated sharply, and its stock price is currently hovering around 600, down nearly 25% from its historical high of 792 yuan on June 12.
It is worth mentioning that on October 28, the day after Kweichow Moutai disclosed its third-quarter report, the day after the opening, the limit down was shocked. Kweichow Moutai's financial report shows that the net profit growth rate in the third quarter was only 2.7%, and the revenue growth rate was 3.8%, which is a heavy blow to Dan Bin, who has always claimed to be a value investment for many years.
fixed-increase king Liu Yiqian was not idle either. After "lapse into the air" of Changhang Phoenix and Great Wall Securities, he encountered the "black swan" of Guomin Technology.
In November 2013, Liu Yiqian spent 200 million yuan to acquire 11.142 million shares of National Technology stocks from China Broadcasting House, the then major shareholder of National Technology, accounting for 4.0963% of the total share capital, at 17.95 yuan per share.
However, after experiencing the "weird" incident of 500 million yuan of investment funds being wasted due to the loss of contact with a cooperative private equity fund, the national technology has been punished by the China Securities Regulatory Commission and its performance has declined. To this day, the stock price has fallen below the 10 yuan mark. Liu Yiqian's road to turning around is long.
can be seen that due to the continuous downward trend of the market and the pressure of the new asset management regulations, private equity firms are showing a normal trend of "stepping on mines". It is not uncommon to adjust positions and change positions, or even liquidate and reduce the scale of liquidation.
Fund Industry Association data shows that as of the end of September 2018, the total scale of private equity asset management business of securities and futures operating institutions was 26.07 trillion yuan, of which securities companies and their subsidiaries were about 14.18 trillion yuan, fund companies and their subsidiaries were about 11.72 trillion yuan, and futures companies and their subsidiaries were about 167.6 billion yuan.
The fund subsidiaries' special account business (including single asset management plan and collective asset management plan) has been affected by the requirements of leverage reduction, channel removal, removal of multi-layer nesting, and performance decline, and the scale of performance decline has decreased month by month. As of the end of the third quarter of this year, there were 8,159 units, with an asset scale of 5.63 trillion yuan, a decrease of half from the end of the previous year.
says that it is "winter", but everyone still has to believe it but have hope. Winter will eventually pass, but the terrible thing is that they cannot feel the hope of spring... Dear guys, you also need to endure it, and it is impossible for you to win in life all the time.
(This article is originally produced by the Trust Circle. Please do not reprint without permission.)
