Data show that as of the end of April 2019, 37685 private equity investment funds have been filed, with a fund size of 2.36 trillion yuan, an increase of 244.877 billion yuan, an increase of 11.60%. Since the implementation of the registration of private equity fund managers in 2014, private equity fund managers have sprung up like mushrooms. According to the statistics of China Federation of Foundation Societies, the number of securities private placements reached a peak of more than 10,000. But after a round of survival of the fittest, as of the end of April 2019, there were 8927 registered private equity fund managers. Among the 8927 private equity fund managers, the real private equity fund managers should have at least a certain management scale and be able to disclose the net value to investors in time.
According to the statistics of private placement network, 497 of all registered private placement managers in securities industry have a management scale of 0, accounting for 5.57% of the total. Except for a few newly established private equity institutions, the vast majority of them may be cancelled within half a year.
There are 3627 managers whose management scale is less than 10 million yuan, accounting for 40.63%. It is worth noting that there are 1163 private equity managers whose management scale is less than 2 million yuan and 2 million yuan. Strictly speaking, they belong to shell-keeping private equity. In the view of securities firms, private equity with a scale of 2 million to 10 million yuan is at best a medium-sized investor. At present, the maintenance cost of private equity is relatively high. Private equity with a scale of less than 10 million yuan is a group of managers who may be overwhelmed by a bear market at any time, and their ability to resist risks is poor. In addition, there are 2432 managers, accounting for 27.24%, with management scale ranging from 10 million yuan to 50 million yuan.
According to statistics, there are 6556 private equity managers whose management scale is less than 50 million yuan, accounting for 73.44%. Of the 6556 private equity firms, only 1879 are continually updating their net worth, while other private equity fund managers are no longer disclosing their net worth. At the same time, there are 2371 private equity firms with a management scale of more than 50 million yuan, of which 930 have their net value updated to the end of March 2019 or earlier, so only 1441 private equity firms with a management scale of more than 50 million yuan are still active in the market, accounting for 16.14% of the total. Among the 1441 private equity firms, 73% are based on stock strategy, while the other strategies account for a smaller proportion.
Private placement data show that if the profit-loss balance scale of fixed income strategy is set at 3 billion yuan and other strategies are set at 500 million yuan, only 365 private placements can basically achieve balance of payments or sustained profits on this basis; 268 of these 365 private placements are mainly stock strategies, accounting for 73.42%.
Private offering of new products has obvious 28 differentiation
A private-equity sales channel person pointed out that the main reason for the revival of product issuance is the large-scale private-equity with good performance, especially the managers with better stock selection ability and theme grasp ability. The larger the size of the organization, the more products it issues, the more stable the issuance rhythm. According to the recent issuance situation, the number of products issued by large private equity institutions with a scale of more than 5 billion yuan is the largest. In addition to Gao Yis assets, there are also some star private equity products such as forest garden investment, Chongyang investment, Xingshi investment, Mingda asset, Shanghai Panjing investment and so on.
According to Ge Shangs financial data, from this years performance, the average earnings of private equity between 1 billion yuan and 2 billion yuan are 4.42% loss in May, and 16.51% gain since this year; the average earnings of private equity between 2 billion yuan and 5 billion yuan are 55% loss in May, and the average earnings of private equity since this year are 19.85%; the average earnings of private equity between 5 billion yuan and 10 billion yuan are in May. The average profit is 5.21%, the average profit is 12.89% since this year; the average loss of private equity with management of more than 10 billion yuan in May is 5.04%, and the average income is 12.68% since this year. As of the end of May, all the ten strategies have achieved positive returns. The average return of stock strategy is 15.01%, and that of bond strategy is 3.04%.
Private equity surveys were conducted 1708 times in May, with a drop of nearly 20% compared with the previous year.
In May, the overall performance of A shares was weak. From the main index, Shanghai and Shenzhen 300 fell 7.24%, small and medium-sized board index fell 9.42%, and GEM index fell 8.63%. However, the enthusiasm of institutional investors remains unchanged. According to the Gessault Research Center, 823 private equity firms participated in the survey in May, with 1708 surveys, down 16.68% from 2050 last month. From the perspective of plate distribution, SMEs and GEM stocks are still the focus of private equity research.
According to the statistics, there are 17 billion private equity firms surveyed in the whole month, involving 68 listed companies, which is nearly half the number of companies bidding last month. Among them, the top three private equity firms surveyed by listed companies are Jinglin Assets (21), Kaifeng Investment (17), Dunhe Assets (13). According to the research target, there are 25 listed companies jointly investigated by 10 billion yuan institutions. Antarctic e-commerce, American Group and Haikangwei have become the focus of attention. From the overall research direction of 10 billion yuan institutions, the highest attention in May is the electronic computer and medical biology industry. Institutional investors turn to industries with greater growth potential and profitability to maintain a higher growth rate to tap investment opportunities. At present, from the perspective of institutional investors, high-end integrated circuits and medical biology are to a large extent the core areas of high-end technology concentration.
Source: Responsible Editor of Daily Economic News: Ren Hui_NBJ9607