Personal Department public offering explosion embarrassment: two months thanks to 8percent.

category:Finance
 Personal Department public offering explosion embarrassment: two months thanks to 8percent.


More than two months passed. The latest data show that the net unit value of Ruiyuan Growth Value Mixed A/C dropped to 0.9158 yuan/0.9150 yuan respectively.

Ruiyuans growth value has fallen a lot because it built warehouses too fast?

In the spring market of March this year, Ruiyuan Growth Value launched the issuance of new funds, and over 70 billion subscriptions made peers envious and jealous.

Ruiyuan Fund is the 11th newly approved public fund management company in 2018. Chen Guangming, former chairman of Oriental Securities Management Company, is the general manager of Ruiyuan Fund and holds 55% of the shares. Fu Pengbo, former Vice General Manager of Xingquan Fund, is the second largest shareholder and vice general manager of the company, holding 32.51% of the shares. As the first public offering fund launched by the company, the value of Ruiyuans growth has attracted much attention from the market.

Due to the closure period of the warehouse under construction, the net value of the warehouse will only be announced once a week. Gold Securities reporter noted that, taking Ruiyuan Growth Value A as an example, since its establishment on March 26, it has published 11 net values, from March 29 to the latest June 6. The net value on March 29 was 1.0004 yuan, on April 12 it fell below 1 yuan to 0.9901 yuan, and on June 6 it was 0.9158 yuan, the lowest since its establishment.

From the net value curve, warehouse construction is very fast. It is estimated that the position at the end of April is almost the same. The fluctuations in recent weeks basically coincide with the market trend. The head of private equity told reporters that many star fund managers launched new fund issuance in March, and many active equity fund initial offerings are of considerable scale. It is estimated that they all want to build warehouses as soon as possible. However, with the adjustment of A-share market since late April, the net value of some funds has fallen sharply.

Many people in the industry believe that the explosive fund is always suffering from bad fate, and the magic spell effect has been mentioned repeatedly. If Xingquan was set up at the peak of last year, the issuance scale would exceed 30 billion yuan, and the net value would not return to more than 1 yuan until the beginning of April this year.

According to the analysis of Gold Securities reporters by the head of private equity, when the fund sells well, it is generally the high point of the market, and the larger the scale, the more difficult it is for the fund to obtain excess returns. If you want to wear a crown, you must bear its weight. It cant be said that the performance of explosive funds must be bad, but the pressure faced by managers is certainly greater than that of general funds, and the mentality of operation will inevitably change.

Kaishichun Industry Selected Huge Redemption Facing liquidation?

In the interview, many fund professionals talked about the rapid development of private sector public offering in recent years.

2018 is a year of public offering for individuals. Since April 2016, the first natural person-controlled Huian Fund was established, and by December 2018, Boyuan Fund was established. The number of individual public fund companies has increased to 16, of which 8 were newly established last year, and many are waiting in line for approval.

Public funds have become a new frontier for big men to start their own businesses. A veteran public offerer in Shenzhen told Gold Securities that the demonstration effect brought by the intensive return of investment bosses and the obvious acceleration of the approval of public funds will prompt more and more private public offerings, including the one-step implementation of Ruiyuan Fund and the private-to-public transformation of Kaishi Fund. Both of them are recent hot spots.

Kaishi Fund is the first private to public public fund management company owned by all natural persons in China. It was formally established on May 10, 2017. Chen Jiwu, former director of investment of Wells Fargo Fund, holds 65% of the shares.

Recently, Kaishi Fund announced that its first public offering product, Kaishichun Industry Selected Mixed Fund, had a net asset value of less than 50 million yuan for 40 consecutive working days. If the net asset value of 60 consecutive working days is less than 50 million yuan, it will need to enter the liquidation process and terminate the fund contract. According to public information, Kaishichun Industry Selection was established on July 19 last year. It has been operating for less than one year. The latest net value of products on June 12 was 0.8494 yuan, with a loss of 26.48% in the past three months.

The reporter of Gold Securities noted that in this years quarterly report, the Fund said that the single investor holds a larger share of the fund, and the huge redemption of the single investor may lead to fund managers being forced to sell securities to meet the cash needs of fund redemption, which will have a greater impact on the investment operation and net value of the fund.

Its too hard to kill a day for a private sector public offering.

Shenzhen public offerers told Gold Securities reporters that the biggest advantage of public and private offerings is that they can be sold publicly to the whole society and publicized publicly, not just to a certain group, so they have a larger carrying capacity, a richer product line and a wider audience. Compared with the traditional public offering fund, the advantages of individual public offering are various. Firstly, it may make the public offering form a more effective incentive system to seek the balance of shareholdersinterests and the interests of the holders and other parties. Secondly, as the controlling shareholder of the fund company, well-known professional investors are more likely to get the recognition of the professional competence of the fund company by investors, and attract professionals to join in, so as to better activate the public fund market.

But he also said that in the 20 years of public offering, the most important thing is the precipitation of the brand, not just the individual. When the pattern of public offering fund is basically determined, it is too difficult for individual department public offering to kill a day. Without strong major shareholders, if the personal brand effect can not be sustained and the performance can not stand out, it is difficult to test the personal strength to solve the operation problems.

The person in charge of private equity in Shanghai said that most of the private sector public offerings were organized by investment bosses, and many people insisted on value investment and tasted the sweetness. Value investment teams should not pursue high returns in the short term, but with long-term compound growth, the returns will be considerable. Therefore, for the short-term problems encountered by Ruiyuan and Kaishi, we should take a long-term view.

Source: Liable Editor of Gold and Securities: Ren Hui_NBJ9607