According to wind data, in 2018, Hong Kong IPO raised nearly HK $290 billion, ranking first in the world; in 2019, Hong Kong stock market benefited from the support of Alibaba, Budweiser Asia Pacific and other giants, and the IPO raised RMB 284 billion, ranking first in the world. Behind the huge number of IPOs, there are a large number of first-class market innovators. The reporter of red weekly learned that since 2018, a large number of mainland investors have participated in the renovation of Hong Kong stock market, and opened Hong Kong securities accounts for this purpose.
However, unlike the failure of new shares in the mainland market, it is common for Hong Kong shares to break out. According to wind data statistics, up to now, not only more than 50% of the 160 companies listed in Hong Kong stock market in 2019 have broken the issue price (pre reversion price), but also more than 20 companies latest share price is less than half of the issue price. Even after the rising of star stock Budweiser Asia Pacific in the initial stage of listing, the current share price has also dropped to near the issue price.
In the primary market of Hong Kong stock market, whether the domestic capital participates in the new business of Hong Kong stock market is profitable and whether it exits smoothly involves the fund manager and channel institution, which is also easy to generate certain disputes. According to Guangzhou Daily, Minsheng trust has participated in the listing of Xiaomi group under the collective trust plan of Zhixin 485 Zhongwei industry selection phase 2. Due to the decline of Xiaomi groups share price, the trust plan fails to realize smoothly after the expected duration of 18 months. In fact, this incident is not an isolated case. Recently, the reporter of red weekly learned from the investors that a trust plan of Zhongrong trust to participate in the IPO of Hong Kong shares has difficulties in withdrawing and has been extended for many times.
According to the information obtained by the reporter of red weekly, the Zhongrong ronghun No. 6 collective trust plan was issued in June 2015, with a planned fund-raising scale of 200 million yuan. Through the QDII channel, the company subscribes to the Changsheng Fund Hong Kong Yuanhang placement capital management plan set up by Changsheng fund, makes anchoring investment on the target company Hongxing Meikailong Furniture Group Co., Ltd. and withdraws after listing. Although no expected annualized rate of return is shown in the trust plan specification, it can be seen from the promotion materials of Zhongrong trust that if the listing valuation of Red Star Macalline is 18 / 20 / 25 times PE respectively, the expected rate of return is 32%, 45% and 76% respectively. The trust plan contract specifies a base rate of return of 8%. At the time of the issuance of the trust plan, red star Macalline had basically confirmed the listing of H shares, so its duration was only one year.
The management fee of ronghun no.6 is not low - 1% of the fixed trust fee / year, 1% of the securities brokerage fee, 0.8% of the QDII channel fee, 1% of the out of price subscription fee should be paid at the time of subscription, and 20% of the floating remuneration and floating consulting management fee should be charged for the excess earnings over 8% (according to the contract, Zhongrong trust hired Shanghai Guojin general wealth Asset Management Co., Ltd. to provide consulting services for the trust plan The latter is a wholly-owned subsidiary of Guojin fund under Guojin securities.
In late June 2015, H-shares of Red Star Macalline were listed, with an issue price of HK $13.28. However, due to the impact of the A-share market crash at that time, the Hong Kong stock market was also very depressed. Red Star Macalline broke out on the day of listing, and by the beginning of 2016, it was less than HK $5. Ronghun No. 6 shall expire in June 2016, but it fails to reduce its holding completely. In addition, the beneficiarys meeting shall be held in June 2016, June 2017, may 2018 and may 2019, and the extension plan shall be approved. The extension plan in 2019 is extended to the end of June 2020, and no management fee shall be charged during the extension period. According to the official website, as of the end of December 2019, the net value of ronghun 6 is only 0.5014.
Continuous extension for 4 years, high channel cost
Investors question the insufficient management ability of Zhongrong trust
It is hard for investors to accept that in the case of serious losses, in addition to the management fee, the manager also charged a high QDII channel fee. According to the issued materials, the QDII channel fee of ronghun 6 was originally 0.8% per year, and then increased to 1%. However, in May 2018, at the beneficiaries meeting held by China finance trust, it was informed that in the case of tight QDII quota, the QDII channel rate charged by Changsheng Fund Management Co., Ltd. (i.e. 1% / year) was increased to 1.8% / year from 1% / year. Mr. Liang disclosed that he had suggested to the Zhongrong Trust: if the QDII channel is switched to the land port link, the high channel cost can also be exempted if the Red Star Macalline H-share is the standard of the land port link. But CICC did not respond to his proposal.
For capital exit and exchange rate risk, Li Jinlong, general manager of Reagan fund, told red weekly that QDII is still one of the most compliant ways for domestic capital exit, and currently there is no way to avoid QDII channel fees, capital exit security and compliance are the most important for customers and us.. Specifically, although the foreign exchange bureau increased the QDII quota in 2018, and the current channel cost is also significantly lower than that in previous years, it is still about 2%.
In the promotional materials, ronghun No. 6 enjoys the advantages of low probability of new shares breaking out, 8-year support for enterprise growth by well-known PE American Warburg Pincus (its shares have a lock-in period, and the trust plan has no lock-in period limit), such as project scarcity + low valuation. However, although the shares are sold indefinitely, due to no stop loss agreement and the influence of different opinions of investors in the operation, the shares have not been fully reduced so far.
According to the data, since the establishment of ronghun 6, the trust manager has been changed frequently. From 2015 to now, there have been several trust managers. Mr. Liang complained. According to the trust plan statement, the first trust manager is Yang Jie, the current trust manager is Jia Ruoyu, and the last one is Chen Biying.. According to the public information, the employees of Zhongrong trust named Chen Biying did participate in the research activities of listed companies such as Bairun and * ST Tianma, while Jia Ruoyu participated in the reception of investor relations of companies such as Kangtai biology. The reporter of red weekly also interviewed the Zhongrong trust on this matter, but no clear reply was obtained.
There are also investors who think that the managers ability is insufficient, leading to the failure to withdraw in time. Ronghun 6 actually has the opportunity to withdraw. Some investors said that in January 2018, Macallines A-share was listed, and the index market was hot. The share price of H-share of Red Star Macalline once climbed to more than HK $13. If the shares were reduced at this time, the losses could be basically recovered, but the trust manager failed to seize the short window. At present, H shares of Red Star Macalline have fallen back to about 6 Hong Kong dollars. Now trust companies are running out of money, and they dont say what to do.
Why does the trust manager fail to reduce the holding in time? Some private fund people have provided a kind of conjecture to the reporter of red weekly: generally, due to the fear of negative impact on the stock price, the proposed IPO company is opposed to the reduction of shares in the stock East soon after listing, especially as a cornerstone investor and anchor institution, it may reach a tacit agreement on the reduction rhythm and listed companies, which is also an important move that constrains the reduction behavior of many investment institutions Machine.
Hong Kong IPO: good looking but not delicious
Many trust companies have been defeated
The experience of ronghun 6 is not a case in point. The wave of enterprises going out of the sea around 2015 is accompanied by a large number of primary market investment opportunities. Red weekly reporter learned that Zhongrong trust issued a number of IPO products for Hong Kong stocks at that time, but the results were mostly unsatisfactory. For example, the official website of Zhongrong trust u00b7 gangrong No. 8 shows that the final net value of phase 2 of gangrong No. 8 as of September 2018 is 0.1871, and the final net value of phase 4 is 0.3260; the placement price of gangrong No. 2 to new technology (01063. HK) is HK $0.245, and the final data as of March 2019 shows that the net value of gangrong No. 2 is 0.0658. After the surge of the first half of 2015, new technology has now It has become a fairy stock with light trading volume of only tens of thousands of Hong Kong dollars per day. Zhongrong u00b7 Ronglin 58 Lenovo Holdings Hong Kong stock IPO collective trust plan was issued in June 2015, with a product term of 12 months, but it still exists by the end of December 2019, with a net value of only 0.4519. Ronglin 55 invested in the Hong Kong stock IPO of Guolian securities, with the latest net value of 0.3994, and the issue price of Guolian securities is 8 Hong Kong dollars, and the current market price is less than 2 HK $5 Maybe its because the risk is too big. Zhongrong trust sales told reporters that there is no similar short-term trust plan for Hong Kong stock IPO in the near future.
In addition to Hong Kong shares, Zhongrong trust has issued several trust plans to invest in A-share primary / primary and semi market. However, since 2015, A-share has been greatly shaken, and some products have also caused disputes due to their failure to exit smoothly. For example, the previous article published by red weekly, Tongjitangs backdoor offering price inversion, investors, Zhongrong trust and shengshijings dream changed into nightmare, once reported that Zhongrong trust u00b7 Zhujin 80 trust plan raised funds to participate in the fixed increase of Tongjitang, but due to the fixed increase and market price inversion, it still failed to reduce its holdings and withdraw after the expiration, which led to Zhongrong trust, investors and managers Sheng The infighting between Shijing and Shijing.
In the whole trust industry, there is not only the IPO business of Zhongrong trust stepping on thunder. According to Guangzhou Daily, the collective trust plan of Zhixin 485 medium budget industry selection phase 2 issued by Minsheng trust in 2018 passed the QDII asset management plan and held shares of Xiaomi group, which should expire in mid December 2019. Due to the low share price after Xiaomi groups listing, the net value loss of the trust plan failed to exit. Minsheng trust put forward: (1) redemption according to the latest net value; (2) one year extension and no redemption at any time. Such an attitude caused dissatisfaction among investors. On the whole, the average yield of Hong Kong stock market in 2018-2019 is about 30%. As for Hong Kong stocks new business, Li Jinlong, for example, said that in 2018, when the Hang Seng index did not perform well, the break rate of individual stocks on the day of listing would not exceed 30%, and the break rate of different industries would be different. Based on this, when we are doing Hong Kong stock innovation, we will select industries with a low burst rate, and idle funds will do cash management and use US dollar bonds to avoid losses caused by the burst.. Source: Yang Qian, editor in charge of stock market red weekly
In the whole trust industry, there is not only the IPO business of Zhongrong trust stepping on thunder. According to Guangzhou Daily, the collective trust plan of Zhixin 485 medium budget industry selection phase 2 issued by Minsheng trust in 2018 passed the QDII asset management plan and held shares of Xiaomi group, which should expire in mid December 2019. Due to the low share price after Xiaomi groups listing, the net value loss of the trust plan failed to exit. Minsheng trust put forward: (1) redemption according to the latest net value; (2) one year extension and no redemption at any time. Such an attitude caused dissatisfaction among investors.
On the whole, the average yield of Hong Kong stock market in 2018-2019 is about 30%. As for Hong Kong stocks new business, Li Jinlong, for example, said that in 2018, when the Hang Seng index did not perform well, the break rate of individual stocks on the day of listing would not exceed 30%, and the break rate of different industries would be different. Based on this, when we are doing Hong Kong stock innovation, we will select industries with a low burst rate, and idle funds will do cash management and use US dollar bonds to avoid losses caused by the burst..