Ten billion level private placement expands with the trend
According to the data of private placement network, as of the end of June, the number of private placements of 10 billion has increased to 44, an increase of 7 compared with that at the beginning of the year. Among them, there were 3 more in June alone, namely Dongfang harbor, Yinye investment and Pingan Daoyuan.
There are two reasons for the rapid expansion of the 10 billion level private placement this year: first, the funds profit-making effect is prominent. Under the background of A-share going out of the structural market, compared with small and medium-sized investors, institutions have more obvious advantages. Second, liquidity remained reasonable and abundant, the yield of bank financial products and monetary funds dropped sharply, and the attractiveness of equity market increased significantly. A private equity researcher in Shanghai said.
According to statistics, the average yield of 10 billion private placement in the first half of the year significantly exceeded the increase of the market index in the same period. As of the end of June, the average return of 37 private placements with net worth update of 10 billion was 8.64%, of which the average yield of 10 billion level private placement of stock strategy was 11.5%, and that of fixed income strategy was 1.63%.
In this context, the speed of 10 billion private placement filing new products is further accelerated. According to the data of China Fund Industry Association, in the first half of the year, more than 600 new products with 10 billion level private placement were put on record. Among them, Gaoyi assets recorded 76 products in the first half of the year, far higher than the total number of 57 products recorded in the whole year last year.
Head private placement camp shuffles frequently
At the same time, the competition between head private placement is becoming more and more fierce. Compared with the end of 2019, in the first half of this year, there were 4 out of 10 billion private placements and 11 new ones. Specifically, in the first half of the year, the institutions that withdrew from the 10 billion level camp included Xingshi investment, Beijing yuanlesheng, Yude investment and xiehao assets, and 11 new institutions, including ningquan asset, Liren investment and jintechnetium asset, were newly recruited into the 10 billion level private placement.
The ten billion level private placement frequently shuffles its cards. Judging from the list of ten billion private placement in the past five years, since 2015, there have been more than 60 institutions on the list, but only five Changsheng have been listed, including Danshui spring investment, Chongyang investment, Jinglin asset, Lerui asset and Qianhe capital.
Short term performance has a great impact on the scale of private placement. For example, in the first half of this year, if the performance is lower than 10%, most investors will have doubts and even redeem private products to buy public funds. Therefore, the important reason for the reshuffle of private placement scale is the differentiation of short-term performance. The above private equity researcher said frankly.
According to the data, in the first half of the 10 billion level private placement performance ranking, the performance of a private placement company in Shanghai dropped by 5.12%, which is more than 30% compared with the top ranked investment in Beijing.
An industry insider from the 10 billion level private placement with poor performance disclosed: the main reason for the large differentiation of the performance of the 10 billion level private placement with the same strategy is the different investment styles. We adhere to the undervalued strategy, so the first half of the yield performance is relatively poor, the company is also under a lot of pressure. However, fund managers still adhere to their own investment strategy and wait for the market style to change in order to pursue long-term excess returns. In this process, there are bound to be some investors who are difficult to adhere to and choose to redeem. In this case, private placements with a scale of only more than 10 billion yuan are easy to fall behind. In the second half of the year, some private placements with performance ranking higher than 5 billion yuan will enter the 10 billion level echelon one after another.
Source: Ren Hui, editor in charge of Shanghai Securities News_ NBJ9607