In the middle of May this year, Lin Peng left Dongfanghong asset management. At the end of August, Shanghai Hexie Huiyi Asset Management Co., Ltd., represented by Lin Peng, completed the registration of private placement. On October 19, the HeXie Huiyi vision series products issued by Hexie Huiyi are the first batch of private funds on public sale. From Lin Pengs resignation to the birth of explosive fund, only five months passed.
A person from the issuance channel told the Securities Daily that this Monday to Friday is the issue period of harmony Huiyi vision series. Although it sold 15 billion yuan on the first day, the final scale is not expected to exceed 20 billion yuan. At noon on October 19, the fund managers took two measures: one is to limit the number of products on the shelves; the other is to limit the number of subscribers.
Can you buy it on Friday? Securities Daily reporter interviewed a financial manager of China Merchants Bank (one of the funds four bank distribution channels).
Buy Lin Pengs fund, need to communicate at least a week in advance. The financial manager clearly told reporters, private funds can not be publicly publicized, need to communicate as soon as possible. China Merchants Bank sold 8 billion yuan in total and sold out at about 3:30 p.m. on the 19th. On the next day, they sold only a few special cases
As for the quantity control, the relevant person of harmony Huiyi told the Securities Daily that it had previously expected to issue 15 billion yuan, but the actual average subscription scale of each household exceeded the expectation. There are two purposes to control the size of the Fund: one is to put the interests of investors first. Value investment is a long-term process, and the more important thing is to do a good job in service. Second, the scale of fund issuance should match the management ability, research ability and service ability. Its almost enough to buy a large sum of money, because there is a cooling off period and a follow-up visit. There will be withdrawals and additions in the follow-up, but there wont be much change.
Multiple factors coexist
With the scale of the initial products of harmony Huiyi vision series breaking through 10 billion yuan, the number of domestic private fund companies with assets under management exceeding 10 billion yuan has increased to 41.
The sale of this product has a lot to do with Lin Pengs good reputation in the industry. According to the data, Lin Pengsheng was famous in 2017, and Dongfang hongruihua, Shanghai, Hong Kong and Shenzhen, which managed by him, became the annual champion of the hybrid fund in that year with a growth rate of 67.91% in net reversion value. At the same time, the return rate of Dongfang hongruifeng managed by Lin Peng has reached 165.65% in the past three years, which also ranks first among the statistical active partial share funds in 2017.
Before leaving, Lin Peng served as deputy general manager of Dongfanghong asset management and general manager of public offering equity investment department, led the team operation of Dongfanghong public fund equity investment, and became the leader in Dongfanghongs equity investment field after Chen Guangming resigned.
In rare media exposure, Lin Peng almost always mentioned taking the road of value investment. At the 2019 Oriental Securities strategy meeting, when sharing his investment philosophy, Lin Peng said that we should select the industry leaders. In the investment market, the strong are always strong, and good companies are getting better and better. It is a big probability that a crow becomes a Phoenix, but it is a small probability thing.
On May 15, 2020, Dongfanghong asset management announced that Lin Peng left for personal reasons. On the same day, Lin Peng issued an open letter of gratitude and trust, lucky to travel together, saying that leaving was for personal ideal. A person close to Lin Peng once told the Securities Daily that Lin Peng is a person with entrepreneurial feelings and dreams of investing all his life like Warren Buffett.
On the first day of the first day, the hot sale of hexihui reached 15 billion yuan, indicating that the era of value investment in Chinas capital market has come and the concept of value investment has been deeply rooted in the hearts of the people. Gong Xiuguo, a professor at the school of economics of Sichuan University, told Securities Daily, this phenomenon shows that in the highly competitive fund industry, Jiang is still old and spicy, and the value investment represented by Lin Peng is more attractive. The value investment image he has established in the industry has a benchmarking effect. It also shows that private equity funds led by senior fund managers are more attractive to high-quality clients with abundant funds.