Many industry insiders believe that the ant strategic placement fund this time launched the exit program, giving investors full choice. Investors can think about this weekend, think more and examine the investment value behind the five products. The fund gentleman specially combed the 10 questions and 10 answers of some questions about a heart of investors for reference.
Five innovative future funds
On the afternoon of November 19th, Mr. fund received an important reminder from Alipay, which is a joint statement on the arrangement of the future fund.
Fund manager found that the joint statement reminded by Alipay is just like a week ago, mainly related to the problem of the withdrawal of the future fund. Here is a screenshot of the joint note:
At 0:00 on November 20, the five major fund companies announced that, in order to better serve investors, starting from the principle of protecting the interests of investors, through consultation with the fund trustee Shanghai Pudong Development Bank and filing with the China Securities Regulatory Commission, five innovative hybrid funds under e fund, Huaxia, huitianfu, Penghua and China Europe will be added with category B in the next 18 months Fund units, and revise the fund contract and prospectus. The amendment will take effect from November 23, 2020. It can be said that the joint declaration has officially entered into practical operation.
In addition, revised prospectuses and fund contracts for these funds were also released.
Fund Jun sorted out the core details of the current announcement:
1. Add automatic redemption of class B fund units.
At present, class B fund shares are added to the Innovation future fund within the specified period, and the existing fund units of Innovation future fund subscribed and held by investors are class C fund shares. Within the specified period, the fund units that are allowed to apply for transferring from class C fund units and automatically redeeming them are class B fund units. (pay attention to the code of class B and class C)
2. The specified time is one month.
According to the announcement, the specific time of the designated period is from 0:00 on November 23, 2020 to 15:00 on December 22, 2020, and fund unit holders can file relevant applications within the specified period. After the expiration of the specified period, the application for conversion to class B fund units will no longer be accepted, class B fund units will be cancelled, and the fund unit holders who have not opted out will continue to hold the original shares. The duration of class B fund units is the same as that of the designated period.
During the specified period, class B fund units will not be open for subscription, and only accept the application from fund unitholders to convert all or part of class C fund units held by them into class B fund units and automatically redeem them.
The application for automatic redemption of class C fund units into class B fund units submitted by fund unitholders on the working day (t day) of the designated period shall be calculated based on the net value of fund units calculated after market closing on t day, and the registration institution shall confirm the validity of the transaction within t + 1 day.
4. The calculation formula of exit amount.
Within the specified period, the fund unitholders shall apply for withdrawal by converting their class C fund units into class B fund units and automatically redeeming them on the working day (t day) of the designated period. The calculation method of the withdrawal amount obtained is as follows:
Transfer out amount of class C shares = transferred out shares of class C shares u00d7 net value of fund units on t day
Withdrawal amount = transferred share of class B share u00d7 net fund share on t day
The above calculation results involving amount and share shall be rounded to two decimal places. However, the results calculated and confirmed by the fund registration institution shall prevail.
5. During the period, management fee, custody fee and sales service fee will be exempted.
6. Upon the expiration of the specified period, class B fund units shall be cancelled.
This time, the five innovative futures gave the withdrawal plan of the holders, which effectively responded to the reasonable demands of investors and protected the legitimate rights and interests of fund holders.
Stable operation during warehouse building period
Judging from the latest operation of the five innovation future funds, as of the latest net value update (November 13), the five products have been established for one month or more, and are still in the initial position building period. However, the net value performance of the funds is relatively stable. The average yield of the five products is 1.13%, and all of them have achieved positive returns.
Among them, the products with the highest yield make a net profit of 2.19% in one month, and the yield of many products fluctuates around 1%, so the operation and management of the fund is relatively stable.
On November 19, e fund announced that some funds managed by the company participated in the subscription of non-public shares of Lianchuang Electronics, and e fund innovation will be among them in the next 18 months.
Wind data shows that the fund holds 5.5494 million shares of Lianchuang Electronics, the fixed increase price involved is 901 million yuan, and the book value is 60.2664 million yuan, accounting for 0.5% of the net value of the fund. At present, the stock price is 12.05 yuan. The discount of participating in fixed increase of individual shares and the good performance of recent stock price will bring thickening income to the fund.
In addition, on November 11, e fund innovation also appeared in the subscription list of non-public offering shares of kairun shares in the next 18 months. The fund was allocated 1.18 million shares, with the book value accounting for 0.29% of the net value of the fund. It will be locked in for six months like Lianchuang Electronics for six months, and will be lifted in mid and late May next year.
In late October, Penghua Fund also announced that Penghua innovation would be included in the product range of investable science and technology innovation board stock in the next 18 months. Meanwhile, the company will maintain the consistency of fund investment style and do a good job in liquidity risk management according to the principle of prudence.
In response to the above-mentioned investment progress of the fund, a large-scale public offering executive in Beijing said that the net value of the fund fluctuated steadily in the future of innovation, and some products also took part in fixed increase investment with small positions, indicating that the products are in the normal operation and management stage. Through the fixed increase investment, the fund products can obtain the income of fixed increase discount, the performance improvement that may be brought by participating in the merger and reorganization of individual stocks, and the alpha income brought by optimizing the industry and individual stocks, which will also increase some safety cushion in the investment.
In his opinion, the most important thing to do well in fund investment is to select fund managers. At present, all the five innovative future funds are managed by star fund managers arranged by medium and large fund companies. These fund managers and their investment research teams have outstanding investment ability and long-term performance, and their investment level has withstood the test of the market. He suggested that investors should continue to pay attention to the performance of these head fund managers and make rational investment and long-term investment.
On the main concerns of investors in the future of innovation
Ten questions and ten answers
1u3001 When can the Innovation future fund withdraw?
A: in order to better serve investors and provide them with more convenient and more yuan exit options, the five innovation future funds will be arranged with a one month exit option period. During this period, investors can return according to the net value of fund shares by transferring into class B shares. The specific exit period is from 0:00 on November 23, 2020 to 15:00 on December 22, 2020.
2u3001 What are class B shares and class C shares?
A: the shares that investors subscribe for in the initial period of the fund are class C shares. The newly added shares are called class B shares. Investors can only handle the redemption business during the latest period of opening the redemption period after transferring the class C shares to class B shares.
3u3001 Does the exit fund charge?
A: Based on the principle of protecting the interests of investors, whether you withdraw or not, we will exempt all investors from the fund management fee, custody fee and sales fee charged by institutions in accordance with the contract from the establishment of the fund to December 22.
4u3001 Can I still quit after the exit selection period?
A: after the exit option period, the holder can sell the fund in the market, and then ant will provide the corresponding platform function. However, investors need to pay attention to the situation that floor trading may produce discount and premium.
5u3001 How to transfer OTC shares to in market trading?
Cross system re custody refers to the behavior that the holders of fund units transfer their fund shares to the open-ended fund registration and settlement system (TA system) and securities registration and settlement system.
The following preparations should be made before handling cross system re custody: first of all, you need to have a securities account. If I have not opened an account with a securities trader, I can use the securities account of the original securities trader.
Step 1: get in touch with the securities business department to be transferred to and get the seat number of the securities business department.
Step 2: you can handle cross system custody transfer business with valid ID card and securities account card at the transferors sales agency on the trading day. It is necessary to fill in the application form for re custody, indicating the seat number of the securities business department to be transferred in, the fund account number, the fund code to be transferred out and the quantity of re custody, of which the number of transferred custody shall be an integral number.
6u3001 How long does it take to transact the re custody?
A: if the cross system transfer of custody applied for on the t day (trading day) is valid, the fund units declared for re custody can arrive on the T + 2 day. Trading fund units can be carried out from t + 2.
A: at present, the Innovation future fund still retains the opportunity of strategic placement of listed companies, which will be subject to the specific provisions of the stock exchange.
8u3001 If investors want to increase their positions in the future, can they still buy?
9u3001 Will fund managers be replaced in the future?
A: regardless of whether ant group shares are allocated or not, fund managers will continue to manage your fund diligently and responsibly, and strive to bring you long-term returns.
10u3001 Will fund managers self purchase fund withdraw halfway?
In addition, some replies have also been released on the Alipay platform, which can also be used for reference by investors.
The ants afterwave is not over! Ali failed to fulfill the disclosure obligation in class action in the United States
In the face of class action by overseas investors, will Ali be hit hard again when ant groups listing is suspended and aftershocks continue?
After the suspension of listing, Ali was sued by American investors on the other side of the ocean.
Prior to that, due to the suspension of ant listing, Ali US shares had the biggest decline in more than five years, and the market value evaporated by 81.3 billion US dollars a day. Accordingly, many law firms are collecting claims clues from overseas investors, intending to accuse the company and its senior management of making significant false or misleading statements in the IPO process of ant group, thus causing heavy losses to shareholders.
In fact, this is not the first time that China and the United States have encountered overseas class action charges. Only in April this year, Ruixing encountered a class action in the United States due to fraud, or it will face 10 billion compensation, which caused public outcry; Ali also paid 250 million US dollars for class action in 2015.
After interviewing a number of lawyers, we found that in the class action against Ali, there was a dispute in the industry about whether Ali had an ant event disclosure obligation, but even if there was a possibility of winning the lawsuit, Ali was still more likely to choose a settlement.
Class action charges Ali: failing to fulfill the disclosure obligation and making misleading statements
Interface news learned that a team of domestic lawyers has joined the class action against Alibaba.
At present, Beijing Hao Junbo law firm is soliciting clues from Alibaba investors, mainly investors who buy or acquire Alibabas stocks or options and other securities from October 21, 2020 to November 3, 2020, and suffer great investment losses.
Interface news learned from Hao Junbos lawyers office that the firm has collected dozens of investors deliveries. At present, the court has accepted the case and is looking for the first plaintiff. According to him, the conditions for US stocks to sue investors are relatively loose and the threshold is low, which is also the main reason why the cases can be accepted.
According to Hao Junbos lawyers English complaint to the interface news (the complaint has been updated to the international lawyers official account), the complaint states that Alibaba owns 33% of the ant group, while Alibaba has not disclosed the following major adverse facts or misleading statements to investors:
(1) Ant group does not meet the listing qualification or disclosure requirements in some important matters;
(3) Due to the above situation, the IPO of ant group may be suspended reasonably;
(4) Due to the above reasons, Alis positive statements on the companys business, operation and prospects are misleading or lack of reasonable basis.
According to the complaint, the suspension of the listing of ants was related to the meeting with the regulatory authorities the day before and the latest changes in the regulatory environment for financial technology. It also quoted the financial times on November 2, 2020 as saying that Chinese regulators met with Ma Yun and Jing Xiandong, senior executives of ant group. Although regulators did not provide details, the Chinese word used to describe the interview - Interview - usually refers to the reprimand of the authorities, the article said The article also included a statement from ant group that it would thoroughly implement the opinions of the meeting.
According to the complaint, it is entirely possible for Alibabas senior executives to know about Alibabas negative non-public information, and have the obligation to disseminate accurate and true information about Alibabas financial situation and operating results, and promptly correct any public statements made by Alibaba.
In addition to the regulatory interview the day before, Hao Junbo also pointed out to the interface news that the new online lending regulations were included in the cbcircs 2019 rules and regulations legislative work plan as early as April 30, 2019, but the plan did not appear in the risk disclosure of the ant prospectus.
He believes that, in accordance with the established practice, regulatory authorities are likely to solicit opinions and opinions of corporate entities in the industry in advance by exploratory or informal methods before publishing the draft.
I personally believe that if a company knows that relevant legislation is being drafted before it goes public, it should disclose the relevant risks to investors, said Hao Junbo, a lawyer.
Alis disclosure obligation is controversial and it is difficult to provide evidence
How does class action affect Ali? For the sudden news of ants suspension of listing, does Ali need to bear the obligation of disclosing the default? Will senior directors liability insurance still pay? This is the main argument about Alis class action.
Many lawyers have no objection to the fact that the class action has been accepted by the court. Song Yixin, a partner of Shanghai hanlian law firm, pointed out that the plaintiffs holding of Alis equity and his claim that ants suspension of listing has constituted Alis infringement on the plaintiff, and that the conditions for prosecution have been met, and the courts acceptance is a necessary procedure.
However, he believes that acceptance does not mean victory. Only ant group has the obligation to disclose the relevant announcement about the suspension of listing of ants. As an associated shareholder of ants, Ali is slightly far fetched in its disclosure obligation.
He pointed out that whether there is a causal link between ant groups suspension of listing and Alibabas management remains to be seen. If there is causality before and after, then Ali is likely to lose the lawsuit, but if the causal relationship between the two is weak, then Ali is not likely to have responsibility.
Guo Handong, the chief partner of Shanghai hanlian law firm, holds the same view on the information disclosure obligation. He added that although Ali is the largest shareholder of ant, it is not the actual controlling shareholder, and both are related companies. Therefore, even if there are illegal or illegal problems in ants early application for listing, it will not be a problem for US stock Alibaba; it should be investigated according to law It is the controlling shareholder, actual controller and relevant directors and executives of ant, and should not be required to bear the responsibility of American shares Ali.
For ants did not disclose the reasons for the drafting of the new rules on small loans online, Guo Handong also expressed disapproval. The reason is very simple. If a piece of legislation is only in the stage of work plan and there is no content, how can it be predicted? How to disclose it?
Its hard to prove that the executives of ant group knew about this, and even if they did, its hard to prove that Ali executives predicted the seriousness of the new rules, Sun said.
Should premium Dong liability insurance pay?
Directors liability insurance, the full name of which is the liability insurance for directors (supervisors) and senior officers. Generally speaking, if the directors and senior managers of a company suffer economic losses due to their fault when exercising their functions and powers, the risk of corresponding economic compensation liability can be transferred to the insurance company.
Ant group and Alibaba both bought Dong liability insurance. Previously, according to media reports, the total insured amount of ant groups Dong liability insurance policy was as high as 1.5 billion yuan; the interface news insiders learned that the total insured amount of Ali Dongs liability insurance policy also reached 500 million yuan.
As far as the two Dong liability insurance policies are concerned, many lawyers told the interface news that the collective accusation was directed against Ali, rather than the unlisted ant group. Therefore, the 1.5 billion Dong liability insurance of ant group is not necessarily useful. If Ali chooses to settle down or lose the lawsuit, it is very likely that Ali will pay for the liability insurance.
Class action takes a long time. Ali is more likely to settle
Even in this class action against Ali, there is a dispute in the industry about whether Ali has the obligation to disclose the ant incident, and it is difficult to prove Alis responsibility. However, according to Professor Sun Hongtao, Ali is likely to choose a settlement.
The most important role of Dong liability insurance is not only to settle claims, but also to defend and reconcile. Sun Hongtao pointed out that after the class action comes into effect, the insurance company that underwrites Dongs liability insurance will perform two functions on behalf of the defendant. One is defense, believing that the evidence of the other party is not sufficient to make up for the compensation; on the other hand, reaching a settlement with the other party can not completely compensate the investors losses, but at least it will not cost the investors nothing.
Professor Sun Hongtao believes that reaching a settlement is often a more efficient and efficient way to solve problems, and it is also a better choice for listed companies. If we choose to defend, it is very likely to prolong the time of this legal dispute. From the perspective of actual capital operation and practice, falling into a long-term legal dispute is often not conducive to the performance of Listed Companies in the capital market, so it is not necessary to pick up the sesame seeds and lose the melon.
If we choose to settle, the liability insurance company will pay more, and the cost of settlement may be more cost-effective than the high lawyer fees in the United States.
In fact, it is not the first time Ali has encountered a class action lawsuit.
On January 28, 2015, the former State Administration for Industry and Commerce published an article entitled white paper on administrative guidance to Alibaba Group on its official website. It disclosed an administrative guidance forum held in Zhejiang Provincial Bureau of industry and Commerce on July 16, 2014. Alis main responsible personnel and management team of core departments attended the meeting and accepted administrative guidance.
However, in order not to affect Alibabas listing, this is an internal meeting, and Alibaba has not disclosed relevant information in the prospectus.
According to the companys announcement, the settlement of $7500 million was completed in December, 2018, and it took Alibaba a few months to pay $7500 million.
Obviously, Alis patience with the long class action is insufficient. Ali once said that it is meaningless to spend a lot of time and energy on a meeting minutes without any legal effect when the facts are clear. Such a long lawsuit is neither conducive to protecting the interests of shareholders nor helping Ali focus on creating more value for the society.
On November 17, during the glonghui u00b7 global investment Carnival u00b7 2020 held on November 16, Liu Yuhui, Professor of the Institute of economics of the Chinese Academy of Social Sciences, said that the CSRC held a meeting a few days ago, reiterating that it was impossible for ant group to be listed in China.