In addition, on November 4, Chuang Jin Hexin Fund announced that its two funds participated in the subscription of Yiwei lithium energys non-public offering shares, and the total number of shares allocated was more than 1 million.
Wind data shows that as of December 3, 194 funds have participated in 283 fixed increase projects of listed companies since December 3, and only 95 funds participated in 103 fixed increase projects of Listed Companies in the whole year of last year. Specifically, 51 funds participated in the fixed increase more than once in the year. Among them, Xingquan Hengyi bond securities investment fund has participated in 7 times of fixed increase since this year, and Xingquan Antai balanced Pension Fund (fof) and Guangfa Juxin have participated in more than 4 times.
Yao Feijun, a fund manager who set up a mixed fund with China Merchants zenghoo for one year, said that since this year, the fixed increase market has continued to recover, and fixed increase has become a very important investment field for public funds.
The floating profit of the fund is considerable
Yao Feijun analysis pointed out that since the implementation of the new policy of refinancing at the beginning of the year, the issuance end of the fixed increase market continued to warm up. According to statistics, in the first three quarters of this year, 139 bidding projects were issued and the total amount of funds raised was 262.4 billion yuan, an increase of 35.58% and 21.30% respectively over the same period of last year.
With the increase of project supply, public funds are also actively participating, and the floating profit is considerable. Wind data shows that at present, there are 20 funds participating in the fixed increase project, and the fund is more than 100 million yuan. Among them, the most powerful is Guangfa science and technology pioneer managed by Liu Gesong. The fund participated in the fixed increase of Kangtai biology with 500 million yuan, and obtained 4.5455 million shares. Based on the latest closing price of 155.10 yuan, the floating profit of the investment has reached 205 million yuan; the e-fund consumer industry stock has participated in the fixed increase of Bairun shares with 479 million yuan, and the latest floating profit is 97.027 million yuan; xingquantrend investment mixed fund has participated in 6 fixed increase projects such as Yuanli stock, and the total floating profit is more than 100 million yuan.
He yuan, deputy director of capital management and Investment Department of venture capital Hexin fund, said that in the first half of the year, industrial investors with sufficient funds participated in the fixed increase projects; in the second half of the year, the number and scale of foreign institutions and public funds gradually increased, which made the structure of investors in the fixed increase market changed.
Screening high quality projects in three dimensions
When talking about the selection of fixed value-added projects, Du Xiaohai, director of quantitative investment department of Haifutong fund, said that first of all, it will select the industry companies with strong future prospects supported by national policies. On this basis, we will focus on the quality of the company itself and choose the high-quality target. This will focus on the companys product ceiling, industry status, competition pattern, profitability, historical performance realization, as well as multi-dimensional indicators such as the investment direction of raised funds, participation of related parties of listed companies, historical percentage of valuation of listed companies, and fixed increase discount rate.
He Yuan said that in addition to considering the basic factors of the company, the discount rate will also be considered. After the lock-in period of fixed increase project is shortened to 6 months, it is similar to the long buying strategy of stock. If we recognize the underlying fundamentals, and are willing to hold them for a long time, and can have a good discount rate, it will be more appropriate to buy.
In addition, Yao Feijun also mentioned the timing factor. According to the law of market cycle, a bull bear market usually has a cycle of about 1-2 years, he said. In a bear market, even high-quality stocks may also have a long-term or substantial decline. Therefore, timing is also very important for participation in fixed increase.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607