Weekly Roundup:
1. This week (2022.08.01-2022.08.07) the A-share index diverged, with the Shanghai Composite Index falling 0.81%, the Shenzhen Component Index up 0.02%, and the ChiNext Index up 0.49%. In the industry, electronics, computers, national defense and military industries rose in the front, and household appliances, real estate, and automobiles fell in the front.
2. A total of 529 private securities investment funds were filed this week, up 6.22% from the previous week. A total of 388 private equity firms participated in the filing of private securities investment funds this week. The overall returns of the eight major strategies in the past month are still falling, and the returns of futures and derivatives strategies have led the rise.
3. A total of 190 products were filed in the private equity market this week, up 3.26% month-on-month. Among them, 80 private equity funds were filed and 110 start-up funds were filed. A total of 175 institutions participated in product filings this week.
4. A total of 129 events involved investment, listing and mergers and acquisitions this week, involving a total amount of 32.194 billion yuan, mainly distributed in Guangdong Province, Beijing Municipality, Shanghai Municipality and Jiangsu Province from the geographical distribution of transaction events.
1. The situation of private placement managers
According to the filing data of the Securities Investment Fund Industry Association, 59 new private equity managers were filed this week (2022.08.01-2022.08.07). Among them, there are 26 private securities investment fund managers, 32 private equity and venture capital fund managers, and 1 other private equity investment fund manager. Among them, Beijing Edyou Private Placement, Hainan Zeta Private Equity, Doumi Niangao Private Equity, Zhuhai Snow Wolf Private Equity, etc. are all public and private cases. In addition, a total of 102 private equity institutions were deregistered this week, of which 41 were actively deregistered and 61 were deregistered by associations.
Second, the situation of the private securities investment market
(1) The filing and establishment of this week
According to the filing data of the Securities Investment Fund Industry Association, a total of 529 private securities investment funds were filed this week (2022.08.01-2022.08.07), an increase of 6.22% over the previous week. A total of 388 private equity firms participated in the filing of private securities investment funds this week. Of the products that completed filings this week, 179 private securities investment funds were established this week, down 2.72% from the previous week. The number of products established and filed this week accounted for 33.84% of the number of products filed this week.
From the perspective of the institutions that filed the products, Qiyuan Assets filed 13 products this week, ranking first; Secondly, Lingsheng Investment filed 8 products, ranking second; Abama Assets, Jilu Assets, and Positive Private Placement all filed 6, tied for third; Hengbang Zhaofeng Private Equity, Shangyang Assets, Hengchang Hongde Assets, Sixun Investment and other 8 private placements have filed 4 products. There are many new institutions on the list this week, among which Qiyuan Assets is a medium-sized institution with a management scale of 2-5 billion yuan, and has developed a mature professional line in the direction of FOF strategy, quantitative hedging strategy, index enhancement strategy, subjective stock strategy, stock T+0 strategy and so on. Lingsheng Investment is mainly based on multi-asset strategy, and Jilu Assets is a small private placement based on equity strategy.
Judging from the custody of private securities investment funds filed this week (2022.08.01-2022.08.07), the top five brokerage custodians managed a total of 347 funds, accounting for about 66% of the total number of filings this week. Guotai Junan Securities remained first this week, accounting for 18%; Followed by CITIC Securities, accounting for 18%; China Merchants Securities fell to third. This week, a total of 30 securities companies and banks participated in the custody of this week's filing products, including 3 banks, and the number of institutional custody products in total was 10 or more.
Judging from the geographical distribution of private securities investment fund product filings this week, the office is mainly concentrated in four regions of Shanghai, Guangdong Province, Beijing Municipality and Zhejiang Province, with a total of 442 private securities investment funds on record, accounting for 84% of all the products filed this week. In terms of cities, Shenzhen ranked third with 72 filings; Guangzhou and Hangzhou ranked fourth and fifth respectively, Wenzhou rose to sixth, and Nanjing and Chengdu tied for seventh.
(2) The income of the current period
According to the reclassification of the private securities product strategy by the private placement ranking network, the stock market neutral strategy under the event-driven strategy and the original relative value strategy is classified under the stock strategy, the arbitrage strategy under the composite strategy, the macro strategy and the original relative value strategy is divided into a multi-asset strategy, and the managed futures strategy is changed to a futures and derivatives strategy. This week (2022.08.01-2022.08.07) the returns of private securities investment funds in the past month continued to decline, of which the equity strategy fell sharply, down 1.07 percentage points, the multi-asset strategy fell 0.79 percentage points, and the fund of funds fell 0.58 percentage points. Overall, futures and derivatives strategies have the highest yields, with a yield of 1.53% in the past month, followed by a bond strategy yield of 0.19%, the rest of the strategy returns are negative, and the stock strategy has the lowest yield of -1.41%.
Last week's Politburo meeting set the tone on several issues of market concern, such as epidemic prevention and control, real estate, and economic aggregates, and the possibility of implementing large-scale stimulus policies was reduced, mainly focusing on implementation, and market expectations were disappointed to a certain extent, resulting in the overall decline of the equity market. With the exception of the bond strategy, the overall yields of the products of the remaining strategies have declined, but the declines have been smaller. Under the influence of the Fed's interest rate hike of 75BP landing and releasing a dovish signal, the market sentiment was stimulated higher, and commodities continued to rise, but the income of CTA strategic products still fell slightly.
Third, the market situation of private equity products
(1) The filing and establishment of the equity market this week
According to the Asset Management Association of Securities, this week (2022.08.01-2022.08.07) a total of 190 products were filed in the private equity market, up 3.26% month-on-month. Among them, 80 private equity funds were filed and 110 start-up funds were filed. A total of 175 institutions participated in the filing this week, including 3 hainan fengfeng and private equity, Beijing New Ding Rongsheng Capital, 11 institutions such as CLP Smart Fund, Wanhua Hexiang Equity Investment, and Ningbo Commerce and Commerce Fund all filed 2 funds, and the rest were filed 1. The offices of the institutions that filed the products this week are mainly distributed in Guangdong Province, Beijing Municipality, Shanghai Municipality and Zhejiang Province.
(2) Equity market investment, mergers and acquisitions, and listings
This week (2022.08.01-2022.08.07) a total of 129 investments, listings and mergers and acquisitions involved a total amount of 32.194 billion yuan. Among them, a total of 87 investment incidents occurred, of which 70 incidents disclosed the amount of investment, totaling 14.398 billion yuan. A total of 3,133 M&A incidents occurred in the M&A market this week, and the disclosed transaction amount was 4.510 billion yuan. Nine companies went public this week, raising a total of RMB13.286 billion. Judging from the geographical distribution of this week's trading events, they are mainly distributed in Guangdong Province (17%), Beijing (16%), Shanghai (15%), and Jiangsu Province (14%).
Judging from the number of cases in the VC/PE market this week, it is mainly concentrated in the three major areas of biotechnology/healthcare, IT, semiconductors and electronic devices. From the perspective of the amount of disclosure, the amount of single investment and financing that occurred in the field of semiconductors and electronic equipment this week is large, and the amount of financing comes from August 5, when Guangliwei was successfully listed on the ChiNext board of the Shenzhen Stock Exchange. Guangli Micro publicly issued 50 million shares at an issue price of 58.00 yuan per share, with a total raised amount of 2.900 billion yuan. Guangliwei is a leading supplier of integrated circuit EDA software and wafer-level electrical test equipment, focusing on integrated circuit yield improvement and electrical test monitoring technology, is an important partner of many large integrated circuit manufacturing and design enterprises at home and abroad, and is also the only company in China that can provide systematic solutions for integrated circuit yield and mass production of WAT test equipment.
Fourth, the market dynamics of a week review
Fang Xinghai: Four aspects to improve the level of private equity funds to serve the real economy
On July 30, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the "2022 Qingdao China Wealth Forum" that the development of the private equity investment fund industry has made remarkable achievements. Under the new development pattern, the private equity industry is facing good development opportunities, and it is necessary to promote the industry to comprehensively improve the level of serving the real economy from four aspects. First, firmly establish the concept of high-quality development. The second is to actively undertake responsibilities and missions. The third is to pay attention to the advantages of professional investors. The fourth is to further improve the ability to serve the wealth management of residents. Private equity investment institutions should not only provide equity financing support for enterprises, but also pay more attention to post-investment management. Private securities funds should make full use of the increasingly abundant futures and options products to develop more fund products that meet the needs of different investors.
Heyuan Fund manages Huayu's new products to "absorb gold" of 9 billion
It is reported that as of the end of July, heyuan private equity fund Guan Huayu's new product omni-channel cumulative sales of about 9 billion yuan. The product was officially launched on June 21, through the company's direct sales, as well as CITIC Securities, CITIC Bank, China Merchants Securities, Galaxy Securities, CICC, Haomai and other channels. In addition, recently, the new products of Qinchen Asset Cui Ying are being sold on various platforms, and the taoyuan phase of the new product Quanguo Fund managed by the asset management veteran Wang Guobin also began to raise on July 28, and the explosive funds are expected to continue to appear.
Confidence has fallen, but it is better to increase the position
In August 2022, the A-share confidence index of Rongzhi China Hedge Fund Manager was 119.60, down 11.61 percentage points from July 2022. Among them, 6.0% of fund managers were extremely optimistic, down 0.1% from the previous month; 48.00% of fund managers were optimistic, down 19.68% month-on-month; 46% of fund managers held a neutral view, up 19.78% month-on-month; No fund managers were pessimistic and extremely pessimistic, unchanged from the previous month. However, while private equity as a whole remained cautious, the average position of equity subjective long-strategy private equity funds increased by 6 percentage points to 78% from the end of June.
Public recruitment veteran "self-reliant portal"
Recently, the Asset Management Association of China announced the latest batch of private placement lists that have completed the filing, and the wave of "public and private" is still raging. Specifically, on August 1, Beijing Aideyou Private Equity successfully completed the registration. According to the registration information, the private placement was established in August last year, and the legal representative, general manager and executive director Xu Guoping is a "veteran" of asset management, who has worked for Institutions such as Central Huijin Investment Co., Ltd., China Galaxy Investment, Galaxy Securities and Galaxy Fund, and joined Dacheng Fund as chairman of the supervisory board in March 2018. After leaving Dentons Fund in June 2021, Xu Guoping initiated the establishment of Beijing Aideyou Private Equity.
V. Weekly review of institutional dynamics
Xiaomi quickly set up a new fund
On July 27, Beijing Gigabit Innovation Technology Co., Ltd. issued an announcement on the progress of participating in the investment in private equity investment funds: on July 25, 2022, the company received the fund manager's notice of the first delivery date of the completion of the first offering of Xiaomi Intelligent Manufacturing Fund. The Manager confirms and notifies that July 20, 2022 is the first delivery date of the Xiaomi Intelligent Manufacturing Fund. It is reported that Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Xiaomi Intelligent Manufacturing Fund") plans to raise a total scale of RMB10 billion, and the initial fundraising scale is RMB6.33 billion, and the manager is Xiaomi Private Equity Fund Management Co., Ltd.
Xinding Capital participated in the establishment of a private equity investment fund partnership, holding 10% of the shares
On August 3, Beijing Xinding Rongsheng Capital Management Co., Ltd. added a new investment enterprise, Qingdao Xinding Nike Jinsan Private Equity Investment Fund Partnership (Limited Partnership), with an investment ratio of 10%. According to the enterprise investigation, Qingdao Xinding Nigel Jinsan Private Equity Investment Fund Partnership (Limited Partnership) was established on July 29, 2022, the executive partner is Xinding Capital, and its business scope includes: private equity investment, investment management, asset management and other activities. The company is 90% owned by Qi Dan and 10% owned by Xinding Capital.
Jiangxi Lushan Industrial Industry Guidance Fund completed the filing, with a total scale of 1 billion yuan
On August 1, 2022, the Lushan Industrial Industry Guidance Fund established by Jiangsu Investment Capital High Investment Fund was successfully filed with the China Foundation Association. It is reported that the total scale of the fund is 1 billion yuan, the first phase of the scale of 100 million yuan, the term of 10 years, the fund mainly invests in the digital economy, electronic information, integrated circuits and other start-up, growth and maturity of the project, to drive and support the local economic development of Lushan City. The establishment of this fund not only marks that the total scale of the management of the high-tech investment fund has exceeded the mark of 2 billion yuan, but also opened up the trend of marketization and diversified development of the high-tech investment fund.
ProSumer's Hanya Investment has appointed Shao Xin as the head of china
Recently, Hanya Investment, a wholly-owned asset management subsidiary of Prudential Group, announced the appointment of Shao Xin as the head of China, responsible for the overall management of the business of Hanya Investment Management (Shanghai) Co., Ltd., a wholly foreign-owned enterprise, and Shao Xin's qualifications are still subject to the approval of the relevant regulatory authorities. Prior to joining Hana Investments, Xin Shao was the Managing Director of Sino Analytica Global Investments Limited in China, where he has 20 years of industry experience and has held senior management positions in a number of asset management institutions, including Beijing Jiumu Capital Management Co., Ltd., Goldman Sachs Gaohua Securities Co., Ltd., Changsheng Fund Management Co., Ltd. and Huaxia Fund Management Co., Ltd.