Wang Yawei "lost contact", where did the "Qianhe system" private equity matrix go?

Author | Yao Yue

Edit| Fu Ying

Source | Unicorn Finance

The "disappeared him" in the financial circle continues to be staged.

On February 2, Wang Yawei, the former "first brother of public fundraising", was rumored to be "lost" for the third time. However, the day after the news came out, there was no "my circle of friends reporting safety" like the previous two times. On the contrary, Qianhe Capital Management Co., Ltd. (hereinafter referred to as Qianhe Capital), which was founded by Wang Yawei and holds 90% of the shares, announced that "due to personal reasons, Wang Yawei will not participate in the operation and management of the company for the time being." ”

For a long time, there have been different opinions about the reason for Wang Yawei's "disappearance", and many of them have pointed to Zhu Congjiu, the former assistant to the chairman of the China Securities Regulatory Commission and the "1 billion vice governor" who has been dismissed. On February 4, the "Southern Metropolis Daily" obtained information from a source in Beijing that after Zhu Congjiu was investigated, Wang Yawei was questioned several times, which is also the reason for several rumors of missing contact. "At present, he is in the stage of being transferred to the procuratorate and is in Shaoxing, Zhejiang."

"Being at the stage of referral to the prosecutor's office means that a criminal offence may already be suspected. Zhang Xiaoying, a lawyer at Beijing Yingke Law Firm, said.

He has been named the No. 1 fund manager in China by Forbes Chinese for three consecutive years and twice won the champion fund manager of the year, and has returned 1182% in more than 6 years at the helm of "ChinaAMC Selection", far exceeding the average of 234% of its peers. During Wang Yawei's tenure at China Asset Management, he was known as the "first brother of public offering" by the market.

In 2012, Wang Yawei, who "showed off in the forest", switched from public to private equity. Since then, it has taken more than ten years to build a private equity matrix with Qianhe Capital as the core. If the news that Wang Yawei is "in the stage of being transferred to the procuratorate" is true, what will happen to the "Qianhe system" in the future?

1

Wang Yawei's wife presides over the overall situation,

The product is in liquidation

In June and October 2023, Wang Yawei was rumored to have lost contact twice, even if both times were on the second day of the news, he indirectly refuted the rumors by updating the circle of friends, but since then, there has been no accurate dynamic news of Wang Yawei from the outside world, and it has been more than half a year.

On February 2, the news of Wang Yawei's disappearance spread for the third time. The next day, the official website of Qianhe Capital released the "Explanation of Qianhe Capital on Public Opinion Reporting", saying, "Due to personal reasons, Wang Yawei will not participate in the company's operation and management for the time being. Qianhe Capital also said that the company has disclosed the relevant situation to sales channels and investors, and arranged for the temporary opening of products in a timely manner. At present, the redemption work has been basically successfully completed, and the existing liquidity is sufficient.

According to Tianyancha, Qianhe Capital was established in 2012, and Wang Yawei holds 90% of the shares of Qianhe Capital, is the actual controller of the company, and serves as the company's legal representative, executive director and general manager.

According to Tencent News's "Frontline" column, a number of core sources revealed that Qianhe Capital is currently Wang Yawei's wife in charge of the overall situation. Qianhe Capital has completed the liquidation of capital from external sources.

Source: Canned Gallery

In fact, some of the news about Qianhe Capital has lagged behind in recent days. According to comprehensive media news, some brokerages have been liquidating Wang Yawei's products since last month, or even earlier. Also last month, Qianhe Capital's Beijing office, which is also the registered address of Qianhe Capital's registered address with the Asset Management Association of China (AMAC), was also cleared.

Qianhe Capital's last fund was filed in early July 2022. In other words, there has been no new product filing for 19 consecutive months. In 2023, 87 private placements of 10 billion yuan will record a total of 2,341 products, accounting for 14.65% of the total number of filings, and the average number of private placement products filed with each 10 billion yuan will be as high as 26.91.

Liao Hekai, an analyst at Jinle Function, said that the scale of Wang Yawei's products has shrunk greatly, and the fundraising of new products is not good, and there is a possibility of dissolution after the liquidation of subsequent products.

According to the data updated on the AMAC website in March 2023, Qianhe Capital has 21 employees, of which 20 have fund qualifications. A total of 51 products are in operation, 8 products are in early liquidation, and 4 products are in normal liquidation. The management scale is 5 billion to 10 billion yuan.

2

Where does the "Qianhe" private equity matrix go?

Not only Qianhe Capital, Wang Yawei has built a "Qianhe system" private equity matrix.

In 2012, Wang Yawei bid farewell to public offering and switched to private equity. In that year, Wang Yawei founded Qianhe Capital, which was registered as a securities private equity fund manager, mainly investing in the secondary market. The following year, Wang Yawei established Qianhe Investment Co., Ltd. (hereinafter referred to as Qianhe Investment), targeting private equity and venture capital, that is, mainly investing in the primary market.

IT IS WORTH MENTIONING THAT IN 2012, WANG YAWEI ALSO ESTABLISHED THE HEDGE FUND TOP ACE ASSET MANAGEMENT (HEREINAFTER REFERRED TO AS TOP ACE) IN HONG KONG, TARGETING OVERSEAS CAPITAL MARKET LAYOUT.

This is the main outline of Wang Yawei's "Qianhe" private equity matrix involving domestic and foreign, primary and secondary markets.

Source: Canned Gallery

To a large extent, with the strong blessing of the previous halo, Wang Yawei won the first battle in the private market. The first private equity product "Yunfeng" issued by Qianhe Capital refreshed the three major records in the private equity industry at that time: first, the subscription threshold reached a maximum of 20 million yuan, refreshing the previous record of 10 million yuan created by private placement, second, it raised 2 billion yuan to break the record of the highest scale of a single private placement, and third, the fixed management fee rate reached 2.5%, breaking the previous record of 2.2%.

Subsequently, the management scale of Qianhe Capital also exceeded the 10 billion yuan mark, which was close to 20 billion yuan at the end of 2015 and reached 30 billion yuan at the peak.

But Wang Yawei's private equity road "opened high and went low". Since then, Wang Yawei's management products have not only experienced a sharp decline in performance, but also fallen into the vortex of stepping on thunder, such as the restructuring of the FAW system and the investment promotion of Zhongke, all of which ended in huge losses.

In 2021, Qianhe Capital also encountered a "personnel crisis", and Cui Tongkui, a well-known fund manager who was regarded as Wang Yawei's "big disciple" by the outside world, suddenly bid farewell to his "old club" where he had worked for six years and switched to another 10 billion private equity investment in Beijing. This move was very puzzling to the outside world at the time.

Since then, the scale of Qianhe Capital has also struggled at around 10 billion yuan. In October 2022, the scale of Qianhe Capital fell below 10 billion, and then returned to the list of 10 billion private placements in February 2023, but fell below 10 billion again in August of that year. Until now, it has been maintained in the range of 5 billion yuan to 10 billion yuan.

Some industry insiders who did not want to be named believe that the scale of Wang Yawei's fund has declined from 300 (100 million yuan) to about 100 (100 million yuan), in addition to customer redemption, a large number of losses have market reasons, and more importantly, its traditional model, has been hit by the younger generations of the track, Wang lost money in the process of operation, and many funds with a background no longer helped him.

Source: Canned Gallery

Wang Yawei's first equity investment, private placement Qianhe Investment, voluntarily cancelled the qualification of private equity manager on September 26, 2021. The company's industrial and commercial entity is still in existence. According to Tianyan, Qianhe Investment is 98% owned by Qianhe Capital, and Wang Yawei serves as the legal representative, executive director and general manager.

In the same year that Qianhe Investment was cancelled, Shanghai Xiheng Assets, another equity venture capital private equity fund controlled by Wang Yawei, changed its legal person from Wang Jingxuan to Liu Yang. Liu Yang joined Qianhe Private Equity in May 2020 and worked as a salesperson in the international business department of China Asset Management in the early days, and then worked in Changsheng Fund and Beijing Origin Yuanhang Investment Management Co., Ltd.

In this regard, the market tends to believe that the "public offering boss" has a new strategic layout. According to the "Financial Associated Press", for the company's legal person change, the market has speculation that the "Qianhe system" intends to be on the new third board. But this statement has not been confirmed so far.

Qianhe Investment was cancelled, and Shanghai Xiheng Asset Management was regarded as the "core carrier" of Wang Yawei's private equity. According to the website of the AMAC, Shanghai Xiheng Assets is operating 19 products, 2 of which are liquidated in advance, with a scale of 1 billion to 2 billion yuan.

Up to now, Wang Yawei actually controls three private equity institutions with filing qualifications, in addition to Qianhe Capital (securities private placement), Shanghai Xiheng Assets (equity venture capital private placement), and Qianhe Hongding Investment (equity venture capital private placement), which is operating 1 fund, no liquidation products, with a scale of 0-500 million yuan.

As for the top ace that aims at the overseas market. As of mid-2023, there are only 11 targets left in the U.S. stock market, almost all of which are Chinese concept stocks. The market value of the position is 28.0726 million US dollars, about 205 million yuan, which has shrunk by nearly 80% compared with the end of 2022.

According to the "Daily Economic News", as early as the end of 2015, Wang Yawei has officially stepped down from Top Ace. From a compliance point of view, any investment by Top Ace is not made by Wang Yawei.

According to Tianyancha, Wang Yawei recently stepped down as the actual controller and partner of Xi'an Juxiande Medical Technology Partnership (Limited Partnership), Hainan Gechuang Enterprise Management Partnership (Limited Partnership) and other enterprises.

Shen Meng, director of Xiangsong Capital, commented that after Wang Yawei left the public fund industry, the scope of influence on investors has been greatly reduced, so although he is still a topic of conversation, his impact on the market is limited except for the heat of public opinion. "The artificially created gods in the era of media flooding have stepped down from the altar after switching from public to private. ”

What do you think are the reasons why a generation of "public offering brothers" fell off the altar? What will be the fate of the "Qianhe system" private placement? Welcome to leave a comment.