In Huaxia Fund, Wang Yawei created a performance myth by focusing on the formation of shares, and after the "smuggling", with the passing of the era of restructuring shares, Wang Yawei gradually disappeared from the public eye. Now, the legend is left to the market only rumors of lost contact
Text: Huang Huiling, intern, Liang Junyi
Edit | Lu Ling
On February 2, 2024, Wang Yawei, the former "first brother of public offering" and founder of Qianhe Capital, was exposed to be missing for the third time. Unlike the two heated discussions in June and October 2023, which ended in Wang Yawei's release of the circle of friends to indirectly respond to the rumors of "being investigated", this time Qianhe Capital waited for the first official announcement to respond.
On February 3, Qianhe Capital, a private equity institution, issued an announcement saying, "Due to personal reasons, Wang Yawei will not participate in the company's operation and management for the time being." At present, the company's management team is all on duty, effectively performing their duties and maintaining the normal operation of the company. At the same time, Qianhe Capital said that it had 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 completed, and the existing liquidity is sufficient.
Wang Yawei withdrew from not only the management of Qianhe Capital. According to Tianyancha data, Wang Yawei has 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.
In addition, at the end of 2023, the AMAC information publicity system showed that Shanghai Xiheng Asset Management Co., Ltd., which was actually controlled by Wang Yawei, submitted an application for the change of major matters, but the delivery status was once "returned for correction". Up to now, Wang Yawei is still the general manager and actual controller of Xiheng Assets.
Wang Yawei once became a myth of A-shares with his precise ambush of restructuring stocks. He has publicly stated that restructuring stocks are a product of a specific stage of development of China's securities market, which contains many investment opportunities, and it is irresponsible to turn a blind eye to this.
With the passing of the era of restructuring stocks, Wang Yawei has gradually disappeared from the public eye. Among those former "Wang Yawei concept stocks", as many as 17 stocks are on the verge of delisting or have been delisted. Among them, there are also many companies that have been heavily fined by regulators for fraudulent listings and fictitious transactions to boost performance, including Geeya Technology and Shenwu Environmental Protection.
The performance myth of "public offering first brother".
Wang Yawei's road to fame can be traced back to the beginning of the development of China's public funds.
In 1993, Wang Yawei, the "top student in the college entrance examination", graduated from Tsinghua University, and in 1998, he followed Fan Yonghong to participate in the establishment of China Asset Management and served as a fund manager.
In more than six years, the ChinaAMC Large Cap Select managed by him achieved a return of 1195.25%, won two championships, one runner-up, and ranked 26th in the whole market in the worst year, becoming a legend in the history of Chinese funds.
During his tenure in the public fund, Wang Yawei was known for investing in unpopular restructuring stocks. Wang Yawei once said in an interview with the media, "Investing in restructuring stocks and value investment are not in conflict. I am concerned about restructuring stocks because they are a product of a specific stage of development in the mainland securities market, which contains many investment opportunities, and it is irresponsible to turn a blind eye to them. But I never invest in restructuring stocks based on inside information, I only rely on three points: public information, reasonable speculation, and portfolio investment. ”
Mr. Wang's bet on restructuring began in 2006. In the third quarter of that year, a Hunan chemical company named Yueyang Xingchang appeared in Wang Yawei's position, with a total market value of less than 2 billion yuan. At the end of December, Yueyang Xingchang announced that it would suspend trading due to reorganization, and in February of the following year, it announced that it had reached a restructuring intention with Hunan Gaoqiao Company, and Yueyang Xingchang gained 10 daily limits after the resumption of trading.
It is worth mentioning that at that time, in order to meet the provisions of the fund contract, ChinaAMC Large Cap Select specially convened a general meeting of holders by means of communication to revise the fund contract and revise the definition of large-cap stocks to stocks with a total market value of not less than 1.5 billion yuan.
Subsequently, Wang Yawei successively bet on ST Guangsha, ST Changhe, Emeishan A, Yun Aluminum Co., Ltd., Lekai Film, Guangzhou Iron and Steel Co., Ltd. and other restructuring concept stocks. By 2012, Wang Yawei had become the first fund manager in the history of the fund to create a 10-fold return for holders with an annualized performance of 49%.
At the same time, Wang Yawei frequently "bets" on restructuring stocks, and questions about whether it is insider trading are rampant. In May 2012, China Asset Management announced Wang Yawei's resignation.
Wang Yawei explained at the media conference: "The attention of the outside world is too high, which makes me very stressed. I don't want the media to cover the stocks I bought, and I don't want retail investors to invest in a stock because I bought it, and I don't want me to feel uneasy that they lose money because of it. ”
Qianhe capital rises and falls
After leaving ChinaAMC, Wang Yawei founded Qianhe Capital, serving as an executive director and general manager, holding 90% of the company's shares, and established a hedge fund TOP ACE in Hong Kong.
Relying on Wang Yawei's influence, the first phase of Qianhe Capital's product once set an investment threshold of up to 20 million yuan, but the quota was still snatched up, and it was easy to raise 2 billion yuan, surpassing all previous private equity product initial data. After that, the assets under management of Qianhe Capital soon exceeded 10 billion yuan, and reached 30 billion yuan at the peak.
Wind data shows that until the bull market in 2015, Qianhe Capital was still the leader of the private equity team, appearing in the list of shareholders of many listed companies, and "Wang Yawei concept stocks" continued to attract market attention and pursuit. However, after entering 2016, Qianhe Capital's total shareholding in listed companies shrank significantly, and it began to withdraw from the first echelon of private equity in 2018.
Wang Yawei's longest-held stock during his tenure at the helm of Qianhe Capital was Haixin Energy, formerly known as Sanju Environmental Protection. This environmental protection company, which provides services in the fields of petroleum refining and coal chemical purification, was once an "Internet celebrity" enterprise on the GEM, and Wang Yawei once gained more than 7 times the income. However, the company fell into a liquidity crisis due to the aggressive expansion model, and was involved in negative events such as illegal related party transactions and information disclosure violations.
The preference for aggressive mode is also reflected in Wang's other heavy stocks.
Since the end of 2015, Qianhe Capital's funds have appeared in the list of shareholders of China Merchants Group. The private equity investment institution, which claims to adhere to the "open development model of wide opening and closing, linkage between upper and lower levels, and internal and external docking" and is listed on the New Third Board, has intensively acquired shell resources and raised large-scale financing, but was finally forced to delist in the major changes in the regulatory environment such as the new eight rules for private placement, the strictest new regulations on backdoor transactions, and the new regulations on the reduction of shareholdings of listed companies.
In the first quarter of 2017, Wang Yawei newly entered Gome Communications. The stock was formerly known as Sanlian Trading Co., Ltd., and its main business was home appliance retail. In 2016, it acquired Dejing Electronics at a price of up to 900 million yuan to enter the intelligent mobile terminal track and changed its name to Gome Communications. However, the performance did not improve after the asset transfer, but faced the dual pressure of operating conditions falling short of expectations and goodwill impairment. In 2017, Gome Communications fell by more than 30% throughout the year, and Wang Yawei also continued to reduce his holdings, and finally admitted losses and withdrew.
According to Wind statistics, 145 stocks bought by Wang Yawei in the Qianhe Capital stage were publicly disclosed, mostly in the fields of computers, electronics, and media. It is worth mentioning that among these stocks, as many as 17 stocks are on the verge of delisting or have been delisted in the future. Including Zhongke Investment, Yilianzhong, Hongxiang Shares, Gome Communications, etc. Among them, there are also many stocks that have been heavily fined by regulators for fraudulent listings and fictitious transactions to push up performance, including Geeya Technology, Shenwu Environmental Protection, etc.
From public offering to private placement, with the passing of the era of restructuring shares, Wang Yawei and the Qianhe Capital founded by him withdrew from the center of the stage together.
In 2021, Cui Tongkui, one of the core team members who started a business with Wang Yawei and is regarded as Wang Yawei's "big disciple" by the outside world, left Qianhe Capital and joined Panjing Investment in November of the same year. In February 2023, Wang Yawei stepped down as the company's chairman and changed to a legal person, general manager, and executive director.
(Caijing reporter Guo Nan also contributed to this article)