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Lingjun Investment responded to being condemned by the exchange, and the private equity circle also fried the pot

Lingjun Investment responded to being condemned by the exchange, and the private equity circle also fried the pot

Reporter: Yang Jian Editor: Peng Shuiping

After the end of the Spring Festival holiday, investors have high hopes for the first trading day of the Year of the Dragon, and the market is in high sentiment. The Shanghai Composite Index opened higher on February 19, but was quickly smashed down within a minute of the opening.

After the market on February 20, the "culprit of smashing the market" on the first trading day of the Year of the Dragon was caught! The Shanghai and Shenzhen stock exchanges reported that Lingjun Investment smashed A-shares in a short period of time after the opening of the market on Monday: 2.567 billion yuan was frantically sold within one minute of the opening, causing the index to fall rapidly. The Shanghai and Shenzhen Stock Exchanges imposed trading restrictions on the relevant securities accounts in the name of Ningbo Lingjun and initiated the procedure of public reprimand and disciplinary action.

After the release of the above notice, some market participants said in the circle of friends that now the customer base of Lingjun Investment has exploded, and they are worried about investor redemption. In this regard, a person related to Lingjun Investment told the "Daily Economic News" reporter, "For the company's customer group bombardment, our company has been punished, and it is normal for customers to be suspicious." ”

Lingjun Investment smashed 2.5 billion within one minute of the opening of the market

On February 20, after the market, the first trading day of the Year of the Dragon, the "culprit of smashing the market was caught!" On February 19, the Shenzhen Stock Exchange found in the transaction monitoring that from 9:30:00 to 9:30:42, a number of securities accounts under the name of Ningbo Lingjun Investment automatically generated trading instructions through computer programs, and placed a large number of orders in a short period of time, selling a total of 1.372 billion yuan of Shenzhen stocks. The Shenzhen Stock Exchange decided to impose trading restrictions on the relevant securities accounts under the name of Ningbo Lingjun from February 20, 2024 to February 22, 2024, restricting it from trading all stocks listed and traded on the Exchange during the above-mentioned period, and initiating the procedure of public reprimand and disciplinary action against Ningbo Lingjun.

Coincidentally, the Shanghai Stock Exchange also issued an announcement that on February 19, it was found in the trading monitoring that from 9:30:00 to 9:31:00, a number of products managed by Ningbo Lingjun Investment sold a large number of Shanghai stocks totaling 1.195 billion yuan, during which the Shanghai Composite Index fell rapidly in a short period of time. It was found that Ningbo Lingjun's above-mentioned transactions violated the "Shanghai Stock Exchange Trading Rules", which stipulates that "programmed transactions are carried out through automatic generation or issuance of trading instructions through computer programs, which affect the security of the Exchange's system or normal trading order". The SSE has decided to continuously implement regulatory measures to suspend the trading of investors' accounts on the relevant products managed by Ningbo Lingjun from February 20, 2024 to February 22, 2024, that is, to suspend all stock trading of the relevant product accounts listed on the Shanghai Stock Exchange during the above-mentioned period, and at the same time initiate the disciplinary procedure of public reprimand to Ningbo Lingjun.

Judging from the content of the notice of the Shanghai and Shenzhen Stock Exchanges, the wording is harsh, and the Shenzhen Stock Exchange said that it will follow the unified deployment of the China Securities Regulatory Commission, resolutely implement the requirements of supervision to be "long teeth and thorns", angular and angular, adhere to the main responsibility and main business of supervision, continue to strengthen transaction supervision, and always maintain a strict tone and a high-pressure situation of "zero tolerance" for violations of laws and regulations that affect the normal trading order of the market and damage the legitimate rights and interests of investors, and respond quickly and strike hard.

After the release of the above notice, some market participants said in the circle of friends that now the customer base of Lingjun Investment has exploded, and they are worried about investor redemption. In this regard, a person related to Lingjun Investment told the "Daily Economic News" reporter, "For the company's customer group bombardment, our company has been punished, and it is normal for customers to be suspicious." ”

Ningbo Lingjun was publicly condemned, but the private equity investment circle lit up. A private equity person said in the circle of friends, "It's so touching, it's the first time I've seen this kind of punishment sold." Another private equity person said that this is very good, because the exchange has previously checked the continuous price limit to go long, and this is the first time in several years to investigate and deal with short.

The "Explanation of Strategic Operation" was popular, and Lingjun Investment related personnel: released before the holiday

From the perspective of performance, the performance of Lingjun Investment since 2024 is not satisfactory. According to the data of the private placement network, the net value of the unit of Lingjun Quantitative Stock Selection Pilot No. 2 as of February 8 was 0.6071 yuan, with a loss of 33.95% since the beginning of this year, and the net value curve has fallen off a cliff. The same is true for the net value of Lingjun Quantitative Stock Selection Pilot Privilege No. 1, which has lost 33.97% so far this year.

It is worth mentioning that the market has reported a "Statement of Strategic Operation" of Lingjun Investment, which shows the changes in its market-wide stock selection (pilot) model, of which the number of shares held on February 19 was not displayed, and the overall number of shares held on February 8 before the Spring Festival decreased by 415 from the previous day. Lingjun Investment said in the above-mentioned strategy statement, "The investment research team is also deeply remorseful in the extreme environment of the market...... This extreme environment is indeed a heavy lesson. ”

Regarding the above-mentioned "Strategy Operation Statement", Lingjun Investment related people said, "This strategy operation statement was released before the holiday, not today, and may only be in the hands of channel customers now."

Regarding the recent quantitative strategy, a private equity person said in the circle of friends, "The quantitative opening is concentrated on selling, and the sky-high selling orders are made by these quantifications." The homogeneity of quantitative strategies is serious, and all of them are quantitative trading software programs with one model. ”

Another private equity person said in the circle of friends, "The current strategy is the super falling micro disk + hot concept, mainly because the quantification is clear, no one picks wool", "At present, quantitative funds have gone to the CSI 500 plate to collect wool, and small ticket stocks have risen to open a market without resistance, referring to the incrementalization last week, which basically underperformed the index significantly." ”

Last year, he collectively refuted the smashing of quantitative funds

When everyone was full of confidence, the quantitative institutions fell into the whirlpool of public opinion again. In this regard, some market participants said in the circle of friends that this situation has many similarities with the situation of last year's "828 stamp duty reduction".

It is understood that on August 28 last year, the A-share Shanghai Index opened nearly 5% higher under the major benefit of reducing stamp duty, and did not expect that it closed up only 1.13%.

It is worth noting that on the evening of August 28, 2023, Wang Chen, founding partner and CEO of Jiukun Investment, reposted relevant articles through social platforms and said, "China Quant has endured too much unwarranted malice, and it is pure ignorance to say that quantitative smashing is pure ignorance", "China Quant Fund, which is always full, is the backbone of Big A". Coincidentally, shortly after Wang Chen released the news, Cai Meijie, chairman of Lingjun Investment, also forwarded the above article, and the attached text was consistent with Wang Chen. In addition, a number of quantitative private equity giants such as Jukuan Investment and Siyi Investment have also stood in line, stating that it is not quantitative funds that have caused the market to rise and fall.

According to the data, Lingjun Investment exceeded 10 billion yuan for the first time in 2018, and the asset management scale has exceeded 60 billion yuan by 2022.

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Sell 2.5 billion shares in 1 minute of opening! Quant giant Lingjun apologized late at night: net buying all day, insisting on long the Chinese stock market

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