"Giant Mouse" Cai Songsong unveiled the shady curtain of the fund circle

Sharp eyes on finance

2024-04-16 16:08Posted on the official account of Beijing Ruiyankan Finance

Another super-top fund manager, something happened!

On the afternoon of April 15, a piece of news shocked the capital market:

Cai Songsong, a former star fund manager and a top performer among the top streamers, was involved in bribery, and related cases have been tried recently.

"Giant Mouse" Cai Songsong unveiled the shady curtain of the fund circle

At this point, Cai Songsong, a super scholar in the eyes of countless people, has officially come to an end in his career as a fund manager.

A high-IQ genius, the peak of his debut

Cai Songsong is a high-IQ genius, who entered the University of Science and Technology of China at the age of 15 to study computer science, and his master's and doctor's degrees are chip design at the Institute of Computing Technology of the Chinese Academy of Sciences.

After graduating, Cai Songsong worked as a chip designer in a company in Tianjin for several years, and then went to Huatai Securities as a computer industry researcher a few years later. At the end of 2017, Cai Songsong joined Sino Analytica as a researcher. Soon, in February 2019, Cai Songsong became a fund manager at a rocket-like speed, in charge of Sino Analytica Growth Mixed Securities Investment Fund.

Cai Songsong's fame comes from his bold operation, he completely abandoned the "cyclical stock + blue chip" portfolio strategy before Sino Analytica's growth, and completely turned the fund into a semiconductor fund. This is a typical style drift, from which it can also be seen that Cai Songsong is full of gambling.

Obviously, Cai Songsong was right, in the second half of 2019, with the arrival of the semiconductor boom cycle, the net value of Sino Analytica Growth Mixed Fund began to soar, achieving a return of 95.44% that year, nearly doubled!

This achievement squeezed into the top 10 of the domestic active equity fund yield that year, making the fledgling Cai Songsong famous, which can be described as "the peak of debut".

With the blessing of Internet traffic, Cai Songsong quickly became an Internet celebrity fund manager, and in 2020, with the popularity of Tesla, semiconductors have opened up a great imagination space in the automobile market. In that year, the net value of Sino Analytica rose again in the midst of fluctuations, and the net value of the year increased by 39.1%.

The scale of the fund has skyrocketed, with a huge loss of 10 billion yuan but lying down to earn management fees

Before Cai Songsong took over Sino Analytica, the fund was a veritable small fund, with a scale of only 380 million at the end of 2018, and with the rise in net value caused by countless subscriptions, the net value of Sino Analytica Growth Mixed expanded rapidly, reaching nearly 33 billion yuan by the end of 2020, and the scale skyrocketed 85 times in just two years!

Due to the heavy exposure to semiconductors, any turmoil in the industry will trigger a sharp rise and fall in Sino Analytica's growth mix, which has become more and more obvious after 2020. As a result, Cai Songsong was called Mr. Cai when he rose sharply, and he was scolded as a "rookie dog" when he fell sharply, and there were even "rookie dog" dolls on the Internet, which made Cai Songsong even more popular.

The more scolded, the more popular it is, black and red are also red, and the huge flow for Cai Songsong and Nuoan Fund means a huge amount of management fees.

After peaking in mid-2021, the mixed net value of Sino Analytica Growth has been declining, and it is still a positive return in 2021, but it will completely collapse in 2022, with an annual return of -40.04% and a huge loss of 12.93 billion yuan.

This rate of return is also ranked last in the public fund industry, but at this time, due to the scale has expanded, Sino Analytica Growth Mix still earned 376 million yuan in management fees that year. According to the rules of industry sharing, Cai Songsong had no problem earning tens of millions that year.

On the one hand, the blood loss of the people, and on the other hand, the fund manager gets an astronomical management fee commission, I am afraid that there is no better job on the whole earth, and Cai Songsong only needs to bear the painless scolding of the people.

The interests of fund managers are completely inconsistent with the interests of the people, which is also the root cause of the current crisis of trust in fund managers. If there is a solution, there is still a solution, that is, the fund manager must have a positive net worth in the current year, or outperform the CSI 300 index in order to get salaries and commissions, and not make a penny if he loses, but in fact, no one does this.

Gambler-style operation, depending on the liquidity as air

Behind the huge loss is Cai Songsong's own serious problems in operation, to put it mildly, he is already close to a gambler.

Zhuosheng Micro was listed in 2019, and its stock price peaked near 340 yuan in mid-2021, and then fell all the way down, falling below 80 yuan in October 2022, losing three-quarters of its market value in 16 months.

Cai Songsong continued to increase his position in the process of Zhuo Shengwei's decline, buying from more than 250 yuan all the way to 90 yuan. Every time it was hundreds of millions of purchases, until September 2022, the shareholders who increased their positions and added more than 5% of Zhuosheng Micro triggered the holding line.

According to the relevant regulations, shareholders cannot sell in reverse within 6 months after raising their cards, and from the perspective of maintaining safe liquidity, public funds will basically not trigger the holding line.

But Cai Songsong was stunned to do so, which shows that he doesn't even leave a basic back road for himself. No, it's not for the people!

Cai Songsong bought Zhuo Sheng Micro so wildly, is it because Zhuo Sheng Micro's performance is growing strongly, and the more it falls, the more it has investment value?

Although Zhuosheng Micro's net profit in 2022 will be 1.076 billion yuan, it will decrease by 49.61% year-on-year, almost halved!

Cai Songsong once complained about Jimin, saying that he hoped everyone would be rational and not call him Mr. Cai when he made money, and call him a rookie dog when he lost money. But in practice, it is Cai Songsong himself who is irrational, regardless of the deterioration of fundamentals, and still increases his position against the trend, and is full of gambling!

The operational rout made the net value of Sino Growth Mixed plummet by 21.06% in the third quarter of 2022 alone.

Resign after a huge loss and manipulate the securities market?

After a big collapse in net worth in 2022, Cai Songsong completely fell off the altar. At this time, Cai Songsong was unable to return to heaven at all, so he left Sino Fund on September 29, 2023.

After the news of Cai Songsong's accident came out yesterday, a reporter called his mobile phone to inquire about the matter, and Cai Songsong said that there was nothing to say about the news that he was "sentenced", this is the statement on the Internet.

According to relevant media reports, Cai Songsong may also be involved in market manipulation and other crimes in addition to bribery.

The author saw a news that Cai Songsong and Qu Quanru used the products they managed to operate the same stock, and directly asked the other party to transfer the benefit fee to their own account, Qu Quanru received about one million, and Cai Songsong received hundreds of thousands.

Qu Quanru is also the original fund manager of Sino Fund, graduated from Chinese University in 2012, joined Sino Fund in 2016, served as fund manager since April 2019, and left Sino Fund in the second half of 2022.

Qu Quanru and Cai Songsong served as fund managers of Nuoan at almost the same time, and a fund company has multiple fund managers who do these illegal and unclean things, so what is the internal supervision of Nuoan Fund? Is it just about creating gods for Cai Songsong?

Is there still anyone within the Nuoan Fund who is in cahoots with Qu Quanru and Cai Songsong? Many people must have doubts about this.

It stands to reason that fund managers are extremely smart people with high education and high IQ, but why do they always take over some stocks at a high level, so that the people suffer serious losses?

There must be a demon when things go wrong, and Cai Songsong's accident may just be the tip of the iceberg that has unveiled the shady curtain of the fund circle.

With Cai Songsong's accident, some fund managers who violated laws and regulations may have trembled, and these rats who have caused great harm to the people will also be punished.

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