Text: Tianfeng
Source: Fortune Unicorn
Recently, there has been a lot of news about securities public offerings, and the head brokerages have been fined one after another, and the rumors that Cai Songsong, a former well-known fund manager of Nuoan Fund, was arrested have also had the latest developments. According to the Jinhua Intermediate People's Court, the trial of Qu Quanru, Dong Boxiong, and Cai Songsong for the "crime of offering bribes to non-state functionaries" officially opened on March 27. The case number is (2024) Zhe 07 Xingchu No. 1.
Before the above news was announced, rumors about Cai Songsong had been heard endlessly, but the official website information has been stuck in the announcement of Cai Songsong's departure from Nuoan Fund on September 29, 2023, and there has been no news of new employment since then. However, for those who have not purchased its fund, they just have the mentality of eating melons, but for the people who are holding or have held the Sino Growth Mixed Fund, they have expressed that they want to claim compensation from the Sino Fund.
01
Some people said they planned to sue the Nuoan Fund
Cai Songsong's shares in VeriSilicon fell 80%
In recent years, with the tightening of financial supervision, since 2023, banks, regulators, brokers, private equity and other sub-industry bigwigs have been taken away, especially after Wu Qing, chairman of the China Securities Regulatory Commission, took office, the China Securities Regulatory Commission has focused its work on cracking down on financial fraud, over-raising, fraudulent issuance, benefit transfer and other financial violations.
It is foreseeable that these two years may become two years of centralized supervision of financial institutions and even the public offering industry. In this regard, some media reporters verified and learned that on March 27, the case of Cai Songsong, Qu Quanru, Dong Boxiong and other non-state functionaries accepting bribes and offering bribes to non-state functionaries was heard in the Jinhua Intermediate People's Court, with the case number (2024) Zhe 07 Xingchu No. 1.
It is worth noting that Cai Songsong was once the "top stream" of Sino Fund, compared with Manager Cai, Qu Quanru suddenly stepped down as the fund manager of 8 fund products on October 15, 2022, and served as the fund manager of Sino New Power Flexible Allocation, Sino Yixin Flexible, Sino Balance, Sino Shuangli Bonds, Sino Dingli Hybrid, Sino Huili Flexible, etc., with a management scale of more than 3.5 billion yuan.
Cai Songsong joined Sino Asset Management in November 2017, and began to manage Sino Analytica Growth Mix on February 20, 2019, with a scale of only 1.35 billion yuan at the beginning of his takeover, and then became famous with his heavy position in the semiconductor sector, leading Sino Analytica to achieve an annual performance of 95.44%, ranking 4/413 in the same category. However, in 2022, the annual loss was 12.93 billion yuan, and the management fee was 376 million yuan.
However, on September 29, 2023, Sino Fund suddenly announced that fund manager Cai Songsong officially left the three funds of Sino Growth, Sino Hexin and Sino Active Return due to personal reasons, and related products will be replaced and managed by Liu Huiying and Chen Yanpeng of Sino Technology Group. This means that Cai Songsong stepped down from all the products under management, and the announcement at that time also caused various conjectures among the people, and some people speculated that Cai Songsong might have to go to private equity.
As of the end of 2020, Cai Songsong's management scale was as high as 40.992 billion yuan, accounting for nearly one-third of the total fund size of Sino Fund at that time. Under the influence of the decline in product revenue, Cai Songsong's management scale has also begun to decline year by year, from 40.902 billion yuan at the end of 2020 to 31.879 billion yuan in 2021, and 29.335 billion yuan at the end of 2022, as of the end of the second quarter of 2023, Cai Songsong's management scale is 28.142 billion yuan, a decrease of 12.76 billion yuan from the end of 2020.
(Data from Tiantian Fund Network as of April 18)
For Cai Songsong, the author has been paying attention, "Bowang Finance" has also published a number of articles, its fund performance has been problematic, we can review what Cai Songsong has done? According to the daily fund network, Nuoan Growth Mix was established on March 10, 2009, with a current scale of 19.631 billion yuan. As of April 18, the net unit value of the fund was 1.0590, with a return of 58.21% since the inception of the fund.
The yield this year is -13.90%, the yield is -9.10% over the past 1 month, the yield is -15.48% over the past 6 months, the yield is -31.32% over the last 1 year, the yield is -32.25% over the last 2 years, the yield is -34.31% over the last 3 years, and the yield is 15.61% over the last 5 years. It is worth noting that after Cai Songsong stepped down, the two funds with a total scale of nearly 23 billion yuan, Sino Growth and Sino Active Return, were taken over by fund manager Liu Huiying. However, Liu Huiying has been a fund manager for the first time since August 2022.
The author looked at the information and found that from May 14, 2020 to September 28, 2023, it was managed by Cai Songsong, and we mainly focused on stock selection at this stage. The author found that the fund held 3,412,100 VeriSilicon shares in the third quarter of 2020 and 3,412,100 shares in the fourth quarter of 2020. In the first quarter of 2021, it held 3,412,100 shares, in the second quarter of 2021, it held 3,412,100 shares, and in the third quarter of 2021, it suddenly increased its position to 15,614,400 shares (during this period, the stock price rebounded, and the fund chose to increase its position significantly. ), in the fourth quarter of 2021, it still chose to increase its position to 16.365 million shares (which still plummeted in the fourth quarter).
It held 16.365 million shares in the first quarter of 2022, 16.365 million shares in the second quarter of 2022, 14.807 million shares in the third quarter of 2022, and 14.807 million shares in the fourth quarter of 2022 (the stock price remained volatile in the last three quarters of 2022). In the first quarter of 2023, it held 14.807 million shares (the stock price rose, but it did not increase its position in this quarter, which may be afraid of the fall.) ), holding 14,794,300 shares in the second quarter of 2023, 14,794,300 shares in the third quarter of 2023, and 15,668,600 shares in the fourth quarter of 2023 (the stock price plummeted in that quarter, but the fund chose to increase its position at this point, and this ten-point increase is suspicious). The author found that the stock price of VeriSilicon has been declining throughout the holding period, and the stock price has been a loss throughout the holding cycle, falling by 80% from August 18, 2020 to April 16, 2024.
The author also found that the fund also held 39,227,400 shares of San'an Optoelectronics in the first quarter of 2020, 46,765,900 shares in the second quarter of 2020, 79,357,300 shares in the third quarter of 2020, and 117,956,700 shares in the fourth quarter of 2020. It held 113,608,100 shares in the first quarter of 2021, 78,249,600 shares in the second quarter of 2021, 73,342,300 shares in the third quarter of 2021, and 69,778,000 shares in the fourth quarter of 2021.
It held 73,078,500 shares in the first quarter of 2022, 77,081,700 shares in the second quarter of 2022, 58,014,300 shares in the third quarter of 2022, and 51,304,700 shares in the fourth quarter of 2022 (the stock price of San'an Optoelectronics has been plummeting in 2022). It holds 48,419,100 shares in the first quarter of 2023, 48,218,900 shares in the second quarter of 2023, 48,218,900 shares in the third quarter of 2023, and 48,218,900 shares in the fourth quarter of 2023. The author found that during the entire holding period, the stock price rose in the first half of the period, but the second half was completely down, and the stock price of San'an Optoelectronics fell by 40% from January 2, 2020 to April 16, 2024.
By looking at the holdings in each quarter, the author also found that the fund held 1,498,600 shares of AMEC in the first quarter of 2020, 3,941,700 shares in the second quarter of 2020, 13,241,600 shares in the third quarter of 2020 (the stock price hit a new high in this range, reaching a maximum of 298 yuan per share), and 14,718,700 shares in the fourth quarter of 2020 (at this time, the stock price had plummeted, and the fund was still increasing its holdings).
In the first quarter of 2021, it held 14,718,700 shares (the stock price hit a low of 100 yuan/share), 16,026,100 shares in the second quarter of 2021 (the stock price rebounded), 13,101,000 shares in the third quarter of 2021, and 15,453,200 shares in the fourth quarter of 2021. In the first quarter of 2022, it increased its holdings to 17,575,900 shares (the stock price did not stabilize at all and increased its position, and as a result, it continued to hit a new low), holding 17,891,200 shares in the second quarter of 2022, 17,474,400 shares in the third quarter of 2022, and 17,474,400 shares in the fourth quarter of 2022.
It holds 15,000,200 shares in the first quarter of 2023, 10,431,600 shares in the second quarter of 2023, 7,414,100 shares in the third quarter of 2023, and 7,867,200 shares in the fourth quarter of 2023. It can be seen from the holdings that the fund will choose to ship gradually in 2023, but because the stock price generally maintains a downward trend, the return during the holding period is not high, and due to the high position, the fund's return on the stock is not high in the process of the stock price continuing to fall.
(Data from Tiantian Fund Network as of April 18)
In addition to the decline in performance, high-level shareholding and other issues, let's see what the people have reflected in the post bar. Some people asked, Cai violated the law and regulations during the performance of his duties, will the company compensate the people for their losses? Some people asked, are there any people willing to sue the Nuoan Fund collectively to compensate investors? Is there a lawyer willing to take it? Some people even asked, can I sue the Nuoan Fund Company and return the money I lost to me, and Manager Cai will use my money to make a rat barn. Some people said in the post that fund companies have unshirkable responsibilities. If there is no compensation, the broad masses of the people will unite and vote with their feet.
02
Crazy cards are frequently raised
Sino Analytica's innovation-driven hybrid A stock selection is like a beauty pageant?
It is worth noting that in addition to the problems in the holding of VeriSilicon shares, the author also found that there are also problems in the operation of Zhuosheng Micro. Let's first review the fund's shareholding path in Zhuosheng Micro, which held 0.07 thousand shares in the second quarter of 2019 (the shares are too small to have reference significance), 474,600 shares in the third quarter of 2019, and 1,377,700 shares in the fourth quarter of 2019.
In the first quarter of 2020, it increased its position by 1.947 million shares, continued to increase its holdings by 3.588 million shares in the second quarter of 2020, doubled its holdings to 6.8937 million shares in the third quarter of 2020, and held 547.74 shares in the fourth quarter of 2020. In the first quarter of 2021, it held 4,405,500 shares, in the second quarter of 2021, it held 5,197,100 shares, continued to increase its holdings to 6,900,400 shares in the third quarter of 2021, and held 7,671,900 shares in the fourth quarter of 2021.
In the first quarter of 2022, it held 9,500,400 shares, in the second quarter of 2022, it held 19,331,200 shares (almost 10%), in the third quarter of 2022, it held 26,722,100 shares (ranking the largest heavy stock), and in the fourth quarter of 2022, it held 26,722,100 shares (ranking the first heavy stock). It holds 21,730,100 shares in the first quarter of 2023, 19,793,900 shares in the second quarter of 2023, 13,170,600 shares in the third quarter of 2023, and 9,050,400 shares in the fourth quarter of 2023. The stock fell 17% over the entire holding period.
The author found that when the fund held Zhuo Sheng Wei, from the issuance of Zhuo Sheng Wei to the present, even if the stock price hit a high level, and the stock price fell sharply, Cai Songsong has been participating in a high-profile manner, and it has also caused huge controversy because of the holding of Zhuo Sheng Wei. For example, in the six months before September 13, 2022, Cai Songsong's flagship product, Sino Growth Mix, bought Zhuosheng Micro five times.
During this period, the share price of Zhuosheng Micro (formerly the weighted price) plummeted from 149.31 yuan/share to 95.10 yuan/share, and the fund also bought more and more when Zhuosheng Micro's share price hit a record low in August this year. In the 288 trading days from July 9, 2021 to September 14, 2022, the share price of Zhuosheng Micro plummeted by more than 68.72%, and the total market value evaporated by more than 80 billion yuan. Behind the "collapse" of the stock price in the secondary market is the "worst report card" handed over by Zhuosheng Micro since its listing.
It is reported that in the first half of 2022, Zhuosheng Micro's performance has declined, operating income and net profit attributable to the parent company fell by 5.27% and 25.86% year-on-year, the net profit attributable to the parent company in the first three quarters of the year decreased by 35.5% year-on-year, and the revenue and net profit in the fourth quarter fell by 30.48% and 86.13% year-on-year, and the profitability fell off a cliff, and the annual revenue and net profit decreased by 20.63% and 49.92% year-on-year respectively. It is also in the process of declining performance that Cai Songsong will still "raise" Zhuo Shengwei in 2022, which is the focus of questions from the outside world.
(Data from Tiantian Fund Network as of April 18)
In addition to the Sino Analytica Growth Mixed Fund, the author also found that Cai Songsong also managed the Sino Analytica Innovation-Driven Mixed A Fund, which was established on June 18, 2015 with a fund size of 514 million yuan. As of the unit net value of 0.8840, the return rate since the establishment of the fund is -1.20%, the return rate is 4% this year, the return rate is 13.92% in the past 3 months, the return rate is -23.79% in the past 1 year, the return rate is -3.28% in the past 2 years, the return rate is -16.84% in the past 3 years, and the return rate is -10.57% in the last 5 years.
When the author looked at the fund's holdings in the fourth quarter of 2023, he found that the fund actually held 283 stocks in the fourth quarter of last year, what is this for? Is this stock selection method compliant?
The author found that the fund held 645,000 shares of Ninestar in the second quarter of 2022, suddenly increased its holdings by 1,109,000 shares in the third quarter of 2022, held 1,109,000 shares in the fourth quarter of 2022, and lost its position in the first quarter of 2023. During the holding period, the stock price of Ninestar increased and decreased by 4.89% from April 1, 2022 to March 30, 2023.
In the second quarter of 2023, another 1,029,700 shares were bought (the stock price of Ninestar has plummeted), but it may have fallen too fast, and in the third quarter of 2023, there was no position, and the stock price fell by 42% from April 3, 2023 to September 29, 2023. In the fourth quarter of 2023, another 1.003 million shares of Ninestar were bought, but there is no data on whether there will be any positions in the first quarter of 2024, but it has fallen by 14% during this period.
The author also found that the fund held 1,238,200 shares of Puyuan Information in the fourth quarter of 2022, 1,238,200 shares in the first quarter of 2023, 1,467,500 shares in the second quarter of 2023, 1,549,600 shares in the third quarter of 2023, and 31,400 shares in the fourth quarter of 2023. However, during the holding period, the stock price of Primeton Information skyrocketed and plummeted, falling by 18% from October 8, 2022 to April 18, 2024.
The author also found that the fund held a massive number of 1,160,900 shares in the second quarter of 2022, 2,902,300 shares in the third quarter of 2022, and 2,902,300 shares in the fourth quarter of 2022. In the first quarter of 2023, it held 2,902,300 shares, in the second quarter of 2023, it held 3,258,900 shares, and in the third quarter of 2023, it held 1,252,200 shares, and it had no positions in the fourth quarter of 2023. However, the author found that during the period when the fund held a large amount of data, the stock price fluctuated sharply, and the stock rose and fell by 0.56% from April 1, 2022 to December 30, 2023.
The author also found that the fund held 831,800 shares of China Software in the second quarter of 2022, 1,268,400 shares in the third quarter of 2022, and 1,268,400 shares in the fourth quarter of 2022. It holds 1,268,400 shares in the first quarter of 2023, 1,908,200 shares in the second quarter of 2023, and 1,190,900 shares in the third quarter of 2023, and has no positions in the fourth quarter of 2023. However, during the holding period, the fund went from a stock price of 84 yuan per share in the first quarter of 2023 to a decline in the stock price, with China Software falling by 6.21% from April 1, 2022 to December 30, 2023.
(Data from Tiantian Fund Network as of April 18)
The fund continues to lose money, some people complained, the managers of the Nuoan Fund, you hurt the people, you are professionals, not as good as us rookies, the loss of 10% in stock speculation is very distressing, you give our pension money to you professionals, the fund has been two and a half years, or a loss of 50%, your annual salary is still received, are you worthy of us old people? You should put down the shelf, go to the Shanghai company to learn and study, people are against the trend to help shareholders make money, you can also cooperate, please guide. We, the people, are really ashamed of you fund managers!
Looking back at Cai Songsong's two fund holdings, it is found that there must be a reason for the fund's performance loss. However, this time, in addition to Cai Songsong, there is another person involved in the case, Qu Quanru, who is also the former fund manager of Nuoan Fund. After graduating from Chinese University in 2012, Qu Quanru went to a medium-sized private equity fund to engage in industry research. In 2016, Qu Quanru joined Sino Asset Management, first as an investment manager, and since April 2019, he has been a public fund manager, and has successively managed Sino Analytica New Power Hybrid Fund, Sino Yixin Flexible Allocation Hybrid Fund, Sino Balanced Mixed Fund and other products. In the second half of 2022, Qu Quanru resigned from Sino Fund.
It is worth noting that in addition to Cai Songsong and Qu Quanru, there has been a rat warehouse incident in Nuoan Fund before. On September 6, 2022, the China Judgment Document Network published the Criminal Verdict of the First Instance of Zou Fan and Zou Xiang's Crime of Offering Bribes, exposing Zou Xiang, the former executive director and fund manager of the Investment Department of Nuoan Fund, who used the "rat barn" to seek huge profits, which aroused widespread concern in the market.
According to the content of the judgment, between March 2010 and January 2015, Zou Xiang took advantage of his position in managing and operating the account of the "Nuoan Stock Securities Investment Fund" to leak undisclosed information such as the varieties and trends of the stocks invested in the fund account to his younger brother Zou Fan, and then instructed Zou Fan to use the two securities accounts of "Zou Fan" and "Tian" under his actual control to conduct convergent transactions, making illegal profits totaling more than 2,300 yuan. In the end, Zou Xiang was sentenced to 11 years in prison and fined 14.45 million yuan on suspicion of using undisclosed information to trade and offer bribes.