Since cyclical stocks account for more than 30% of the constituent stocks of the CSI 500 Index, and cyclical stocks and new energy stocks have risen significantly this year, the return of the quantitative private placement of the 500 Index Enhancement Fund is also very gratifying. However, since the round of adjustment in mid-September, the CSI 500 index has pulled back nearly 10% from its previous high.
From the perspective of the constituent stocks of the CSI 500, the high growth and low valuation are its main characteristics, and the main upward driving force of the CSI 500 year-to-date is the return of valuation. Just when the market questioned whether the CSI 500 Index Increase Fund could continue to hold, another listed company bought a private placement, and it was the CSI 500 Index Enhancement Fund that bought a 10 billion quantitative private placement.
In recent years, the private equity industry has developed rapidly, and private equity funds not only pursue absolute returns, but also pay more attention to controlling drawdowns, which is matching the attributes of institutional funds. According to the data of the private placement network, as of October 18, 24 listed companies such as Sunshine Lighting, Wenfeng Shares, Zhongyin Fashion, Sanmu Group, Mass Transportation, Gujia Home, ST Busen, Ningbo Gaofa and Xiaocheng Technology announced the subscription of 33 private equity funds under 29 private equity institutions, with a subscription amount of 2.398 billion yuan, a record high.
Just on October 13, the listed company Sunshine Lighting issued an announcement that according to the "Magic Square 500 Index Enhancement Xinxiang No. 18 Private Securities Investment Fund Fund Contract" signed by the company and Magic Square Quantitative, the amount of the purchase of private securities investment funds was not more than 300 million yuan, which was used on a rolling basis during the existence of the fund, and the duration of the fund was 15 years. The period of entrusted wealth management of the company shall not exceed 18 months from the date of deliberation by the board of directors.
Listed companies have accelerated the layout of private placement, and the subscription amount has exceeded 2 billion yuan during the year
In recent years, in addition to buying bank wealth management, listed companies have also bought private equity funds on a large scale, and for the sake of obtaining financial benefits and industrial layout, listed companies have not only invested funds to buy equity private equity funds, but also purchased securities private equity funds that pursue absolute returns. More brokers said that this year you are buying the stocks of listed companies, listed companies are buying private equity funds, market institutionalization is undoubtedly the trend of the times.
As for the reasons why listed companies buy private placements, Kuanyuan Assets said that in the past two or three years, with the continuous development of the securities market, the return on investment in the secondary market has continued to increase, and some listed companies have increased their investment in private equity funds when there is no better investment path for surplus funds. This is conducive to expanding investment avenues and expanding investment returns and improving shareholder returns.
Quantitative private equity products are also favored by listed companies, including Lingjun Investment, Ningbo Magic Square Quantitative, and Qianhai Bopu Assets, all of which have been subscribed by listed companies. For listed companies to buy quantitative private equity products, Bopu Technology believes that with the reduction of the income of bank wealth management products, the risk of trust products with real estate projects as the underlying layer is frequent, and the strategies of quantitative private equity products are rich, the hedging is flexible, and it can meet the financial requirements of listed companies in multiple dimensions.
According to the incomplete statistics of the private placement ranking network, as of October 18, 24 listed companies had subscribed to the relevant products of 29 securities private equity institutions during the year. The number of private equity funds subscribed by listed companies was 33, and the total scale of subscription funds reached 2.398 billion yuan, a record high. From the perspective of a single subscription amount, most of them are mainly based on the tens of millions of levels, and there are also several subscriptions with more than 100 million yuan.
6 10 billion private placements were subscribed by listed companies for 790 million yuan, and Ming Yi Fund received the most subscription funds
As of October 18, 6 10 billion private equity products have been subscribed by listed companies this year, with a subscription amount of 790 million yuan. On October 13, the listed company Sunshine Lighting issued an announcement, saying that the company used idle own funds to purchase private equity products with the help of the strength and resource advantages of professional investment institutions to ensure normal operation and project capital operation needs. The investment amount shall not exceed 300 million yuan (determined according to the actual fundraising of private placement products), and shall be used on a rolling basis during the life of the fund. Participating in the subscription of private equity products is conducive to improving the efficiency of the use of idle own funds.
The fund subscribed for this time is the "Magic Square 500 Index Enhancement Xinxiang No. 18 Private Securities Investment Fund", which was established on June 3, 2021, and as of October 8, 2021, has returned **.**% since its inception, achieving an excess return of **.**%.
According to the information disclosed by Sunshine Lighting in the announcement, in order to protect the interests of fund share holders, magic square 500 index enhancement Xinxiang No. 18 set the net value of fund shares of 0.50 yuan as a stop loss line. When the net value of the fund's shares is below or equal to the stop loss line of $0.50 (the trading day is called "D day"), the manager starts the stop loss operation on the D+2 day and closes the position or derivative position within ten working days.
In addition to Ningbo Magic Square Quantification, there are also 5 10 billion private equity fund products that have also been subscribed by listed companies this year. Fu Anna spent 150 million yuan to subscribe to the "Xuanyuan Kexin No. 131" invested by Xuanyuan. Lingjun Investment's "Lingjun Zhizhen Index Enhancement No. 6" was subscribed by Keli Sensing for 30 million yuan. ZhanPeng Technology subscribed for 10 million yuan of "Hongcheng Preferred No. 10", and the manager of the fund is Hongcheng Investment. ZhanPeng Technology also subscribed to The "Oriental Praise No. 12" of Yuyi Assets in February this year, but the company has now dropped out of the tens of billions of private placement queues.
Ming Yi Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Ming Yi Fund") is the largest private placement of 10 billion yuan subscribed by listed companies this year, and its fund "Ming Yi Yong'an" was subscribed by Gu Jia Home for 100 million yuan, and "Ming Yi Ji Ji Cai Xin" was subscribed for 200 million yuan by Yang Yuan Beverage.
Founded in 2012, Ming Yi Fund became a private securities investment fund manager registered with the Asset Management Association of China in 2014, and is a member of the Asset Management Association of China and a member of the China Interbank Market Dealers Association. According to the investment needs and risk preferences of customers, Ming Yi Fund provides customers with investment solutions that balance returns and risks with bond asset allocation and liquidity management as the core.
In addition, from the statistics of the private placement network, Ningbo Gaofa subscribed to the "Panze Yangfan Sunshine Phase 1 Phase 1" of Panze Assets, with an amount of 10.05 million yuan, and Yahua Group subscribed to the "Kuantou Lucky Star No. 9" with a wide investment property of 102 million yuan. Chinese online subscribed to the products of Qianhai Bopu assets of 30 million yuan, and Cixing shares subscribed to the fund of 20 million yuan of Wenbo Investment. The scale of the above four private equity managers subscribed by listed companies is 5-10 billion yuan.
Listed companies also lose money when they buy private placements, and these private placements are earning positively during the year
Although most of the private equity funds purchased by listed companies are "beautiful with big", there are also some small and beautiful private equity companies that are favored by listed companies. Binghuai Assets, Funa Investment, Hengqin Chunzhen Investment, Huai Rang Assets, Qianhai Zeyuan Private Equity Securities Fund, Shanyuan Gold Fund, Shuoquan Assets and other 6 private placements with a new scale of less than 500 million yuan, the company has products subscribed by listed companies, a total subscription of 325 million yuan, including Shanyuan Jin Fund's "Shanyuan Jin No. 206" and Shuoquan Assets' "Shuoquan No. 5" have been subscribed by 100 million yuan.
Investment is risky, and private placements by listed companies are no exception. Although most of the listed companies that buy private placements get positive returns, there are also listed companies that lose money. On September 8, 2020, Zhongchuang Environmental Protection issued an announcement that it subscribed to Delan Changjun Alpha No. 7 with its own funds of 10 million yuan, and also subscribed to Delan Assets with its own funds of 10 million yuan to create the No. 1 Private Securities Investment Fund. As of September 24, 2021, the full share of Delan Changjun Alpha No. 7 has been redeemed, and the Company has received a redemption amount of $7,873,423.92, with an impact on profit and loss for 2021 of -1,921,164.14 yuan.
Judging from the private placements purchased by listed companies this year, only 3 private equity managers lost money during the year, and the rest of the private placements received positive returns, and Hawthorn Zhenzhen Assets ranked first among the 29 private equity managers in China with a gain of **.**%. As of October 15, Yongji shares spent 200 million yuan to subscribe to the "Hawthorn Tree Zhen Zhen No. 5" this year's income **.**%, significantly outperforming the market.
In addition, chitai assets, Panze assets, Linhai investment, Qianhai Bopu assets, Xuanyuan investment, wide investment properties and other private placements subscribed by listed companies also exceeded 20% during the year, respectively, **.**%, **.**, **.**, **.**, **.**, **.**%,