The Road to Rebirth Finance

Chapter 367
After the Spring Festival holiday, migrant workers began to leave their hometowns again and embarked on the road of working. To be able to work in the city where they were born is in a sense a luxury.

On the first working day of the New Year's work, Junshi Capital is very lively. The annual meeting that was not held last year has also begun preparations this year.

Li Xinyu followed the planned plan for the annual meeting, and has already started collecting the program list for the annual meeting. This year is bound to be a lively one.

Monday, February 2th, the first trading day of the Year of the Monkey after the long holiday.

The severe decline in the external market during the long holiday also affected the opening trend of A shares today. The Shanghai Composite Index jumped sharply to 2684.96 points, a drop of up to 2.92%.

The opening of the first transaction gave investors a slap in the face, which was a real blow to investors, but the market already had expectations for a lower opening.

The expected low opening did not make the A-shares look too flustered. After the trading started, the Shanghai Stock Exchange Index did not continue to drop. The opening point of the morning session was the lowest position today, and the non-ferrous metals and gold sectors performed well.

The GEM took the lead in realizing a rebound, which drove the market sentiment. From the perspective of the situation, it is still relatively ideal. Although it is seriously affected by external market factors, it is also the bottom opening during the bottom rebound period that gives a lot of entry funds. Opportunity to buy bottoms.

In terms of valuation, after several stock market crashes and defoaming, the current overall valuation of A shares is relatively low. The current average price-earnings ratio of the Shanghai Composite Index is around 13.5 times, which is still a relatively low figure from a historical point of view.

A low price-earnings ratio means that the risk is relatively low. Blue chips are favored by big funds. Once there is an opportunity to buy a bottom, they will not miss it. In addition, the A-share market has fallen sharply ahead of the periphery.

The probability of continuing to fall sharply in the short term is not high. Sufficient room for rebound and undervalued blue chips are also important reasons why A shares can quickly get rid of external influences today. A shares have rarely stepped out of an independent trend today.

Although it failed to achieve a rise throughout the day, the Shanghai Composite Index still managed to stand on the 10-day line with a false Zhongyang line throughout the day, leaving enough room for subsequent rebounds.

Today, it is very rare for A shares to resist the influence factors of the external market and walk out of their own independent trend. From a technical point of view, the rebound trend at 2638 points has not been destroyed.

If the trend of the external stock market improves in the future, the A-share market will rebound without any surprises. This is a good thing for Junshi No. [-], which holds a heavy position.

After all, in March, Junshi No. [-] will start redemption again. It will take longer to rebound, and the management fee income will naturally be higher. Since the closed period, Junshi No. [-] has become a semi-open fund.

Since 2016, Junshi No. [-] has opened the redemption channel four times a year, once a quarter, one week after the last trading day of each quarter. As for the purchase channel, it is opened once a year, which is the last trading day of the year One week after the end of a trading day.

The main purpose of doing this is to prevent the scale of private equity funds from becoming too large. Private equity funds are only the first step in Gu Junhao's career. They mainly focus on accumulating contacts. The first fund has achieved its due reputation, and the performance of the second fund is also quite excellent.

Nowadays, Gu Junhao has also accumulated a certain amount of contacts in Yongcheng and even around Zhejiang Province. The last time Junshi No. [-] was purchased, there were many customers from other places. The expansion of contacts has entered a fairly good stage.

In the future, as long as stable fund performance is guaranteed, this kind of personal relationship can be maintained. Even if some customers have withdrawn from the fund, it does not mean that they have lost contact, and they will continue to cooperate if there is an opportunity for cooperation.

As for the management fee standard of Junshi No. 1, Gu Junhao has not made any changes, and still charges according to the previous fee standard. When the net value is less than 1, no management fee will be received, and 1.2% will be charged before 2 to 1.2, and 1.5 Between 3 and 1.5, 4% is charged, and above [-]% is charged at [-]%, and profit sharing is started.

The net value 1 here is not 1 in an absolute sense, but is calculated based on the benchmark net value after ex-rights, which is 4.196. New customers who subscribe after ex-rights are based on the profits generated on the fund with a quota of 4.196 at the time of application on the day .

To put it simply, for new customers, if they subscribed for shares of 500 million yuan on the opening day of subscription, if their shares are between 501 million yuan and 600 million yuan when they redeem the fund for the first time in March, they will be charged 2 % charge management fees, less than 500 million do not charge management fees, and so on.

Since it is a semi-open-end fund, the liquidity of the fund account is relatively large. Many customers may withdraw their funds after opening the redemption due to their own capital needs or Junshi No. [-] profits not meeting their expectations. share redemption.

Therefore, considering the liquidity problem of customers, the performance of Junshi No. 2 this year will correspondingly lower the profit forecast for the whole year. However, from the current point of view, the management fee of more than [-]% is maintained throughout the year, which is still not a problem. big.

According to the continuous growth of Junshi No. 2, the [-]% management fee is not a small amount. There is no problem in maintaining the normal operation of the company. In addition, the current performance of the self-operated market is not bad.

Regarding the company's future profit method, Gu Junhao will not worry too much. This year's main task is not to make a profit, but to enrich the investment categories of Junshi, and strive to bring the company to a new level.
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On Tuesday, when Gu Junhao was working in the office, Shen Boyu knocked on the door of Gu Junhao's office with a smile.

"Is there something good about Director Shen?" Seeing Shen Boyu's happy face, Gu Junhao couldn't help asking.

"There is indeed a happy event, why don't you take a guess?" Shen Boyu replied.

"How do I know, your wife is pregnant with a second child?"

"Tch, what kind of happy event is having a second child? It's the company's business."

Is there any happy event in the company that I don't know about?Gu Junhao couldn't help being taken aback for a moment, and then he realized: "What about the public offering fund?"

"Ah! Mr. Gu, you can guess it right away. It's indeed a matter of public offering funds. It's a bit of a clue." Seeing that Gu Junhao reacted so quickly, Shen Boyu didn't hold back.

"I manage the primary market myself. As for the fund business department, what kind of happy event can such a bear like A shares have? Apart from this, there is only the matter of the public fund license that I asked you to inquire about last time. Tell me, what's going on."

Let Li Xinyu make two cups of coffee, Gu Junhao took Shen Boyu to the sofa and sat down, ready to hear what was going on.

"It's like this. Didn't the stock market crash after New Year's Day? It fell for almost a month, and the public fund had a position requirement. It just caught up. There is a small fund company whose net value of an active fund has fallen. Breaking through 1 million yuan, a serious net loss..."

As Shen Boyu slowly explained, Gu Junhao finally understood what was going on. This pure stock investment fund called small and medium cap investment mixed selection, after the stock market crash caused by this round of circuit breaker, the overall size has dropped to 1 million under yuan.

Moreover, there has been a serious crisis of trust among investors. Investors' redemption and net worth cut in half, if there is no miracle, there is a high probability that this fund will meet the liquidation conditions required by the regulatory authorities.

Just like the forced delisting of stocks, public funds also have a lower limit for liquidation, and they are not endless management fees that can be used to squeeze out Christians.

According to the operating conditions set by the fund industry regulatory department for public offering fund products, once the net asset value of the fund is less than 60 million yuan for 5000 consecutive days, or the number of fund share holders is less than 60 within 200 consecutive days, then the Trigger the fund liquidation condition.

Shen Boyu continued: "This fund is not large in size, and it was established relatively late. The first stock market crash and redemption last year have basically wiped out the proceeds."

"Although the stock market crashes in the next few times, although the adjustment of positions was relatively timely, and the income has returned to a certain extent, but it has been unable to withstand the various redemptions of the basic people, and the market has plummeted, and ordinary investors are avoiding funds. Not enough."

"So the circuit breaker has helped us, are they planning to sell it?" Gu Junhao said with a smile.

"Yes, although the stock market rebounded in February, the external environment is currently unstable. Although their fund managers are more optimistic about this rebound, the actual controllers of the company are a little lacking in confidence. I don't know if they can resist it."

"This is true. The income is cut in half. No matter what the fund manager says, the actual controllers and investors will no longer buy it. If there is a rebound, their scale will not increase much. During the rebound, there must be a large number of investors. Redemption , then they can only be forced to liquidate their positions.”

"That's the reason, so the actual controller feels that instead of passively waiting for liquidation, it's better to take advantage of someone who wants to buy it now and sell it at a good price, so as not to lose too much." Shen Boyu nodded.

"You can't miss this opportunity. Such opportunities don't come around very often. Then Director Shen will continue to talk with them. You don't have to be too hard on the price. You can accept it within 2 million yuan. Anyone who can get a fund license has a bit of knowledge." , we can be regarded as a good relationship."

"Okay, no problem, I'll arrange it right now." Shen Boyu nodded and said, Mr. Gu still has a plan, he didn't think about lowering the price when he was in trouble, but bought it at a normal valuation.

In this way, it will be more beneficial for him to talk about it. Gu Junhao didn't ask Shen Boyu where he got it. This belongs to his personal network. There is no need to inquire. It is already very rare to be able to use personal network to contribute to the company. up.

I originally thought that the acquisition of public funds would have to wait until the stock market really fell to the bottom in 2018. At that time, investors in the entire market had almost lost confidence.

Under the normal valuation of individual stocks, half-cuts abound. Most of the stocks with excellent performance and high industry sectors in the Shanghai and Shenzhen stock markets have almost become cabbage prices.

2018 can be described as the darkest time for A-shares since 2015. The Shanghai Composite Index once fell below 2500 points. Many stocks can almost reach the level of buying with closed eyes, and it is almost easy to hold them to double in one or two years.

It was in 2018 that Gu Junhao's real transformation in his previous life was realized. In the second half of 2018, when the market sentiment was sluggish, and the stock price deviated from the normal valuation, Gu Junhao at that time believed that an epic opportunity for bargain hunting had arrived.

In that year, except for not selling the house, Gu Junhao almost put all his cash flow, and bought the bottom A shares in a way that almost broke his fortune. The best stock he bought was Zhongguo Software. Back then, Gu Junhao bought it at 13 yuan buy nearby.

The almost crazy bottom-hunting caused Gu Junhao to have only more than 2018 yuan in cash left on him during the Chinese New Year in 1. He even had no money to pay for one of the new shares at that time, so he still asked someone to borrow it.

At that time, no matter whether they were stock investors or not, when they learned of Gu Junhao's crazy behavior, they all seemed a little unbelievable, thinking that he was playing with fire, and that the A shares would continue to fall, and it would be up to him to see how he ended up.

The trend in the next few years also confirmed Gu Junhao's judgment at that time, and 2018 was also the year when Gu Junhao entered the Dragon and Tiger List as a retail investor for the first time. It can be said that this year is of great significance to Gu Junhao.

Unexpectedly, there would be such good news on the second working day after the Spring Festival. After Shen Boyu left, Gu Junhao also seemed a little excited.
As for whether the acquisition can be successful, in Gu Junhao's opinion, it shouldn't be a big problem. He gave enough reasonable valuations, and he didn't have any idea of ​​taking advantage of the fire, and the other party had the idea of ​​actively selling it.

Even if a competitor appears and takes the initiative to increase the price, offering a price beyond the reasonable range, it doesn't matter, just give it to him.

Such as this small and medium-cap investment mixed selection fund, after the circuit breaker, if there is the first one in the market, there must be a second one, and the Nth one, it is impossible to be the only one. It doesn’t matter if the price is reasonable, but you can’t be taken advantage of.

"Mixed selection of small and medium caps? Haha!" Judging from the name of the fund, Gu Junhao knew the reason for his loss.

The designation is a misjudgment, thinking that small and medium-sized enterprises have fallen seriously, and want to buy a wave of bottoms, and then take advantage of the rebound to ship at a high level, and exchange shares around the end of the first quarter or the beginning of the second quarter, and eat a wave of rebound without anyone noticing.

Based on this judgment under the market, it is not a big mistake, but this fund manager obviously underestimated the significant impact of the circuit breaker on the market, even if it reacted quickly on the first trading day after New Year's Day, Adjusting positions and swapping shares will not lead to the current situation.

Although this time the fund manager judged that small and medium-sized ventures were prior to the market rebound, Gu Junhao also felt that this would be the case, but based on his fatal operational mistakes, a fund faced the risk of liquidation, and it is understandable that the actual controller no longer trusts .

If I changed myself, I would no longer trust him. This is no longer a matter of right or wrong; if there is no accident, this fund manager has basically been mixed up in the public offering industry. It's broken, and it's hard for people to accept him for this kind of mistake.

Today's stock market trend seems to confirm the fund's judgment. After yesterday's 0.95% rise against the market, the GEM index rose again today by 4.02%, closing at 2200 points, and small and medium-sized entrepreneurial stocks rebounded in an all-round way.

The Shanghai Composite Index also rebounded retaliatoryly, soaring 3.29% to close at 2836.576 points, and successfully stood on the 20th line of the daily line. Affected by the US government’s plan to spend 190 billion US dollars to strengthen network security, today’s A-share network security The sector followed up across the board.

Gu Junhao looked at the net value curve of this fund in the past few trading days. Today's net value has not been updated for the time being, and it is not obvious yet. However, the two markets have risen sharply today, and it should be red.

Judging from the past net worth curve, the performance of this fund after the year is very dismal. Even yesterday, it underperformed the GEM index and ended in the green. Perhaps today’s general rise in individual stocks is its last glory.

Gu Junhao looked at his past holdings again. Although there is no reference point, he can roughly see the direction of his stock selection. Gu Junhao shook his head when he saw the stocks in his holdings. There were actually two companies, Baofeng Technology and Leshi.

"It's all rubbish. It's probably a takeover. It doesn't seem worthy of sympathy." Gu Junhao shook his head and said to himself.

　I will update one chapter tonight, I will have a rest tomorrow, and I will update it during the day!
　　
　
(End of this chapter)