The recent Unicorn fund set off an all-channel sales boom. After two rounds of product marketing by individual investors and institutional investors, Unicorn Funds came to an end and the fund sales data of various fund companies were also affected by the market. Concern. On June 20 news, the total amount raised by the six unicorn funds is expected to exceed 100 billion yuan, which is much lower than expected.
However, all of the above data are derived from feedback from various sources. Failure to obtain verification from the relevant fund company may deviate from the actual situation.
It is worth noting that the recent incident concerning the CDR issue of Xiaomi has attracted market attention, and the CSRC has filed a rare 84 questions with Xiaomi, and Xiaomi was forced to change his mind when the CDR was shortly overdue. It was originally scheduled to be held on June 19, and is expected to set a 12-day record of the Xiaomi CDR project. For the time being, it was decided to postpone the release. Xiaomi 'CDR+H' simultaneous listing of both places will also be changed to 'Hong Kong stocks listed before returning to A. Shares issue CDR's path.
Institutional subscription enthusiasm is lower than personal
According to report, since June 11th, six strategic placement funds have started to raise funds. The first phase is from June 11 to June 15, for individual investors. The second phase is for the National Social Security Fund on June 19, the basic pension. Insurance institutions, corporate annuities and professional annuities are available for sale by specific institutional investors.
'In the near future, whether it is a mobile phone APP or a short message, or even a WeChat circle of friends, each time you open the software, you first see a picture of a unicorn. A little bit of a link will appear in the promotional materials of the strategic placement fund of the fund company. In addition to the mobile phone APP, the SMS of banks and brokerage companies was overwhelming. 'The stock market investor Mr. Liang said in an interview with a reporter from the China Times.
After several rounds of marketing, Mr. Leung said that he did not hold back at last. He bought some shares of the China Fund, but the amount was not much. After all, the unicorn fund was closed for three years and the liquidity was relatively poor. It is difficult to judge the three years. What will happen afterwards?
Regarding the concerns of market investors, Jia Zhi, head of the Fundraising Fund Evaluation Center, said that strategic placement funds targeting new share placements are faced with a situation where there are no new shares available at the stage, and only high-grade bonds can be allocated to future profitability. Expected impact. However, the market is in a sluggish situation. The products that hold partial debt are defensive investments and are reasonable.
It is understood that according to the fund contract, these six funds are tailor-made for the upcoming CDR, and they mainly participate in overseas-listed companies to launch CDR strategic allotment and the new economic IPO. DR (Depository Receipt), also known as deposit certificates. Receipts or certificates of deposits are transferable certificates representing the securities of foreign companies that circulate in the securities market of a country, and are financial derivatives in the category of corporate financing.
The US depositary receipt is simply called ADR. In short, ADR is a kind of investment tool similar to stocks. Under the existing legal restrictions, through the intermediary banks’ purchase and sale of bales, they can open domestic funds to invest in overseas stocks. Roads. The Chinese depositary receipts referred to as the CDR are basically the same as the ADR in principle. According to industry sources, before the institutional investors subscribed for, the total of 6 strategic placement funds in the market totaled over RMB 60 billion.
Among them, a bank’s products under the fund company’s products were hotter on the first day, and they were close to 20 billion yuan in the first two days of the fund raising. From the latest outflow data, the first fund of the fund may exceed 25 billion yuan. A fund company in South China, The sales data of individual investors also exceeded 15 billion yuan. Among the strategic distribution fund sales, the phenomenon of Nanre North Cold is very obvious, and some fund companies have personal sales data of less than 10 billion yuan.
A manager of a securities firm’s sales department said in an interview with “Huaxia Shibao” reporter that from the current sales situation, some individual investors have a very high enthusiasm for subscription, and individual investors even subscribed for 3 million yuan strategic allotment fund with different account full amount, but There are also some individual investors who are not optimistic about the Unicorn Fund. Therefore, the unicorn fund’s attitude is also optimistic and not optimistic.
In addition, executives and employees of various fund companies are also very enthusiastic about self-purchase. Among them, the senior managers of the South China Fund and China Merchants Fund Co., Ltd. have subscribed collectively and top-notch, and the number of employees involved in the investment has also been on the minority. There are also many employees in Huitianfu. Subscriptions. According to insiders of the fund industry, the strategic allotment fund will be closed for three years. The short-term single company will not have a huge impact on the product's market timing. The fund not only invests in CDR, but also invests in the IPO of new economic and innovative companies, as long as strategic allotment is available. Can participate, there will be many targets available in the future.
According to the reporter's understanding, the six funds have completed the recruitment of institutions on June 19, and are currently in the final stage of capital verification and filing. They will be expected to formally announce within 3 to 7 days. In addition, according to sources inside the securities business, according to the regulatory authorities The earlier window guidance, after the completion of the six 'Unicorn Funds' recruitment, will be followed by a letter of record, which can be announced.
In the early stage or in the bond configuration
Intermediary sources close to Xiaomi’s listing stated that although Xiaomi temporarily postponed the issuance of the CDR, Xiaomi’s listing process on the Hong Kong stock market was smooth and he has already passed the hearing and is officially listed at the earliest in early July. Bloomberg News disclosed that Xiaomi’s forecast is July 9th. Listed in Hong Kong. Previously there were reports that a subsidiary of the Chinese courier company Shun Feng Holdings was also negotiating to become a cornerstone IPO investor. On the evening of June 20th, the relevant person of SF Express confirmed that he did vote.
According to Wang Jianwei, fund research manager of Noah Wealth Investment Research Department, as the first CDR, the postponement of Xiaomi CDR's issuance to a certain extent will slow down the pace of strategic placement of funds, but according to the fund contract, such funds can also participate in the IPO of innovative companies. With the strategic placement, Xiaomi CDR will have more targets to choose from after its suspension.
Mr. Wang, a securities business insider, said that Xiaomi’s postponement of the A-share issuance of CDRs may have little impact on the raising of CDR strategic funds. The rhythm of the unicorn fund's position building is also a gradual process, not a sudden one-time holding of a single company. Also, one CDR is assigned to each CDR. Even if no CDR can be configured, the CDR configuration can be performed. Therefore, it does not affect the operation.
However, the fundraising situation for the strategic placement fund was lower than market expectations, and industry insiders said that the reason was that the market had expected too much before. Second, this year, the performance of the A-share market has made many individual investors enthusiastic about their investment. It's not high. In fact, compared to the fundraising of other funds this year, the performance of the strategic placement fund has been very bright.
According to statistics, before the sale of the six strategic distribution funds this year, except for the one-time full-scale fund-raising of more than RMB 30 billion issued in January, the first fund-raising scale of the remaining products did not exceed RMB 10 billion. At that time, the A-share market was still in an uptrend and investors’ enthusiasm rose. However, since the Shanghai Composite Index hit a high of 3587.03 points on January 29, the market has been in a state of concussion and the market risk appetite has gradually decreased.
At the same time, after entering April, affected by the trade war, the market entered a weak period, and the fund's fundraising has entered a downturn since then. Since the second quarter, as of June 15, the fund not only issued new product quantity, but its share was far lower. In the first quarter, the average number of new fund-raising funds that could be collected was 892 million, which was also lower than the average of 1.388 billion in the first quarter.
Prior to the sale of the strategic placement fund, among the flexible allocation funds that have been issued since the second quarter, the product with the highest share of the top fund has a scale of only 1.9 billion units. According to insiders of a certain fund, this actually indicates the current investors. More and more rational. At the same time, whether the pilot companies can be accepted by the market and recognized by the investors depends to a large extent on the long-term sustained performance of the company after listing, and also depends on whether the company can bring in investors. The long-term stable return depends in particular on the reasonableness of the issuance pricing.
Recently, there are three companies that are listed on the market. The performance of the market has been mixed. Among them, WuXi PharmaTech opened for 16 consecutive trading days, and the yield of new stockholders exceeded 500%; After the daily limit, it began to decline continuously. The trend of new stocks exceeded the market's expectations. Therefore, more innovative companies will be listed next, and more high-quality companies will return A shares through CDR. No matter what form investors take part in, they should be rational. investment.