Closed in July! On the last trading day of July, the three major indexes of A shares rose collectively, and the Shanghai Composite Index stood at 3,300 points again, and the transaction between the two cities continued to exceed 1 trillion yuan. The major core indexes rose by more than 10% in the whole month, among which the Shanghai Composite Index rose by 10.90%, the Shenzhen Component Index rose by 13.72% and the Shanghai Composite Index rose by 14.65%.

Judging from the performance of the industry sector, the biggest feature of the market in July was that it fluctuated greatly. From the market outlook, it is more likely to switch from short-term style to low-valued finance, real estate and traditional cycle. Looking at the private equity circle in July, there are these big events!

0 1

Two veteran private placements in Shenzhen have been promoted to 10 billion yuan, and the core figures are all big coffees.

The 10 billion private equity camp has been eagerly concerned by the market. For private placement, entering the scale of 10 billion is not only the uncrowned king of the industry, but also an important performance of the company's performance and investment philosophy recognized by investors and institutions.

Recently, there are two private equity fund managers in Shenzhen, whose management scale has exceeded 10 billion, namely, the Oriental Harbor of Shan Bin and the Linyuan Investment in Linyuan. The former was established in 2004, and the latter was established in 2007, both of which are long-term private placements of domestic established stocks.

Since the beginning of this year, the management scale of many private placements has rapidly increased to10 billion. In this regard, some private investors said: First, the fund's money-making effect is outstanding. Under the background of A-shares going out of the structural market, institutions have more obvious advantages than retail investors; Second, the funds are reasonable and abundant, the yields of bank wealth management products and money funds have dropped sharply, and the attractiveness of the equity market has increased significantly.

02

Another 50 million, listed companies spend 330 million to buy private equity.

In the context of the decline in bank wealth management income, buying private equity funds has also become a financial choice for many listed companies. According to the incomplete statistics of private placement network, at least 18 listed companies bought 18 securities private placement fund products in 20 19, with a total investment of 833 million yuan, of which Zhan Peng Science and Technology invested in 7 private placement products including Yin Bao Investment, Mingxun Investment and chongyang investment last year.

By the end of July, six listed companies, including Yongji, Tianchen, Sanmu, Hengrui Pharma, Zhan Peng Science and Technology and *ST Tianma, or their holding subsidiaries had subscribed for eight private equity funds with a total investment of 330 million yuan.

Yongji subscribed for "Hawthorn Tree Zhenzhuo No.5" produced by Hawthorn Tree Zhenzhuo in May, and added another 50 million yuan in July. This year, the fund was subscribed for 200 million yuan, and the total purchase amount of listed companies accounted for 60.6 1%. According to the master data of private placement arrangement, Hawthorn Zhenzhuo Assets subscribed in large quantities by listed companies was established on 20 17. The management scale of the company is 1- 10 billion yuan, and the annualized rate of return since its establishment is * *%.

In July, in addition to Yongji's additional 50 million private placements, Tianchen subscribed for 50 million "Baekje Value Growth" and Sanmu Group subscribed for 20 million "Chitai Zhuo Yue 2". According to the incomplete statistics of private placement network, the total subscription of private placement funds of listed companies in July was 654.38+0.2 billion yuan.

03

The number of products filed in a single month is the second highest in the year, and 222 products have been filed in the tens of billions of private placements.

Judging from the number of private equity fund filings in a single month, March was the peak of private equity filing in the whole year, and 2,733 funds completed filing in that month. February is the month with the least number of registered funds in the whole year. Due to the Spring Festival holiday and epidemic situation, only 12 19 private equity funds were registered in February, and the number of registered private equity funds was less than 1000.

Under the catalysis of the bull market, the enthusiasm for filing private equity products has been high since July. According to the monthly data, as of July 29th, 2,387 private equity funds had been registered in July, including 1858 private equity funds, accounting for 77.83%.

Judging from the number of tens of billions of private equity filing products, there were 222 domestic tens of billions of private equity filing funds in July. The number of Shui Ying investment, Ling Jun investment and Mingxun investment registered funds in a single month all exceeded 20, and the number of 34 funds issued was the first. In addition, the number of monthly filing funds quantified by Ningbo Rubik's Cube and invested by Jiukun also exceeds 10.

Judging from the main investment strategy of tens of billions of private placements with a large amount of filing funds, the number of quantitative private placement products in July was significantly higher than that of subjective bulls. Because the regression of quantitative strategy is more stable in the volatile market, the market calls for a bull market, but the bull market has suffered a callback and cooling down. Retreating a small-scale quantitative fund is also an asset allocation method with obvious advantages.

04

Shocked the private equity circle, Jinniu launched a six-year closed product.

It is not uncommon for the fund to set up a closed period, because for investors, if they buy at the high point of the bull market, it is easy to cause losses because of the high withdrawal of redemption; For private managers, when the market fluctuates violently, frequent purchase and redemption will greatly increase the difficulty of investment.

In recent years, three-year closed-end products have become popular in both Public Offering of Fund and private equity funds. In July, Hanhe Capital launched a product with a closed period of 6 years. In fact, Hanhe Capital is one of the private placements that launched three-year closed-end products earlier in China.

The biggest strength of Hanhe Capital's first 6-year closed product is its past performance. According to the data of private placement network, Hanhe Capital was established in June 20 13 and 14, and obtained the license of private placement fund manager, and became an observer member of China Fund Association in June 20 16 and 12.30. Up to now, the management scale of Hanhe Capital has already exceeded 5 billion yuan. Hanhe Capital believes in the concept of ultra-long-term value investment, looks at investment targets from the perspective of industrial capital, selects valuable targets and holds them firmly for a long time. The company maintains a high level of operation all the year round.

From the investment perspective of ultra-long-term value, Hanhe Capital will not choose the opportunity simply based on short-term market fluctuations, and all operations are based on buying logic and whether the intrinsic value of the company has changed.

05

The number of foreign private placements increased to 27, and UBS ranked first in the number of asset filing products.

It has been three years since the first foreign private equity fund landed in May 20 17. In the past three years, the issuance of private equity funds has surged. From the perspective of foreign private equity managers, 9 companies completed registration on 20 17; From the perspective of foreign private placement products, 40 products were filed in 20 19, and now it is more than half in 2020. The number of foreign private placement files is only 18, which is less than half of last year.

According to the data of private placement network, as of July 30, the number of registered overseas private placement managers was 27, and 83 private placement fund products were issued. In terms of the number of registered products, UBS Assets registered 16 products, ranking first in the number of foreign private placement funds, and Huili Investment also registered 1 1 fund products in the same period.

In July, both foreign private placement was approved and foreign private placement fund products were put on record. Bauer Saijia (Shanghai) Investment Management Co., Ltd. (hereinafter referred to as Bauer Saijia) completed the registration with China Fund Industry Association on July 27th. Bi Sheng Investment, Future Cai Yi and East Asia Lianfeng each filed a fund product in July, namely, foreign trade trust-Longxin No.5, Future Cai Yi China Advantage 1 and East Asia Lianfeng China Dispersion 1. Except for East Asia Lianfeng, which is the first fund product filed, many products of the other two foreign private placements have been filed.

From the perspective of scale changes, as of the end of July, three foreign private placements, Deshao Investment, Tengsheng Investment and Anzhong Investment, all achieved scale growth. De Shao Investment and UBS assets both live at1-200 million yuan, and the management scale of the latter two is 1- 1 100 million yuan.

06

See also "wonderful" private placement, where the salesperson holds funds for investors, with a share of less than one million.

Although the private equity industry has developed in the sunshine for many years, there are also some small private placements that disrupt the market and damage the reputation of the private equity industry.

Recently, including the China Securities Regulatory Commission and the Ningbo Banking Regulatory Bureau, they have issued decisions to take corrective measures recently, and the violations of private placement are even more alarming. The existing problems include:

1. The information registered by our company in China Asset Management Association is incomplete and inaccurate.

2. The company has exaggerated publicity in some fund product publicity materials.

3. The company did not evaluate the risk identification ability and risk-taking ability of some investors; Some investors' risk identification ability evaluation time is later than the fund contract signing time.

4. The sales staff of the Company hold fund products for investors, and the fund share held by investors is less than 6,543,800 yuan.

5. The company did not disclose the major change information of some fund products to investors; Some of the company's fund products did not disclose information as agreed in the fund contract.

6. Some investors lack assets certification materials of qualified investors; Sell fund products to some investors whose risk-taking ability does not match.

7. Some fund products were not disclosed in accordance with the contract.

8. Some fund contracts lack essential elements such as fund contribution; The subscription share of some fund contract investors has not been filled in.

According to relevant regulations, the investment amount of a single private equity fund is not less than 6,543,800 yuan. For investors, choosing formal private placement and participating in private placement through formal channels can maximize their rights and interests while gaining income, and "not taking the usual path" is easy to fall into the pit.