It is reported that in May of 2002 1 year, ZTE Fungi invested1100 million yuan to buy Shanyuanjin No.206 private equity fund, but by the end of 2022, the loss was close to 35%. In this regard, ZTE announced that it intends to change the fund manager to Fairchild Investment.
In recent years, private equity funds have gradually become an important choice for financial management of listed companies. However, due to market adjustment, some private equity managers lack awareness and ability of risk control, and many listed companies lose money because of buying private equity. In the eyes of the industry, the trend of listed companies' wealth management funds flowing into private placement will not change in the future, but managers with stable medium and long-term performance and absolute income can get the "cake".
On June 65438+ 10/0, ZTE Fungi released the Announcement on Changing the Product Manager of Private Equity Fund with Entrusted Wealth Management Products and the Announcement on the Progress of Entrusted Wealth Management with Part of Idle Self-owned Funds, which disclosed the losses of its investment in private equity funds.
According to the announcement, on May 6th, 2002 1 year, Zhongxing Auricularia subscribed for Shanyuanjin No.206 private placement product at a price of1100 million yuan, and the manager of the product was Shanyuanjin Fund. Based on in-depth value research, the investment strategy selects high-quality growth companies in medical, new energy, new materials, high-end manufacturing, environmental protection, biomedicine and other industries from multiple dimensions, such as industry prospect, company competitive advantage, future growth space and current valuation level.
However, by the end of 2022, the net assets of Shanyuanjin No.206 held by ZTE Fungi Industry were 65.5625 million yuan, and the total loss was 34.4375 million yuan, a decrease of nearly 35%. Among them, ZTE Fungi expects that in 2022, the company will confirm that the fair value change loss of Shanyuanjin No.206 is about 22.49 million yuan.
In this regard, ZTE announced that in order to optimize the management of the product "Shanyuanjin No.206 Private Equity Investment Fund" subscribed by the company, the board of directors agreed to change the manager of the product from the original Shanyuanjin Fund to Fairchild Investment.
It is worth mentioning that this is not the first listed company to acquire private equity.
On June 29th, 2022, 165438+ Yin Zhong Fashion announced that the company subscribed for the No.2 private equity investment fund in Li Youmei, Yuan Ze in September of 2002/kloc-0, with a subscription amount of 30 million yuan, but in the end, the company lost 76,065,438+09 million yuan, so it decided to withdraw from the private equity investment.
In fact, in 2022, when the market fluctuated greatly, the overall performance of stock strategy private placement was under pressure. According to the statistics of private placement network, the average withdrawal rate of 17224 private placement securities investment funds with updated performance in 2022 was 8.03%, with a positive income ratio of 29.49%.
In terms of strategy, in 2022, the average yield of bond strategy reached 14.96%, and the positive yield ratio was 74.36%. Futures and derivatives strategy ranked second with an average yield of 6.39%. The returns of multi-asset strategy, mutual fund strategy and stock strategy in the same period are all negative, among which the stock strategy is at the bottom with the retracement range of 13.47%, and the positive return ratio is only 18.04%.
In addition to market reasons, the lack of awareness and ability of some private equity managers to control withdrawal is also the reason for the fund's large losses.
For example, the filing information of China Asset Management Association shows that the filing time of Shanyuan Gold Fund was 2065438+September 2006. At present, there are 5 funds under management and 5 full-time employees. Judging from the product information disclosed by the tripartite platform, one of its funds has retreated by nearly 70% since its establishment in 2020.
"In the past few years, the market has been interpreting the structural rise. Some small and medium-sized private placements have gained high returns by betting on the industry and adding leverage, and quickly gained fame and fortune. The private equity industry has set off a' star-making tide'. However, with the shock adjustment of the market, some limited problems in the private equity circle have been exposed, and investors attracted by short-term ultra-high performance have suffered heavy losses. "
A private equity researcher in Shanghai admits that with the gradual maturity of the capital market and the rapid development of the asset management industry in the future, private equity will become an increasingly important financial management method for listed companies. Private placements that focus on risk control, follow the market evolution, strengthen investment and research capacity building, and provide investors with long-term benefits are expected to win this batch of incremental funds.
In recent years, more and more listed companies choose to buy private equity for financial management. According to the statistics of tripartite platform, in 20021year, listed companies subscribed for more than 6 billion yuan of private equity, among which 26 listed companies subscribed for 36 private equity products from 32 private equity investment institutions and 2.4 billion yuan of securities private equity funds.
Even in 2022, when the market is adjusted, there are still 12 listed companies subscribing for 23 private securities products owned by 19 private securities managers, with a total subscription amount of160.7 billion yuan.
A founder of head private placement said frankly: "In the context of the new asset management regulations breaking the SGX, the demand for listed companies to allocate private placement products has increased significantly. At present, listed companies do not require much scale when choosing private placement, mainly focusing on the medium and long-term performance of private placement. Especially after last year's market adjustment, private placements that adhere to the concept of absolute income and have stable performance are increasingly favored. "