According to the data of private paipai. com, among the leading products in the first three quarters of this year, two unique brand funds, Zhuotai Sunshine Paipai 1 and Sunshine Paipai 1 managed by Guangdong New Value Investment Luo Weiguang, performed outstandingly.
Second, the specific analysis
Under the background of stricter supervision, it is found that private equity institutions that were keen on placarding and speculating shells have gradually withdrawn from some shell companies. At the same time, their attitude towards the media has also undergone subtle changes, and they are unwilling to mention shell stocks again, which is far from the situation of spending a lot of money on shell stocks and high-profile placards.
The industry believes that the main reason behind this lies in the changes in the regulatory environment, and the space for speculative arbitrage has become smaller.
At the same time, there is no pressure to wait for the injection of high-quality assets.
Private placement believes that because the demand for shell resources is still very strong, it is still a good business to invest in shell resources stocks in the future, but we should pay attention to selecting high-quality targets and avoiding regulatory risks.
Third, is placarding good or bad?
Licensing speculation is an obvious institutional arbitrage, not from the perspective of enterprise value. From the perspective of supervision, this investment strategy may be greatly impacted.
However, some insiders also said that if private placement can really find shell stocks with investment value, there is still much room for profit in the future.
Judging from the current mainstream investment strategy of private placement, there are both value investment and speculative arbitrage. However, under the current market conditions, it is difficult to find a company with reasonable valuation and growth. Therefore, some private placements hope to obtain annualized expected returns that exceed expectations, and they will seize the opportunity of the game.
"The China market provides an opportunity for this kind of institutional arbitrage. Some companies will perform better under the expectation of restructuring, and private placement is understandable.
It's just that we are value-oriented and not very good at seizing such opportunities, so we should take a break and do more research now.
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A private equity person also reminded that such strategies may cause large fluctuations in the net value of related products, and some private placements tend to focus on investment, which is risky and needs to be treated with caution.