Since the beginning of the new year, there have been many events in the private placement circle. On February 8, after the private placement circle wildly spread that the actual controller of a private placement fund, Gao shanran, was missing at night, another notification letter about the private placement fund products touching the stop loss line was also spread in the circle.
The reporter of the daily economic news learned that the notification letter on Lixing No. 1 private equity fund touching the stop loss line issued by Zhejiang Shanyuan investment on February 7 showed that the unit net value of the fund on January 27, 2022 was 0.7909, which was lower than the stop loss line by 0.8 yuan, and the risk stop loss operation will be carried out in accordance with the contract.
In addition, according to the data of private placement network, up to now, a total of 432 private placement products have a net value of less than 0.7 yuan, which is lower than the traditional liquidation line of private placement products.
Zhejiang Shanyuan investment’s products hit the stop loss line
According to the notification letter on the stop loss line of Lixing No. 1 private equity fund issued by Zhejiang Shanyuan investment on February 7, Lixing No. 1 private equity fund was established on January 24, 2018 and China Merchants Securities Co.Ltd(600999) is the fund custodian. The unit net value of the fund on January 27, 2022 was 0.7909, which was 0.8 yuan lower than the stop loss line.
Zhejiang Shanyuan investment said that the company will carry out risk stop loss operation in strict accordance with the relevant provisions of the contract. At the same time, it reminds you that the fund sets a stop loss line of 0.8 yuan, which does not mean that the net value of fund units after the completion of stop loss is equal to 0.8 yuan. According to the transaction execution of liquidation operation, the net value of fund units on the termination date of the fund may be less than 0.8 yuan.
According to the data of the fund industry association, Zhejiang Shanyuan Investment Management Co., Ltd. was established on September 9, 2014 and registered with the association on April 15, 2015; The registered capital of the company is 50 million yuan, the type of institution is private securities investment fund manager, and the management scale is 2-5 billion yuan.
According to the introduction of private placement network, Chi Qing has laid a solid theoretical foundation for Zhejiang Shanyuan investment general manager, legal representative and investment manager through many years of futures investment and accumulated a lot of solid offer operation experience. In terms of actual trading and risk control of futures investment, he has his own style, with industrial chain research as the core, basis arbitrage and reflection theory as the basis, and long-term hedging of industrial chain as his personal trading style. According to the company’s official website, Shanyuan investment is a leading futures and stock asset management company in China. The company’s investment scope covers commodity futures, stocks (A shares and H shares), fixed income and other categories of assets.
Judging from Xi Qing’s resume, he has the background of import and export trade. From September 2005 to June 2014, Xi Qing successively worked in Zhejiang Yuanda import and Export Co., Ltd. and Zhejiang Wende import and Export Co., Ltd; Later, he served as the chairman and legal representative of the board of directors of Shancheng Resources Co., Ltd. from June 2014 to November 2017; From July 2014 to July 2019, served as the general manager in the general manager office of Zhejiang Shanyuan Investment Management Co., Ltd.
432 private placement products with net worth less than 0.7 yuan and traditional liquidation line
The trading volume of stocks was mainly in the downturn in January this year, and the trading volume of A-share was significantly lower. In January, only the banking industry rose, and most industries fell seriously. National defense and military industry, medicine and biology and media ranked among the top three in terms of decline. There was no expected red envelope market for the beginning of the year after the festival. It is worth noting that the hot track in 2021 fell sharply in January 2022, and the private placement performance of the heavy position hot track last year also corrected accordingly. Even some private placement with high performance last year had significantly lower earnings in the first month of this year.
Private placement network data show that as of February 7, the number of 10 billion private placements was 111. In terms of performance, 94 of the 10 billion private placements with performance disclosure have an average income of – 4.32% this year, and only 11 of the 10 billion private placements with positive performance, accounting for about 10%. In addition, the 10 billion private placement, which accounted for 90%, suffered a loss, with the performance of 35 companies falling by more than 5%, of which 7 companies fell by more than 10%, with the largest decline of nearly 15%, mainly the private placement with the highest increase in 2021.
Even so, some small and medium-sized private placements wandering near the “warning line” are even more sad. Private placement companies with a management scale of less than 500 million have become the “hardest hit areas” for the early liquidation of funds. Private placement network data show that as of February 8, a total of 923 private placement products had a net value of less than 0.8 yuan. The net value of 0.8 yuan is the early warning line of most private fund products, and 0.7 yuan is the liquidation line of most private fund products. According to the data of private placement network, as of February 8, the net value of 432 private placement products was less than 0.7 yuan, that is, lower than the traditional liquidation line of private placement products.
It is worth noting that combing the historical data, we can find that the early liquidation scale of private placement products is positively correlated with the fluctuation of the stock market. Generally, after a round of major market adjustment in the stock market, it is often accompanied by a round of private placement product liquidation tide, which has a certain lag. However, in the past two years, with the private placement industry becoming more and more standardized, after the survival of the fittest, some private placement managers with poor investment ability are out, and investors tend to be mature and rational. Therefore, the number of liquidation products is declining year by year.
It is understood that when issuing products, some private equity fund companies will specify the liquidation line in the fund contract, that is, once the net value of the fund falls below the liquidation line, the fund product will be forcibly liquidated. Private equity funds set the liquidation line between 0.7 yuan and 0.8 yuan of unit net value, that is, when the product loss is 20% to 30%, they are required to liquidate in advance. In addition, an early warning line will be set before the liquidation line. When the unit net value of the product falls below 0.9 yuan or 0.8 yuan, the private placement must change the original investment style, reduce the position, avoid touching the liquidation line, and try to turn over the market after the extreme market passes.
In this regard, Liu Youhua, research director of private placement network, told reporters that the recent market fluctuation is too large, with sharp rise and fall, which is extremely unfavorable to the operation of fund products, especially fund products with high requirements for the volatility of net value, which will be more difficult to operate. Therefore, in this case, private placement products near the early warning line will generally reduce positions or reduce risk exposure through hedging, so as to avoid the risk that the net value of the fund falls below the stop loss line.
