Yang Dong, a rare private placement boss, once again conducted research with Dong Chengfei. After Jiangsu Feiliks International Logistics Inc(300240) , this time they appeared on the research list of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) .
It is worth noting that China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) is also Yang Dong's love stock, and its ningquan assets have increased their positions in the subject for three consecutive quarters. However, from the stock price trend of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) , Yang Dong has taken several roller coasters.
Yang Dong investigates heavy positions
On November 24, China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) finally released the research summary on November 10. According to the survey summary, on the afternoon of November 10, Yang Dong, with Yu Jingyu, Shen Qin, sun Zhe, Qian Minwei and Zhang Bin of ningquan assets, joined hands with Du Changyong and Tang Sheng of Ruijun assets and Dong Chengfei of Xingquan fund to conduct field research on China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) .
Yang Dong and Du Changyong were both veterans of Xingquan fund and the old leaders of Dong Chengfei at that time. After leaving Xingquan fund, they all founded well-known private placement.
It is worth noting that Yang Dong's ningquan assets are also heavily held China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) and have increased their positions for several consecutive quarters. Specifically, at the end of the first quarter of this year, ningquan Zhiyuan No. 58 private equity fund became the top ten new shareholders of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) with a shareholding of 2.8355 million shares, an increase of 297500 shares in the second quarter and another increase of 252200 shares in the third quarter. As of the end of the third quarter, the above private equity funds held a total of 3385200 shares.
From the stock price of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) , Yang Dong took a multi wheel roller coaster. If he didn't do the band, it might be difficult to make a profit. From April 1 to June 28, the share price of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) rose by more than 12%. Since then, the share price began to decline continuously. As of August 6, it fell by more than 13% in more than a month. From August 6 to November 9, the company's share price fell again after rising. However, since Yang Dong's investigation, China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) share price has entered a rising cycle again. From November 10 to November 26, China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) share price increased by more than 9%.
From the company's background, China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) was jointly established by China and Singapore in August 1994. Its business includes park development and operation, industrial carrier supporting, green public and diversified services. At present, the development and operation business of the park is the main source of income and profit of the company.
What questions did Yang Dong and Dong Chengfei ask during the survey?
From the announcement, the organization pays more attention to the profit model and profit source of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) . China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) indicates that the main mode of development and operation business of the park is the entrusted development mode by government agreement, including BT mode, agreement sharing mode and PPP mode, that is, the company, as the main body of development and operation of the park, completes the overall planning and design, infrastructure construction, comprehensive development investment, software transfer, investment promotion and other work for each cooperation zone project, so as to obtain the corresponding consideration income. "Park in the district" business is the main industrial carrier to obtain stable rent and value-added income. In the future, REITs and other methods will be adopted to realize rolling development and continuously expand the asset scale of operation and management.
The organization further asked: "what is the company's cash flow and inventory?"
China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) indicates that many projects have gradually entered the maturity and harvest period. As of September 30, 2021, the balance of cash and cash equivalents at the end of the period is about 3.428 billion yuan. The ending balance of inventory is about 10.1 billion yuan, mainly including the cost of infrastructure construction of park development projects and the cost of land relocation.
"Xingquan" research focuses on small and medium-sized companies
Interestingly, Jiangsu Feiliks International Logistics Inc(300240) the research summary released earlier shows that Yang Dong and Dong Chengfei also conducted field research on it on the morning of November 10, China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) Li Chenglin also appeared in the research list.
It is found that Jiangsu Feiliks International Logistics Inc(300240) and China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) are both in Suzhou, which means that Yang Dong and his party were very busy that day and investigated two listed companies on the spot. Moreover, the current market value of Jiangsu Feiliks International Logistics Inc(300240) and China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) is not large. Among them, the market value of China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) is less than 15 billion yuan, and the market value of Jiangsu Feiliks International Logistics Inc(300240) is less than 4 billion yuan. There is basically no exclusive research report in the past two years.
In fact, from the recent overall research, the research of ningquan assets, Xingquan fund and Ruijun assets overlapped many times, focusing on small and medium-sized market value companies. Since November 10, in addition to China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) , Jiangsu Feiliks International Logistics Inc(300240) , ningquan assets has investigated Ofilm Group Co.Ltd(002456) , Leyard Optoelectronic Co.Ltd(300296) , Xiamen Comfort Science & Technology Group Co.Ltd(002614) , Yonggao Co.Ltd(002641) , Aohua endoscopy, etc.
Among them, Ruijun assets and Xingquan fund also participated in the investigation of Leyard Optoelectronic Co.Ltd(300296) on November 18, and Ruijun assets also attended the investigation of Xiamen Comfort Science & Technology Group Co.Ltd(002614) on November 17. It is worth mentioning that Xiamen Comfort Science & Technology Group Co.Ltd(002614) is also the "love stock" of Xingquan fund and ningquan assets. By the end of the third quarter, Xingquan Herun, Xingquan business model, Xingquan Heyi and ningquan Zhiyuan No. 58 private equity funds were among the top ten shareholders of Xiamen Comfort Science & Technology Group Co.Ltd(002614) .
In the round table forum of Buffett's shareholders' meeting and China Investor summit in May this year, Dong Chengfei and Yang Dong had an open discussion on how to invest, which is of certain reference significance for understanding their investment logic.
In Yang Dong's view, investment needs to predict the future, especially growth stock investment. "Many times, we need to understand the laws of some industries, business models and some basic competition laws of enterprises before we can make predictions. In investment, we still need to be conservative. Buffett's deep thought of safety margin tells us that people can make mistakes. We must consider the possibility and probability of making mistakes and keep the safety margin 。”
Dong Chengfei said that in the early years, I paid more attention to the static financial indicators of enterprises, but in recent years, there will be more enterprises in the future. "When it comes to the future, the proportion of enterprise management is really getting higher and higher."
(Shanghai Securities News)
