This year's market is very "friendly" to the private placement industry. According to the statistics of red weekly, the 10 billion private placement group expanded from 52 at the end of last year to 101 at the end of November. The total scale of managed funds in the private placement industry increased from 15.97 trillion yuan to 19.73 trillion yuan, a net increase of 3.76 trillion yuan, an increase of 23.54%. Specific to the income level, the data show that the average income of 10 billion private placement is as high as 13.43%, which not only outperforms the market, but also exceeds the income level of most ordinary investors.
In addition to their unique "methodology", the secret of "common" is to do a good job in "discount shares", that is, widely participate in IPO placement and fixed growth projects. Among them, Yingshui, Linyuan, Jiukun, Xuanyuan and other well-known 10 billion private placement have achieved quite a lot.
Overall, among the 101 10 billion private placements, 74 invested in "discount stocks", of which 72 achieved floating profits as a whole, and 48 had a yield of more than 100%. For example, Yingshui investment has the largest floating profit, reaching 2.248 billion yuan, followed by Lingjun investment, Linyuan investment and Jiukun investment.
"discount stock" blowout
Yingshui, Linyuan, etc. seize opportunities
The reason why there are a large number of "discount stocks" in the market this year mainly lies in the promotion of the system. Since the pilot registration system of the science and innovation board in 2019, the pilot registration system has been implemented on the gem and the Beijing stock exchange, which has created great convenience for the listing of new shares in the A-share market.
According to the data, from 2018 to 2021 (December 20, the same below), the number of newly listed companies each year was 105, 203, 437 and 504 (including companies listed on the Beijing stock exchange), and the IPO amount also jumped from 100 billion to 500 billion.
In addition to the pilot registration system, the liberalization of refinancing policy is also a major driving force. The management launched a new version of the refinancing rules on February 14, 2020, adding "the issuance price shall not be lower than the average price of the company's shares in the 20 trading days before the pricing benchmark date by 10% to 20% and" the lock-in period shall be shortened from 36 months and 12 months to 18 months and 6 months respectively ".
This means that listed companies can attract institutions to participate in their fixed increase projects at a lower discount, which is indeed the case. Statistics show that from 2019 to 2021, the number of listed companies issuing private placements each year is 257, 403 and 458 respectively, and the actual fund-raising scale is 673.078 billion yuan, 857.519 billion yuan and 834.402 billion yuan respectively. The number and amount of fixed increase projects in the past two years are far higher than those in 2019.
According to the reporter's statistics, this year's "fixed increase king" is Xinjiang Tianshan Cement Co.Ltd(000877) , and the fund-raising scale is as high as 94.171 billion yuan. Other companies with fixed growth scale exceeding 10 billion yuan include Postal Savings Bank Of China Co.Ltd(601658) (30 billion yuan), Boe Technology Group Co.Ltd(000725) (20.033 billion yuan), S.F.Holding Co.Ltd(002352) (20 billion yuan), Liaoning Port Co.Ltd(601880) (16.442 billion yuan), Tangshan Jidong Cement Co.Ltd(000401) (13.623 billion yuan), Weichai Power Co.Ltd(000338) (13 billion yuan), Inner Mongolia Yili Industrial Group Co.Ltd(600887) (12.047 billion yuan), China Eastern Airlines Corporation Limited(600115) (10.828 billion yuan) and China National Chemical Engineering Co.Ltd(601117) (10 billion yuan). Although the fixed increase scale is huge, the share price performance of these companies is still strong, such as the increase in the China National Chemical Engineering Co.Ltd(601117) range (the increase in the issue price to December 20, the same below) as high as 49.29%.
Generally speaking, the new shares allotted by IPO since this year - although there have been new share breaks, the overall rise is good, and the average increase since the first day of listing (including the rise and fall on the first day of listing) is as high as 159.05%; The average increase in the issuance price of listed companies with private placement so far is as high as 58.03%.
Under such a performance of "discount stocks", the 10 billion private placement participating in it has made huge profits. According to the latest statistics of private placement network, 68 of the 86 10 billion private placements that disclosed their performance achieved positive returns, accounting for nearly 80%. Among them, alluvial assets, Zhengyuan investment, Ruiyang investment, Xuanyuan investment and Mingshi investment have the highest returns, with yields of 82.94%, 67.25%, 49.68%, 43.55% and 39.29% respectively, and the top 10 billion private placement has generally participated in the opportunity of "discount stocks". Taking Xuanyuan investment as an example, since this year, the company has participated in 33839 IPO placements and 6 additional issues of listed companies with a total of 33845 products.
It should be noted that Xuanyuan investment, as a specific investor, has participated in the fixed increase projects of Shanghai Wondertek Software Co.Ltd(603189) , Zhejiang Tony Electronic Co.Ltd(603595) , Bizconf Telecom Co.Ltd(300578) , Business-Intelligence Of Oriental Nations Corporation Ltd(300166) , Tangrenshen Group Co.Ltd(002567) and Shenzhen Anche Technologies Co.Ltd(300572) 6 listed companies with a lock-in period of 6 months. If Xuanyuan investment does not reduce its holdings after participating in these projects, it will make floating profits of 37.5494 million yuan, 11.35 million yuan, 14.9735 million yuan, 23.3363 million yuan, - 4.8316 million yuan and - 20.6923 million yuan respectively, with a total floating profit of 61.6853 million yuan and a yield of 15.98% (the total investment is 386 million yuan). If calculated by superposition, the total floating profit of IPO placement is RMB 1.096 billion, and the total capital investment of Xuanyuan investment is RMB 1.085 billion, with a yield of 101.01%.
According to the reporter's statistics, there are as many as 48 private placement companies that have doubled their income by investing in "discount stocks" like Xuanyuan investment. The largest floating profit is Yingshui investment, which is 2.248 billion yuan, followed by Lingjun investment, Linyuan investment and Jiukun investment, and Xuanyuan investment ranks fifth (see table 1). Among the 74 10 billion private placements that invested in "discount stocks", 72 achieved floating profits.
In the future, with the implementation of the comprehensive registration system, the opportunity of "discount shares" is expected to continue.
over 60% 10 billion private placement widely participated in IPO placement
Gao Yi and other four companies focused on private placement
In terms of "discount stocks", there are actually huge differences in strategies among the 10 billion private placement with good floating profits. As shown in Table 1, there are three main ways for 10 billion private placement to participate in "discount stock" opportunities: focusing on IPO placement, focusing on fixed growth, and doing both.
There are 45 10 billion private placements specializing in IPO placement, typically including Lingjun investment, Linyuan investment, Jiukun investment and minority investment. Taking Linyuan investment as an example, it is reported that since this year, a total of 208 products have participated in IPO placement, a total of 43844 times. Among them, Linyuan investment No. 29 private investment fund participated in 357 times at most.
In addition, the old 10 billion private placement such as Baoyin investment is also "only new and uncertain growth". In this regard, Baoyin investment said in an interview with the reporter of red weekly, "we really only do new (arbitrage) and generally sell it soon after the IPO." In terms of the selection of new targets, BOC investment will investigate various factors such as stock sponsors, cornerstone investors, enterprise fundamentals and valuation. Only companies with reasonable valuation and good corporate profitability will participate.
Compared with participating in IPO placement, there are far fewer 10 billion private placement dedicated to fixed growth, only four of which are Gaoyi assets, Jinglin assets, Liren investment (private placement in the secondary market of hilling) and zhengxingu assets. However, the return on such investment is also considerable. For example, Gao Yi assets has accumulated a floating profit of 562 million yuan through fixed growth this year, and ranks among the top 10 of the 10 billion private placement floating profit ranking. Among them, the floating profit of Gaoyi assets through participating in the private placement of Shanghai Baolong Automotive Corporation(603197) is up to RMB 257 million, and the products involved are Xiaofeng No. 1, Ruiyuan and Xiaofeng No. 2. In addition, most of the fixed value-added projects participated by many funds managed by Deng Xiaofeng are positive returns (see Table 2).
Compared with the frequency of tens of thousands of 10 billion private placement participating in IPO placement, the frequency of participating in fixed growth is significantly lower. The data show that among the above four 10 billion private placements, Jinglin assets participated in the highest frequency of 20 times, Gaoyi assets 17 times, zhengxingu assets and Liren investment only 8 times and 6 times respectively. At the same time, the yield of only participating in private placement is obviously low. For example, the floating profit of Gaoyi assets of 562 million yuan corresponds to the investment of 3.215 billion yuan, with a yield of 17.48%. Lilen investment is due to "stepping on" Bgi Genomics Co.Ltd(300676) and Guangzhou Grg Metrology&Test Co.Ltd(002967) falling stocks, resulting in overall floating losses. It has become the "only two" floating loss companies among the 74 10 billion private placement companies participating in "discount stocks". The other is Zhengyuan investment, which has a large floating loss on Tianjin Zhonghuan Semiconductor Co.Ltd(002129) .
Why is private placement still preferred when the profit and loss of fixed increase projects are half? As an investor, the reporter of red Weekly called a 10 billion private placement focusing on fixed growth. The other party explained, "we don't like strategic placement (innovation), because it is not particularly consistent with our investment philosophy. We have been adhering to value investment. In our view, extensive innovation is more speculative, and we don't pay much attention to this part of money."
The 10 billion private placement also said, "In fact, compared with fixed growth, we prefer to do large transactions because there will be no announcement. We don't want our actions to be seen in the market, which will have a great impact. In addition, we have been doing the secondary market since 2005. We have a long-term in-depth understanding of the targets of many industries and hold them for a long time. For example, the first part of the new energy industry chain Some companies, we have some layout very early. But for some new companies we are not particularly familiar with in the past, we will not do it. "
Whether it is dedicated to IPO placement or fixed growth, it means giving up another business. According to the reporter's statistics, 25 10 billion private placement companies have maintained the way of doing both. From the final result, its floating profit is the richest. For example, the above-mentioned Yingshui investment with the most floating profits this year has participated in 63521 IPO placements and 7 private placement.
51 stocks were jointly raised
good company standards surfaced
It should be noted that there is a phenomenon of joint rush to raise the same individual stock in the fixed increase project of 10 billion private placement. According to the reporter of red weekly, 110 listed companies participated in the fixed growth of 10 billion private placement this year, of which 51 companies obtained the participation of two or more products. For example, J.S.Corrugating Machinery Co.Ltd(000821) fixed growth has won the favor of 14 products, including Changdu Kaifeng macro hedging No. 11 (Kaifeng investment), ningquan specific strategy No. 1 and ningquan Zhiyuan No. 6 (ningquan assets), etc.
It is reported that J.S.Corrugating Machinery Co.Ltd(000821) was originally a manufacturer of paper packaging machinery, and then crossed the photovoltaic field in 2017. In 2020, the operating revenue of its photovoltaic automation production line accounted for 37.83%, much higher than that of the second largest main business packaging machinery (24.16%). In the first three quarters of this year, J.S.Corrugating Machinery Co.Ltd(000821) realized a net profit of 144 million yuan, a year-on-year increase of 59.23%.
While the 10 billion private placement focused on J.S.Corrugating Machinery Co.Ltd(000821) , Xie Zhiyu, a well-known public fund manager, also participated. According to the data, by the end of the third quarter of this year, Xie Zhiyu's Xingquan Herun hybrid securities investment fund (hereinafter referred to as "Xingquan Herun") had newly entered the list of the top ten circulating shareholders of J.S.Corrugating Machinery Co.Ltd(000821) . At present, Xingquan Herun holds J.S.Corrugating Machinery Co.Ltd(000821) 8.5 million shares, accounting for 1.78% of the company's circulating share capital. However, combined with the average price of 13.80 yuan / share in the third quarter of J.S.Corrugating Machinery Co.Ltd(000821) , Xie Zhiyu may be in a state of floating loss at present.
Because tens of billions of private placement participated in J.S.Corrugating Machinery Co.Ltd(000821) , the fixed increase price was 6.38 yuan / share, which was 55.69% higher than the market price of 13.28 yuan / share. Because the fixed increase lock period is about to expire on December 27 (next Monday), the 10 billion private placement participating in it is expected to return with full load.
Like J.S.Corrugating Machinery Co.Ltd(000821) fixed value-added projects, Unilumin Group Co.Ltd(300232) and Quectel Wireless Solutions Co.Ltd(603236) are also sought after by 10 billion private placement. The fixed value-added projects of the two companies have obtained 7 and 6 10 billion private placement products respectively (see Table 3). Among them, Tongyi investment (1 product), Ruijun assets (2) and ningquan assets (4) participated in the fixed increase of Unilumin Group Co.Ltd(300232) ; Chongyang strategy (6) participated in the fixed increase of Quectel Wireless Solutions Co.Ltd(603236) .
According to the reporter of red weekly, the fixed growth companies favored by 10 billion private placement generally have the characteristics of small and medium market value, long listing and trading time, excellent performance and outstanding technology or consumption attributes.
The first is the market value. Among the 51 stocks, except for S.F.Holding Co.Ltd(002352) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Sungrow Power Supply Co.Ltd(300274) and Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , the current total market value of the other stocks is less than 100 billion yuan, accounting for more than 90%. Among them, the total market value of 24 stocks, including J.S.Corrugating Machinery Co.Ltd(000821) , Unilumin Group Co.Ltd(300232) and Shenzhen Ellassay Fashion Co.Ltd(603808) , is less than 10 billion yuan. In addition, these companies are generally decentralized. As of the end of the third quarter of this year, the data showed that the top ten circulating shareholders of 41 of the 51 stocks accounted for less than 50% of their total share capital, and only Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , S.F.Holding Co.Ltd(002352) and Yto Express Group Co.Ltd(600233) accounted for more than 70%.
Secondly, in terms of performance, 43 of the 51 stocks were listed only before 2017, especially 8 stocks such as Shanghai Highly (Group) Co.Ltd(600619) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Avic Heavy Machinery Co.Ltd(600765) were listed before 2000. More importantly, these stocks can generally maintain the long-term stable growth of performance. For example, in the first three quarters of this year, 48 stocks achieved profits and 34 achieved year-on-year growth in scale net profit.
Finally, these stocks generally come from the fields of technology and consumption. Statistics show that among the above 51 stocks, there are 28 and 9 stocks belonging to the technology sector and the consumption sector respectively, with a total of 37. Among them, the power equipment and electronics industry has the largest number of stocks, with 9 and 8 respectively.
In this regard, people from organic organizations admitted to the reporter of red weekly, "technology and consumption are the eternal theme of the market and the two plates with a large number of bull stocks, which will be the main direction of our research."
In addition, the reporter of red weekly noted that 521 stocks are currently in the process of fixed growth. If selected according to the above "good company" criteria, a total of 51 stocks are "shortlisted". Among them, Kangyue Technology Co.Ltd(300391) , Nuode Investment Co.Ltd(600110) and Guangdong Jiaying Pharmaceutical Co.Ltd(002198) the net profit attributable to the parent company grew the fastest in the third quarter of this year.
(stock market red weekly)
