On the day of “goddess day”, the A-share market was not calm. Following the sharp drop of “fund stocks” on March 7, the market continued to fall on March 8. The three major indexes hit a new low in the year, and the Shanghai Composite Index and Shenzhen Component Index fell by more than 2% in a single day.
According to wind data, the net value of Hengtai securities her economic collective asset management plan (hereinafter referred to as “Hengtai her economy”), a small collection of science and innovation series under Hengtai securities, hit a new low recently, with the latest net value of 0.7426 yuan, which also means that the net value of the product has fallen by 25.74% since its establishment, which has fallen below the 0.75 warning line set by the product.
What measures will the follow-up company take? In terms of the interview with Hengtai securities by the interface news reporter, no reply has been received as of press time.
Figure: Trend of Hengtai’s economic net worth. Source: wind
According to the product data, Hengtai economy was established on November 3, 2020, with a minimum participation amount of 400000 yuan and an establishment scale of 113111 million yuan, including 1.5 million yuan purchased by Hengtai securities, which belongs to medium and high risk (R4) products. The warning line is when the cumulative unit net value reaches 0.7500 yuan (inclusive), and the closing line is when the cumulative unit net value reaches 0.7000 yuan (inclusive).
The product establishment process is very bumpy. Hengtai securities originally set the raising period from September 23 to October 16, 2020. After the expiration, it was announced to extend it for 15 days and end on October 30.
Chen Yin, an investment manager, graduated from Aston University with a master’s degree in finance and a bachelor’s degree in finance and economics from Manchester University. She once worked at HSBC in London and worked at Orient fund after returning to China. She joined Hengtai securities in 2014 and is now the investment manager of Hengtai securities’ science and technology innovation revival series, her economy and other products.
Wind statistics show that among the six products under Chen Yin’s management, except for pure debt Hengtai robust Tianfu No. 5, the other five have negative job returns. Hengtai securities Taize preferred No. 1, Hengtai other economy and Hengtai 5g Internet of all things are the worst, with a decline of more than 20%.
Table: performance of Chen Yin’s products under management source: wind
In July last year, Hengtai’s economy hit a high net worth of 1.2661 yuan. At that time, Chen Yin said, as many years ago, men discovered the male’s obsession with baijiu. There are many good business types in the female economy which deserve the attention of the capital market.
“In my opinion, the business model that continues to accelerate penetration in the female economy is the most noteworthy. Most of these enterprises have several common genetic characteristics: 1) gradual increase in penetration; 2) high frequency, low value and high repurchase rate; 3) novel business model and extremely high customer viscosity; 4) Internet empowerment brought by social media and short video to profit model.” Chen Yin said.
That is, during the position building period at the beginning of its establishment, Hengtai disclosed that the product held positions in Chongqing Zhifei Biological Products Co.Ltd(300122) , Xiaomi group, Haidilao, meituan, Tencent holdings, etc.
It is worth noting that Hengtai’s economic benchmarking index is rare in the industry. The performance comparison benchmark of this product is: the income category of CSI women’s consumption theme index [931004] 80% + Industrial Bank Co.Ltd(601166) current deposit yield in the same period 20%.
The CSI women’s consumption theme index selects 50 securities of listed companies with large market value in the fields of women’s clothing, shoes and hats, jewelry accessories, beauty and personal care products and services, medical care, leisure and entertainment and shopping as index samples from the Shanghai and Shenzhen markets, so as to reflect the overall performance of securities of listed companies with women’s consumption theme in the Shanghai and Shenzhen markets.
The latest top ten heavheavheavheavheavheavheavheavheavshares are the 10.12% of the 10.12% of the 10.12% of the China Tourism Group Duty Free Corporation Limited(601888) ‘\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) (3.63%), Chow Tai Seng Jewellery Company Limited(002867) (3.56%), Lancy Co.Ltd(002612) (3.51%).
Wind data shows that in the field of public funds, there is no fund with this index as the performance comparison benchmark. However, the fund performance of similar female consumption themes is also slightly embarrassing.
On March 7, Boshi women’s consumption theme a / C hit a new low, with a net value of 0.8139 yuan and 0.8102 yuan respectively. Since its establishment, the growth rate of the net value of reinstated units has been – 14.52% and – 15.08% respectively. At the end of the fourth quarter of 2021, the fund’s heavy positions include Imeik Technology Development Co.Ltd(300896) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Angel Yeast Co.Ltd(600298) , Gf Securities Co.Ltd(000776) , etc., with positions accounting for more than 3%.
Hengtai securities was listed on the main board of the stock exchange of Hong Kong Limited in October 2015, and the largest shareholder is Tianfeng Securities Co.Ltd(601162) . According to the classification rating of securities companies in 2021, Hengtai securities has been reduced by 4 levels from A-level in 2020 to CCC level, which is the securities company with the largest decline.
The performance forecast for 2021 shows that the company expects the profit attributable to shareholders to be about RMB 378 million for the year ended December 31, 2021, with a year-on-year decrease of more than 20%. The board of Directors believes that the decline in the group’s operating performance compared with 2020 is mainly due to the decline in the income of securities investment business and private equity investment business.
