On March 9, there was a round of sell-off in A-share trading, and the market once fell into pessimism. However, later, it pulled up and walked out of the "deep V" rebound market.
Since the beginning of this year, the continuous sharp decline of the stock market has put pressure on stock private placement. Under the correction for several days, many star private placement have also been spared!
According to the Chinese reporter of the securities firm, recently, several star private placement products have touched the early warning line, and the managers are forced to take corresponding risk control measures. The Chinese reporter of a securities firm also learned from the custody Office of a securities firm that the number of private placements that issued the supplementary agreement for modifying the early warning closing line has also increased significantly recently. Obviously, investors and managers are reluctant to liquidate at a loss.
many private placements with high positions told Chinese securities companies that the portfolio will only be fine tuned and will not be greatly reduced, because it may be cut on the floor, and the current response of the market is obviously too pessimistic. There is also the excessive pessimism of northbound funds. On March 9, the net outflow of northbound funds throughout the day was 10.934 billion yuan, lacking the previous calm
However, some private equity companies took advantage of the sharp decline to copy the bottom, saying that now is a good time for "low position and high position".
multiple star private placement products touch the warning line
The news of product warning of 10 billion private placement of Shifeng assets has attracted market attention recently.
The relevant person in charge of Shifeng assets explained to the Chinese reporter of the securities firm that the risk control requirements of Shifeng assets are very strict, and the products are basically 0.85 net value early warning. A small number of new products established last year fell below the 0.85 warning line as the market fell.
\u3000\u3000 "After falling below the early warning, we will implement risk control and reduce our positions and do a good job in bottom line management. Taking into account the current extreme market conditions and the situation outside China, in order to deal with systemic risks and protect the interests of investors, fund managers timely adjusted their positions and did a good job in bottom line management for investors. In this dark moment of the market as a whole, it is very necessary to do a good job in position control; but the dark moment ends In the past, fund managers were very confident in the fundamentals of the investment target. After the market stabilized and entered the rebound cycle, they gradually increased their positions. After the positions in the later stage went up, the rebound of products would be faster. So there is no need for investors to panic and be particularly pessimistic. " The person in charge of the above Shi Feng assets said.
Shi Feng's assets are not an example. Previously, many large private placements such as Dongfang harbor, Xitai and Hefu also had early warning of falling net worth. "There are many product warnings in the industry recently, mainly some new products issued last year. This round of market decline is somewhat higher than expected." Insiders said.
The Chinese reporter of a securities firm learned from the trusteeship Office of a securities firm that the number of private placements that issued the supplementary agreement for modifying the early warning closing line has increased significantly recently. Obviously, both private equity funds and investors, on the one hand, recognize the impact of severe market fluctuations on net worth, on the other hand, they also trust the investment level of managers and are unwilling to lose out.
previously, private placement tycoon Dan Bin said that all products with a net value of less than 1 yuan do not charge management fees and carry them with investors
According to the data of private placement network, as of the end of last week, there were 2067 private placement products on the market, the net value of which fell below 0.8, of which 205 products came from large and medium-sized private placement with a management scale of more than 5 billion yuan. More than ten 10 billion star private placement products such as Dongfang harbor, Hanhe capital, Zhengyuan investment, Shiva investment, Linyuan investment and Yingxue capital appear in the list.
Generally speaking, after private placement products touch the early warning, managers will be forced to reduce their positions. "Many private placements that reduce positions do not take the initiative to choose the time, but are forced to act. Now in this position, stock private placements are less likely to take the initiative to reduce positions. The market is relatively low. When the market rebounds, the repair of high net worth positions will be faster." A medium-sized private placement person in Shanghai said.
Of course, in the stage of uncertain macro situation, some private placement will also choose to adjust positions. The person in charge of a stock private placement in East China told reporters that in the early stage, the company adjusted the position of the investment portfolio significantly, increased the allocation of a certain proportion of upstream energy stocks, reduced the position of growth stocks, and maintained the full position operation as a whole.
Overall, large private placement is not very pessimistic about the market. According to relevant data, as of March 5, 72 10 billion private placement new funds had been issued during the year, and the number of new development funds reached 581. Among them, 10 billion quantitative private placement ranked among the top six in the new fund issuance list. There were 32 new funds of Alabama assets, ranking first, followed by huasoft new power, xingkuo investment, faner private securities fund, yinnuo assets and Xiangju capital, with 31, 30, 22, 21 and 21 in turn.
cut the warehouse or stick to it
From the perspective of market trend, a private placement told Chinese reporters of securities companies that a wave of panic decline in the session should be the passive reduction of positions of institutional products.
Chen Jiande, general manager of Tianlang assets, also said that this wave of decline is too fast. Some public offerings and private placements, especially those with early warning closing line, may reduce their positions passively because the net product value falls near the early warning closing line, resulting in increased selling pressure in the market. "Since new year's day, we have maintained about 30% of the low position operation and reduced the position in advance. There is no risk control pressure on the products these days."
In the face of the sharp decline in the market, a large private placement in Shenzhen said that it had reduced the positions of some products in recent days and made corresponding risk control for some products with net value near the early warning line.
"I feel that now I can only calm my emotions," said 10 billion private placement Many private placement companies with high positions said that the portfolio will only fine tune and will not significantly reduce their positions, because it may be cut on the floor, and the market response is obviously too pessimistic.
Huaxia future capital said that for mature institutional investors, risk control is a continuous process. Generally, measures will not be taken until the products reach the early warning and closing line. At present, the continuous sharp decline in the A-share market caused by overseas geographical conflicts is obviously an overreaction, which is not in line with China's current policy and economic fundamentals. Now is a good time for "low position and high position". We will focus on adding positions to excellent industry leaders and stocks with significantly improved fundamentals.
Of course, there is no lack of private placement, taking advantage of the sharp decline to copy the bottom against the trend. Wang Yiping, founder of 10 billion private evolutionary assets, said, "this position has been copied to the bottom. Before, the position was relatively light, and here we make up a little position."
Under the background of great uncertainty in the overseas situation and the sharp rise in commodity prices such as crude oil, Xingshi investment said that the market expected the world to fall into a "stagflation" environment, the global market risk appetite fell sharply, the price of gold rose sharply, and the collective decline in the Asia Pacific Capital market. In fact, A-Shares fell indiscriminately in the past two days.
Chen Jiande also said that the fundamentals of the Chinese market have not changed much. The panic decline in the market on the 9th may be more due to concerns about the long duration of foreign conflicts and even the aggravation of confrontation, especially about the sharp rise in crude oil prices.
The excessive pessimism is also the northward capital. On March 9, the data showed that the net outflow of northbound funds throughout the day was 10.934 billion yuan.
Among them, the net outflow of funds from Shanghai Stock connect was 5.282 billion yuan and that from Shenzhen Stock connect was 5.652 billion yuan.
private placement: fearless of short-term fluctuations, waiting to recover lost land
Red chip investment pointed out that taking the history of US stocks as a mirror, reviewing the major geopolitical events and financial market performance in the past 60 years, it was found that the stock market did fluctuate and fall at the beginning of geopolitical risks, but this geopolitical panic often did not last for a long time, and the return in the next 12 months would return to the long-term average.
"At a time when the market is fully trading US tightening expectations but not Pricing China's easing and recovery prospects, we believe that Chinese assets will significantly outperform US assets. Undervalued assets in the Chinese market have high investment value." Red chip investment said.
Cui Hongjian of Shifeng assets believes that since 2022, the gem index representing growth stocks has been taken as the benchmark, and the market has been divided into three stages:
The first stage is from New Year's day to February 14. At this stage, the gem index showed a significant adjustment (- 19.2%), which mainly reflects the market's concern about the shrinkage of macro overall demand. However, in fact, the macro monetary policy has expanded significantly in January, and the expectation of economic stabilization is expected;
The second stage is from February 15 to March 1. At this stage, the gem index rebounded (+ 5.6%), and the market began to expect macroeconomic stabilization. At this time, although the Russian Ukrainian war began to break out, the market believed that the war would end quickly;
The third stage is from March 2 to now (March 8). The market has entered the rapid decline channel (- 10.9%), and the market began to reflect the downward demand caused by the rapid spread of covid-19 epidemic in China. More importantly, with the continuation of the Russian Ukrainian war, the soaring prices of bulk crude oil and Shenzhen Agricultural Products Group Co.Ltd(000061) prices have raised the market's concern about hyperinflation.
In the view of Lu Yang, chairman of Botong investment, there are indeed many uncertain factors facing the short-term market, and the trend of the war is difficult to predict. Moreover, the soaring commodity prices caused by the conflict between Russia and Ukraine have exacerbated the market's concern about the future economic stagflation. The outflow of foreign capital, superimposed with the liquidity pressure brought by the stop loss of absolute return products and the closing of two financing funds, further amplified the speed and range of adjustment. However, the war will eventually subside, and the subsequent economic and corporate profit expectations will gradually improve.
Xingshi investment said that on the whole, the market is pricing the new uncertainty. Because there is still room for China's policy and the valuation is relatively low compared with the overseas market, it is likely to continue to maintain resilience in the turbulence of the global capital market in the future, not afraid of short-term fluctuations, and wait to recover the lost ground.
