Just past 2021, the stock market performance was extremely divided. For many private equity bosses, this is an extremely difficult time. They are ridiculed, accused and even reported
On January 4, an investor joint report letter entitled "about the illegal operation of Zhengxin Valley" was widely circulated on the Internet, pointing directly at the 10 billion private placement of Zhengxin Valley capital and its founder Lin Lijun. The report letter listed the "illegal acts" of Zhengxin Valley and put forward a number of demands to the regulatory authorities.
In this regard, the relevant person in charge of Zhengxin Valley responded to the Chinese reporter of the securities firm that the company has always operated in a standardized manner, understands the short-term mood of investors very well, and will strive to win back trust with performance. The person in charge also clarified some of the contents of the report letter, saying that it was untrue.
In addition, according to the understanding of Chinese journalists from securities companies, there is another secret behind the report letter. Due to poor product performance, some investors recently proposed minimum redemption to the company. After unsuccessful communication, they finally chose to "report".
Zhengxin valley was reported by investors
The online report letter pointed out at the beginning: "since the establishment of zhengxingu private placement product in 2021, as a 'top' 10 billion private placement, as of December 31, 2021, the net value has fallen to 0.66, and more than 30 billion products have caused 10 billion losses to investors."
The letter puts forward three "complaints" against Zhengxin Valley capital and its founder Lin Lijun: first, false publicity to induce purchase; 2、 Indifference, lack of communication, perfunctory procrastination; 3、 Inconsistent words and deeds, radical operation and lack of risk control. Finally, the report letter also put forward a number of demands to the regulatory authorities, including "please pay attention to the regulatory authorities, whether the sales publicity of Zhengxin Valley in various channels is compliant, whether the sales behavior of various channels is compliant, and whether there are exaggerated and unrealistic promises".
Zhengxin Valley is a well-known 10 billion private placement in China, and its founder Lin Lijun is a big man in China's asset management industry. Lin Lijun is a master of business administration from Harvard Business School, a master of world economics from Fudan University, and an off campus tutor with a professional degree from Fudan University. He once served as the assistant director of the office of Shanghai Stock Exchange and the assistant director of the listing department. He once served in the gem preparatory working group and the Listing Supervision Department of CSRC; He once served as vice president of China Securities Investment Fund Industry Association and director of several A-share, US stock and Hong Kong stock listed companies.
In 2005, Lin Lijun founded huitianfu fund and led the company from zero to head public offering as president, which has become a good story in the industry. In 2015, he resigned from huitianfu and founded Zhengxin Valley to enter the primary market. In 2017, Zhejiang Yiwu Tanzhen investment management partnership (limited partnership) was established and registered, becoming the secondary investment platform of Zhengxin valley. Since then, Zhengxin Valley has expanded rapidly across the primary and secondary markets.
It is understood that around the first quarter of last year, Zhengxin Valley intensively issued a number of secondary stock products (some of which have a three-year lock-in period). After the completion of warehouse building, it suddenly encountered market style adjustment, and the new products have been performing poorly. And the product has no stop loss line, and the net value has declined greatly. Private placement network data show that some products of Zhengxin Valley established in March last year have accumulated losses of nearly 30% by mid November last year.
response: the online content is untrue, and strive to win back trust with performance
The relevant person in charge of Zhengxin Valley responded to the Chinese reporter of the securities firm.
"We have always operated in a standardized way. All investment research processes and investment decisions are operated in accordance with the risk control and compliance system of public funds. Short term net value fluctuations do not represent long-term investment results. We can only guarantee to help customers create value through long-term in-depth research and field research." The person in charge said.
He also said that the company understands that in the face of short-term losses, investors are prone to some irrational demands, but we still have to insist that we can not cater to the short-term emotions of customers and the market. We are also strengthening the investment and research team of the secondary team to win back the trust of these investors with performance.
the person in charge also clarified some of the contents of the report letter, saying that there was untrue.
For example, the report letter mentioned that "on March 24, 2021, Zhejiang securities regulatory bureau has received investors' false publicity complaints about" all products have positive benefits "of Zhengxin Valley and ordered them to make rectification". For this matter, Zhengxin Valley firmly denied it, saying that the company had never received an instruction from Zhejiang securities regulatory bureau to order rectification.
According to industry news, Zhengxin Valley had reflected on its investment last year at the previous customer online communication meeting. In terms of optimizing the investment portfolio and steadily repairing the net worth portfolio management, Zhengxin Valley mentioned the work of "reducing, optimizing and increasing", That is, "appropriately reduce positions and control portfolio fluctuations; optimize portfolio allocation to make positions more uniform; actively think and increase new investment opportunities."
just before the press release, the Chinese reporter of the securities firm also received the latest official response from Zhengxin Valley:
Zhengxin Valley investment is "looking at ten years, thinking about three years and doing one year". Based on the long-term investment layout, facing the extremely complex investment environment in 2021, the short-term investment performance is facing certain challenges. We have been reflecting and constantly optimizing and adjusting.
In the future, the company will continue to adhere to the long-term investment concept, adhere to in-depth industrial research and invest in excellent enterprises representing the future economic development direction. We also know that practicing the principle of "customer first" is not to cater to the short-term emotions of customers and the market, but still return to day-to-day field research and desk thinking. At the same time, we are also strengthening the investment and research team, Strive to win back the trust of these investors with performance.
some investors proposed "minimum redemption"
In addition, according to the understanding of Chinese journalists from securities companies, there is another secret behind this report letter. Due to poor product performance, some investors recently proposed minimum redemption to the company, and finally chose to "report" after unsuccessful communication.
A screenshot of a chat record obtained by a Chinese reporter of a securities firm shows that some investors said they would either redeem it or guarantee its minimum redemption after two years.
"There is a private placement fund contract between private placement investors and private placement fund companies. Both parties should act in strict accordance with the contract. Private placement fund companies should abide by their fiduciary obligations, be diligent and conscientious, and put the interests of investors first. Private placement losses may be responsible if there are violations, failure to perform their duties, or problems with the appropriateness of investors. However, if private placement There is no doubt about the compliance in the operation process, or there are only minor defects in the compliance, which may not cause the problem of civil compensation. Of course, the defects may cause the problem of industry self-discipline. If investors have conclusive evidence of violations, they should submit it to the regulatory authorities. " Shanghai Jiucheng law firm Xu Feng said.
It is worth noting that the overall view of private placement on the stock market is coming out of the early pessimistic expectation, which may be good news for investors in loss. The 2022 financing · A-share confidence index of Chinese hedge fund managers released by private placement paipai.com was 117.42, up 2.55% month on month, indicating that managers are optimistic about the restless market in spring. Specifically, 52.81% of the fund managers hold a neutral attitude, followed by 41.57% of the fund managers hold an optimistic view, and only 2.25% of the fund managers are not optimistic about the market in January. In terms of positions, the average position of subjective long strategic private equity funds in December was 83.00%, which was higher than that of the previous month and still at a historical high level. Among them, private equity funds with positions of 50% and above accounted for 96.63%, including 25.84% of private equity funds, which are currently in a full position.
(brokerage China)
