Since this year, a shares, Hong Kong shares and China concept shares have fluctuated sharply, many private placement products have retreated seriously, and the holding pressure of customers who buy at a high level has increased.
In the face of the market correction, there are head private placement and self purchase, using real gold and silver to express their confidence in the long-term bullish market and tide over the difficulties with investors.
a few days ago, quantitative giant Jiukun Investment announced that it decided to purchase its equity asset management products with its own funds by means of monthly fixed investment from March 18. The monthly fixed investment amount is 10 million yuan, and the fixed investment cycle is 3 years. That is, a total of 360 million yuan will be spent on self purchase, which is the second round of self purchase by Jiukun this year. On January 28, Jiukun announced a self purchase of 100 million yuan
This may mean that private institutions are expected to start a new round of self purchase. A private placement said that in the medium and long term, the market has been at the bottom, especially the China Securities 500 index is at the historical extremely undervalued quantile of 99.41%, which has good medium and long-term allocation value.
Jiukun: will spend another 360 million yuan to buy back
On January 28 this year, magic square quantification, Jiukun investment, Jinglin assets, Hanhe capital, Yong’an Guofu assets, Hefu investment, Hongshang assets, PanYao assets and other private placement announced that their own funds applied for the company’s products, with a total self purchase of nearly 1.4 billion yuan.
Among them, Jiukun investment said it would use its own capital of 100 million yuan to purchase its stock optimization strategy, index enhancement strategy, stock long and short strategy and other fund products, and promised to hold them for at least three years.
However, in less than two months, due to the sharp correction of a shares, Hong Kong shares and China concept shares, almost all the private placement announced in the early stage were locked up, and the market sentiment was more depressed and fragile than that at the end of January.
On March 18, quantitative giant Jiukun investment opened the second round of self purchase. Jiukun said that based on his confidence in the long-term and stable development of China’s capital market and practicing the long-term investment concept with investors, he decided to purchase its stock asset management products with his own funds by means of monthly fixed investment from March 18. The monthly fixed investment amount is 10 million yuan, and the fixed investment cycle is 3 years. This also means that it will spend a total of 360 million yuan.
In 2021, quantitative private placement expanded rapidly, and the scale climbed to 1 trillion yuan. Channel information shows that Jiukun and magic square once approached the 100 billion yuan mark. However, since September last year, the index rose and fell, the performance of quantitative private placement began to turn downward, and the giants suffered performance tests one after another.
In 2022, the market continues to fluctuate downward, and both subjective long private placement and quantitative private placement have been defeated one after another.
According to the third-party data, as of March 11, a total of 38 star quantitative private placement companies showed performance, and their stock enhancement strategies represented losses across the board, of which 22 products lost more than 10% in 2022, accounting for 58%.
Recently, the marketing director of magic square quantitative said in a roadshow that since November last year, the scale has been controlled and the raising of new products has been suspended. The latest asset management scale is about 50 billion yuan.
The quantitative giants with unlimited scenery in the past two years have obviously ushered in a difficult performance test period. As a quantitative giant, Jiukun investment has once again made large-scale self purchase, which undoubtedly brings some confidence to the market and investors. In particular, the arrangement of monthly fixed investment is undoubtedly more mature and rational. Private placement is expected to start a new round of self purchase tide.
Private placement: the market is in the bottom area and should be firmly held or bought
just the past week, the market has experienced an epic market from extreme pessimism to magical reversal
Under the heavy fall of overseas Chinese concept stocks, the failure of China’s MLF interest rate cut expectation this month and the disturbance of economic data from January to February, A-Shares and Hong Kong stocks once encountered a “thrilling moment” this week. The main indexes hit a new low in recent 20 months, and leading Internet stocks such as Tencent, meituan, jd.com and pinduoduo were once sold off by the market.
At the critical moment, the financial committee meeting made a heavy voice, the mood stopped falling and warmed up, and the market finally returned to normal.
Ten billion private placement red chip investment said that in the medium and long term, we believe that the market probability is at the bottom of the region, the risk premium of the CSI 300 index is at the 81.96% quantile in the past five years, and the CSI 500 index is at the 99.41% historical extremely underestimated quantile, with good medium and long-term allocation price.
In the short and medium term, after the impact of sentiment and liquidity, the stock price trend will gradually return to normal. In 2022, China’s foreign economic and financial environment still faces many challenges. Under this background, high-quality assets with undervalued value, high dividends, sufficient cash flow and reversal of industry prosperity may be more cost-effective. In addition, some military assets with reasonable valuation and high outlook may also be selected as macro hedging and hedging varieties.
Chongyang investment said that the continuous sharp decline of China concept shares and Hong Kong shares and the panic selling of the market are the result of the escalation of the conflict between Russia and Ukraine and the resulting spread of geopolitical risks, the imminent delisting risk of China concept shares, the further amplification of the credit risk of Chinese real estate enterprises, the rebound of the epidemic in many places in China and other factors.
At the same time, the rapid decline of the market triggered the relevant risk control mechanism, resulting in the passive selling of various funds and the liquidity crisis caused by mutual trampling by institutional investors. In view of the silence of listed companies, even companies with abundant cash can not buy back shares at present, and the negative risk of the market is infinitely amplified.
In the opinion of Chongyang investment, it is better to have more confidence and optimism at the time of market despair. First, the relative valuation of the Hong Kong stock market has fallen to an all-time low. According to our calculation, the equity risk premium of Hang Seng Index has exceeded the highest level during the previous Hong Kong stock crisis in 2008, 2011 and 2020. Secondly, most of the heavyweights of China concept stocks have returned to Hong Kong stocks. Third, as a fully market-oriented offshore market, Hong Kong stocks are most fully priced for various risks. Fourth, as an asset manager who believes in value investment, the most important thing in the current market environment is to manage risks well, strengthen confidence, and firmly hold or choose to buy the best quality assets at the current attractive price.
