The announcement disclosed by listed companies has opened the "veil" of many 10 billion private placement positions adjustment actions.
according to incomplete statistics of the reporter, as of March 20, a total of 22 10 billion private placement products appeared in the list of the top 10 tradable shares of 33 listed companies that have disclosed their annual reports, with a total market value of nearly 20 billion yuan
From the perspective of position adjustment, Jinglin assets entered the top ten circulating shareholders of China Merchants Property Operation & Service Co.Ltd(001914) in the fourth quarter of last year, and Gaoyi assets Deng Xiaofeng increased positions Zijin Mining Group Company Limited(601899) , Xinjin Wanhua Chemical Group Co.Ltd(600309) , and Gaoling reduced its holdings of "medical Mao" Jiangsu Hengrui Medicine Co.Ltd(600276)
Gao Yi and Deng Xiaofeng's 10 billion position exposure
With the disclosure of annual reports of listed companies, some positions of Deng Xiaofeng, chief investment officer of Gaoyi assets, surfaced.
On March 18, Zijin Mining Group Company Limited(601899) issued the annual report for 2021 annual report data show that as of the end of last year, the three products managed by Deng Xiaofeng held a total of 940 million shares, an increase of 20.8 million shares compared with the end of the third quarter of last year; According to the closing price at the end of last year, the market value of the shares exceeds 9 billion yuan
Public information shows that Zijin Mining Group Company Limited(601899) is a mining group focusing on the exploration and development of metal mineral resources such as gold and copper and the application research of engineering technology. In 2021, the volume and price of mineral copper, silver, zinc (lead) and iron concentrates increased simultaneously, and the output of mineral gold increased significantly year-on-year. The annual operating income was 225102 billion yuan, a year-on-year increase of 31.25%, and the net profit attributable to the parent company was 15.673 billion yuan, a year-on-year increase of 140.8%. However, since March this year, affected by the nickel short squeeze and market correction, Zijin Mining Group Company Limited(601899) fell by more than 16%.
A private placement researcher in Shanghai said frankly that the previous correction was more caused by excessive pessimism in the short-term market sentiment. The fundamentals of the company and the industry have not changed significantly, but the cost performance has improved after the decline. In addition, Deng Xiaofeng's expectation of Zijin Mining Group Company Limited(601899) can be seen from the quarterly report to be disclosed in April.
in addition to Zijin Mining Group Company Limited(601899) , in the fourth quarter of last year, the China foreign economic relations and Trade Trust Co., Ltd. - Foreign Trade Trust - Gao yixiaofeng Hongyuan collective fund trust plan managed by Deng Xiaofeng also entered the list of Wanhua Chemical Group Co.Ltd(600309) top ten shareholders
According to the data, Wanhua Chemical Group Co.Ltd(600309) is the world's leading supplier of MDI (diphenylmethane diisocyanate) and TDI (toluene diisocyanate). In 2021, the company achieved an operating revenue of 145538 billion yuan, a year-on-year increase of 98.19%; The net profit attributable to the parent company was 24.649 billion yuan, a year-on-year increase of 145.47%.
Despite the outstanding performance, it is worth noting that there are differences in the valuation of Wanhua Chemical Group Co.Ltd(600309) . According to the company's annual report, Ruiyuan growth value fund managed by star fund manager Fu Pengbo also increased Wanhua Chemical Group Co.Ltd(600309) 433300 shares in the fourth quarter of last year, but Xingquan Herun fund managed by Xie Zhiyu chose to reduce its holdings slightly in the same period. Under institutional differences, Wanhua Chemical Group Co.Ltd(600309) share price has shown a downward trend of shock in the past year.
copy of Jinglin assets China Merchants Property Operation & Service Co.Ltd(001914)
Recently, some position adjustment operations of private placement of Jinglin assets in the head in the fourth quarter of last year have also been exposed.
According to public data, in the fourth quarter of last year, Jinglin global fund still held Chongqing Fuling Zhacai Group Co.Ltd(002507) unchanged and bought 10.168 million shares China Merchants Property Operation & Service Co.Ltd(001914) , becoming the tenth largest circulating shareholder of the company.
Public information shows that China Merchants Property Operation & Service Co.Ltd(001914) is a platform enterprise engaged in property asset management and services under China Merchants Group. Since the beginning of this year, in the process of property stocks suffering heavy losses, China Merchants Property Operation & Service Co.Ltd(001914) fell by nearly 30%.
Chairman of gray assets Founder Zhang Kexing once revealed: "In the context of 'no speculation in real estate', the growth space of real estate is gradually shrinking and there are many uncertain factors. However, as the downstream of real estate, property service management is an opportunity ignored by many people. At present, the concentration of China's property management industry still has a lot of room to improve. Since last year, affected by the real estate industry, the correction of property stocks has been large, and some leading enterprises have entered the undervalued range, so we gradually began to layout."
However, a private equity investment researcher in Shanghai suggested: "as a downstream industry of real estate, property is still 'sharing joys and sorrows' with real estate to a certain extent. Therefore, there may be opportunities for valuation repair in the short term, but the space is limited in the medium and long term."
Hillhouse's reduction of yaomao "avoided" part of the decline
In addition to the annual report, Jiangsu Hengrui Medicine Co.Ltd(600276) recently disclosed the announcement on the shareholding of the top ten shareholders and the top ten shareholders with unlimited sales conditions on the repurchase of shares, which exposed the reduction of holdings since the fourth quarter of last year.
the announcement shows that as of March 11, Hillhouse Capital Management Co., Ltd. - HCM China fund is no longer in the list of Jiangsu Hengrui Medicine Co.Ltd(600276) top ten shareholders. At the end of the third quarter of last year, the fund held Jiangsu Hengrui Medicine Co.Ltd(600276) 40462000 shares, with a market value of more than 2 billion yuan at the end of the period, which means that Hillhouse has reduced its holdings of Jiangsu Hengrui Medicine Co.Ltd(600276)
According to public data, Jiangsu Hengrui Medicine Co.Ltd(600276) is the leading enterprise in the innovative drug industry, but under the pressure of centralized procurement, Jiangsu Hengrui Medicine Co.Ltd(600276) performance showed signs of decline last year. The regular disclosure report shows that the revenue of Jiangsu Hengrui Medicine Co.Ltd(600276) the first three quarters of 2021 reached 20.199 billion yuan, a year-on-year increase of 4.05%; The net profit attributable to the parent company was 4.207 billion yuan, a year-on-year decrease of 1.21%; The non net profit deducted was 4.149 billion yuan, a slight increase of 0.19% year-on-year. Since the beginning of 2021, Jiangsu Hengrui Medicine Co.Ltd(600276) 's share price has been "falling endlessly", which has fallen nearly 60% by Friday.
Over the past year, innovative drugs and the CXO sector developed with it have been adjusted violently. In this process, in addition to Jiangsu Hengrui Medicine Co.Ltd(600276) , Hillhouse also reduced its holdings of several CXO track targets. For example, according to the announcement of listed companies, as of August 25 last year, Hillhouse had disappeared from the list of Hangzhou Tigermed Consulting Co.Ltd(300347) top ten shareholders of tradable shares, while on June 30 last year, Hillhouse still held 7.5 million shares, ranking the tenth largest shareholder of tradable shares; On September 24 last year, Hillhouse reduced its holdings to 21.974 million shares, and its shareholding ratio decreased from 5.57% to 4.5%.
Luo Ling, manager of leisurely investment fund, analyzed that the pharmaceutical sector has increased too much in the past three years, and the valuation of some companies has even risen to 100 times. In the future, the performance growth rate of many pharmaceutical enterprises will decline, so the valuation correction is an inevitable result.
In addition, a large number of "imitative innovation" enterprises are unable to maintain a low risk and high profit business mode, and the bubble of the innovative pharmaceutical industry has gradually broken down and entered the shuffle period. "The CXO industry is developing with the development of innovative drugs. The reshuffle of innovative drugs industry will inevitably lead to the adjustment of CXO industry. In the future, the industry is likely to show a trend of differentiation, and CXO enterprises dominated by the Chinese market are under great pressure." Luo Ling said.
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