At the beginning of the new year, the private placement industry reappeared its “hot money”.
The reporter learned from channel sources that the products of 10 billion private placement source Lesheng were officially sold in multiple channels today, and 4 billion yuan had been raised in two hours in the morning. At the same time, the recent fund-raising of Panjing investment products ended, and more than 3.5 billion yuan was raised through two channels, of which Zheshang Securities Co.Ltd(601878) channel also saw a second kill on the first day.
However, in sharp contrast to the above “hot market”, many 10 billion private placement people said that the recent issuance market as a whole was relatively light and the capital risk appetite was significantly reduced. What’s going on?
star private placement has attracted much attention
In early January, a number of star 10 billion private placement launched the sale of new products, and some products were “second killed”.
Today, the new products of Zeng Xiaojie, the leader of the well-known 10 billion private placement source Lesheng, are officially sold in Citic Securities Company Limited(600030) , China Citic Bank Corporation Limited(601998) , China Merchants Bank Co.Ltd(600036) , Hengtian wealth and other channels. The reporter learned that the product is invested from 1 million yuan and the closed period is three years. In the two hours this morning, channel sales totaled 4 billion yuan, and the total sales scale is expected to be 6 billion yuan. This issue is Zeng Xiaojie’s only external fund-raising in 2022, which will be closed after the fund-raising is completed.
Channel people said that the products managed by Zeng Xiaojie have performed well in recent three years, so the three-year product release is relatively smooth and the fund recognition is high.
In addition, according to channel sources, at the end of December 2021, Cui tongkui, the cutting-edge investment manager of Panjing investment, sold his new products through Citic Securities Company Limited(600030) and Zheshang Securities Co.Ltd(601878) channels. The lock-in period of the product was one year, with an initial investment of 1 million yuan. As of the press date, both channels have ended raising, with a total amount of more than 3.5 billion yuan, and the products sold by Panjing investment in Zheshang Securities Co.Ltd(601878) suffered a “second kill” on the first day.
According to public data, Cui tongkui graduated from the Department of mechanical engineering of Tsinghua University in 2008 and later joined Huaxia Fund. He has successively served as a researcher in the machinery and real estate industry and studied under Wang Yawei. In 2015, Cui tongkui bid farewell to Huaxia Fund and joined Qianhe capital founded by Wang Yawei, which is often called Wang Yawei’s “closed disciple” and “beloved disciple” by people in the industry. In October 2021, Cui tongkui joined Panjing investment.
According to the data of private placement network, the revenue of China Resources trust Qianhe Bauhinia No. 1 product managed by Cui tongkui was 202.59% in his more than six years of service. The above-mentioned channel people said bluntly: “Cui tongkui’s Qianhe Bauhinia series has achieved good performance, and the popularity of Panjing investment is also relatively high, so the results of this issuance are in line with expectations.”
overall cooling of private placement
For a long time, the emergence of “second kill explosive funds” means that the issuance market is relatively hot, but many 10 billion private placement people admit that at present, due to the weak market performance and the significant decline of capital risk preference, the overall issuance market of private placement is quite light.
A person close to Panjing investment said: ” Zheshang Securities Co.Ltd(601878) did have a second kill product, but the main reason is that the channel only sold two numbers at the beginning, and they all adopted the reservation system, so it seems that the product was second killed. On the whole, the issuance is in line with expectations, but it can\’t be said that it is a \’burst\’ or hot issue.”
A 10 billion private placement in Beijing also said frankly: “Now the market sentiment is really not high. Our company’s recent fund-raising results are lower than expected, mainly because there is no \’good start\’ expected by the market at the beginning of 2022, so the funds are also cautious. Some private placements with good performance, high popularity or strong channels last year are relatively smooth, while others are relatively bleak.”
According to the data of private placement network, from January 1 to 9, 2022, a total of 457 private securities funds completed the filing, which is almost halved compared with the 968 filing funds in the same period in December 2021.
balanced configuration has become a consensus
Whether it is public offering or private placement, there has always been a phenomenon of “easy to do but not easy to make, and easy to make but not easy to do”. Does the recent light issuance market indicate that there are opportunities in the market? Many private placement people said that the A-share investment environment will be more friendly in 2022, and there are structural investment opportunities, balanced allocation or optimal choice in the market.
According to the data of private placement ranking network, the A-share confidence index of Rongzhi · China hedge fund managers in January 2022 was 117.42, an increase of 2.55 percentage points over December 2021. The confidence index of private placement fund managers reached a new high after July 2021. It can be seen that private placement is quite optimistic about the market trend in January.
The improvement of private placement’s optimism about the A-share market is also reflected in the stock position. By the end of December 2021, the average position of subjective long strategic private equity funds was 83%, which was at an all-time high. Among them, the proportion of private placement with positions of more than 80% (excluding full positions) was 51.69%, an increase of 1.69 percentage points over the previous month, and the proportion of private placement with medium and high positions increased significantly.
Zeng Xiaojie believes that the high probability in 2022 will change from “structural adjustment” in 2021 to “steady growth”, which is a big change of thinking. From historical experience, every year of “steady growth” in the capital market has more opportunities than the year of “structural adjustment”. From the perspective of industrial structure, as the decline of commodity prices will lead to the transfer of profit margins from the upstream to the middle and lower reaches, the investment opportunities in the middle and lower reaches deserve attention. At the same time, the tone of common prosperity and economic stabilization will provide good opportunities for many consumer goods that have fallen this year.
The founder of a head private placement in Shanghai said bluntly: “opportunities outweigh risks in 2022, but the new energy sector has made great progress in the first two years, and there is a certain valuation pressure at present. After a year of adjustment, the overall valuation of the consumption and pharmaceutical sector has improved and the cost performance is higher. Therefore, generally speaking, opportunities may be more scattered in 2022, and the allocation needs to be balanced.”
(source: Shanghai Securities News)
