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The A-share market in 2018 weaken, making private equity pain big headache. M & # 39; there are no heroes under the weak market, some people explode, some people liquidate, some people change their strategies in & # 39; suddenly, and many fund & # 39; private equity went on -linja of & # 39; warning & # 39; liquidation. There are also many "billions & # 39; big cockroaches".
The volcano (the public number WeChat: huoshan5188) noted that the top four & # 39; & # 39 stocks; products & # 39; private equity were similar, and resulted in the year 2018 as the most intense of the tournament.
(1) The most suspended: the most competitive league in the year
In the past, it was "earn more" than in 2018. The days & # 39; & # 39 funds; private equity in 2018 are good, and this is particularly evident in & # 39; & # 39 funds, private equity stock. According to the statistics of financial management, the average private equity fund revenue & # 39; billion to 2 billion in the year 2018 is -13.32% in 2018; the average income scale & # 39; 2 billion to 5 billion is -11.71%; scale & # 39; 5 billion to 10 billion The average return is -14.61%; the average return on the scale & # 39; more than 10 billion is -16.27%.
Even if the market is bleak in 2018, there are still many private places that got good profit in 2018 due to the pace and precision of individual stocks. B & # 39; in particular, there are many outstanding horses in black & # 39; small private placements and & # 39; medium.
Data & # 39; network & # 39; private placement shows that by the end of & # 39; November 2018, there are 4 products & # 39; strategy & # 39; private equity in income & # 39; more than 100% owned & # 39; Huayin Jingzhi, Dahe Investment and Capital Tianxiaxi. Judging by the current ratings, Huayin Chuangfu Phase II ranked first with & # 39; 117.39% of revenues; Investment Nuggets Dahe No. 5 rated second with & # 39; 116.68% of revenues; Investment Nuggets Dahe No 1 b & # 39; 116.53% Third place; Tianxia Creek Fund classified fourth & # 39; b & # 39; 115.23% of revenues. The difference between the earnings of & # 39; these four & # 39; products & # 39; strategy & # 39; Private equity is very small, b & # 39; difference & # 39; less than 3%. The rankings can change at any time, and the championship battle is at a "rubber".
Rather than saying that these small private placements and & # 39; medium-sized enterprises are "kontrattakkanti", it is better to say that their style putting on the market theme. For example, as blockbuster Dahe Investment in 2018, it belongs to the small and medium private placement & # 39; 1 to billion. At the end of & # 39; November 2018, four & # 39; products & # 39; Dahe Investment had more than 90% of annual income, and all of them have been pushed in the top ten of the proceeds from the strategy of the 2018 stock. Adding & # 39; Dahe Investment is mainly due to the fact that "being" a & # 39; Shunxin Agriculture in the liquor industry. F & # 39; March and in & # 39; & # 39 April, 2018, kieret big market.
(2) The most unexpected: Wang Yawei product has an early settlement
In private equity fund in 2018, some people violated the position, some were liquidated, some people changed in & # 39; blow their strategies, and many even went on the & # 39; warning line a & # 39; liquidation. By 2018, there were nearly 2,000 private placement b & # 39; net worth falling & # 39; below 0.8 yuan, and there were many "billions & # 39; big scorpions". 22 & # 39; November 2018, the product & # 39; joint venture of & # 39; 1000 joint Wang Yawei "Golden Recruitment One Brother" former "Golden Recruitment One Brother" – China Railway Baoying Xiangyun 3 stated previously, making the industry quite embarrassing.
From the perspective of 2018 only, the market performance of the series of 1000 Bauhinia Qianqi products joint venture is somewhat better. According to Golden Ax data, products & # 39; Wang Yawei have a total of & # 39; 19 display & # 39; net worth, b & # 39; average loss & # 39; 14.5%. Among them, the average loss of depth b & # 39; net worth data only in the series 6 is & # 39; 24.035%.
The data show that the fund managed by Wang Yawei was established on 27 & # 39; December 2012. It is one of the most durable products of the current joint venture, and strategy & # 39; investment is & # 39; stocks strategy. The joint venture was established in thousand & # 39; September 2012 and was founded by Wang Yawei. Judging from the data entry from 2018, are really disappointed the market expectations for "just take one."
(3) Most helpless: the total number of & # 39; private placement is more than 8,000
In 2018, the focus of the brokers brokering is "hidden wage reductions and layoffs", while the emphasis on private placement & # 39; titles is "liquidation liquidation." According to the data of association of the fund industry, by the end of & # 39; November 2018, a total of & # 39 presented; 36 053 funds & # 39; investment & # 39; private equity, b & # 39; & # 39 size, depth & # 39; 2.26 trillion yuan, a decrease of & # 39; 15.107 billion yuan, or 0.66%. In fact, in 2018, the market & # 39; to a lower share varied, and the enthusiasm and revenue & # 39; Private investment in & # 39; & # 39 investment in, securities also declined.
The market continues to adjust, and private equity institutions are under greater pressure. In 2018, the net value of the bulk of the funds of private equity have declined sharply, and the number of product liquidations also reached new levels. According to the data network & # 39; private placement, in 2018, the number of & # 39; products & # 39; & # 39 liquidation; private funds totaled 8,013, including 5069 and 3602 prior settlement products & # 39; strategy & # 39; stocks. From 2014 to 2017, the number of & # 39; & # 39 liquidated funds on, each year was & # 39; 782, 1824, 2288 and 3572 respectively. The number of & # 39; private placements in 2018 was higher by & # 39; significantly from year & # 39; before.
However, in the context of "cleaning tide 'of domestic private placements, foreign private placements accelerated the pace of placing & # 39; shares A. In 2018, institutions with Atari 39; foreign investment as Anzhong, Yuansheng, Qiaoshu, Bisheng, Yuya, and Future Yicai registered as managers & # 39; & # 39 funds; investment & # 39; private equity. By the end of 2018, a total of & # 39; 18 foreign private placement were registered in association. Products offered only privately.
(4) more difficult to believe: 10 billion private equity for the first time b & # 39; generally
The 2018 market is f & # 39; a sharp contrast with 2017. B & # 39; contrast, unlike the obvious effect of blue money market in 2017, there are too many internal and external factors that affect the overall market in 2018. This environment places higher demands on stock selection, and the ability of & # 39; research and selection of stock & # 39; large private equity is also faced. Challenge. Very few & # 39; & # 39 billion; private placements stars fared well in 2017, but in 2018 dropped "big head".
M & # 39; there are no heroes under the weak market. In "cold winter" of the stock market, the performance & # 39; private equity & # 39; strategy & # 39; the stock is unclear. At the end of & # 39; November 2018, the private equity performance & # 39; more than a billion is basically sound. Regarding the large private equity & # 39; more than 10 billion, the total loss rose & # 39; to 16.27%, which is the first time that dozens of & # 39; & # 39 billion; strategy & # 39; private equity stock passed all the line.
In fact, most of the 10 billion private offerings are based on the value, and fit to do the reverse investment. If the stock price is below value, it lies & # 39; more and more. However, such an operation course bear market in 2018. "The scale is a performance killer" is a reason, because regardless of what the fund strategy, until the scale becomes too large, the allocation of & # 39; & # 39 stocks; level will be essential, and therefore the operating space will be very limited. The idea of the fund manager will be restrained. Under this weak market, no one wants to take the lead.
(5) The most irritating: 189 suspected loss reached record high
With the rapid development of the industry of private equity, some of the industry resulted in chaos, and 2018 is a year of concentrated outbreaks. The most prominent of these is f & # 39; June 2018, lost a number of & # 39; private placements Department of & # 39; Zhaoxing, and products & # 39; 10 billion could not be redeemed. After the Department of & # 39; Xingxing, was suspected to pool & # 39; illegal funds from public security.
Since issued the first list of & # 39; lost private placement of 23 & # 39; November 2015, the China Foundation announced lot 24 & # 39; lost lots of associations and 7 & # 39; Lost associations have not been contacted by the association for three months. The number of & # 39; private placements increased to 489, and recording & # 39; 157 manager & # 39; private funds has been canceled, and 10 institutions applied for cancellation of registration. Among them, the number of & # 39; & # 39 placements; suspected to disagree announced private placement in 2018 reached 189, and lots and quantities were published more than a year & # 39; before.
In fact, among the 189 suspected private placement have not been in & # 39; contact, there are many products & # 39; private equity fell, violated regulations, conduct business, issue & # 39; fraud, abnormal operation, and people & # 39; actual control run. Among them, the private placement of equity is "a high incidence of accidents", not related to the characteristics of moral hazard, such as poor liquidity, lack of & # 39; & # 39 disclosure; information, and OTC transactions.
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