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Director's words

Compared with the purchase of low-risk bank wealth management products, listed companies are generally more cautious about purchasing private equity products. However, recently, listed companies have chosen to gradually increase their private equity products. In just 30 days, they have already invested nearly 3 billion! After the bank has shrunk sharply, it is definitely a new "golden master"!

Since May, Qinghai Spring has issued two consecutive announcements to subscribe for two private placement products: On the 12th, Qinghai Spring announced that it had subscribed for 100 million yuan of Hangshangjindai 2 private equity investment fund; on the 20th, Qinghai Spring announced that , subscribed for 300 million yuan of Wangzheng Hengtai private equity investment fund. The total amount of investment was 400 million yuan, and Qinghai Spring announced that the investment in private equity funds does not exceed 600 million yuan, which means that Qinghai Spring may still invest 200 million yuan in other private equity products.

In addition, Fosun Pharma 600196, stock bar, Ninghu Expressway 600377, stock bar, Huihong Group 600981, stock bar, victory precision 002426, stock bar and other listed companies also recently announced the relevant private equity product subscription announcement.

On May 3, Fosun Pharma announced that its wholly-owned subsidiary Fosun Industrial intends to invest 15 million US dollars to subscribe to the investment fund share of Partners Innovation Fund II, LP.

On April 29, Ninghu Expressway announced that it would increase the capital contribution of no more than RMB 700 million to subscribe for the second fund of Guochuang Kaiyuan.

On April 21, Huihong Group stated that it had subscribed for 10 million Yongan Guofu-FOF1 private equity investment fund.

On April 20th, Shengli Precision announced that the company intends to use its own idle funds of no more than 1.5 billion yuan to participate in private equity fund investment, and subscribe for the Shunjing No. 2 private equity investment fund.

30 days, Hao Hao nearly 3 billion! In the current moment when there is no money-making effect in the capital market and the private fundraising is extremely difficult, the listed companies have become the new "golden owners" after the bank has been appointed.

In this regard, listed companies generally said that the company's use of its own idle funds to participate in private equity investment plans, is conducive to improve the use efficiency of its own funds and obtain investment income, further enhance the company's industrial and capital management capabilities, improve corporate investment management The level of investment risk control.

So, which private companies or private equity products do listed companies favor?

The person in charge of Wangzheng Asset Marketing said that Qinghai Spring purchased 300 million yuan of Wangzheng Hengtai private equity investment fund mainly to do some low-risk allocation, "If we follow the investment strategy written by our investment manager at the time, 80% at the beginning The funds will be invested in low-risk products, with annualized yields ranging from 4% to 4.5%, and the remaining 20% ​​will also be subject to some risk allocation."

According to the information published by the fund industry association, the product was just completed on May 9 and should be a customized product.

The above-mentioned person said that the listed company's own funds have financial needs, and the risk appetite of these funds is similar to the external funds. Although Wangzheng Assets is represented by equity products, it will be adjusted according to the product requirements of listed companies. “When listed companies have their own funds to find us, it is also very clear that basically adopt some relatively conservative strategies, not pure Make stocks. Therefore, the beginning of the fixed income category will be used as a security mat, and then slowly add the equity category."

The person also revealed that although listed companies have been investing in open products of Wangzheng Assets, this is the first time that there is a deep cooperation between listed companies and Wangzheng Assets, one-to-one customized products, and Wangzheng Assets will continue to search in the future. Funds in this area are tailored to specific customers based on funding requirements. However, he also admits that this process is not simple, the listed companies have the best adjustments to the partners, and the requirements for the products are not low.

Another private equity fund purchased by Qinghai Spring, Hangshangjindai 2, is a stock-based private placement established in the middle of last year. However, in the open channel, the factory manager can not find the latest net value of the product, it is also mysterious!

It is worth mentioning that compared with Wangzheng Assets established by star fund manager Wang Penghui, Hangshang Assets is jointly established by Hangzhou Financial Investment Group Co., Ltd. and Zhejiang University New Network Group. It has a local government background and its equity group. Commercial real estate and government funds.

Shunjing No. 2, which has won 1.5 billion subscriptions, is a multi-strategy private placement. The product has been relatively stable since its establishment in the middle of last year. The current net value is 1.099 yuan, which has dropped slightly by 1.35% this year.

The manager is Beijing Tiandi Shunjing Investment Management Co., Ltd., which was established in 2014; the founder Liu Liwei was born in the securities business department and worked for Guotai Junan Securities.

Fosun Pharma and Ninghu Express subscribed for equity private equity products. The Innovation Fund II, LP subscribed by Fosun Pharma was initiated by Partners Healthcare System, Inc., one of the largest medical groups in the United States. The group includes 15 medical institutions and more than 80 research institutions including the Massachusetts General Hospital, Brigham and Women's Hospital, Maclean and many other Harvard Medical School teaching hospitals, and the Partners Innovation Fund II, LP aims to The research results of the organization are commercialized.

The expected life of the product is 10 years from the start date of the investment operation. The total fund raising amount is 64 million US dollars. Among them, Fosun Pharma's investment of 15 million US dollars is the second phase of raised funds, mainly invested in Partners Healthcare System, Inc. The IP incubation project of its R&D institutions plans to invest 25 to 30 projects in the future.

In terms of management and decision-making mechanisms, investment funds and general partners entrust fund managers, Partners Innovation II, LLC, to provide day-to-day operational management services; the investment advisory committee consists of a non-voting general partner representative as chairman of the committee, and general partnership The company has appointed 3 to 5 limited partners, including: Fosun Industrial has one investment advisory board seat.

It can be seen that Fosun Pharma's investment is to increase the company's risk investment income, but also to explore high-quality US project resources and obtain more industrial integration and M&A opportunities.

In contrast, Ninghu Expressway subscribes to Guochuang Kaiyuan II Fund, which is entirely a financial investment. The fund is a parent fund. According to Tianyue, it has invested in 14 equity funds, including many well-known GPs such as Sequoia and Chinese culture. In terms of investment types, there are also a variety of tastes, not only early VCs, but also M&A funds.

In November last year, the company announced that it would subscribe for the share of Guochuang Kaiyuan II Fund, which does not exceed 500 million yuan. This is an additional investment. The fund manager Guokai Kaiyuan Equity Investment Fund Management Co., Ltd. is a subsidiary of the Ministry of National Development, and the national capital is rich in color, which can be described as “roots are seedlings”.

In addition, Huihong Group subscribed to FOF, although the amount is only 10 million, but maybe it is a trial and the next step, the operation is good, followed by large funds to keep up!

After a round of inventory, I found that the tastes of listed companies to subscribe for private equity products are also many. According to the director, there is no loss of big money, and there is the possibility of obtaining higher returns. Private recruits, everyone, come on! Our small and medium-sized investors may also wish to pay attention to the investment trends of listed companies and give them one more choice!