Chapter 168: Weekend Feedback and Implementation of Private Placement
"Congratulations, you got the first place." When Gu Junhao returned home, Zhang Yiru looked at him with a sweet smile on the sofa in the living room.
"It's just the first in the same scale, and it's only temporary." Gu Junhao also smiled. The empty title of first place doesn't mean much, but the fund's net value breaking through 1.2 is something to be happy about.
A net value above 1.2 also means that the fund management fee has increased from the lowest 2% standard to 3%. From the perspective of redemption, the company's profit difference between redemption last week and redemption this week is not small; of course, the fund is currently under fully closed management, and redemption is not allowed.
"Let's not cook tonight. Let's go out to eat and celebrate properly." Gu Junhao had no objection to Zhang Yiru's decision. They should indeed celebrate properly. After all, it wasn't easy to get first place.
Junshi No. 1, which has been ranked second for three consecutive times since the end of June, had a big explosion this week and took the top spot in the fund-raising ranking of the same scale.
The news also spread from the Internet to the bank branch where Zhang Yiru worked. To date, most of Zhang Yiru's colleagues already know that the fund manager of a private equity fund that the bank has recently entrusted to its custody is Zhang Yiru's boyfriend.
Although some people may inevitably feel jealous, the two are of similar age, Junshi No. 1's performance has been stable, and they can be considered a perfect match. They are both on the right path, so this kind of jealousy can only be suppressed in their hearts.
It was still the same small seafood restaurant. After more than a year, the restaurant owner had become quite familiar with Gu Junhao and the others. When they arrived, they began to recommend dishes very familiarly.
In fact, Gu Junhao hated this feeling. In his previous life, when he was a regular customer of a restaurant or a small stall, the boss would often say, "Here you are, still the same as always?"
Over time, Gu Junhao no longer wanted to eat at that restaurant. He could always order the same dish, but he was not willing to let others make decisions for him.
Fortunately, the owner of this restaurant is quite good at doing business. For regular customers, he only recommends some new products or seafood that he thinks is good, which I can barely accept.
During the two days of the weekend, Gu Junhao received significantly more calls. Some of his former clients called him under the pretext of staying in touch or having dinner with him, but in fact they were asking about Gu Junhao's plans to issue his second fund.
There are also some people who did not participate in the investment of Fund No. 1. They all got Gu Junhao's contact information through various channels. These people were more direct and asked about the issuance plan of the second fund.
In the capital market, everything is based on profit data. The better your performance, the more money investors want to give you. Gu Junhao used six weeks to prove that he had enough ability to run a fund well. When Gu Junhao was soliciting investment, everyone said that 1 million or 2 million were squeezed out, but now there is no need to squeeze.
"Hey, with a scale of 40 million, half of it is owned by a little kid from Guangdong Province. What a big deal!" Seeing that Gu Junhao had no intention of issuing a second fund for the time being, these people couldn't help but complain after hanging up the phone.
In fact, ever since the fact that Su Mingyu held 50% of the investment shares in Junshi No. 1 was exposed among the customer group, these people have been a little embarrassed. They have been in the business world for so long, but they didn't expect that none of them had the courage of a kid. After the fund's performance has been rising steadily, they regretted it even more.
It’s not that Gu Junhao doesn’t want to issue the second fund. It is certainly a good thing to issue another fund while the popularity is high to increase the company’s revenue.
However, Junshi Capital currently has limited staff, and Xu Jianqing and the other two are not mature enough to work on their own. If they want to issue another fund, they will have to recruit a new team, which will make the existing office area a bit crowded.
Re-renting a venue and renovating it will take a certain amount of time, which is time-consuming and laborious; recruiting staff will also take a lot of energy and money, and then I will have to sell stocks to subsidize the company, which I don’t want to do.
As for loans, Gu Junhao does not want to do so. In Gu Junhao's opinion, for a start-up company, the founder is not short of money, so it is better not to blindly expand with loans. If you do not take out loans and lose money, you are just admitting defeat for the time being. If you lose money with loans, you may lose money for the rest of your life. This is actually similar to stocks.
Although Junshi Capital currently has no income to speak of, it is financially very healthy. The company has no debt and has enough funds in its account to operate the company for one and a half years.
Gu Junhao himself does have a debt of 8 million yuan in financing from a securities firm and interest, as well as a mortgage that is negligible to him now. However, these are nothing compared to the current market value on his books.
Tonghuashun closed at 16.53 yuan this week, and the account market value has reached 24.795 million yuan. The 8 million yuan can be repaid at any time. Gu Manyi even asked Gu Junhao whether he needed to increase the credit limit and did not have to be limited to the existing regulations.
Gu Junhao directly refused this. While the company's accounts were healthy, he also had to keep his own personal finances healthy. This should be his last time using leveraged funds. In the future, both individuals and the company would try their best to maintain financial health.
However, Gu Manyi's words also reminded Gu Junhao that the information from financial institutions is much more flexible than that from individuals. What Gu Manyi revealed privately does not have to be limited to existing regulations. It also indirectly reflects that the leveraged funding environment is beginning to relax.
The bull market is really coming. As we all know, the bull market in 2015 was nicknamed the "leverage bull" by investors, referring to the loose leveraged funding environment, which directly catalyzed this round of bull market.
However, leverage is both a factor of success and failure. This bull market started because of leverage and finally came to an abrupt end due to leverage reduction. The "borrowed" bull market was ultimately short-lived.
There were frequent news this weekend and the market was turbulent. Countless experts and big Vs expressed their views on the breakout of the ChiNext daily line . Researchers from some large brokerage institutions were also secretly watching the ChiNext. In addition, the performance forecasts of some ChiNext stocks were not even ideal.
Next week, there are more than a dozen new stocks waiting to freeze subscription funds, with a total amount of up to 600 billion yuan, a new high since the restart of IPO, and market sentiment seems extremely pessimistic.
Under such circumstances, Xibu Securities also announced the voting resolution of the extraordinary general meeting of shareholders; from the voting resolution, it can be seen that Xibu Securities will issue stocks to no more than ten specific objects, including specific institutions and individuals, through private placement of stocks, at an appropriate time within six months from the date of approval by the China Securities Regulatory Commission.
The total number of shares issued shall not exceed 400 million, the issue price shall not be lower than RMB 9.95 per share, and the funds raised shall not exceed RMB 5 billion. After the completion of the issuance, the company's controlling shareholder and actual controller shall not transfer the shares subscribed within 60 months, and the specific issuance objects holding more than 5% of the shares shall not transfer them within 36 months, and those holding less than 5% of the shares shall not transfer them within 12 months.
Gu Junhao was analyzing the announcement at home on the weekend. Staring at the announcement, Gu Junhao fell into deep thought.
"According to the practice of private placement, you first need to register with the central bank, then select a sponsor, and then go to the China Securities Regulatory Commission for acceptance. The whole process will take at least one or two months. If everything goes well at the fastest speed, it will take until September or October."
That is to say, the first batch of users who have their shares released from the lock-up period will not be able to reduce their holdings until October next year at the earliest. By that time, the stock market crash will have basically stabilized, and based on the extent of the decline, they should still be able to make a fortune.
The second batch of users who will be unblocked will not be released until three years later, that is, after 2017. This group of people will most likely make a fortune, but the company's controlling shareholders and actual controllers will have to wait five years.
"Haha, it's hard to say whether I can still make money after five years. I might end up losing more than I gain." Gu Junhao suddenly laughed. He had not studied Xibu Securities in his previous life, so he didn't know its specific growth rate.
If this round of prices goes up high enough, the first two waves of people will naturally make enough profits. However, it is hard to say about the third wave of lifting of the ban. Five years later, in 2019, we have already entered and exited a long bear market, and one can imagine what the securities companies are like.
Gu Junhao was particularly clear about what small brokerage firms would be like in later generations. The market was fickle and loved the new. As brokerage firms of all sizes went public one after another, these small brokerage firms that went public earlier were basically ignored.
Although the last group of people whose shares were released from the ban did not lose money in the end, it was not cost-effective in terms of time cost. Billions of dollars of funds were locked up in the era of the most lucrative profits, and by the time they could be used reasonably, the market was no longer as good as before.
The time cost of large funds is far more . If you miss this opportunity, you may never have another chance again.
"What are you laughing at?" As usual, Gu Junhao was sitting next to Zhang Yiru with his laptop computer, checking the news. Zhang Yiru saw Gu Junhao staring at the announcement and laughing, and was a little confused.
"Ah, nothing, haha; by the way, you can also take a look at this fixed-increase plan and tell me what you think." Zhang Yiru also graduated from the Finance Department. Although he joined a bank after graduation and did not work in the securities industry, there is still no problem with such a simple and clear announcement.
Zhang Yiru couldn't move away from Gu Junhao and could only look at the report. She was curious why such an announcement made Gu Junhao laugh.
"Is this your fund's holdings?" Zhang Yiru asked Gu Junhao in confusion. She really didn't understand what Gu Junhao was so happy about a private placement, unless it was his own holdings. But after she said it, she realized she had said the wrong thing and felt a little embarrassed. How could she ask such a thing directly?
"Haha, no comment, I just asked you to analyze his lock-up period." Gu Junhao finally reacted. He was a little too proud of himself just now and suddenly returned to the state of a retail investor.
It seems that we still need to be more careful in the future. Fortunately, there are only two of us now. Zhang Yiru does not speculate in stocks, and Mr. Zhang and his wife do not have any stock assets, so there is no need to be too cautious.
