Chapter 189: First Experience with Entity
"It's still early. His volume hasn't increased yet. It will probably take a few more days." Gu Junhao said with a smile. He naturally understood Xu Jianqing's little thoughts.
"That's fine, but the stocks of Lao Xuan are really strange. Why do they always go through this kind of sideways and volatile trend, and then go on a beautiful trend again without anyone noticing?"
This is also the reason why Xu Jianqing was surprised. After not checking for a while, Yinzhijie's stock price actually returned to above 17 yuan. He thought it would fall to around 15 yuan.
"The boss likes to do left-side trading. The left side is the most tiring and requires the most patience." Wang Ruoyu said with a smile.
Compared with the unilateral decline and adjustment of Dongfang Wealth, the sideways fluctuation of Yinzhijie is simply child's play, and there is also the torturous trend of Xibu Securities in the early days.
"Well, that's what left-side trading is like. It requires a lot of patience, but if you do it right, the returns are very good."
If you choose the right stocks, you will have high security and a certain degree of guaranteed rate of return. You can use time to exchange for space. The biggest requirement is to have enough patience.
Although all funds closed in the red on Thursday, the market still rose overall this week. The largest increase was in Wan'an Technology, which rose 5.83%.
The second is Xibu Securities, which surged 4.94% this week. However, the only times Xibu Securities actually rose this week were on Monday and today.
Xibu Securities rose 1.62% on Monday and surged 3.53% today, offsetting the adjustment from Tuesday to Wednesday. The surge in Xibu Securities also became the fund's largest holding by a slight margin.
Xibu Securities had a market value of 14.796 million yuan this week, followed by Yinzhijie, which ranked second with 14.742 million yuan. As for the holding chips that Gu Junhao paid the most attention to, there was no increase this week.
Wang Ruoyu and Liu Tingting did not dare to do large-scale T every day, and the profits they earned were limited. They both wanted to wait for a better opportunity and increase their positions all at once, which would be much more convenient than buying a few hundred more shares every day now.
"Huh? The performance this week is pretty good." After counting the fund's earnings this week, Gu Junhao said with some surprise.
At the end of this week, the net value of Junshi No. 1 Fund soared from 1.3607 last week to 1.4387, and the overall scale reached 57.5468 million yuan, with an amazing rate of return.
The 43.87% rate of return surprised even Gu Junhao himself. It came too quickly. If it continued like this, it wouldn’t be long before the net value of the fund would reach above 1.5.
At that time, in addition to being able to charge the maximum management fees normally, the company will also be able to obtain the final profit share, and its performance will achieve a qualitative leap.
…
In the trading room of Shen Da Investment Fund in Shanghai, Ren Yetao stared at the private equity rankings that had just been updated. The net asset value ratio of Junshi No. 1, which ranked first, was particularly eye-catching at 1.4387.
Unlike regular private equity firms, although Shen Da Investment is disguised as a private equity firm, its operating methods are the same as most hot money in the market. Except for Hailanxin, which it controls, it will go wherever there is profit.
Therefore, the fund curve rate of Shen Da Investment has been fluctuating, which is hard to understand. With the rebound of the market at the end of July and the popularity of military industry concepts, Ren Yetao also took the opportunity to pull Hailanxin back to a certain high level.
Including some short-term stock operations, overall, from August to now, Shen Da Fund's returns are still good, but compared with Junshi No. 1, it is obviously not as good.
"Fortunately this little guy is not in Shanghai, otherwise with this terrifyingly stable curve rate, I don't know how many customers he would have snatched away." Ren Yetao looked at the ranking list with some envy.
However, he could not adapt to this type of operation as he was still accustomed to the quick entry and exit of hot money and controlling a certain small-cap stock.
“I guess our colleagues in Yongcheng are also complaining bitterly.” Lao Zhang, the leader of the trading team, agreed with a smile.
"Haha, maybe it's true. This little guy is too stable, and the rate of return is so terrifying. It hasn't been long, and the scale is almost 60 million yuan."
No client would not envy such a rate of return. Fortunately, this little guy has no idea of launching a second fund, otherwise, I don’t know how many funds in the same industry in Ningbo would face the risk of redemption.
The reason why Ren Yetao, a hot money investor, paid attention to Gu Junhao was that he used special channels to find out that the institution that had intercepted him was actually Gu Junhao.
To this end, Ren Yetao paid a considerable amount of money to obtain this information, which is quite confidential to ordinary institutions.
"From the delivery note released by Mr. Gu, it seems that he is more adept at swing trading. I never thought that the sharp hot money tactics that intercepted us were also the work of Mr. Gu."
Old Zhang said with emotion that Mr. Ren was 20 years older than Gu Junhao, and they had equal status, so of course he could call him "little guy", but he couldn't just call him that randomly.
"Yeah, I never realized that he has the potential to be a speculator. Fortunately, he is not interested in being a speculator, otherwise, such a strong opponent would be a real headache."
The two of them had never met before, and he couldn't give Gu Junhao much benefit. Even if he wanted to cooperate, the other party might not agree.
"Is Mr. Ren's source of information accurate?" Lao Zhang was indeed a little unsure about his trading methods, as they were seriously inconsistent with Gu Junhao's.
"It's 100% accurate, but it can only get information about Highlander that he has liquidated. It's almost impossible for those who are holding positions to get some information."
"It's not hard to guess the current holdings. They are nothing more than blue chip stocks, financial stocks or brokerages. These have seen the best gains recently."
"Could it be Tong Huashun? Tong Huashun's stock price has been rising very well recently, but unfortunately it is controlled by a large institution. We, who trade short-term, can't get much benefit."
"It's unlikely that it's Tong Huashun, right? Mr. Gu's personal account has appeared on Tong Huashun's Dragon and Tiger List before. If the fund buys it again, it will be suspected of violating regulations."
"It's hard to say. Young people tend to act impulsively. Maybe Tong Huashun is one of his fund holdings. Look at this rate of return. It's quite consistent with Tong Huashun's trend."
Lao Zhang curled his lips secretly and said nothing; however, he did not agree with Mr. Ren's opinion. Not everyone does not abide by the rules. Mr. Ren, as a hot money investor, buys today and sells tomorrow, so of course it doesn't matter.
But Gu Junhao's style is to hold positions in the medium and long term, and the holdings of a stock are calculated on a monthly basis. If this is ever found out, it will be very serious.
"Alas, I don't have the chance to take revenge, which makes me feel a little bit unhappy." Ren Yetao said unwillingly.
Of course, the so-called revenge he mentioned also means to intercept some of Gu Junhao's holdings, just like the last time when Gu Junhao intercepted him. It was an open and fair competition in the secondary market, not some small act of revenge in private.
Ren Yetao is just used to walking on the edge of the rules, and he doesn't dare to commit a real crime.
"There are definitely opportunities. As long as everyone is in this world, we will always meet each other." Lao Zhang hurriedly comforted.
"Yeah, let's not talk about him for now; for now, we should control the net value curve better. The investors have spoken, saying that if we continue like this, we will have to redeem our shares even if there is a default." Ren Yetao said with a wry smile.
In the end, it's all Gu Junhao's fault. Investors didn't complain about losing sleep at night due to the previous ups and downs in the market. Now that Gu Junhao has interfered, things are getting difficult for everyone.
To use the investor’s original words, as both are private equity funds, I don’t require you to achieve such high returns, but I do require you to have the same stable drawdown rate as Junshi No. 1.
Unlike Ren Yetao who was troubled by the unstable rate of return, Gu Junhao seemed much more relaxed; investors were more full of praise for Gu Junhao.
Just after the market closed, Gu Junhao received a rather unexpected call from Jiang Jianbai, one of the first investors of Junshi Capital. His words revealed the possibility of further cooperation with Gu Junhao.
Jiang Jianbai is one of Gu Junhao's fans on Taoguba. He decisively followed the investment when the fund was first established. This time, he wanted to have a face-to-face meeting with Gu Junhao because of the business development issues of his business company.
Gu Junhao thought about it for a moment and agreed. Although he didn't know what specific business they were going to discuss, the only thing that mattered to him was money.
Jiang Jianbai has been in business for five years, engaging in the auto parts business. He recently received a large order, but in order to successfully complete the order, the company must increase equipment and expand production to recruit workers.
Faced with the temptation of orders and the risk of increased investment, Jiang Jianbai hesitated. On the one hand, there was profit, and on the other hand, there was risk.
Industrial investment carries huge risks. If you blindly expand production just because of an order, the consequence may be that you will lose all your money in the end. At that time, the newly added machines will have to be disposed of at a low price like scrap.
Unlike his own limited knowledge of the macro market, Jiang Jianbai believes that Gu Junhao must have unique insights into the country's economy since he can make the fund's returns so stable and huge.
Meeting with Gu Junhao and having a detailed chat with him might give me some ideas. Of course, it would be even better if Mr. Gu could invest.
After all, in Jiang Jianbai's view, with Gu Junhao's participation, it is equivalent to a guarantee of income, and it can also share his financial pressure.
As for the equity, Jiang Jianbai is not worried. Even if Gu Junhao participates, he will only be an investor, providing him with some ideas, and will not participate in the specific operations.
I have never seen a fund manager who, after investing, ends up becoming a factory manager.
…
On Saturday morning at ten o'clock, in the reception room of Junshi Capital, Gu Junhao and Jiang Jianbai sat opposite each other at the table.
The entire company takes a break on Saturday. For example, some people in the market intelligence department who need to collect information are scattered around the company and do not need to work in the company except in special circumstances.
The entire company was particularly quiet with only Gu Junhao and Jiang Jianbai . This was also the first time that Gu Junhao came to the company on a weekend.
"Brother Jiang, have some tea." Gu Junhao said with a smile.
"What kind of tea are we drinking in such hot weather?" Jiang Jianbai said speechlessly.
"Haha, let it cool down before drinking. I see everyone is setting up a teahouse, so I might as well join in the fun. But this is my first time using it, so don't be surprised if my technique isn't very good, Jiang."
I have been to the offices of some local business owners before. They all set up a teahouse for guests to sit and drink tea. Gu Junhao also set up one in the same way.
But today is the first time I use it, and I didn't expect that it would be inappropriate to drink tea in such a hot day. I could only respond with a little embarrassment. Fortunately, Brother Jiang is an old acquaintance.
"I see. You might as well throw some tea leaves in the cup. But it's my honor to let Mr. Gu make tea for the first time, haha."
"Brother Jiang, please stop making fun of me. Actually, I usually drink more coffee and I'm not really interested in tea."
"I understand. You are an investor, so you should be more efficient." Jiang Jianbai took a sip of tea. It was too hot, so he put it down.
"Brother Jiang, what is the main reason for looking for me this time?" Gu Junhao went straight to the point. The relationship between the two was pretty good, so there was no need for excessive politeness.
"It's like this, I recently received an order and I'm a little hesitant, so I'd like to hear Mr. Gu's opinion." Jiang Jianbai opened up.
"Brother Jiang, just call me the same as you do yourself. There's no need to be so distant with outsiders." Gu Junhao interrupted.
"Well, okay. This order is for auto parts, but if you want to win it completely, it will require a considerable investment." Then, Jiang Jianbai shared some information about the order with Gu Junhao.
After listening to Jiang Jianbai's narration, Gu Junhao did not speak immediately. The meaning of Jiang Jianbai's words was not only to ask about his opinion on the market prospects, but also to recruit him to join.
Jiang Jianbai won orders for new energy vehicles. The prospects of new energy vehicles are unquestionable, but the current environment is still relatively complicated, and most domestic manufacturers do not really want to produce cars.
This is probably what Brother Jiang is hesitating about. After all, after investing tens of millions into expanding production and recruiting, and only getting this one order in the end, it would be a bit of a loss.
Just like Apple's catfish effect, the development of new energy vehicles will have to wait until the official operation of Tesla's domestic super factory before the domestic new energy vehicle industry will gradually be standardized.
By that time, the stocks related to the new energy vehicle industry chain began to take off. The first to bear the brunt was Ningde Times, which was listed in mid-2018 and has the title of Ning Wang.
As for Jiang Jianbai's physical factory, if he invests in a new industrial chain and then focuses on the OEM production of new energy vehicle parts, and then equips it with his own R&D team, it is not impossible to make it successful.
However, all this depends on Jiang Jianbai's personal decision. There are huge risks in this process. Once the subsequent research and development and funds cannot sustain until the market turns around, the efforts and funds invested previously will probably be wasted.
As far as some of the small bosses Gu Junhao knows, most of them just muddle through and have no intention of developing or expanding their business. They just want to make a little money every year and live a comfortable life.
This is also the current situation of most small and medium-sized enterprises. They have no intention of making progress during the industry's growth period, and when the industry undergoes transformation, they are easily eliminated by the market.
However, these are not important to the founders. As long as they make money, they can just close the factory if the business fails. The ones who suffer are the industrial workers who face the crisis of unemployment at their age.
"It can be done. It depends on whether you have the confidence, Brother Jiang." After thinking for a while, Gu Junhao said to Jiang Jianbai in a concise manner.
"Really?" Jiang Jianbai looked at Gu Junhao with surprise.
Who doesn't want to make money? But the prerequisite is that the risk must be within one's own tolerance. The investment this time is not small, and a large amount of working capital will be needed in the future, so it is inevitable to borrow a large sum of money from the bank.
"Well, in my opinion, the industry prospects are fine, but it is still in its early stages. Brother Jiang, you understand the early environment. What I mean by confidence is whether you have the patience and confidence to support this period of time.
Just like a stock you like, when the stock hasn’t started to take off, holding the stock is often the most difficult stage, but if you get through this stage, you will have rich returns. "
"Well, I understand what you said. I'll think about it first." Jiang Jianbai nodded.
Then he sat in a chair and pondered. For him, this was an opportunity as well as a challenge. According to his own estimation, if he wanted to officially start construction, the additional investment must not be less than 10 million yuan.
Ten million yuan is equivalent to the company's net profit for more than 10 years. However, I don't have that much money on hand and need to borrow from the bank.
But no matter what, as Gu Junhao just said, if he could seize this opportunity, his career would be greatly improved, instead of being like it is now.
Seeing Jiang Jianbai sitting in the chair without saying a word, Gu Junhao did not interrupt him; unlike his own startup Junshi Capital, for Jiang Jianbai, this investment could be regarded as a risky behavior.
No matter what decision he made, Gu Junhao would understand him; just as Gu Junhao was thinking about it, Jiang Jianbai's sonorous and powerful voice came to his ears.
"I'll do it. At worst, I'll sell the factory to the bank. Then I'll have to rely on you, brother. See if your fund can help me make a comeback."
"Have you decided? Don't you want to think about nearly 10 million yuan?" Gu Junhao said with a smile.
"It won't cost that much to buy equipment in advance, and we can get a loan from the bank later. However, there is still some funding gap. Xiao Gu, since you are optimistic about this industry, do you want to participate?"
"Aren't you afraid that I will divide the equity? You are the one who has the final say in the company now." Gu Junhao had no objection to Jiang Jianbai's suggestion to invest in this project, but the fund currently did not have a venture capital business, so those who wanted to invest could only do so in a private capacity.
"What are you afraid of? Can you come here to be the factory manager? I believe you look down on my factory." Jiang Jianbai said carelessly. Gu Junhao did not refuse, which gave him great confidence.
"Okay then. Tell me how much funding you need. But I have to make it clear that I can only participate in this under my personal name."
Afterwards, Gu Junhao explained to Jiang Jianbai the current nature of Junshi Capital. It would not be worthwhile to set up a venture capital department for such a small project.
As for the risks of investment, if the factory fails, he will lose millions. If it succeeds, he won't have to worry about the way out at that time, whether it is share transfer or direct listing, Gu Junhao will get a considerable reward.
"I don't care. It's OK as long as you participate. The company belongs to you alone anyway." For Jiang Jianbai, there is no difference between investing as an individual or in the name of a company. On the contrary, it is more convenient to invest as a natural person.
"Okay, then let's do it this way. Brother Jiang, go back and evaluate your company's assets. I will also find a professional team to do the evaluation and then calculate the shares in proportion. Is that ok?"
When it comes to business, the necessary procedures must be followed. This investment, which has nothing to do with the prophet, may also be a new attempt for me.
Just from Brother Jiang's narration, Gu Junhao also made a rough judgment. Excluding bank loans and own funds, the funding gap required by Brother Jiang should not exceed 5 million yuan.
Now that the Ten National Policies have been released, it should be easier to get a loan than before. As for my own funds, 5 million, I don't really have that much cash at the moment.
However, this did not pose a problem for Gu Junhao. He was no longer the same person he was a year ago, and it was easy for him to solve the funding gap of 5 million.
"Of course, we still have to go through the necessary procedures, and I also want to take this opportunity to see how much wealth I actually have."
Jiang Jianbai didn't expect the investment talks to go so smoothly. From a personal point of view, if Jiang Jianbai were in Gu Junhao's current position, he would not have agreed so generously.
Since you have stable income from the stock market, it would be more practical to invest millions of dollars in the stock market instead of investing them in an industry that is not yet clear.
Jiang Jianbai could only take Gu Junhao's generous agreement as a sign that he was extremely optimistic about the prospects of this industry.
"That's settled then. When you get back, Brother Jiang, you can start preparing. I will also form a team as soon as possible to give you a reasonable assessment."
"Uh, your efficiency is too high. You start to chase me away right after we finished the talk. You won't even leave me a meal, will you?" This time, Jiang Jianbai really experienced Gu Junhao's working style.
"That's not possible. Brother Jiang has come here with great difficulty, so I have to treat you to a meal before you leave. But it's better not to delay this matter. If you delay for too long, the order may be cancelled." Gu Junhao said with a smile.
"Haha, I know that. I will start preparing after I get back."
"Well, that's it for now. Let's go. It's 12 o'clock. Let's go eat." Before they knew it, they had been talking for two hours. For people from Ningbo who are used to having lunch around 11:30, their stomachs began to protest after they stopped.
"Well, let's go, but to be honest, this tea is not as delicious when it's cold as it is when it's hot." After drinking the remaining tea in the cup, Jiang Jianbai spoke.
"I'll treat you to coffee next time." Gu Junhao said with a smile.
"Haha, let's drink tea. I'm not used to that stuff."
The two of them came to a nearby hotel and ordered a few dishes at random. When the dishes came, they ate without caring about their image. Then Gu Junhao put down his chopsticks.
Considering that Jiang Jianbai had to drive back after dinner, the two did not order any wine. It was really just a simple meal.
Gu Junhao picked up the water glass on the table and said to Jiang Jianbai, "I'll use water instead of wine. I wish Brother Jiang a better career and marry the 985 rich and beautiful girl in your mind."
"Haha, you still remember it, so I also wish your fund's returns will continue to prosper."
