Chapter 236: Junshi Capital in Preparation
Currently all decisions of Junshi Capital are made by Gu Junhao, so there is no need to discuss the issuance of the fund with anyone. After determining the specific rules of the second fund, he can send out fundraising signals to the market.
On Sunday, Gu Junhao designed the specific rules at home and held a video conference with several senior executives including Guo Yuanwei, Shen Boyu and Xu Yan. After receiving several supplementary suggestions, the specific rules of Junshi No. 2 were officially released.
Li Xinyu was also temporarily drafted into the army, and she was mainly responsible for taking specific meeting minutes.
In everyone's opinion, the issuance of Junshi No. 2 is different from that of Junshi No. 1. Since the situation has already been opened, the company is the active party; therefore, in terms of specific rules, it is more inclined to Junshi Capital.
The specific subscription rules for Junshi No. 2, except for the profit sharing and fund management fees, are still the same as Junshi No. 1, but the threshold has been raised to 2 million and the limit is 10 million yuan.
The lock-up period for other funds remains one year. Taking into account the specific situation of the stock market next year, Gu Junhao has added some specific liquidation rules.
This includes unconditional liquidation when the overall loss of the fund reaches 20%. This clause is a protection for investors' principal and there is nothing wrong with it. Junshi No. 1 also has this clause.
A newly added rule is that Junshi Capital has the right to freely settle after the fund's profits reach a certain standard. In addition, customers can only redeem after the lock-up period expires.
As for information disclosure, like Junshi No. 1, Junshi Capital enjoys all rights.
As for the size of the fund, Gu Junhao also imposed certain restrictions. Under the premise of uncertainty about the specific subscription amount, Gu Junhao set the upper limit of the second fund at 500 million yuan, which was 12.5 times higher than that of the first fund.
In this way, even if every customer subscribes for the full amount, without counting their own follow-up investment, we can guarantee that there will be 50 customers. Many new customers will definitely be developed among them. Based on the minimum limit of 2 million, Junshi No. 1 will have 250 customers.
The minimum number of customers is 50, and the maximum is 250. I can handle this situation by myself. However, if the capital is too large, it will be difficult to guarantee a good profit in the current small market capacity.
If Junshi No. 2 fails to achieve sufficiently satisfactory performance, it will become mediocre no matter how large its scale is. For private equity funds, performance is far more important than scale.
"Does anyone have any other opinions?" After unifying everyone's suggestions, Gu Junhao finally asked the executives again about the specific rules.
"No problem, I'll do as you say, Mr. Gu."
"agree."
"Okay, Xiao Li, organize the minutes of the meeting and give them to Lawyer Zhuo next Monday. Ask him to organize the relevant subscription contracts. In addition, file the new fund with the Fund Association's Management Office."
"Okay, I understand." Li Xinyu nodded. She was already very familiar with taking minutes of executive meetings.
During the entire video conference, Zhang Yiru listened in the study without making a sound to interrupt; from the video conference, Zhang Yiru also had a comprehensive understanding of Gu Junhao's working style.
He values efficiency, doesn't like to talk nonsense, and is able to listen to the opinions of his subordinates. The specific rules that slightly favor Junshi Capital were proposed by Guo Yuanwei.
After combining the opinions of several people, Gu Junhao made a decisive decision; in just a few months, young Gu has evolved from a rookie in the early stages of his business to a fully-fledged boss.
Monday, October 27, 2014.
In the last week of October, Gu Junhao came to the company early in the morning. After proofreading the specific meeting minutes with Li Xinyu, Gu Junhao asked her to formally distribute them to lawyer Zhuo Yifan.
At the same time, the fund filing work must also be carried out as soon as possible. Under normal circumstances, the filing of a fund takes 20 trading days, which is one month. Within this one month, fundraising activities can be carried out first.
Some private equity funds will even raise funds from more than two investors, or invest their own money first, register it first, and then conduct large-scale fundraising.
In the eyes of investors, products with registration are relatively more credible. Junshi No. 1 took advantage of this rule. Gu Junhao invested in his own name and Zhang Yiru's name and finally obtained the registration.
With the foundation of Junshi No. 1, there is naturally no need for Junshi No. 2. Therefore, the fundraising time this time is set on Monday and Tuesday of next month, which is November 3rd and 4th.
In the first two trading days of next month, Junshi No. 2 will be officially launched at Junshi Capital Co., Ltd. located in Beicang Financial Building.
Time is relatively tight.
However, now is the Internet age, and the speed of information dissemination is much higher than before. A week is completely sufficient; what's more, Gu Junhao had already communicated privately with some familiar business owners yesterday.
Li Xinyu followed Junhao's instructions and sent a signal to the market. Today and even this week, as Gu Junhao's personal assistant, she is undoubtedly very busy.
After giving instructions on all matters and making sure that nothing was missed, Gu Junhao walked into the trading room on his own. For Gu Junhao, the performance of Junshi No. 1 is the guarantee of Junshi No. 2.
If we want the market to accept and pursue Junshi No. 2, we must first ensure the performance of Junshi No. 1; it is for this reason that Gu Junhao set the fundraising time in the first two trading days of next month.
If Junshi No. 1 can continue to maintain stable profits within this week, it will be the best promotion for Junshi No. 2; of course, doing so also has certain risks.
However, based on the current profits, even a one-week pullback is not a big deal; just like buying stocks, if the risk is smaller than the return, it is worth doing.
As soon as he entered the trading room, Gu Junhao was greeted with surprised looks from Xu Jianqing and the other two. Gu Junhao smiled and said, "What's wrong? Is it strange that I came in?"
"Yeah, aren't we going to issue a new fund? We thought you wouldn't come in today, Boss."
The issuance of the new fund requires the cooperation of all employees of the company in all matters, so early this morning, the news of the upcoming new fund project has spread within the company.
Xu Jianqing and others originally expected that the boss would be busy today and was making a trading plan, but they did not expect that the boss would enter the trading room as usual.
"Of course I'm going to come in. The fund will be issued in the first two trading days of next month, so you have to keep a close eye on it. At least try your best to ensure that Junshi No. 1's performance does not fall sharply."
"Ah? The first two trading days of next month? You're really brave, Boss."
"Really? Boss, you are so confident. If the market continues to fall sharply this week, it will definitely affect the fundraising activities in the first two trading days of next month."
"So, the pressure is on you guys. If the performance declines too much this week, no one will dare to blame me as the boss. They will only scold you three in private, haha."
Gu Junhao responded with a smile, watching the slightly changing faces of the three people; this feeling of digging a hole is pretty good.
However, Gu Junhao's decision was naturally based on his own judgment and analysis of the overall market. He didn't completely want to trick these three people. Doing so would not benefit him in any way.
Judging from the decline in the last few trading days of last week, Gu Junhao has basically been able to judge that the market has bottomed out and the market will stop falling in a few more trading days this week.
Judging from the stocks held, except for Yinzhijie last Friday, the decline has basically stopped. The largest holding, Dongfang Fortune, even showed signs of rebound, and the Internet finance sector also showed signs of stopping the decline and stabilizing.
I believe that this week, even if there is a correction for a few trading days, Junshi No. 1 will not have too much retracement as long as the safety of its first major position is guaranteed. You must know that it had already started to rebound ahead of the broader market last week.
However, Gu Junhao intended to scare the three people. As he was about to issue the second fund, he had to make them feel a sense of urgency. The sharp drop in trading volume this month would affect the status of the three people to a certain extent.
At 9:25, the first call auction of the week ended. The Shanghai and Shenzhen stock markets performed differently. The ChiNext Index opened flat, while the Shanghai Composite Index unexpectedly opened lower. The index broke the 2,300 point mark and closed at 2,293.57 points.
Among the weighted sectors, the securities sector, which collectively announced its results last weekend, performed abnormally and fell collectively, seriously affecting the index. Xibu Securities, which had been unusually strong during the adjustment period, opened at 14.30 yuan in early trading today, and fell 3.43% with a gap down.
Affected by the sharp drop in securities firms, most stocks in Shanghai and Shenzhen stock markets opened lower in the morning. Except for securities firms, the other two major financial sectors also performed extremely poorly.
Among Junshi No. 1's holdings, only Yinzhijie stock remained flat at 21.80 yuan.
The rest of Dongfang Wealth, Tonghuashun and Wan'an Technology all opened lower, with Dongfang Wealth at 14.83 yuan, Tonghuashun at 21.25 yuan and Wan'an Technology at 13.76 yuan.
In the past five trading days last week, the Shanghai and Shenzhen stock markets ended with four consecutive declines, and the external markets fluctuated greatly. Under such circumstances, the securities sector, whose performance increased significantly in the third quarter, opened with a sharp drop.
When the Shanghai and Shenzhen stock markets opened on the last Monday of October, storm was brewing.
"Oh shit, the stock opened with a gap and fell lower, it's going to fall sharply." A series of retail investors, including the Soha group where Li Ze was, were extremely panicked by the brokerage firms who took the lead in dumping the stocks.
"Damn it, such good performance, but it dropped so badly, don't you even pretend?"
"Tonghuashun has also hit a new low. Li Kuang said last weekend that we should buy at the bottom. How dare we buy at the bottom?"
"I sold my losses in the call auction. The 10% I lost last week opened lower again this week. It's better to withdraw first and enter again when the market stabilizes."
"Don't, brothers. You're selling your stocks right after the call auction. What will you do if you sell them at the bottom? Looking at Brother T's fund, it should be fully invested. Don't panic."
When Li Ze saw everyone hurriedly cutting their losses, he quickly spoke out to stop them. However, in such a panic, his words alone could no longer influence everyone, and emotions would spread.
Even Brother Cao, who was the most stable person in the group, was frightened this morning and stopped his plan to buy Tong Huashun at the bottom.
The old hands in the market are the most panicked about the big drop during this adjustment phase. The big drops after countless high-level adjustments have left a deep impression on their trading nerves.
The only thought at this time is to run away and wait and see. Only people like Li Ze who have little exposure to the stock market will not be afraid and think this is an opportunity.
"Okay, if you don't copy, I will. I will buy another 1,000 shares." Li Ze was fearless. He originally had no intention of buying at the bottom, but was aroused by everyone's panic.
"Don't be impulsive, Li Kuang. It's not that we don't trust you, but in this situation, we should just wait and see until things are stable."
"That's right, don't be so hard on money. It's not easy to earn money working in the mines."
Li Ze turned a deaf ear to everyone's comments. After quickly transferring more than 20,000 yuan into his account, Li Ze didn't even have time to think and directly placed the order at the opening price of 21.25 yuan.
Last Friday, Tonghuashun hit a low of 21.11 yuan. According to Li Ze’s calculations, as long as today’s opening price does not break last Friday’s lowest price, it should be safe.
However, there is also an element of gambling involved, as well as emotional fluctuations caused by remarks that people fear.
"When others are panicking, I buy at the bottom . When others are panicking, I buy at the bottom." A moment after placing the order, Li Ze sobered up a lot and was a little scared at this time.
However, it was no longer possible to cancel the order, and Li Ze could only keep using this sentence to comfort himself.
