Chapter 289 When will the profit exceed 10 times?
On the Dragon and Tiger List of Dongfang Wealth after the market closed, Gu Junhao unexpectedly saw Fushan Road in the third position of buying, with a purchase of 69.8644 million yuan, while Junshi No. 2 appeared in the second position of selling, and Junshi No. 1 sold less. It failed to make the list.
The No. 1 selling position is Liyang Road. Liyang Road sold 72.7482 million yuan today and ranked first in the selling position. However, its purchase amount exceeded 18 million yuan, and the actual net sales exceeded 54 million yuan.
The moment he saw Ah Fu's seat, Gu Junhao smiled. This old guy was really unlucky to run into him again.
Entering the second week of January, the two Junshi funds performed differently. Junshi No. 1 had a total scale of more than 369 million yuan, close to 370 million yuan, and its net value soared to 9.2274.
The overall scale of Junshi No. 2 remains at around 1.01 billion yuan, with a net value of 2.0215. There has been no significant change in its performance for two consecutive weeks, leaving the market in a state of confusion.
Since the overall scale of Junshi No. 2 exceeded 1 billion yuan on December 31 last year, two weeks have passed and its scale has only increased by 4 million yuan. Compared with the soaring net value trend at the end of last year, Junshi No. 2 seems to have entered a bottleneck period.
Junshi No. 2, which had performed mediocrely for two consecutive weeks, has also been ranked third for two consecutive weeks. The second place was once again occupied by Henghua No. 1 Fund, which made Wang Chao feel a little comforted; however, Junshi No. 2 still firmly occupies the third place, with a large gap from the fourth place.
The total scale of Junshi No. 1 at the end of last year was only 205 million yuan. However, in the past half month, the net value of Junshi No. 1 has soared by 160 million yuan. Such excellent performance has made the public look forward to when the total scale of Junshi No. 1 will exceed 400 million yuan and the net value will reach 10.
Junshi No. 1 raised funds in June last year and was officially launched on June 9. It has only been seven months since then. In seven months, with just over a hundred trading days, the net value of a fund can exceed 9. This performance is extremely rare even in a bull market.
Although its final overall scale is only 40 million yuan, which is more flexible than some large funds, such performance cannot be achieved even by some private equity fund bosses.
It is normal for such performance to attract widespread attention. So this weekend, Junshi No. 1 once again became a hot search with a strange term "When will it be able to break through the net value of 10!"
For the investors of Junshi No. 1, they initially invested in Gu Junhao just with a try-it attitude and never thought that their funds would nearly double in less than a year. This feeling is indescribable.
For this hot search, Junshi Capital's public relations department did not fuel it at all. All of this was spontaneous behavior of investors and basic individuals. Gu Junhao was more troubled by this term.
"The market is too hot. I need to think of a good reason to sell my shares later. Otherwise, some people will blame me for the stock market crash." The scapegoat has existed since ancient times. Fortunately, there is a scapegoat who is more famous than me.
"So, my 50,000 will become 500,000?" Liu Ruihuan asked Gu Junhao in confusion after seeing the entry of Junshi No. 1 on the hot search board. Today, at the invitation of Zhang Yiru, Liu Ruihuan came to the couple's home as a guest.
"No, it hasn't reached 10 times yet. Even if it did, your 50,000 yuan would not be 500,000 yuan. In addition to the 50% share, you still have to pay a certain amount of management fees."
Gu Junhao replied with a smile that if he wanted to turn 50,000 into 500,000, the net value of the fund had to be at least 20, but that was obviously impossible. This was also the origin of Gu Junhao's design of a 50% profit distribution after the fund exceeded 2.
Gu Junhao's answer made Liu Ruihuan heartbroken. She thought she would make the biggest profit, but she didn't expect that in the end Gu Junhao would make the biggest profit. Liu Ruihuan's reaction reflected the mentality of most investors of Junshi No. 1 at this time, which has nothing to do with morality.
At the same time, Liu Ruihuan looked at Gu Junhao with some doubt and asked, "Did you plan the 50% share beforehand? Do you think the net value can definitely be above 2?"
Gu Junhao shrugged and said, "How can I have such a skill? If I knew that the net value of the fund could rise to more than 9, I would definitely add a few profit-sharing clauses, such as 60% if the net value reaches more than 5."
Although Liu Ruihuan still had doubts about Gu Junhao's words, he couldn't find any fault with it. As Gu Junhao said, if it was certain that the fund's returns would reach a certain level, why not add a few more profit-sharing clauses.
"Haha, my parents asked me today how much money they can get." Zhang Yiru also said with a smile. The explosive performance of Junshi No. 1 made it difficult for Zhang Mingde and his wife to remain calm.
When Junshi No. 1 went online to raise funds, in order to prevent unexpected issuance failures, Gu Junhao also invested 1 million yuan in the name of Zhang Yiru after gathering enough investors. However, due to limited funds at the time, the remaining part was raised by Zhang Yiru, Zhang Mingde and his wife, and Liu Ruihuan.
Later, when the operation gradually stabilized and funds gradually became sufficient, Gu Junhao officially transferred his share of the business to Zhang Yiru. Just as Liu Ruihuan had thought, Zhang Mingde and his wife had never expected that part of the money they had invested to help Gu Junhao would have such a return. This was truly a windfall .
"Haha, Teacher Zhang is not calm anymore. But it's too early to be anxious. I'm not sure how much profit I can make now. We'll see when the time comes."
Gu Junhao also has his own plans for when to liquidate Junshi No. 1. It cannot be too close to the stock market crash, as that would be too deliberate. He would rather lose some profits to liquidate it invisibly; of course, it cannot be too early, as that would result in too great a loss.
Over the weekend, in addition to the attention paid to Junshi No. 1's performance, the most widely discussed issue among investors was that the on-site inspection of the financing business of 45 securities companies by the China Securities Regulatory Commission was finally completed and the final conclusion was released.
Among them, Zhongxin Securities, Hitong Securities and Guotai Junan Securities had committed violations, namely, the extension of expired margin trading contracts. They had not corrected the violations after being dealt with, and a huge number of customers were involved.
The CSRC decided to take administrative supervision measures against the three companies to suspend the opening of new margin trading and securities lending customer credit accounts for three months. At the same time, Zhaoshang Securities and GF Securities were ordered to make rectifications within a time limit.
In addition, five securities firms were issued administrative supervision measures of a warning nature, including the securities firm where Gu Junhao opened an account. However, it had little impact on Gu Junhao, as Gu Junhao’s previous two financing transactions had always been carried out in accordance with the rules.
Nowadays, many securities firms actually provide margin trading and short selling services to clients whose securities assets are less than 500,000 yuan. With the heavy penalties imposed by the regulatory authorities this time, this phenomenon will rarely occur in the future.
The current chaos in the market may not make any difference to new investors, but old investors may be almost numb to it. However, this phenomenon cannot be eliminated even with strict supervision in the future.
As a financial market where huge profits exist, it is impossible to eliminate this phenomenon.
The starting point of this round of financing should be calculated from July 22 last year, when the balance of margin trading in A-shares soared from 428.8 billion yuan and exceeded 500 billion yuan in just one month. It continued until November, with the balance of margin trading increasing at a rate of 100 billion yuan per month.
Since December last year, the balance of margin trading has been growing at a rate of four times that of the previous year, exceeding 900 billion yuan in just one week. On December 19, it broke through the trillion yuan mark for the first time in history.
As of now, the financing balance of the Shanghai and Shenzhen stock markets has reached more than 1.11 trillion yuan, and the three securities firms that were heavily fined and suspended their financing business for three months accounted for a total of 16.6% of the financing balance, which has put a certain amount of pressure on the market.
Fortunately, at present, only the new account opening business of these three securities firms is suspended, rather than suspending all margin trading business. In this regard, the pressure is relatively smaller.
However, this is still a big negative for the current market, especially for brokerage firms that are undergoing adjustments. At this moment, Gu Junhao finally understood why the brokerage firms' downward trend could not be stopped at all.
"Cracking down on financing and controlling risks are naturally good things; however, cats have their ways and mice have their ways, alas." Gu Junhao said with some regret. If formal channels are banned, illegal channels will naturally expand rapidly.
The regulatory authorities have actually long paid attention to the risks of excessive financing, but some large funds have turned a blind eye to it for the sake of profit, or even deliberately expanded it. Naturally, ordinary investors are the ones who suffer the most.
In addition to the negative news about the crackdown on illegal financing, there are also big and small negative news in the A-share market this weekend. The regulatory authorities' intention to actively cool down the stock market is very obvious, and the trend in the stock market is naturally not much better.
On January 19, 2015 , affected by the negative impact of the weekend, the Shanghai Composite Index opened low at 3189.73 points, a sharp drop of 5.86%. The three major financial sectors performed most significantly, with insurance, brokerage and bank stocks experiencing a large-scale limit-down wave since the start of the call auction.
The overall brokerage sector fell nearly 9% at the opening. There was no stock in the entire sector with a decline of less than 8%. Several brokerages that were named over the weekend and some other small and medium-sized brokerages all hit the daily limit.
Xibu Securities and Huanghe Securities, which are held by Gu Junhao, hit the daily limit, and other large-cap stocks with a lot of financing, such as coal, aviation, electricity, real estate and ports, also hit the daily limit on a large scale. Only the non-ferrous metals sector, which has performed well recently, is barely holding up.
Concept stocks with Chinese characters in their names also opened with a sharp drop; CNR, CSR and Zhongguo First Heavy Industries both opened with a drop of more than 5%, and Zhongguo Communications Construction opened with a drop of 8.37%, with its share price approaching the limit down.
Affected by the broader market, the ChiNext Index also opened sharply lower at 1608.25 points, down 1.95%. Yinzhijie opened at 58 yuan, down 3.34%. Tonghuashun opened at 59 yuan, down nearly 7%. Dongfang Fortune opened at 44.88 yuan, up 1.72%.
Gu Junhao could have thought of adjustments, but he didn't expect them to be so drastic. It seems that the strict supervision of the China Securities Regulatory Commission has scared some smart money, and they are rushing to get their money's worth.
