Chapter 333 “Employee Stock Ownership Plan”
Junshi No. 2 is facing the end of its closed period, after which it will be converted into an open-end fund to accept normal subscription and redemption from investors. Gu Junhao has no plans to liquidate the second fund, but will do a corresponding ex-rights treatment. The current net value is too large, which is not conducive to the growth of the fund.
However, private equity funds are still different from public equity funds. Unlike public equity funds, even open-ended private equity funds have certain requirements for investors' subscription and redemption.
In principle, open-ended private equity funds may only accept subscription and redemption of fund shares once a month at most, while most public equity funds do not have such a requirement, except in some special circumstances.
For example, from the end of 2019 to the beginning of 2021, when the funds were the hottest in the previous life , some retail investors even started to do T operations in the funds. Some big Vs on the Internet who were misleading people saw this popularity and began to teach retail investors to engage in daily operations in the funds to obtain traffic, just like the bull market in 2015.
This kind of thing is impossible to happen in a private equity fund. In most cases, clients who can easily invest more than one million yuan in a private equity fund are more mature in their investment psychology than retail investors who only have tens of thousands of yuan in their hands.
There are also some second-generation rich people like Qin Junkai who invest in funds for fashion or face, and do not care much about the amount of around one million yuan. They are not willing to operate it regularly.
After the end of this week's trading, Gu Junhao will prepare to work on the ex-rights of Junshi No. 2. It is natural that there will be a wave of redemptions after the ex-rights, so there will be some changes in the positions.
This is also one of the reasons why Gu Junhao has not opened any new positions since he cleared out his positions in Tonghuashun and Home Depot. However, where there are redemptions, there are subscriptions. As for subscriptions from new investors, Gu Junhao is not going to set the threshold so low this time.
New investors must meet the subscription limit of more than 5 million yuan, instead of the previous limits of 1 million, 2 million, or more than 5 million yuan, which can better screen investors.
It can also keep out the loss-making customers who exit Junshi No. 1, and prevent them from getting on the train every time, which would be unfair treatment to new customers.
For these small bosses, it is not difficult to raise 1 million or 2 million yuan of subscription funds, even if they have lost all the profits from Junshi No. 1, but the limit of 5 million yuan is a bit difficult.
However, if they really come forward, Gu Junhao will accept it. He will not just give the money. The more they give, the higher the return of Junshi Capital will be.
On Tuesday, November 3, both markets continued to adjust along the 20-day line, but the decline narrowed. Wuliangye, which fell sharply yesterday, fell 0.54% today, while Longji Shares, which was affected by the market plunge yesterday, closed up 1.61% today, and its share price returned above 12 yuan to 12.01 yuan.
Maotai Liquor continued to plunge today and returned to near the 10-day line. The stock price closed at 209.71 yuan, down 1.34% on the day.
Calculated based on today's closing price, the market value of the 40,000 lots of Maotai Liquor currently held by Junshi No. 2 is close to 840 million yuan, and the change in position can only be achieved through Maotai Liquor.
There are currently 2.006 billion yuan in cash in Junshi No. 2's account, which is almost half of the current net value. According to Junshi No. 2's 50% profit sharing rules and the method of collecting management fees, it is actually enough to cope with the redemption wave.
It is unlikely that all customers of Junshi No. 2 will redeem their shares, at least they will not redeem their own shares. Gu Junhao believes that there are also some customers who have no intention of redeeming.
Some of the customers who cashed out after Junshi No. 1 was liquidated are a lesson for us.
"Mr. Gu, after Fund No. 2 is open for subscription, can we also buy a part of it?" Wu Peng asked Gu Junhao after the after-hours meeting.
"Hmm? You are interested? Of course I welcome you, but after this opening, I plan to raise the fund subscription limit to 5 million yuan."
Gu Junhao was a little surprised by Wu Peng's question; as a fund company, it naturally encourages employees to buy its own company's products.
However, Junshi Capital's employees are relatively young, and most of them are unable to shell out more than 1 million yuan. People like Xu Jianqing were living paycheck to paycheck before joining the company, let alone investing in the company's products.
This is also the reason why Gu Junhao has never promoted it in the company. It is enough for young people to just survive, so where do they get the money to buy funds?
"Ah? I can't afford 5 million. If it's 1 million or 2 million, it would be about the same." Wu Peng said with some surprise.
As a demolition household with good treatment, it is not a problem for him to set aside part of his assets for investment and financial management, but 5 million yuan is a bit too much.
The reason I bring this up is because since I joined the company I have seen the stability of the fund's net value, which is faster than struggling in the stock market myself. In addition, now that we have entered a technical bear market, if I buy stocks myself, I will have to rely on Mr. Gu.
In fact, it is impossible that Wu Peng was completely unaware of Cao Wenxun's private request for his family to buy stocks. Gu Junhao could also roughly guess it, but everyone just pretended not to know.
There are no restrictions in industry regulations, and you can't cut off someone's source of income. The reason why Wu Peng didn't do that was that he felt it was unnecessary. However, this time Junshi No. 2 is open for subscription, and he naturally cannot miss the opportunity. It is better than putting it in the bank and earning interest.
"5 million is a lot? But then again, based on your current reputation, boss, I think 5 million is a bit too little. 10 million should be enough." Liu Tingting said in surprise.
Then he smiled at Wu Peng and said, "Brother Peng, you are really rich. You can even come up with 2 million. You are worthy of being a demolition household."
"Why are you in such a hurry? It will be your turn sooner or later. Beicang is developing so fast now." Wu Peng also said.
Cao Wenxun looked at Wu Peng and listened to his relaxed tone. He was actually quite envious of him. When you compare yourself to others, you get frustrated. He secretly bought some stocks to relieve the pressure of life, but this guy made 2 million yuan easily.
After thinking for a while, Gu Junhao said, "How about this? When the time comes, we will set up a special account in the name of the company and pool the funds of employees who are interested in purchasing Junshi No. 2. I will make up the difference if there is not enough money."
Compared with the employee stock ownership plan, this method will not violate laws and regulations, but there are certain risks.
For company employees who purchase the company's own private equity products, they must hold them for more than 12 months, which means they can only redeem them after one year.
Moreover, even if Gu Junhao wanted to, he could not promise a guarantee like a real employee stock ownership plan. Private equity fund management is not allowed to promise any investor a guarantee, that the principal will not suffer any loss, or a guaranteed return.
"Okay, no problem. When you're done, Mr. Gu, please let me know and I'll transfer the money to the corporate account." Wu Peng said with a smile.
Although this boss is young, he is quite flexible.
"Then I will invest some money as well. Will you invest, Xiao Wang?" Liu Tingting said with a smile, and then looked at Wang Ruoyu.
"Okay, I'll invest some too. I'll ask Xiao Xu in the evening to see if he will invest. But he wants to buy a house, and I don't know if he has the money." Wang Ruoyu said.
"This is a good thing. I will invest some as well. However, I don't have as much money as Xiao Wu. It's okay to invest 100,000 or 200,000, right?" Cao Wenxun looked at Gu Junhao and said.
"It's okay. This kind of thing is voluntary and we can't force you. If you want to vote, go home and discuss it with your family. I will then ask Li Xinyu to draft a motion and try to give you the best treatment while complying with the regulations." Gu Junhao continued with a smile.
"Thank you, Mr. Gu. We'll go back first." Cao Wenxun laughed.
"Then we'll leave too. Bye, boss." Liu Tingting waved to Gu Junhao.
"Well, you two can ask Xiao Xu, but don't put too much pressure on him. I'm afraid that this guy will be too concerned about his reputation. Or you can ask him how much he invested and try to invest the same as him." Gu Junhao also instructed Wang Ruoyu and Liu Tingting.
"I got it. Boss, if it's not enough, you can just lend him some. What are you afraid of? It's going to be invested in Fund No. 2 anyway, and it's out of your own pocket." Liu Tingting said indifferently.
"Why don't you lend it to me? You'll always take advantage of me." Gu Junhao scolded with a smile, but in fact, he had this idea in his mind.
Seeing the boss's reaction, Liu Tingting knew that there was no problem, and continued with a smile: "I don't have any money. If I had money, I would have no problem borrowing some."
"Okay, stop talking nonsense. But it's pretty good. I've saved a lot of money after working for more than a year. I'm much better than Li Xinyu. The last time I bought stocks, I could only take out 50,000 yuan."
I don’t know if the little assistant has spent all the money he earned last time, Gu Junhao thought with a smile, and then walked towards his office, preparing to ask Li Xinyu to come up with a specific plan within a few days.
Honestly speaking, based on Gu Junhao's plug-ins and trading abilities, although both the Shanghai and Shenzhen stock markets are in a bear market from the opening period of the No. 2 Fund this year to the end of the year tomorrow, and the market conditions are not very good, it should not be possible to lose money.
However, after experiencing this stock market crash, how many company employees still have spare money to invest in funds or still maintain their optimism about the stock market?
