Chapter 336: Quota! Total scale: 6 billion yuan
Since November, although there have only been a few trading days, the trading volume of Vanke A has increased significantly compared to October; judging from the K-line, its gap since October 8 has not been filled despite more than a month of market fluctuations.
The price of 13 yuan can be regarded as a strong support point for Vanke A. As for the upward gap in A, it can be said that every gap must be filled. A stock that can go without filling the gap for more than a month can definitely be regarded as a very strong stock.
Since October, Vanke's trading volume has been rising slowly, with more positive lines than negative lines on the K-line. The recent largest increase is only about 3%, and the daily amplitude remains at around 5%. The stock price has been showing an upward trend.
This is a very obvious trend of capital accumulation, especially since the beginning of this month, the trend has begun to accelerate, and it is possible that Baoneng is secretly absorbing chips.
Ever since Baoneng entered the picture, after the plan for a private placement by Vanke's management was rejected by the original largest shareholder, Baoneng has been repeatedly fighting for power in the market with the company for the position of Vanke's largest shareholder.
During this period, Baoneng briefly became the largest shareholder of Vanke, but was later regained by the original largest shareholder through share purchases in the secondary market. After October, the two parties entered a short pause in the share purchases of the largest shareholder.
The battle between the offensive and defensive sides was more of an off-field contest, and Vanke's stock price began to stabilize. However, with the abnormal movement of funds, this stability could easily be broken again.
Ordinary people cannot know about the competition outside the business war, but I believe it is more exciting than the competition on stock prices inside the market. This time, the battle for equity will not only involve the attacking and defending two companies, but also a large number of capital giants entering the market to make money.
There are also some ordinary small and medium-sized institutions like Gu Junhao, who take advantage of the competition between the two parties for equity to buy at low prices in search of profits; Junshi No. 2 currently owns 500,000 shares of Vanke, and the cost remains below 12 yuan, making it an absolutely safe party.
It is better to use a fund account to operate this kind of extortionate chips. With the support of most investors, it is still relatively safe if the purchase chips are not too large.
On Tuesday, October 10, Junshi No. 2 resumed trading after the ex-rights period, and its net asset value ratio was updated to 4.196; and with the resumption of trading, Junshi No. 2 was officially transformed into an open-end private equity fund.
Under the conditions for fund subscription, investors can subscribe and redeem freely within the subscription period. This is also Gu Junhao's first time operating an open-end fund, and his focus is more on accumulating trading experience.
Since he had the idea of acquiring the public fund company, Gu Junhao held a meeting with the company's senior executives during the suspension of the company's funds yesterday, asking everyone to pay attention to the smaller and poorly performing public funds in the market to see if they have any intention of selling.
Early this morning, when Gu Junhao arrived at the company, he went straight to the fund business department. He wanted to look at today's subscription and redemption data so that he could control his positions more conveniently. The current amount of funds for redemption is sufficient. Even if it is a 100% redemption, Junshi No. 2 has enough funds to pay.
The most important thing is to pay attention to the subscription amount. However, the data before 3 pm today is only floating data. For over-the-counter funds, investors can apply for cancellation before 3 pm.
The funds that enter on the same day cannot be used to buy specific stocks. They must first enter a special settlement account before they can be transferred to a specific custodian bank. The subscription on the same day does not affect the net value on that day.
But it will affect the net value of the next day, that is, T+1. The larger the subscription amount, the greater the impact. Investors will start to enjoy the fund's returns from T+1.
Whether it is a public fund or a private fund, as long as it is formal and legal, its rights and interests rules are basically the same, except that there are some subtle differences in the operating methods.
No fund dares to cross the rules as long as they are within the scope. The reason why investors invest in a fund product is that they believe in the rules and the professionalism of the fund manager. In the years when funds were booming, many fund managers did bring considerable returns to investors.
Of course, as the market deteriorates, more fund managers have lost their professional ethics. The interests of investors are unimportant, but they make huge profits from commissions.
It is almost nine o'clock, and the five traders in the trading room are watching the changes in the fund shares. Xu Jianqing also took the initiative to apply for daytime work early this morning, just to witness the performance of Junshi No. 2 on the first day after it was opened for subscription.
Wu Peng and Cao Wenxun were sitting in front of their computers at this time, staring at the screens carefully and analyzing the market trends. There was not much time left before the call auction. Even the funds that had been subscribed could not be operated today. The two experienced traders were not very interested in these things.
Two traders were staring at three heavyweight stocks with little change, and three young traders were staring at the real-time changes in funds in the fund account. Such a configuration seemed a bit luxurious for a fund.
However, there is no way around it. After the stock market crash, the A-share market has been lackluster. Apart from relatively safe low-priced liquor and stocks with obvious speculative opportunities such as Vanke, there are not many stocks available for trading given the current scale of Junshi No. 2.
A monster stock like Home De Lisboa can only be regarded as a surprise in memory, and even if you actually buy it, you can't buy a large position. After buying so many stocks, the only thing that surprised Gu Junhao was the purchase of Tianqi Liye.
For Tianqi Liye, Gu Junhao's original expectation was to hold it for a long time like Longji Shares. Tianqi Liye's stock is greatly affected by lithium production capacity and has a very large cyclicality. The stock price changes with the changes in lithium carbonate.
For Tianqi Liye's valuation system, it is actually the future price changes of lithium ore. It is my impression that Tianqi Liye's stock price started to rise after 2020. In addition to the price of lithium carbonate rising nearly 10 times, Tianqi Liye's stock price also rose during the same period.
Gu Junhao seldom came into contact with this kind of stock with a very strong cyclicality, so he did not remember that there would be such a rise in 2015. The high point of Tianqi Liye’s stock price during the stock market crash in June was 95.80 yuan.
As of yesterday, Tianqi Liye's share price had reached 119.64 yuan. Less than five months after the stock market crash, it was able to quickly recover the highs of the stock market crash and continue to create new highs. This was something Gu Junhao did not expect.
Currently, Tianqi Liye’s profit has reached nearly 260 million yuan. It is very rare to have such a huge gain from an investment of 106 million yuan during a stock market crash. However, the volatility of this stock is also very large.
Daily price limits are common, and because of the influence of lithium ore prices, when the lithium ore price enters a falling cycle, the decline is also very scary. If you buy stocks of this cyclical stock during the resource decline period, it will be quite fatal.
Once you are trapped, it may take years and you can only wait for the next cycle to come. This is also a common problem for cyclical stocks.
"Boss, the subscription shares have reached 500 million, and the redemptions are not many." At 10 o'clock in the morning, Xu Jianqing said to Gu Junhao in horror.
Junshi No. 2, which was officially opened today, can be officially subscribed since early morning. In the past 10 hours, the subscription shares have reached 500 million yuan, which is a remarkable achievement.
It took only 10 hours to complete the subscription of 500 million yuan, which was the initial scale of Junshi No. 2. At this rate, there are still six days for subscription. The overall scale of Junshi No. 2 is unimaginable.
"So fast? Even the upper limit of 5 million can't stop it?" After hearing Xu Jianqing's words, Gu Junhao also came to the computer desk and said with some surprise.
This is the market after the stock market crash, and I didn't expect everyone's enthusiasm for investment is still so high. From this point of view, the reason why rich people are rich is that their own structure or information channels are more advantageous than ordinary retail investors.
In just 10 hours, there were over 500 million subscriptions. Although these subscriptions would not be counted before 3 pm, this is not like stock trading, and the number of people who actually withdrew their subscriptions is definitely not the majority.
"Yeah, these rich people are too crazy. Boss, how much are you going to raise this time? Don't set a limit again, right?"
"Of course there is a limit. If the fund is too big, it will affect the specific operation. If the return does not meet expectations, it is useless to have such a large fund."
The current overall size of the fund after ex-rights is 2.098 billion yuan. Judging from the number of subscriptions in the first 10 hours of the first day, as time goes by and news spreads, coupled with people's herd mentality, it will definitely be huge.
Judging from the subscription situation in the first 10 hours today, the overall scale of Junshi No. 2 may be controlled at 5 billion yuan, which means that without taking redemption into account, about 3 billion yuan of funds can be raised.
Seven days is definitely achievable, and it is even very likely to be achieved ahead of schedule, just like when Junshi No. 2 was released.
Thinking of this, Gu Junhao said to Xu Jianqing and the other two, "You should pay close attention to the subscription and redemption situation. If the overall scale reaches 5 billion yuan, close the subscription channel in time. Do you understand?"
"Okay, no problem."
"Also pay attention to it in the evening. It's been hard work these days. By the way, has the subscription been received in the company account?" Gu Junhao continued.
"Yes, the subscription has been submitted. I applied for it early in the morning."
"That's fine. Don't . It would be funny if you end up blocking your own people out." Gu Junhao said with a smile.
After the design and internal publicity by the company's top management, quite a few internal employees purchased specific shares of the company. Among them, Wu Peng purchased 2 million yuan, Cao Wenxun 200,000 yuan, and Xu Jianqing and three others purchased 200,000 yuan each.
In addition, company executives including Guo Yuanwei all participated in this internal purchase, and their investments ranged from 500,000 yuan to 1 million yuan. These successful social elites have relatively deep family backgrounds, so it is relatively easy for them to come up with hundreds of thousands of yuan.
The reason why I choose to work for a small company like Junshi Capital is not only because of the generous salary, but also because I want to make a career. While ensuring the salary, I can follow the founder to build a company from scratch, and from small to big. This sense of accomplishment is what many people want to experience.
Through the performance of the two funds, Gu Junhao proved himself and also conquered the senior executives. Since he didn't have the opportunity before, he naturally couldn't miss this internal purchase. Li Xinyu also subscribed for 200,000 yuan.
The money used was exactly the money earned from Tonghuashun last time, so it was just what it came from. Together with some other employees of the company, this internal limit can be considered quite successful.
After the expansion, Junshi Capital currently has a total of 120 employees, including more than 40 employees including senior executives who participated in this internal purchase, accounting for more than 30% of the company's total employees, and a total amount of 8 million yuan was raised.
Even new employees like Lu Sheng participated in the fundraising. Of course, she herself had no money, and it was Old Lu who invested 200,000 yuan in her name.
The internal purchase raised 8 million yuan, and Gu Junhao personally supported another 12 million yuan to make up the 20 million yuan limit, meeting the maximum limit of Junshi No. 2, which is also the reason for the high enthusiasm for internal purchases.
Gu Junhao had promised before that no matter how much was raised, he would personally make up the difference below the 20 million limit. The boss himself had invested heavily in the fund, and those with some spare money were eager to try.
At three o'clock in the afternoon, the full-day trading ended. Tianqi Liye once again hit the daily limit today, with the stock price at 131.60 yuan. The Shanghai Composite Index was affected by the pressure level and closed with a false positive line today, with an actual decline of 0.18%.
The performance of the small and medium-sized start-up sector was relatively strong, with the ChiNext Index closing up 0.81% on the day. The Shanghai and Shenzhen stock markets began to diverge, and trading volume at a high level also fell slightly from the previous trading day.
After three o'clock, the subscribed shares can no longer be withdrawn and are considered actual subscribed shares. As of now, the total subscription amount of Junshi No. 2 for the whole day exceeds 800 million yuan, while the actual redemption amount is less than 200 million yuan.
Within one day, more than 600 million yuan flowed in. Based on today's progress, in about three to five days, that is, after the end of this week's trading, Junshi No. 2 will be able to reach the 5 billion yuan scale expected by Gu Junhao.
November 11th is the legendary day for stock discounts. Following yesterday, the Shanghai and Shenzhen stock markets diverged again today. Blue chip stocks experienced large fluctuations in the morning session, and the Shanghai Composite Index has been repeatedly struggling around the 3640 point level.
The small and medium-sized start-up sector continued to perform well, and the ChiNext Index also fluctuated strongly in the morning session, but it was much stronger than the Shanghai Composite Index. Newly listed stocks soared, but it was a pity that this year's "demon king" Baofeng Technology was suspended, and missed the recent big market for new stocks.
Since Yaowang's stock price peaked at 327 yuan, it has fallen all the way to around 74 yuan. Then on September 18, it launched a super high bonus and transfer plan of 10 for 12. After that, the stock price soared from 39 yuan after the bonus and transfer to 95.83 yuan on October 26, the day of suspension.
Before the suspension, the share price of Baofeng Technology once exceeded 100 yuan, and closed at a high of 106.48 yuan. However, on October 26, Baofeng Technology surprisingly opened low and closed at the limit down, despite having hit the limit up on the previous trading day.
After that, there was the after-hours suspension announcement. The stock price fell to the limit on the day of suspension. Judging from the Dragon and Tiger List, institutions fled frantically, and the trading volume on that day reached a huge amount of 1.44 billion yuan. It was another perfect fight against retail investors.
The ChiNext Index entered a strong upward trend at 10:50, and rose by nearly 1.5% by midday close. It soared by 2.11% in the afternoon. The index also broke through the 2,800 point level, entering a new level.
The Shanghai Composite Index, however, went the other way, falling by more than 1% in the afternoon, and in the closing period it was still just a price attack by brokerage firms. The index barely closed in the green with a gain of 0.27%, and trading volume also shrank further.
For two trading days, the index has been unable to break through the high point of Monday this week. The trading volume has been shrinking step by step, and the fatigue of the Shanghai Composite Index is evident. Tomorrow is Thursday, and the Shanghai and Shenzhen stock markets will face a new test.
Compared with the weakness of the Shanghai Composite Index, Junshi No. 2's fundraising speed today is just like the ChiNext Index. The inflow of funds accelerated again today, with a total inflow of more than 800 million yuan. After two trading days, a total inflow of 1.5 billion yuan.
In the past two trading days, peers have been paying close attention to the fundraising performance of Junshi No. 2. It is not difficult to find out the specific amount of funds raised, which can be learned from the number of subscribers and popularity on the official website.
After two trading days, through settlement, the total funds raised by Junshi No. 2 have reached nearly 2 billion yuan (excluding redemption). Its ability to attract money is terrifying. Judging from the hot sales of Junshi No. 2, this is not a bear market at all.
Some fund companies with mediocre performance, seeing the hot sales of Junshi No. 2 and then looking at the dismal income of their own funds, were even more envious and jealous; after the market closed, Gu Junhao also deliberately spread the word that the fund raising this time had been nearly half completed, and if nothing unexpected happened, the fundraising might be ended ahead of schedule.
Some potential investors who got the news placed orders overnight, fearing that they would miss out on another investment opportunity; it was not that they did not want to subscribe in the past two days, but that they were on the way to raising funds. They just didn't expect everyone's enthusiasm for investment to be so high.
As the fund manager, Gu Junhao unsurprisingly imposed purchase restrictions once again. In fact, no matter which industry, the top products have a strong ability to attract money, regardless of whether the market is good or bad.
As of now, Junshi No. 2 is definitely the top product in the private equity industry. It is understandable that it is sought after by investors, and Gu Junhao's renewed purchase restriction has also made his peers breathe a sigh of relief.
"This kid is pretty good. He even remembered to leave some soup for us. I'm just afraid that he won't be able to resist and will keep buying until the specific deadline. That would be a real headache."
"Yes, with the number of subscriptions increasing day by day in the past two days, we will have to make tens of billions in seven days. If that happens, we won't be able to survive next year."
"I have to say, Mr. Gu is pretty good. He can stay calm at times like this. In addition to being less hated by peers, the limit is also easier to operate."
"Indeed, judging from the performance of Junshi No. 2, Mr. Gu can easily manage the 5 billion yuan scale. We should thank him for leaving some soup for us."
"Haha, this is so fucking infuriating. I'm in my 40s or 50s, and I'm being suppressed by a son. The key is that you have to secretly thank him for leaving some soup for you. You can't refuse to accept it."
"Hey, Old Xu is in jail, and a new generation of private equity tycoons are coming in. They are all from Ningbo. Isn't Ningbo a place for industry? It's really weird."
On Thursday, November 12, unsurprisingly, due to deliberate rumors, Junshi No. 2 unsurprisingly ended its fundraising on this day, with the overall scale reaching over 5 billion yuan.
However, the market's investment enthusiasm remains, and Junshi Capital's corporate phone is almost blown up. Investors hope that Junshi No. 2 will not close the subscription channel in advance, and there are constant private messages and messages on Gu Junhao's personal social account and the company account.
Ordinary retail investors who like to watch the fun also added fuel to the fire, keeping the two major accounts at a certain level of popularity and the comments being updated at a speed visible to the naked eye.
Seeing this, Gu Junhao did not want to offend the public, so the subscription channel that was originally planned to be closed was still maintained and synchronized with the day when the redemption channel was closed; however, the daily subscription limit was capped at only 200 million yuan, with a maximum of 10 investors.
Although it still cannot satisfy investors' enthusiasm, the 200 million yuan subscription quota is better than nothing, and it is something that everyone has fought for. After that, everyone will grab it based on their own abilities.
Unlike public funds, once the fundraising quota is exceeded, all investors will be allocated specific shares in proportion, so everyone can get a share.
Junhao Gu adopted the same method as buying stocks for Junshi No. 2: first come, first served, and if you are late, it will be gone; the hot market also led to another decline in the redemption of Junshi No. 2 today.
During the subscription period of the next few days, Junshi No. 2's 200 million shares were fully subscribed and received every day, and the number of investors redeeming was also decreasing day by day.
As of the close of November 18, Junshi No. 2 officially ended its one-week subscription and redemption period. The next redemption will be opened in a month, but the timing of subscription will depend on Junhao's mood.
Perhaps, if you missed this opportunity, you would officially miss the opportunity to invest in Junshi No. 2. As of the closing, the overall scale of Junshi No. 2 reached an astonishing 6 billion yuan, an increase of 20% compared to Gu Junhao's expectation of 5 billion yuan.
As for its scale after the ex-rights, Junshi No. 2 tripled in size within a week, and this was still under the limit. Its ability to attract money shocked the market.
At the same time, colleagues who closed the subscription channel, especially those in Ningbo, all breathed a sigh of relief at the same time, and some of them in Ningbo were even ready to celebrate.
Compared with fund products from other places, the growth of Junshi No. 2 has the greatest impact on fund products in the Ningbo market. After Boss Xu went in, everyone wondered whether something would happen to Gu Junhao, who had no background and made a lot of money.
But after asking around, I found out that this guy was very cunning and participated in the specific rescue plan under the call. He invested huge sums of real money in the company's products, and his personal account even followed the national team and bought into the top ten shareholders.
Under such circumstances, he can still maintain stable profits! It is really infuriating to others; it is a bit too much to say that his peers are enemies, but the mentality that it is more uncomfortable to see others making money than to lose money yourself also exists!
