Chapter 364: Resignation as Junshi No. 2 Fund Manager
During this period of time, apart from negotiations, Gu Junhao has not been idle at all. He has registered a new company and transferred his 330,000 shares of Longji to Junshi Capital's proprietary trading account at the closing price of 10.60 yuan on February 25.
On February 25, the share price of Longji shares hit the limit down, and it was one of the more than 1,200 stocks that hit the limit down. The price of 10.60 yuan was a relatively large loss for Gu Junhao personally, but the holding cost of the proprietary trading account was reduced a lot, which was a good thing.
Calculated based on the total cost of 9.57 yuan, Gu Junhao made a profit of nearly 34 million yuan from this round of transfer, which can't be considered a failure.
For this purpose, Gu Junhao also recovered nearly 350 million yuan in cash, of which 150 million yuan was registered by Gu Junhao in the new company.
Compared with the difficulties when he first started Junshi Capital, Gu Junhao is much more generous now. The registered capital of Junshi Capital was paid in batches.
The new company is a pure fund company, and its main body only serves public funds. At the beginning of registration, Gu Junhao had already thought about it, if the acquisition of this one was unsuccessful, he would find a new one.
Since thousands of stocks hit the daily limit on the 25th of this month, Junshi Capital has made breakthrough progress in its M&A negotiations, and the two sides have entered into substantive price discussions.
On Monday, February 29, after half a month of negotiations, the merger and acquisition work was officially completed. Today is the day when the contract is officially signed. Junshi Capital took over the Small and Medium-sized Enterprise Mixed Select Fund in its entirety at a price of 125 million yuan, a premium of 40%.
At today's close, the Shanghai Composite Index fell again by 2.86% since the decline on February 25, and the index fell below 2700 points to 2687.98 points.
During the session, the Shanghai Composite Index once again touched 2638 points, with a low of 2638.96 points, lower than the previous level of 2638.30 points on January 27.
The Shanghai Composite Index fell 1.81% for the whole month and closed at a lower point, but did not break the previous low in January. This can be regarded as a market trend of retracement.
The ChiNext Index plunged 6.69% today, closing at 1880.15 points. It fell 5.71% on a monthly basis, and its trend was weaker than that of the Shanghai Composite Index.
From a historical perspective, with the exception of a few stocks that have proven their growth stock attributes, most of the small and medium-sized start-up stocks ultimately return to where they were going and then return to where they were going again.
The ChiNext Index is also in a process of constantly searching for a bottom. As far as I can remember, the ChiNext Index even fell below 1,200 points at one point.
At present, it seems that the GEM stocks above 1,800 points are still somewhat overvalued compared with the Shanghai Composite Index. Before 2018, there will not be much market for GEM stocks.
It was not until 2018 that the listing of Ningwang and the development of new energy, photovoltaic and other industries finally led to a rebound in the ChiNext.
The merger and acquisition of the fund company has been officially completed after the signing of the contract. Currently, Shen Boyu, Guo Yuanwei and others are leading relevant personnel to carry out the reorganization.
Except for retaining the Small and Medium-sized Enterprises Select Fund, all existing fund companies will be liquidated, asset divested, and then cancelled.
The Small and Medium-sized Enterprise Select Fund will be incorporated into Gu Junhao’s newly established company, Junshi Fund Management Co., Ltd.
Junshi Fund Management Co., Ltd. has a registered capital of RMB 100 million and a paid-in capital of RMB 100 million. It is a small and micro enterprise and is under the control of Gu Junhao, along with Junshi Capital.
In the new company, Gu Junhao's shareholding ratio dropped to 97%. During this acquisition process, he mobilized his personal connections and Shen Boyu, who presided over the negotiations, and Gu Junhao gave him a 0.5% equity reward.
In addition, 2.5% of the equity is temporarily held under Gu Junhao's name in the name of employee incentives, and will be used in the future to reward executives and employees who have made significant contributions to the company.
The two companies are running in parallel. Gu Junhao wants to set up a group company to arrange the shares of the two companies, but he is not at that stage yet.
A group company needs at least five subsidiaries, so Gu Junhao had to set up another limited liability company called "Junyi Investment Co., Ltd."
By establishing a subsidiary as a limited liability company, the equity of the two companies was pooled together. Gu Junhao holds 100% of the shares of the newly established Junyi Investment.
Through Junyi Investment, it controls two subsidiaries, Junshi Capital and Junshi Fund. The two subsidiaries operate independently, but the senior management positions are currently still concurrently held by several senior executives of Junshi Capital.
From the perspective of equity structure, Gu Junhao holds 100% of Junyi Investment, while Junyi Investment holds 98% of Junshi Capital and 96% of Junshi Fund.
The other 2% of Junshi Capital's shares are still held by Zhang Mingde, but the legal representative has been changed to Gu Junhao, who is also the legal representative of the three companies.
At the same time, the company's human resources department has also begun preparing for the recruitment of new company personnel. In addition to internal competition, external recruitment has also been launched.
Shen Boyu, who received a 0.5% equity reward, is full of enthusiasm. The 0.5% equity reward is not much. Converted into the registered capital of Junshi Fund, it is only 500,000 yuan.
But his value is obviously not calculated in this way, and there is no mention that Shen Boyu will not get a share in future employee rewards.
At the moment of signing the equity transfer agreement, Shen Boyu also smiled and said to Gu Junhao: "From now on, I will also be the boss."
"Of course. From now on, we'll be called Mr. Shen when we go out." Gu Junhao also joked, and everyone understood it tacitly.
After the news of Shen Boyu's equity reward spread within the company, it had a certain stimulating effect on the company's senior executives and employees.
Gu Junhao has been very active this month. Stimulated by the equity rewards, everyone seems to be very motivated and their work efficiency has been greatly improved.
Although Junshi Capital has explicitly mentioned that there will be an employee reward component, judging from the information revealed by Gu Junhao, this type of reward method will also be put on the agenda in the future.
Gu Junhao's series of actions naturally attracted the attention of the market, and today happened to be the day when Junshi No. 2's performance was announced.
Junshi No. 2, which has always had minimal fluctuations and stable performance, announced a net value in February that was far beyond market expectations. This month, the overall scale of Junshi No. 2 dropped to 5.9642 billion yuan, falling below 6 billion yuan.
Compared with January, the scale has dropped by 7.67%, and the net asset value ratio has dropped from 4.597 in January to 4.2693 today. Compared with the net asset value after the ex-rights, the overall profit is currently only 1.75%.
Junshi No. 2, which barely maintained its profitability, retreated more than 7% within a month, surprising the market. The announcement released in the same period as the net value of Junshi No. 2 was even more intriguing.
"From now on, Mr. Gu Junhao, the responsible fund manager, resigns from the position of Junshi No. 2 manager for personal reasons, and Mr. Wang Ruoyu takes over the position of Junshi No. 2 fund manager, effective immediately."
Although the outside world knows that Gu Junhao has been very active this month, they do not know the details. The most common speculation is that Junshi Capital will issue its second fund.
Except for Junshi's second largest customer, the market was unaware of Gu Junhao's sudden resignation and was very surprised.
Even the investment clients of Junshi No. 2 only know that Gu Junhao will step down as fund manager, but the specific reason is unknown.
"What's going on? Why did you resign?"
" You don't have to resign to issue funds. Who is this Wang Ruoyu? He is only in his 20s. The staff of Junshi Capital is really young."
"There was no news before, and Junshi No. 2 has plummeted this month. Does Brother T have a negative outlook on the market?"
"Fuck, is Brother T going to run away? Something feels a little off."
There has been a lot of discussion about this in the outside world, but Junshi Capital and Gu Junhao himself have not responded specifically to this matter. Gu Junhao has been extremely busy this month and has no time to take care of this.
