Chapter 398: The Gene of Industry
Since June 17, all the market's focus has been on the battle for Vanke's equity, and a large number of media have competed to report on it.
The ups and downs of the business dispute, which lasted for a year, attracted the attention of countless people. Whether they were stock traders or not, everyone was paying attention to this business dispute.
On June 28, the counterattack from Vanke’s management came.
The Vanke Trade Union Committee sued Baoneng in the local court for damaging the interests of shareholders.
Immediately afterwards, Vanke's independent director publicly published a statement accusing the former largest shareholder of having close contact with Baoneng on many occasions, questioning whether they had formed an association and were suspected of acting in concert.
Immediately afterwards, Vanke's largest natural person shareholder reported to seven ministries and commissions, including the China Banking Regulatory Commission, the China Insurance Regulatory Commission, and the China Securities Regulatory Commission, alleging that there were major interest conflicts and a large amount of insider trading between the former largest shareholder and Baoneng.
The management's counterattack against Baoneng and its former largest shareholder was ruthless and took a three-pronged approach from the legal, public opinion and regulatory authorities.
After half a year of silence, the struggle between the two sides has almost reached the point of bloodshed.
It was on this day that Junshi Capital and Xushen Holdings signed a capital contribution agreement in a low-key manner.
Over the past half month, the market has been full of smoke, but Gu Junhao and Junshi Capital have little time to sit there and watch.
The simultaneous implementation of two projects in the primary market has significantly increased the workload of relevant employees. Today, Xushen Co., Ltd. completed its fifth capital increase this year.
Gu Junhao and Junshi Capital were fortunate to participate in this capital increase. Junshi Capital acquired 1.49% of Xushen shares at a price of 40 million yuan.
After the capital increase, Xushen Capital’s registered capital changed from 194 million yuan to 359 million yuan. Junshi Capital’s equity participation had a certain premium, but it was within a reasonable range.
If Xushen can still successfully IPO next year, based on its market value after the lifting of the ban, the 40 million yuan investment will generate at least five times the return within a year.
Compared with the investors who bought shares before, Gu Junhao's trip is the last one . Xu Dong also admitted that after this equity restructuring, there will be no more changes in Xushen Shares' equity.
Afterwards, it will go all out for the IPO. It can be said that this big brother has given Gu Junhao special care, allowing Junshi Capital to catch the last train to the primary market.
Compared with the previous two investments, Xushen’s investment can be said to be aimed at IPO, and the purpose is very clear. After the investment, Gu Junhao also has to play a certain role in the IPO process.
This is what a community of interests is.
The automotive parts industry did not receive much attention from the capital market in 2016 due to the lack of brand effect. Compared with traditional industries, major institutions are more willing to invest in industries such as the Internet that can be listed quickly.
In 2016, the Internet industry still dominates the market. Douyin, Kuaishou, the live broadcast industry, and even some Internet micro-loan companies will be able to go public, and the real economy will be even more popular.
In the primary market, capital is flocking to those companies that can quickly go public and realize cash, but seems to have little interest in the real economy.
Although all the market's attention was focused on the Baowan dispute at this time, as a fund manager who was doing well in the secondary market, Gu Junhao's behavior of going against the trend also attracted the attention of some people.
Once an investment company reaches a certain size, it is inevitable to participate in primary market investment in one way or another.
However, Gu Junhao did not choose the industry with short investment period and fast capital return in the primary market. Instead, he chose the real industry that requires long-term operation, which seems a bit unconventional.
Although the premium of Internet companies is very high at present, this is only for the primary market. Once the company goes public, the profit can completely offset these premiums and make huge profits.
Given the current size of Junshi Capital, it is entirely possible to participate in the investment of these Internet companies by simply using some leveraged funds. Even the private placement in the secondary market will be more effective than investing in the real economy.
However, Gu Junhao remained unmoved. In just half a month, he spent 70 million yuan in cash, fully demonstrating his determination to invest in the real economy.
At the same time, Gu Junhao also rarely admitted in an interview with local media that what he wanted to do was to use finance to feed back into industry, and he would invest in more real industries in the future.
Moreover, Gu Junhao has repeatedly stressed that the ultimate goal of investing in these industries is not to cash out through listing. When the business is doing well, he will follow the business methods of the actual controller and will not interfere with its specific operations.
The investment circle is somewhat skeptical about Gu Junhao's statement. There is no cat that doesn't eat fish. No matter what the purpose is, Gu Junhao's primary market investment is always a bit weird.
This statement is more likely to be made out of consideration for face.
Of course, there were also media interviews with Gu Junhao, asking him directly why he did not choose to invest in Internet companies with better prospects at present.
Gu Junhao's answer was: "Just like investing in stocks, I never chase hot spots. I just wait for the hot spots to chase me."
This answer was so domineering that the entire investment circle was speechless for a moment.
After all, the performance of the three funds before and after is there, and no one can think of any words that can effectively refute it.
In fact, what Gu Junhao wanted to say more was that he looked down on the Internet industry from the bottom of his heart.
The Internet industry's unique attributes have created a winner-takes-all situation.
This attribute can easily lead to a monopoly, and in the end only a few people will gain huge benefits, while ordinary people may even have to pay for their wealth in the process.
The formation of an oligarch is bound to impact other small businesses and entrepreneurs, or further exploit employees.
On the contrary, traditional industries, such as the automotive parts sector that Junshi Capital currently invests in, can solve the employment problems of some ordinary people no matter how bad the companies are.
In Beicang, there are countless such enterprises, with one company having thousands or tens of thousands of employees or as few as a few. In addition to producing specific products and creating certain taxes for the local area, these enterprises also generate a certain amount of tax revenue.
It has also solved the employment problems of thousands of families. Although the treatment may not be that good, they can always support themselves and even their families.
Countless seemingly low-end factories are actually the hope of tens of millions of families. Although it is hard work, there is always some hope.
This is how most ordinary people live, not as glamorous as on the Internet.
It is better for a hundred flowers to bloom than for a single flower to stand out.
No matter what the investment circle and outsiders think, Gu Junhao is more inclined to the real economy, which may be in the genes of Ningbo people.
In this industrial city, ordinary people, business owners, and entrepreneurs have no aversion to finance and other industries and are open to learning.
But for more people, the entrepreneurial direction is still inclined towards industry, at least that is the case nowadays.
Within half a month, the two companies invested 70 million in cash and strictly adhered to the 10% equity bottom line and did not interfere with the specific operations of the companies.
Gu Junhao's investment in the auto parts company was also communicated to some of its business owners through local industry associations.
With a successful example, there will naturally be many followers.
For a while, Junshi Capital was much busier than before, and some companies that were not very familiar with Gu Junhao sought investment through proposals.
Some people who are familiar with the company or have been introduced by acquaintances will visit them to see if there is any opportunity for cooperation.
As Gu Junhao's former employer, after seeing Xushen's intention to go public and Gu Junhao investing in the company, his ambitions began to rekindle.
However, Mr. Zhang still has some worries at the moment; the reason is that the equity issue of Deye has not been resolved yet.
Although Lao Zhang is the actual controller of Deye, the equity is not in his name but in the name of his mother, who has 100% control over Deye.
Just last year, his mother passed away without leaving a will. Lao Zhang has four brothers and sisters, and he is the youngest.
Only after resolving these disputes will there be hope of going public like Xushen did. Although I am envious now, there is no better way.
"Hey, I didn't expect this young man to develop so quickly."
…
After the completion of the two primary market projects, Gu Junhao had no free time and devoted himself to the work of the fund again.
I haven't paid much attention to the operation of the fund . This month, I have given full authority to Liu Tingting to handle the daily operations of Junshi Price Investment.
It's almost the end of the month, and it would be a bit unreasonable if I don't come and take a look.
The market in June experienced great ups and downs. After a long-term line exceeded 2,900 points on May 31, the start of June was not very good.
Under pressure from the 60-day moving average and the 2950 level, the market performance in the first week of June was very flat, and the Shanghai Composite Index failed to break through the 2950 level.
The stock index, which was unable to break through the pressure level, started the process of bottoming out again on June 13; on that day, the Shanghai Composite Index plummeted 3.21%, once again falling below all major moving averages.
Just like the two big negative lines that fell below the moving average on May 6 and May 9 last month, the market then consolidated at a low level for dozens of trading days.
However, this time the index's recovery process was faster than last month, and the rebound was more violent.
As of June 28, after 11 trading days and several sharp rises and falls, the Shanghai Composite Index once again stood above 2,900 points, closing at 2,912.56 points.
After going around in circles for two months, the index has been fluctuating around the range of 2800 to 2900 points, and the market sentiment can be described as extremely boring.
If it weren't for the Vanke equity battle that took place after the 17th, the A-shares, overshadowed by the hot real estate market, might even have been forgotten for a while.
However, this deep pullback may have a relatively good effect on the rebound in the second half of the year.
