Chapter 412: Two Horses Online
Once again, Fushan Road was cut, but this time it was purely an accident.
If we say that in the first two times, Gu Junhao insisted on reducing his holdings according to his own plan even though he knew that the Shanghai Gang was still involved, he was suspected of deliberately harvesting hot money.
This time, it was really an accidental injury. Yesterday, some institutions began to reduce their holdings in large amounts, and the profits of Vanke's bottom-fishing in this round of Junshi funds exceeded 60%, so reducing holdings was just part of the plan.
Either today or the next trading day; besides, for a company with such a large market value as Vanke, three consecutive daily limit increases is already very exaggerated.
In the past, when Boss Yao made large purchases, there had never been a situation of three consecutive gains, which is very rare in Vanke's historical trends.
I can only say that these speculators are really bold. They dare to pull anything. It is such a big plate, and the speculators before have come one after another.
However, it cannot be ruled out that hot money wants to test the reaction of regulators. Most of the previous short-term pull-ups ended with three consecutive daily limits. After three daily limits, the vast majority of stocks in which hot money is deeply involved will receive notices of temporary suspension.
Regardless of whether this idea exists, if it does, it is obviously overthinking. Whether Vanke will be suspended or not will not affect the crackdown on speculation in small and medium-sized concept stocks.
You will be stopped if you should be stopped, and Vanke’s three no’s and three boards will not affect you.
On Wednesday, August 17, it is estimated that the top of the Dragon and Tiger list selling order list for two consecutive trading days was occupied by institutional seats, and all of them were large-scale shipments.
The hot money has obviously realized that things are not that simple. Since the start of the call auction today, the signs of large orders fleeing have become very obvious.
There were very few buying orders and there was a strong outflow of funds from the market, resulting in a gradual decline in Vanke's share price during the call auction.
At 9:25, the call auction ended and Vanke's share price was 26.61 yuan, a sharp drop of 3.61%. During the auction, the transaction volume was 229 million yuan. It was unknown which hot money cut its losses and exited the market.
Gu Junhao did not go to the company today, and neither did Zhang Yiru. After a busy night, the two of them opened their eyes at nine o'clock in the morning.
The two of them simply stopped going to work, took a break from their busy schedule, and lay down at home. After entering the pregnancy preparation period, Gu Junhao felt that his waist was not strong enough.
When Gu Junhao took a look at Vanke's opening price in the morning, he was able to basically conclude that the stock's performance today would not be very good.
As for other hyped small and medium-sized short-term concepts, most of them are carried by hot money in turn. The low opening can be regarded as a way of giving profits to the new group of people who carry the stocks. Everyone divides the work and cooperates with clear goals.
But Vanke obviously did not calculate it this way. With such a large market cap, the stock price can only be pushed up when emotions are at their peak.
If hot money dares to recklessly push up the prices of large-cap stocks that are crowded with institutions, it will really make you question your life.
Judging from the style of the Daizi family traders, they would like the stock price to fall further. They were not present in Vanke's rise in the past two trading days. They are very experienced in controlling costs.
It is obviously impossible to ask them to help hot money push up stock prices.
The market is like big fish eat small fish. In the eyes of retail investors, hot money may be a relatively strong presence, but if it encounters institutions in large-cap stocks, it will only be destined to be harvested.
The 229 million yuan loss in early trading today is a good example.
Throughout the day, Vanke opened low and continued to fall, with the maximum intraday decline reaching 8%. It eventually fell 6.24%, with a turnover of 8.05 billion yuan. The stock price closed at 25.85 yuan, ending today's trading.
The sharp drop in stock prices caused huge losses to the hot money that participated in pushing up the stock price. During the next two days of trading, the share price of Vanke, which had caused controversy, continued to fall.
As of this Friday, August 19, Vanke's stock price has fallen to 24.59 yuan.
The continuous decline in the share price of Vanke, the leader of the real estate sector, has also brought considerable differences to the two sectors, and they are far from as glorious as they were on the 16th.
After the market closed on Friday, Vanke also announced the changes in its Belt Holdings shareholding, which rose from 5% to 6.82%, entering the second stage of raising the stake.
However, judging from the changes in stock prices, Belt's holding of placards is still mainly continuing the strategy of buying low, and there are relatively few ways to buy in one day.
The trading method of the Belt is completely different from that of the Belt. If the hot money pushes up the price, I will choose not to move and wait for the stock price to rise. If it falls, I will slowly buy at low prices. This is completely different from their style in Langfang Development.
Seeing that there was no benefit to be gained, the hot money naturally gave up hunting for Vanke and instead chose small and medium-sized growth stocks that they were more familiar with.
If we say who suffered the most losses in this round, it must be the group of hot money that participated in taking over the shares on June 16, among which Fushan Road suffered the heaviest losses.
Some of those who entered the market at the first daily limit, such as Brother Zhao, eventually made a profit, and those who entered the market at the second daily limit also received a large premium.
Only their group that took over the third board suffered heavy losses. The institutions' smashing of the market was so ruthless that it surprised them.
More than 900 million shares were sold on the first day, and there were still a large number of buy orders on the second day. I don’t know which institution would hoard so many chips in Vanke.
With so many bargaining chips, he could just go privately to talk to Boss Yao or the boss, or even make a deal with Vanke's management. Wouldn't it be better for him to sell the goods in the bulk trading market?
However, no matter what, without the support of hot money, the hype sentiment of Vanke has cooled down and the stock price trend has returned to normal.
Vanke, whose share price had risen by 60% in a month, began to fall back after falling below the five-day line on the 19th due to its excessive increase.
Since the stock price began to plummet on August 17 until August 30, a total of 10 trading days, Vanke has been in a state of correction.
The stock price fell to a low of 22.55 yuan, a drop of more than 22% from its high point. Everyone knew that the belt was being bought, but no one could do anything about it.
It can be seen that since July 20, Belt's trading team has reached the level of controlling Vanke. As long as they want, they can raise the stock price at any time. If they do not take any action, hot money will not dare to act rashly.
After all, no one wants to work hard to push up the stock price and then serve as a scapegoat for the major institutions lurking inside.
There are some hot money investors who don't believe in superstition. On August 31, the last trading day of this month.
With the help of Langfang Development's daily limit and the resurgence of the concept of holding a placard, several major hot money in the market worked together to pull Vanke, which had already fallen below the 20-day line, to the daily limit price, and the stock price rebounded to 24.93 yuan.
However, on the following day, September 1, Vanke experienced another sharp drop of 5.98%. The amount of funds that fled on the day of the sharp drop was more than that on yesterday's limit up.
This also makes the hot money understand that this stock is not something they can control, so they should just go back to playing with their own small and medium-sized enterprises and reap the profits.
Since then, Vanke's stock price has entered a high sideways trading phase, neither falling nor rising sharply, and has completely entered the rhythm of the belt.
In August, when belts were enjoying great success, a stock also began to emerge and attract market attention.
That is Shuangma Group. The acquisition initiated by its actual controller to solve the problem of peer competition was approved by the China Securities Regulatory Commission after more than a month of suspension.
On August 22, Shuangma Group, whose controlling shareholder had changed, ended its one-and-a-half-month suspension and officially resumed trading.
After the resumption of trading, Shuangma achieved an excellent performance with four consecutive flat boards and five daily limit increases. As of August 31, the share price was 10.38 yuan, an increase of 48.07% after the resumption of trading.
This month, with the surge in the real estate sector, the corresponding sectors in its industrial chain, such as home appliances, decoration and furnishing, and raw materials such as cement, have all risen to varying degrees.
Shuangma's resumption of trading can be said to have come at a good time, with its own positive factors, rising sectors and the broader market in a rebound phase. It has everything it needs, right time, right place and right people.
The list of shareholders in the semi-annual report released by Shuangma on August 30 once again pushed Gu Junhao to the top of the hot list of Taoguba community.
Junshi Capital's Junshi No. 2 Hybrid Growth Fund continues to rank below the China Securities Finance Corporation with a holding of 3 million shares of Shuangma Group, and appears in the list of Shuangma's fifth largest circulating shareholders.
China Securities Finance Corporation holds 4.5 million shares, which is below the actual controller and the three major foreign-funded companies. The tender offer initiated by Shuangma this time is also the acquisition of the shares held by the three major .
"Fuck, why is Brother T everywhere? He got another stock that has undergone a major restructuring. The last one was Dingtai New Materials."
"Is Brother T the biological son of Zhengjin? Why is he always ranked behind Zhengjin every time he is on the list? This is too weird."
"Look at the time when Brother T entered the market. Is there a possibility that Brother T bought the bottom of the margin trading after seeing the trend stabilize and helped them get out of the predicament?"
"It's really possible. Brother T is taking advantage of the national team to make money. He looks at which stocks are stuck and buys them at the bottom. If he hits one, he'll make a lot of money. It doesn't matter if he loses money on the others, because they're already at the bottom anyway."
"Hey, this is a good idea. Can we try it? I think this method of operation is really feasible."
"Don't be silly, do you have that much money? Brother T can just buy 100 million or 200 million, but can you? We can't afford this kind of diversified investment."
"Indeed, even if you bought it, can you guarantee that you can hold it for so long? If it goes up a few points, you will probably sell it out."
"Hey, I found out that this method is not suitable for us at all."
"There is a method that suits us. It's a mindless all-in at 125,700. I bought it on the first day of its resumption of trading, and added to my position once in the middle. Currently, I have a steady profit of 40 points. I am so happy."
"Traitor, we are in the stock business, and you actually buy funds? I would never buy funds, even if they are from Brother T."
"Speaking of which, Brother T is really weird. Didn't he hold a large stake in liquor stocks last time? Why are they still rising this month?"
"That's the second quarter's holdings. If you look at Brother T's first quarter holdings, you'll see that almost everything was changed in the second quarter , so it's not very meaningful to use as a reference. Maybe it was changed again this month."
"Ah, my A's bad behavior has forced Brother T to not dare to hold shares for a long time."
Just as investors have discussed, the liquor sector entered a phase of comprehensive correction this month, with Maotai, which had the smallest decline, also falling by 1.55% for the month.
But as of the 31st of this month, Junshi Price Investment still had a monthly increase of 2.99%, and the net value reached an exaggerated figure of 1.6903.
Since resuming trading in March, the monthly returns have been positive for six months.
It was also the positive returns maintained by Junshi Value Investment this month that misled the public into thinking that Gu Junhao had adjusted his portfolio and changed stocks again. Some investors who had originally planned to buy in Baisha after the correction this month also gave up this idea.
Junshi No. 2 also performed very well this month, with an overall scale of over 9.65 billion yuan and a net value of 6.9086, an increase of 7.5% compared to last month.
With a fund capacity of nearly 10 billion yuan, a 7.5% increase in one month is not a small amount. Although the goal of a 10 billion yuan private equity fund has not been achieved this month, Gu Junhao himself and the client base are relatively satisfied.
Although private equity funds worth tens of billions of dollars are no longer uncommon nowadays, and although the market has been sluggish this year, the private equity industry has ushered in a year that will go down in history.
As of June this year, the overall size of the private equity industry has increased by nearly 50%, and the number of private equity funds worth tens of billions of yuan has nearly doubled. There are more than 10,000 registered private equity fund managers.
There are more than 30,000 private equity funds that have been registered, and the subscribed scale has reached nearly 5 trillion yuan, an increase of nearly 2 trillion yuan from the end of last year.
There are 102 private equity funds with assets of over 10 billion yuan, almost doubling the number of 54 at the end of last year.
Compared with the rapid development of the industry, the growth rate of Junshi No. 2's scale this year is far less than that of its peers. According to Gu Junhao's reputation last year, he should have achieved the achievement of a private equity manager with tens of billions of dollars in assets long ago.
Junshi No. 2 has never been open for subscription, and has only increased its scale by relying on its own growth. During this period, the redemption channel was opened twice.
To some extent, this is actually Junshi No. 2 intentionally slowing down the growth rate of fund size. Compared with most public fund managers who "switch from public to private", Gu Junhao goes against the market and switches from private to public.
This is actually the most incomprehensible thing for private equity peers. Having gained such a big reputation, they did not use this fame to make money, but instead started investing in public offerings and the primary market.
However, most of his colleagues are still grateful to Gu Junhao. After last year's stock market crash, those big investors who withdrew from the stock market dared not invest again in the bear market.
At this time, professional and reputable private equity fund managers become their best choice.
Junshi No. 2, which is a benchmark for private equity industry performance this year, has not opened its subscription channel, so some other well-known fund managers naturally became everyone's second choice.
For example, Wang Chao, who ranked second in the private equity industry last year and has performed relatively steadily after the stock market crash, is the best choice besides Gu Junhao.
Since the beginning of this year, the scale of funds under Wang Chao has grown significantly, and his brother-in-law Shi Xin, after training under him for nearly two years, has also officially registered as a private equity fund manager.
Moreover, relying on the excellent performance of the team, Shi Xin also began to independently manage a private equity fund. Shi Xin admired and recognized Gu Junhao's operating methods.
After becoming a fund manager, he asked Gu Junhao many questions. Gu Junhao also gave him a lot of advice on how to manage a fund and maintain steady growth, which benefited him a lot.
Adhering to the principle of learning buying from Gu Junhao, Shi Xin did not deliberately pursue scale. The size of the first fund it managed started with 100 million yuan.
Given the popularity of private equity this year and Wang Chao's connections, Shixin can definitely get more funding.
However, after listening to some opinions from Gu Junhao and summarizing the successful experience of Junshi No. 1, Shixin chose this way to start. Currently, the fund is operating quite well, and the net value has risen to 1.2376.
In a bear market, assuming the scale is not large, a half-year return of 23.76% has already given investors enough surprises.
Shi Xin also particularly agrees with Gu Junhao's words: "Fund managers should adhere to mutual benefit and collect the management fees they deserve from their clients' profitable funds, rather than blindly pursuing scale and shamelessly collecting money."
Although Shi Xin has been trained under his brother-in-law Wang Chao for nearly two years, Gu Junhao's influence on him is far more profound than Wang Chao's.
Sometimes , fate is so wonderful.