Chapter 420: A Belated Promise
In 2016, the investable assets of the public grew day by day, and the private equity industry developed rapidly throughout the year.
During the days when Junshi No. 2 was suspended, the Fund Industry Association officially released its year-end statistical data.
In 2016, the subscribed scale of the private equity fund industry reached 10.24 trillion yuan, an increase of 101.88% over the previous year, among which the scale of securities private equity, known as "sunshine private equity", increased by 1.29 trillion yuan.
The overall scale of public offering funds is 9 trillion yuan, which is the first time that the scale of domestic private offerings has exceeded that of public offerings.
However, compared with the substantial growth in scale, the returns of public funds and private funds in 2016 were exactly the opposite, and both failed to achieve positive returns.
Authoritative financial statistics show that due to the sluggish stock market in 2016, the average returns of stock strategy-based public funds and private equity funds in 2016 were -6.81% and -3.35% respectively.
As for stock and mixed public funds during the same period, the average loss was around 10%.
On the one hand, the ever-expanding scale means that fund companies can earn more management fees; on the other hand, the answer given to investors is a loss throughout the year.
At this time, there was a fund product in the market whose performance had been excellent since its establishment and which had maintained a limited subscription for a long time. Suddenly, it said that it had no quota.
It's just a matter of saying just give us as much money as you have. The impact this has on the private equity industry and investors is extremely shocking.
For most people, investing is blind, just like retail investors are accustomed to chasing hot stocks.
Junshi No. 2, founded in 2015, suddenly decided to open up subscription on the first day of 2017, just like a popular stock that had been trading on the board for two consecutive days.
All of a sudden, the big investors were ready to go!
By the time the liquidation of Junshi No. 2 was officially completed, it was already Friday, January 6, and the first week of trading in 2017 had also ended.
The Shanghai Composite Index ended its five-day winning streak that started two trading days before New Year's Day on Friday, when it fell 0.35% and settled at 2154.32 points.
The Shanghai Composite Index rose 1.63% in a small volume, and Junshi No. 2, whose net value returned to the 1st position, officially opened for subscription starting from today's close.
The subscription process will start today and will last for one week until midnight on Monday, January 16.
The normalization of the fund's net value will not affect the market value of the stocks therein, which can be understood as a high dividend and bonus issue similar to stocks.
While keeping the total amount the same, the net value of the fund will be changed to 1 yuan, and the shares of the fund held will change accordingly. For example, if the net value before normalization is 1.2 and you have 10,000 shares, then after normalization, when the net value becomes 1, your shares will become 12,000 shares.
The purpose of doing this is to unify management and reduce operating costs; at the same time, it also puts investors on the same starting line, making the investment environment relatively fairer.
As for the share of the original holders, Junshi Capital has already deducted it simultaneously, and this part is the main statistics during this period.
In the eyes of investors, Junshi Capital settled the funds ahead of schedule and offered a 20% profit concession even though the funds were bound to double. Naturally, everyone was happy to cooperate with Junshi Capital.
After the settlement, the management fees and profit sharing of Junshi No. 2 totaled 2.10685 billion yuan. The income of this fund alone exceeded that of half of the A-share listed companies.
The 20% profit concession, calculated based on the scale at the time of settlement, is as high as 647 million yuan, a rather terrifying figure, which is equivalent to not charging management fees but also distributing dividends.
While the outside world was shocked, they also felt Gu Junhao's generosity. He just said he didn't want such a large amount of money. Many people also said that Gu Junhao was being taken advantage of.
Some people even speculated that Gu Junhao was spending money to buy peace.
In fact, Gu Junhao's seemingly heroic behavior, apart from being based on the company's perspective, also had some frustrations.
If the rights are not ex-rights, you won't be able to get so much profit. You can't stop people from redeeming their shares at the official redemption time for no reason.
At that time, faced with huge profits, many people will definitely choose to redeem even if they risk being rejected later.
Under this circumstance, the money that cannot be obtained will still not be obtained, and in order to expand the scale in the future, Gu Junhao cannot do something like refusing to accept the original redeemed part.
Such an impact is too bad, giving people a feeling that capital is oppressing ordinary investors. There is no reason why I cannot redeem my funds when the time comes, and there is no reason why I cannot invest again.
Doing so will have a very bad impact on the company's reputation and will easily offend some successful local people.
At the New Year's Day meeting, the main topic of discussion was the pros and cons of ex-rights and no ex-rights.
There is a risk that you won't be able to get a large portion of the 647 million yuan in concessions this time. In this case, you might as well be generous for once.
Many times, you have to give up in order to gain.
Since there is a formal online subscription channel and the contract template is ready, some investors still choose the online subscription model according to the previous Junshi No. 2 model.
However, most investors still choose to stick to the offline subscription model, especially those customers with larger subscription amounts.
Just after three o'clock, Gu Junhao received a call from the front desk and several old acquaintances came to visit.
Xu Dong, Qiu Xingyuan; the other one is also an old acquaintance, but his arrival surprised Gu Junhao a little.
This unexpected visitor was Gu Junhao’s former boss.
"Mr. Zhang, why are you here? Welcome, welcome!" Gu Junhao smiled and shook hands with Old Zhang, who was the oldest among the three.
Afterwards, he greeted Xu Dong and Qiu Xingyuan, "Brother Xu, Brother Qiu, welcome, welcome."
Gu Junhao was not surprised to see Xu Dong and Qiu Xingyuan coming over, because Xu Dong was a client of Junshi No. 2. He was full of energy and energy now, and he had said that he would continue to invest in Junshi No. 2 even before the ex-rights date.
Xushen's IPO has entered the stage of listing assistance. Old Xu, who is not short of money, now looks rosy-cheeked, smiling, and his eyes are bright.
As for Qiu Xingyuan, since Junshi Capital invested in his company, the two have become familiar with each other, meeting privately from time to time.
Although Gu Junhao does not interfere with the specific operations of his company, he is from 2022 after all, and he still remembers some ideas that seem good now.
In his previous life, Gu Junhao preferred to invest in stocks of automobiles and auto parts after the new energy market ended. He made good profits and occasionally called himself a "car guy."
With these experiences, it is not uncommon to remember some management methods that are considered to be more advanced nowadays or introduce other technologies.
Also, don’t forget that after his rebirth, Gu Junhao worked in Deye’s R&D department for half a year. Although Deye does not produce auto parts, Gu Junhao has seen quite a few molds.
Through several private exchanges, Qiu Xingyuan felt that this kid had some talent, and not just in stock trading.
People with a technical background are generally like this; once they recognize you, they will be easier to talk to, so Qiu Xingyuan also became Brother Qiu.
When they arrived at the office, they were surprised to see a pregnant woman sitting there. Fortunately, Xu Dong had met Zhang Yiru before, so he introduced her to the other two.
Gu Junhao also introduced the three people to Zhang Yiru one by one, and Zhang Yiru responded with a smile.
After exchanging pleasantries for a while, Gu Junhao brought the three of them to the tea room; there was nothing he could do, as these local bosses all liked to do this, so Gu Junhao could only hold his nose and mark out a private tea room for himself in the office area.
"Bosses, the tea here is not as good as yours. Please don't be disgusted." Gu Junhao poured tea for the three people with a smile.
"I haven't been here for a while. Your company has changed a lot." Xu Dong spoke first.
"When it comes to changes, I can't catch up with you, Brother Xu. You should go ring the bell this year."
"No, no, it's hard to say for sure. It's so strict now." Although Xu Dong spoke modestly, he couldn't hide the smile on his face.
After chatting for a while, Qiu Xingyuan was the first to say, "Brother, we are here to subscribe to Junshi No. 2."
"Well, I can understand Mr. Zhang and Brother Xu's application, but Brother Qiu, do you have that much money? You are the poorest among those present, right?"
"Hahaha, brother, your mouth is still so poisonous, this is like a young man!" Xu Dong laughed. Old Zhang couldn't help laughing. He had never seen this side of Gu Junhao in private.
Qiu Xingyuan rolled his eyes at Gu Junhao and said, "What's wrong with being poor? Don't say it, okay? I definitely can't come up with 5 million, but I can still come up with 1 million, and I can take advantage of Old Xu's share."
"Haha, just kidding, just kidding. Any amount is welcome." Gu Junhao continued to serve tea to Qiu Xingyuan with a smile.
Then he looked at Lao Zhang again and asked, "Mr. Zhang, are you interested in purchasing Junshi No. 2?"
"Of course, have you forgotten what we said back then?" Old Zhang is the oldest and not used to this private side of Gu Junhao. He is obviously not as open as the other two.
"Of course I didn't forget. I didn't expect Mr. Zhang still remembered it. On behalf of myself and Junshi Capital, I would like to thank Mr. Zhang."
"It's mutually beneficial. I heard Lao Xu said so, so I came to visit your company together."
"No problem. I'll arrange for someone to show you three around."
"Why don't you ask us how much we invested?" Xu Dong asked Gu Junhao curiously.
"Any amount is fine. I won't refuse anyone." Gu Junhao said with a smile. These three people came here at the first time, so the amount should not be small.
But no matter how much it is, Gu Junhao would not be too surprised. After all, he has already seen Gu Junhao make a one-time investment of 600 million US dollars.
"Okay, people who have seen 600 million US dollars are at a different level. Let me tell you." Xu Dong could probably guess what Gu Junhao was thinking.
"Brother Xu, please tell me."
"As for me, I'm just having fun. I'll bring Lao Qiu with me and give him 20 million yuan. Lao Qiu gets 1 million yuan. You don't mind, right?" Xu Dong said with a smile.
"How could that be? Thank you very much, Brother Xu and Brother Qiu."
"Don't you think I'm poor now?" Qiu Xingyuan said with a smile.
"No, no, I'm just kidding. I'll set up a table tonight. Brother Qiu, Mr. Zhang, and Brother Xu, please give me a chance."
"That's more like it."
When Qiu Xingyuan stopped nagging about this topic, Gu Junhao looked at Lao Zhang and asked, "How much are you going to subscribe for this time, Mr. Zhang?"
Old Zhang looked at Gu Junhao and said calmly, "One hundred million."
