Chapter 424: New Year, New Beginning
In fact, institutional clustering has always existed in the A-share market.
The only difference is the size and the scene. Leshi, which is now being condemned by everyone, was once a star stock sought after by institutions.
A private equity tycoon even made a large-scale private placement at a price of 50 yuan, and many public equity institutions participated.
There is a star stock in every stage of the market; and the fall of this stock often means the beginning of a new stage.
However, before that, it was reasonable to struggle and jump for a while. On January 17, Lay's stock price rose against the trend and led the ChiNext Index to counterattack.
In the afternoon, Leshi.com surged violently, driving a counterattack among GEM heavyweight stocks such as Wangsu Technology and Zhongqingbao, with Leshi.com even hitting the daily limit.
The ChiNext Index surged more than 2% throughout the day and rebounded strongly during the day. In contrast, the Shanghai Composite Index finally fell 0.14% today. On the market, the pattern of Shanghai being weak and Shenzhen being weak was maintained for the whole day.
The stock price of Lay's website fluctuated by as much as 12.88% throughout the day, with a turnover of 3.889 billion yuan and the stock price closed at 38.94 yuan.
The daily limit on January 17 was the last glory of Lay's.com. Thereafter, between the last two days of this week, the stock price of Lay's.com surged to a maximum of 41.70 yuan and finally closed at 39.35 yuan.
The next day, the trends of the Shanghai and Shenzhen stock markets entered a switching mode, with Shanghai strong and Shenzhen weak.
It was also from this day that the Shanghai Composite Index entered a full rebound mode, which continued until the last trading day before the Chinese New Year. The Shanghai Composite Index closed at 3159.17 points, up 1.79% for the month.
The ChiNext Index fell 3.86% for the whole month. With two large negative lines on the monthly line, the ChiNext Index is once again in a breaking trend.
During the Spring Festival holiday, A-shares will be suspended from trading starting on New Year’s Eve, January 27, for a period of 10 days, and will open on Monday, February 6.
Before the Chinese New Year holiday, Junshi Capital held its most grand annual meeting since its establishment. Compared with the previous two years, this year's meeting was much more high-profile.
Junshi Capital achieved excellent revenue throughout the year, and the Junshi No. 2 fund alone created more than 2 billion in profits for the company.
But this is still the best performance of Junshi Group in the secondary market.
If we were to say which stock was the most profitable among Junshi Group’s holdings in 2016, it would undoubtedly be Nvidia.
Since its launch in 2015, Nvidia's stock price surged 223.85% in 2016. On the last trading day of the year, its stock price closed at US$106.7.
In 2016 alone, Nvidia stock alone contributed more than $527 million in profits, not counting intraday trading.
Converted into RMB of over 3.4 billion, the market value of Nvidia's holdings in 2016 reached US$763 million, with a market value of nearly RMB 5 billion.
The profits and management rates generated by Tianqi Liye, Longji Holdings, Jiufeng Trust and Junshi Value, etc.
January 22nd, Sunday, the 25th day of the twelfth lunar month; this day is Gu Junhao’s birthday, his 25th birthday.
Although it was Sunday, Guo Yuanwei was still very capable and submitted the 2016 financial report of Junshi Capital to Gu Junhao on that day.
Guo Yuanwei personally delivered the financial statements to Gu Junhao's home, and he also thoughtfully brought a cake, saying it was a gift from the company's employees.
After more than two years of running-in, a certain tacit understanding has been formed between the senior executives of Junshi Capital's initial team and Gu Junhao.
Except for Xu Yan who fell behind, Shen Boyu, Guo Yuanwei and Liu Yuhua have all gained certain importance. Shen Boyu has already obtained a certain share of equity in Junshi Fund.
This is also a good signal for other executives. 2016 is the year when Junshi Capital's business layout will blossom in all aspects.
Perhaps, one day in the future, they will all be able to receive certain equity incentives.
At present, the company's senior executives are cooperating with him relatively smoothly. The only thing that makes Gu Junhao feel a little troublesome is the daily management of the company.
“It would be nice to have a CEO-type figure who could take care of the day-to-day management for me.”
After Guo Yuanwei left, Gu Junhao picked up the financial report and thought about some problems that had arisen during the company's development process.
Now, if he is in charge of tens of billions of investments and is still in the buff period of being a civilian, Gu Junhao can still take care of it.
But when his BUFF period comes to an end, the market will be so good at that time. For the sustainable development of the fund business, Gu Junhao will definitely devote a lot of energy to adjusting the portfolio and changing stocks.
At that point, a CEO is needed to share the pressure of managing the company's daily affairs.
However, at present, I have not encountered such a person, and it is inappropriate to promote him from within the company, as this will inevitably disrupt the balance of the existing management.
Such a person can only be parachuted in.
"It seems that this year we should not only focus on investment, but also find a suitable CEO, which is also the key to the company's development."
For 25-year-old Gu Junhao, it is definitely unrealistic to talk about retirement, but it is still necessary to free himself from the daily affairs of the company.
Compared with the financial reports of listed companies, Junshi Capital's annual financial statements, which do not need to be disclosed to the public, appear a bit rough.
This financial statement was submitted to Gu Junhao in the form of Junyi Investment Management Co., Ltd., including the annual financial status of two subsidiaries, Junshi Capital Co., Ltd. and Junshi Fund Management Co., Ltd.
The consolidated financial statements show: "As of December 31, 2106, Junyi Capital's total revenue was 7.378 billion yuan, gross profit was 6.538 billion yuan, and net profit was 6.296 billion yuan!"
Junyi Capital had a full-year revenue of RMB 7.378 billion in 2016, of which Junshi Capital's proprietary trading contributed RMB 4.238 billion, accounting for 57.44% of the total.
The bulk of the revenue came from overseas investments in US and Hong Kong stocks. As a public fund, Junshi Value Investment only contributed 2.58% of this revenue.
Junshi Value Investment, which was in its infancy in 2016, has already demonstrated its potential, although it has not contributed much to the company's overall revenue.
Affected by the fundraising of Junshi No. 2 and the period of market correction in December and mid-January, Qunshi Price Investment performed stably and the range of retracement was within controllable range.
An increase in scale means an increase in management fees. Since public funds are free to subscribe and redeem, the management fees are definitely much higher than those of private funds.
This has led to a further increase in the number of subscribers for Junshi Price Investment, and its overall scale has approached 8 billion yuan. It is only a matter of time before Junshi launches another 10 billion yuan fund.
It can be said that as long as Gu Junhao is a little thick-skinned, even if he doesn’t make a penny in the future, the Junshi Price Investment Fund will be enough for him to live on for several generations.
For specific reference, please refer to Lanlan, Kunkun, etc.
As a light-asset investment company, Junshi Capital's gross profit margin is as high as 88.61% and its net profit margin is as high as 85.33%.
Both the gross profit margin and the net profit margin are comparable to those of Maotai.
"In the bull market of 2015, an annual report like this would have at least hit a few daily limit increases, right?" Gu Junhao laughed at Zhang Yiru.
Gu Junhao was very satisfied with the revenue in 2016.
"Can I take a look?" Zhang Yiru saw Gu Junhao's arrogant smile and was a little curious about how much money her husband's company made.
It has been almost five months since Zhang Yiru's pregnancy, and her morning sickness has improved a lot. Although her belly is getting bigger day by day, her physiological reactions have changed, and she feels much more comfortable.
The students have already gone on winter vacation, and Zhang Mingde also followed Qin Ruolan's footsteps and moved from Jiangbei to Beicang to live with his daughter and son-in-law.
Aunt Huang would come to visit often, and after the fundraising was completed, Liu Ruihuan would also visit Zhang Yiru from time to time.
With the care of her family and friends and a comfortable living environment, and without morning sickness, Zhang Yiru began to gain weight slowly.
"Sure, take a look." Gu Junhao casually handed the financial report in his hand to Zhang Yiru.
This annual financial report only contains some data on the company's operations and various expenses. It does not involve any confidential content, so there is no problem even if it is released to the public.
When Zhang Yiru took the report, the first thing that caught her eye was the various accounting data and financial indicators, which were clear at a glance.
Looking at the financial data, Zhang Yiru's eyes flashed with surprise: "Wow, your company made 6.3 billion last year?"
Although Zhang Yiru could imagine that her husband's company was very profitable, after all, the two funds ranked first in annual public and private equity growth respectively, she did not expect it to be so profitable.
Although the two funds are well-known and once sparked heated discussions online, the company's most profitable business is Junshi Capital's proprietary trading.
"If this financial report is released, it should be considered as having very high revenue not only in the district but also in the city, right?" Zhang Yiru asked Gu Junhao while looking through the financial statements.
“Revenue may not be the best, but profit is definitely at the top.”
Ningbo is an industrial city. Although Junshi Capital has compiled statistics on the revenue of listed companies in Ningbo, it is impossible for Gu Junhao to remember them all.
But no matter what, the revenue of industrial companies in industrial cities may be a considerable amount, but the gross profit margin and net profit margin are definitely not comparable to those of their own companies.
"Indeed, your company's gross profit margin and net profit margin are really outrageous. It seems that the management is quite excellent."
"Asset-light investment companies are like this. If the company is well managed, it can save a lot of unnecessary expenses. Basically, the gross profit margin is almost the same as the net profit margin."
"So , it seems that what the outside world said about your net worth of 10 billion is not wrong. The actual profit of the two companies is more than 6 billion."
"You still have to pay taxes. Your husband is a tax-paying star in the district. There is nothing fake about it!"
"Go away, you're showing off again. Tell me, how does it feel to be a billionaire?" Zhang Yiru put down the financial report in her hand and looked at Gu Junhao with some obsession.
Perhaps, Zhang Yiru is not so obsessed with money, but the tens of billions of dollars worth of wealth created by her husband still makes her admire him.
Money and wealth are not everything in life, but they are indeed important indicators of whether a person is successful.
Gu Junhao smiled at Zhang Yiru, took her hand and said gently: "You own half of the medal."
…
On New Year's Eve, the nanny went home to celebrate the New Year and all the employees in the company had already gone on holiday. Wang Ruoyu, Liu Tingting and Xu Jianqing were the last group of people to go on holiday.
During the last few trading days, although the traders were given holidays in batches from far to near, someone still had to be sent to keep an eye on them, and these tasks fell on Wang Ruoyu and others.
Every job has its pros and cons. The physical companies invested by Gu Junhao have already gone on holiday a long time ago. The earliest would be around the 20th of the twelfth lunar month, and the latest would not be until the 26th of the twelfth lunar month.
However, employees of Junshi Capital can take leave and leave early under special circumstances, but most employees still have to stay until the last working day before the Spring Festival.
But as for their treatment, it is not worth mentioning. As traders in the three major sectors of the secondary market, they enjoyed a 10-day holiday with generous income during the 2016 Spring Festival.
Compared with employees on the production lines of physical companies, traders' annual income is equivalent to what they would earn in more than ten years.
Today’s New Year’s Eve dinner was also prepared by a family of four.
Well, now we can be said to be a family of five. Although the baby in the belly is not born yet, he can barely be counted as one.
Compared to ordinary life, the New Year’s Eve dinner has more dishes but is simpler because my father-in-law Zhang Mingde is a relatively frugal person.
Ever since Zhang Mingde moved here during the school holidays, the life of his daughter and son-in-law now feels a little unreal to him.
A big villa, a nanny, a full-time driver, all of these were things Zhang Mingde had never thought of before.
Gu Junhao is his student and Zhang Mingde knows him well. Although his conditions were not good before, Zhang Mingde is generally satisfied with him.
When looking for a son-in-law, Zhang Mingde does not seek wealth or status, but is more concerned about his daughter's life after marriage. In his opinion, if his daughter marries a man of lower status, her life may be better.
However, what he did not expect was that in just a few years, Gu Junhao had created a fortune of tens of billions. Zhang Mingde was also aware of the news that the media had blocked the door when Junshi No. 2 was raising funds.
His personal wealth skyrocketed and he became a celebrity in the investment world. All this was beyond Zhang Mingde's expectations.
However, after living here for a while, Zhang Mingde discovered that although Gu Junhao's wealth had skyrocketed and his living conditions had greatly improved, his attitude towards his daughter had not changed, so he felt relieved.
It can even be said that the attitude is better than before; young billionaires with a net worth of tens of billions will often put down their work and accompany their pregnant wives.
He even takes his wife for walks in the company often out of concern for her emotions, without worrying about affecting her.
When he first arrived, Zhang Mingde didn't quite understand why Gu Junhao did this. After all, in his opinion, it is better to separate work and life.
However, every time Zhang Mingde thought of Gu Junhao's description at that time, he found it a little funny.
"It's okay. There are a lot of young people in the company. They are trying to curry favor with their bosses and speak in nice words. It helps the pregnant woman's mood to a certain extent. Just think of them as working in another way."
Just like in previous Chinese New Years, the family went out for a walk and then came back to play mahjong.
The ugly Spring Festival Gala is still being broadcast on TV. After experiencing the worst Spring Festival Gala in history last year, people’s enthusiasm for this year’s Spring Festival Gala has greatly decreased.
In the past, the Spring Festival Gala brought joy to the common people and created countless popular online memes; however, today's Spring Festival Gala is nothing more than bringing popular online memes to the small screen.
At 12 o'clock in the evening, the New Year countdown bell rang on TV and the host was counting down.
2017, the year of Kun, belongs to the Chinese people, and he is here.
It's a new beginning again.
