Chapter 428: The first harvest in the primary market.
Before Junshi Value Mixed Growth came out, the top three A-share public funds with the highest growth rates were China Europe New Blue Chip, China Energy Revolution and E Fund Ruihui.
Between 2007 and 2008, China Europe New Blue Chip achieved a 125% increase, becoming one of the funds with the highest historical growth in the domestic fund market.
The two funds, China Energy Revolution and E Fund Ruihui , achieved increases of 115% and 96% respectively between 2015 and 2016.
Today, Junshi Value Investment has replaced E Fund Ruihui and ranked third in historical growth.
The growth of these three funds was achieved in the bull market phase, while that of Junshi Price Investment was achieved in a real bear market phase.
Compared with the historical increases of these three stocks, Junshi Price Investment's 103.77% increase is more valuable, which is one of the reasons why Junshi Price Investment has always been popular.
It is worth noting that the fund's highest increase usually occurs in the short term and is difficult to sustain. Investors who pursue short-term high returns too much may ignore the fund's risks and long-term value, leading to investment failure.
Therefore, the biggest test for Junshi Price Investment in the future is whether this highly efficient growth can continue.
However, this is not a big problem for Junshi Value Investment.
Because the time for the market to rebound has come. The Shanghai Composite Index hit a low of 3016.53 on May 11, and after that, it started a rebound that lasted for several months.
Since May 11, A shares have been in an intermittent rebound pattern.
Although the market was still in a downward trend in the first half of May, the liquor sector remained very strong, creating considerable profits for Junshi Group's investment in the secondary market.
In the end, although the Shanghai Composite Index fell 1.19% month-on-month in May, the overall profit effect was still better than that in March and April.
Junshi Price Investment rose 1.57% on a monthly basis, with a net value rate of 2.0697, while Junshi No. 2, which has a relatively more flexible position, rose 2.4% on a monthly basis, raising its value to 1.1345.
…
June 5, 2017, is the eleventh day of the fifth lunar month, which is also the Grain in Ear season.
On this day, Zhang Yiru gave birth to a son to Gu Junhao, and Gu Junhao named him Gu Yangui.
The son's name was taken from a line in a long poem by Lu You titled Grain in Ear: "The green trees are cool in the evening, and the doves are chirping; the swallows are slow to return home day and night on the painted beams."
This is the first time I become a father in two lifetimes, and this child comes late.
In his previous life, although Gu Junhao did not have children of his own, he was quite fond of children and was quite patient towards them. Even naughty children would be obedient .
Newborn babies are all rather ugly, and it’s hard to tell who they look like, but Gu Junhao thinks they probably look more like their mother.
According to Gu Junhao's observations, the mother's genes have a greater impact on the first child, and the first child is often more like the mother.
Although people often say that a man can only be considered a real man after he has a child, Gu Junhao has never had this feeling before.
But after Zhang Yiru became pregnant and the moment the child was born, Gu Junhao could still feel the changes in his own character.
At least, after Zhang Yiru became pregnant, Gu Junhao didn't miss his past life so much, and his longing for his parents in his past life was transferred to Zhang Yiru and the child in her belly.
After being discharged from the hospital, Zhang Yiru moved into a special confinement center. Gu Junhao found the best confinement care center in All Bekcang for her. Gu Junhao, who had no experience in being a father, could only express his importance in this way.
Fortunately, the market in June remained relatively stable, and Gu Junhao did not have to spend much energy on secondary market investment. As for the company's daily affairs, in the absence of a suitable CEO, Li Xinyu could take over for the time being.
In this way, Gu Junhao can spare more time to accompany his wife and children.
Li Xinyu has been Gu Junhao's personal assistant since the company was founded. After four years and three years of training, she is now able to help Gu Junhao with most of the company's daily affairs. Her growth rate is still good.
Sometimes, Gu Junhao even thought that if he couldn't find a suitable candidate for CEO, he would let Li Xinyu try. Although her ability might be inferior to that of professional CEOs, at least she was someone he trusted.
Everyone in Junshi Capital was delighted by Xiao Gu's birth. The boss, who had always been generous, waved his hand and asked Li Xinyu to distribute red envelopes to employees on his behalf on the day he was discharged from the hospital.
From senior executives to cleaning ladies, everyone received 2,000 yuan, without exception. In total, more than 400,000 yuan was spent. Gu Junhao also asked Li Xinyu to book 20 to 30 banquet tables in the company's designated hotel for employee gatherings.
On the day Zhang Yiru was discharged from the hospital, the company sent a lot of people to visit her, and everyone present could feel Gu Junhao's heartfelt happiness.
"The boss is really happy. I've never seen him so happy when he made money." Xu Jianqing said to Wang Ruoyu and Liu Tingting as he walked out of the hospital.
The two men thought about it and nodded. This kind of happiness that came from the heart was the first time they felt it from Gu Junhao. In previous transactions, no matter how much money they made, they had never had this feeling.
The ancients often said that if one does not return home in glory, it is like walking in the night in magnificent clothes; when Gu Junhao felt happy at the moment of giving birth to his child, the first thing he thought of was to share the joy with his parents, but unfortunately he could no longer do that.
So, at this moment, all the employees of Junshi Capital became a kind of spiritual sustenance for Gu Junhao, sharing his joy by sending red envelopes.
I have a wife and children, I have a lot of money, and I have my own career. Everything in this life is much better than in my previous life, but unfortunately I lack the love and affection from my parents.
If he were to make the choice again, what would he choose? Gu Junhao didn't know, and he couldn't make a choice.
More than a month after the child was born, Junshi Capital received its first harvest from primary market investment. Gu Junhao joked that this was his son’s full-month gift.
July 10, 2017, Monday; Xushen shares successfully landed on the A-share market with an issue price of 11.26 yuan, an issue price-earnings ratio of 22.98, an issue price of 41.6 million shares, and actual fundraising of 468 million yuan.
On the first day of listing, Xushen shares' share price was 16.21 yuan, up 43.96%, with a market value of 3.372 billion yuan. Since then, like many new stocks, Xushen shares has experienced 11 consecutive flat boards.
As of Monday, July 31, after 16 trading days of listing, Xushen shares closed at 49.05 yuan, and the total market value reached a new high of 10.2 billion since its listing.
Junshi Capital holds 1.49% of Xushen shares. As of July 31, the market value was 152 million yuan. Compared with the investment of 40 million yuan, the profit reached 122 million yuan.
The huge profits in the primary market are evident. This is because Gu Junhao entered the market relatively late. For the shares he obtained, Gu Junhao was not willing to take advantage of Xu Dong too much, and the cost of holding them was almost equal to the issue price.
Otherwise, he could earn even more; for example, if Berning Auto Parts and Xingyuan Technology could be listed, the profit margin that Gu Junhao would obtain would be a rather exaggerated figure.
Xushen shares were more like an IPO benefit that Gu Junhao got a ride on. Although the profit did not seem to be very high at the moment, Gu Junhao had the impression that Xushen's highest market value should be around 30 billion yuan.
By that time, Junshi Capital's 1.49% stake had been unblocked. According to the valuation at that time, the market value should have been over 440 million yuan, and the overall return was still more than ten times.
With the listing of Xushen Shares, Xu Dong, who holds more than 50% of the shares, has a net worth of more than 5 billion yuan just by relying on Xushen alone, making him another new billionaire in Beicang District with a net worth of over 5 billion yuan.
The charm of capital began to spread in the hearts of these physical bosses.
In fact, as early as the end of May before Xushen went public, Junshi Capital Co., Ltd. participated in the primary market private placement project of Topological Group, another auto parts company in Beicang District that was listed in March 2015.
At that time, Topological Group issued 78,477,580 shares in a private placement with an issue price of 30.52 yuan per share. Junshi Capital, which has already made a name for itself in the capital market, also participated in the issuance.
In the end, Gu Junhao acquired 10.15271 million shares at a total cost of 310 million yuan. This is the largest investment Junshi Capital has made in the primary market since its establishment.
The lock-up period is one year, ending on May 24, 2018.
Calculated based on the current stock price, the fixed increase price of 30.52 yuan and the bear market in 2018 after the lock-up period expired, this fixed increase was a loss.
However, Gu Junhao knows that Topology's future growth will be better than Xushen's. After experiencing multiple dividends and stock transfers, its shares will still be able to rise to around 100 yuan in 2022.
Therefore, from a long-term investment perspective, the current price of 30.52 yuan per share for the private placement is not high.
The price of a private placement is calculated based on the 20-day average price of the stock in the secondary market. You can't get a particularly cheap price.
There are many factors in the market. From the announcement of the news to the approval of the China Securities Regulatory Commission to the final confirmation of the private placement, changes in stock prices have a relatively large impact.
In the long run, Junshi Capital will eventually be able to triple or even more than triple the profit from Topology’s private placement, which is already quite good.
Leshi.com has had quite a few private placements, and the last batch of big guys who had private placements at a price of 50 yuan ended up being the ones to take over.
With the rise of Xushen shares and the previous large-scale increase in capital by Tuopu, Junshi Capital and Gu Junhao have become a force that cannot be ignored in the Beicang investment community.
The secondary market is invincible, and the primary market also has its own vision, with the release of Made in China 2025 and the initial proposal of the concept of specialization, precision and innovation.
The consecutive successful IPOs of physical companies focusing on auto parts, such as Topology and Xushen, have made everyone realize that the opportunity for the physical industry to cash in on the financial market seems to have arrived!
Gu Junhao is one of their links. Junshi Capital can not only bring them funds, but also help them open up personal connections in the industrial chain.
These changes that have taken place in Berning Auto Parts and Xingyuan Technology since Gu Junhao invested in them can be seen. Gu Junhao has made a lot of contributions to the prosperity of these two companies in the past two years.
Many of these businesses were contacted by Gu Junhao through his own connections, although whether the business could be finally negotiated depended on themselves.
But you have to have the opportunity to talk. Without the opportunity, how can you start talking!
