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大通彩票开奖记录:About the Unicorn Fund One article to see the best investment strategy

时间:2018/6/11 19:41:41  作者:  来源:  浏览:0  评论:0
内容摘要: The unicorn fund landed on the ground. It took only six working days from the application to obtain the approval, and it took only two work...

The unicorn fund landed on the ground. It took only six working days from the application to obtain the approval, and it took only two working days from receipt of the approval to sale.

At the same time, the supporting rules are on the way. Late on the night of June 6, the Securities and Futures Commission issued nine documents including the Measures for the Administration of the Depositary Receipt and Transaction Management (Trial), etc., which will support the overseas listing of CDRs (China Depositary Receipts) by overseas companies. The mechanism falls into the operational phase.

June 9, general manager of the Shenzhen Stock Exchange said that the current CDR pilot has completed technical testing and supporting the rule-making, all the preparatory work has been basically completed, will be released in mid-month, supporting system.

everything is ready, this weekend unicorn fund sales war officially started.

fund , consignment bank , brokers, third-party fund sales institutions gearing up for the Unicorn fund overtime to prepare for work on sale, selling information already maxed circle of friends.

advertising dazzling play, clarify four questions can find the best investment strategy unicorn funds.

first question: buying?

This 6 "Unicorn fund" worth buying? We analyzed its five major advantages and four major disadvantages.

advantage 1: hits or much higher than the "new"

A-share market in embracing the new economic wave of sound, frequently reaching out to innovation economy, it has already ushered in three hundred sixty , PharmaTech , Foxconn, Ningde Times listed or backdoor listing.

The large-scale large-scale enterprises are listed, and the "playing new" returns are often quite rich. Take WuXiang Kangde harvesting 16 daily openers as an example. As of the close of June 5, the stock price of WuXi PharmaTech was 119.78 yuan. Compared with the issue price of 21.6 yuan, the signing of China First means that it has already recorded a profit of 108,900 yuan. .

However, the average individual investor, usually because of the small amount of funds, has a relatively high rate of success in winning new contracts (only 0.0937% in Ningde era). In the case of the Industrial Fortune , as a result of the innovative issuance method of “strategic placement + offline lock-in”, the strategic allotment accounted for approximately 30% of the total number of issuances.

In addition, following the submission of IPO applications from Hong Kong stocks on May 3, Xiaomi's CDR issuance schedule is also in place. New Era Securities Research Institute, pointed out that the Sun LAM, the offering will include millet Hong Kong Public Offering, the International Offering, CDR sold three parts.

which, in terms of sale of CDR, estimated Placing Placing processes and industrial processes similar Farrington, at the same time online and offline subscription may introduce strategic placement. Millet CDR is also a "unicorn Fund" objective considerations, millet may also be added to the strategic placement package. 2

advantages: low investment rates

insiders, the strategic placement of fund management fees and custodian fees will take incentives, most likely rate of less than one-tenth of the General Fund, the annual cost of the provision set an upper limit, so the general public can be low-cost, low barriers to invest in leading technology companies.

Advantage 3: Individual Investors Enjoy Institutional Equivalent Placement Priority

Some Strategic Placing Funds are capped at $50 billion and sold in stages: In the first phase, only for individual investors, single individual investor limit 50 Million yuan; in the second phase, only for specific institutional investors, specific institutional investors refer to the national social security funds, basic pension insurance fund, enterprise annuity fund and occupational pension fund four types of institutional investors.

Priority individual investor subscription, if the fund meets the upper limit of the raise in the first phase, the offer will be closed in advance.

This means: general and individual investors enjoy the national social security, pension and other agencies placing equal priority!

Advantage 4: Institutional Dividends

The Unicorn Fund is led by the China Securities Regulatory Commission and enjoys certain dividends in the system. For example, six strategic distribution funds will be expected to receive certain discounts when participating in CDR investment. In addition, the unicorn fund's maximum purchase limit for individual investors is controlled at 500,000, and a three-year lock-in period should be acceptable to investors if the yield is high enough.

Advantage 5: The first strategic placement of funds, scarce resources

Ping An Securities believes that the common fight new gold-based different, 6 to CDR, unicorn comes fund, is the strategic placement of funds, an innovative The fund variety is also a very scarce resource.

Because strategic allotment, that is, targeted placement to strategic investors, the strategic allotment fund can give priority to the strategic allotment of quality assets in the market before the online new network is released, thereby avoiding the difficult problem of the middle lottery. For people , it is possible to participate in the high-tech industries and strategic emerging industries that are in line with the national strategy, with core competitiveness, and obtain scarce investment opportunities for innovative companies through low-threshold strategic allotment funds.

Weakness 1: There is a three-year closure period.

The closed period is three years. After six months, it will be listed on the stock exchange and will be open for purchase once every six months (for specific arrangements, please refer to the Fund Recruitment Letter). Many funds should automatically transition after 3 years.

Insiders say that the idea of ??closure means that only after this time can you apply to the fund company for redemption. When time has not come, you can only sell them to other investors in the stock market. The biggest problem here is that the liquidity is poor and it is difficult to realize.

Although, in principle, it can be sold to other investors before it expires, there is often a large discount. In general, a financial product must examine its liquidity and risk. The greater the risk and the worse the liquidity, the higher the compensation should be.

Weakness 2: Uncertain future market conditions and policies

An Xin Securities analysis pointed out that investing in Unicorn is not entirely risk-free. On the one hand, the risk of investing in "Unicorn" enterprises is not less than that of investment-based start-up companies. The main reason is that most of the business models of "Unicorn" enterprises are shaped. Once a development bottleneck is encountered, adjustment is more difficult. "Unicorn" Businesses face business risks.

In 3 years, the market may undergo many changes. The closed period cannot be sold. In the event of a risk, it can hardly stop the loss.

There are many cases of unicorn enterprises breaking overseas. For example, Ping An's good doctor was the first listed “unicorn” after the Hong Kong Stock Exchange listed on the New Deal.

Many unicorns are still at a loss stage. What is the profitability in the later period and the uncertainty is relatively large? Daxu’s senior research fellow Wang Yi also believes that the return of CDR unicorns is currently a hot spot in the capital market, and the market will also make great hype. After the listing, there is a high probability that it will bring about a short-term increase, but from the experience of Hong Kong and Taiwan, The stock price has risen to a high level. After the bubble bursts, it will be a feathery situation. In particular, these unicorns are not commensurate with the success of enterprises, and most of them are Internet high-tech companies. The development of stock prices during the three-year closure period has great uncertainty.

Weaknesses 3: Unicorn is not cheap now

Essence Securities pointed out that the market has higher expectations and valuations for Unicorn companies, and the market premium is usually at a high level, and investors need to bear the corresponding Market risk and premium risk.

A few of the unicorns returning home have not yet been listed, and most of them are already listed on overseas markets. For example, in the United States, Jingdong , Ali and others.

The industry said that in the past few years, technology stocks in US stocks have risen considerably. Ali has doubled in the past two years. JD has also risen more than 50% in the past year. From the perspective of price-earnings ratio and PEG, the valuation is not cheap, and the valuation of the US stock index of Nasdaq is at a high level in the past 10 years.

Weakness 4: Public fund that meets regulations may participate in investment

Is it only the new "Unicorn" fund that can invest in CDR in the future?

may not be necessary. A fund company's international business executives speculated that "other public funds or institutions should be able to participate in the CDR company, this is more reasonable."

The aforementioned industry sources mentioned that in addition to these funds is to vote through strategic placement In addition to CDR, other funds can also invest in CDR companies, but they are involved in other ways. But in comparison, the proportion of these funds will be higher.

Although the detailed rules on the CDR have not yet been issued, in fact, in the two management measures for releasing the exposure draft last month, specific investment institutions and investment methods have also been covered.

On May 4, the Securities Regulatory Commission issued the “Administrative Measures on Depository and Trading Depositary Receipts (Draft for Comment)”. Article 45 stipulates that the public funds that have obtained approval or approval from the China Securities Regulatory Commission to invest in depositary receipts shall abide by the following provisions: (1) The fund contract has clearly stipulated that the fund can invest in the shares that are domestically listed and traded. The administrator may invest in the depositary receipts; (2) If the fund contract does not clearly stipulate that the fund can invest in stocks that are domestically listed and traded, if the depositary receipt is to be invested, the fund manager shall convene the fund share holder assembly to vote.

In other words, even if there is no relevant agreement in the previous fund contract, as long as the relevant conditions in the management approach are met, you can also participate in the CDR investment.

Subsequently, the CSRC cooperated with the innovative pilot companies to issue shares or depositary receipts to revise some provisions of the "Measures for the Administration of Securities Issuance and Underwriting". CITIC Construction Investment It was mentioned in the research report that 20 million shares of the following shares that can be queried for pricing and that the lock-in period of the net is not involved in the online call-back and the unprofitable companies have disclosed the book-to-book ratio and the sales ratio are three. The most important part of the revision of the issuance and underwriting method to meet the CDR. The initial placement share is tilted toward institutional investors, so that professional investors can play a more important role in pricing, and overall it is more conducive to stabilizing market prices.

The second question: Which one to buy?

It is said that buying a fund is an investment fund manager. How about the past record of the 11 fund managers in the allocation of 6 strategic allocation funds?

south China, easy to Fonda, Castrol, China Universal, investment and other six fund companies to declare "unicorn" fund, the number of aspiring fund managers up to 11 people, among them E Fund aspiring fund 4 people, Harvest Fund , China Merchants Fund are 2 persons each, and the other 3 funds are all intended to be 1 person. The situation of the fund managers proposed by the “Unicorn” Fund is as follows:

大通彩票开奖记录:About_the_Unicorn_Fund_One_article_to_see_the_best_investment_strategy

In terms of ROI, statistics show that among the fund managers proposed by the “Unicorn” Fund, 10 have a total return on investment, of which the highest rate of return on investment is highest. It reached 216.07%. In addition, there are three fund managers whose annual return on investment exceeds 10%.

大通彩票开奖记录:About_the_Unicorn_Fund_One_article_to_see_the_best_investment_strategy

Statistics show that the 11 aspiring fund managers, the current number of total funds under management products reached 42 (ABC class calculated separately), where the number of funds managed by Harvest Fund Liu Ning products amounted to 15, E Fund Management fund Hu Jian quantity is also up to 11.

大通彩票开奖记录:About_the_Unicorn_Fund_One_article_to_see_the_best_investment_strategy

Third question: When to buy a high score?

To answer this question, we must distinguish two situations you may encounter after the unicorn fund market.

one: Unicorn fund secondary market after the listing

discount if the "unicorn fund" After half a year to issue listed on the exchange, is likely to be involved in a number of "unicorn" Placing of new shares , the shares rose sharply stage, the net value of the fund will therefore increase. In this case, even if the anticipated liquidity discount occurs, it is very likely that the basic people participating in the subscription will obtain positive returns. This situation was not uncommon in the past. For example, the Yinhua Mingze Fund established in August 2017 had a net value of 1.0991 yuan when it was listed on the Shanghai Stock Exchange on November 24 last year. Although there was a liquidity discount on the floor trading price, it still closed the same day. There was 1.036 yuan. Although it was 5.74% discount to the net value, it was 3.6% higher than the one-dollar subscription price. In the future, if the six "Unicorn Funds" operate smoothly, there is a higher probability of similar performance.

Two of them: Premium in the secondary market of Unicorn Funds after listing

As the "Unicorn" stocks soared, the "Unicorn Fund" became an alternative target for the market, resulting in the first day of trading on the exchange. Not only did not discount, but there was a substantial premium. This situation is of course a gospel for the citizens who participated in the launching of the subscription, but investors who buy in the secondary market are most likely to be trapped by the harvest. The high premium "survival" speculative closed-end funds will sooner or later need to return to the constraints of net-value performance and liquidity discount, and blindly chase high buy-in risks.

Some articles point out that participating in Unicorn Fund investment can be divided into two phases. The first phase is the recent issuance of subscriptions. It is concerned about the investment opportunities of Unicorn companies and is willing to tolerate longer closing periods for medium and long-term investments. Investors can take up part of their spare cash to participate in subscriptions, but this part of the funds should not account for excessively high ratios, causing their own demand for funds to be affected by the cash flow .

The second stage is when the stock is listed on the exchange. If there is a big premium at this time, the investors participating in the purchase may consider selling on the rallies and seeing the price. The better buying point will be expanded to a certain discount rate. At least not less than the “annualized discount rate” of closed-end funds such as Xingquanyichang, it would be better to be able to align with the high discounted fixed-income fund, which would give birth to better medium and long-term investment opportunities.

Investors in the first phase took a few steps to participate in the purchase, and in the second phase, they waited for the discount to expand and fall out of the investment value before they were involved. The odds would be greater.

Fourth Question: How to buy?

Time for specific recruitment: first stage: individual investors (June 11 to June 15), second stage: National Social Security Fund, basic old-age insurance fund, corporate annuity fund, occupational pension (June 19) .

After the first stage of the fundraising period, if the fund raising scale does not reach 50 billion yuan, it will enter the second stage of the fundraising period. It is worth noting that the strategic placement fund is only available through the open market and there is no on-site sale.

Sales channels: 1, fund companies; 2, banks; 3, securities firms; 4, third-party fund sales companies. 6 funds correspond to different bank brokers.

According to the schedule, the Unicorn Fund was formally opened on Monday (June 11th), but investors with impatient orders have already placed orders in advance.

According to sources, after three o'clock in the afternoon on Friday (June 8), the strategic placement funds of the six fund companies, which are “highlighted”, can already be subscribed for on the fund company’s website and many third-party channels.

On the evening of June 8, an employee of China Merchants Fund Co., Ltd. sunk out a trading order for a 500,000 yuan investment strategy strategically allocated hybrid fund, and “real gold and silver” supported the launch of its own fund.

Some investors also sunk their own fund subscription list on the afternoon of June 8 and subscribed for two strategic placement funds.


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