The investment era of rebirth

"President Su, let's meet again!"

As soon as Su Yu and his party arrived at the designated hotel, they bumped into Xu Zhongji from Minghui Capital.

"Mr. Xu, don't come here without any problems." Su Yu saw an acquaintance, and stretched out his hand with a smile, "I thought you would be here in Yanjing."

"This year's performance conference, we at Minghui Capital just joined in the fun." Xu Zhongji said, "So I asked Manager He to go, but you, Mr. Su... I thought you should be in Yanjing for this meeting, after all This year is the time for your 'Yuhang Investment' to shine, and in the entire industry performance summit, I am afraid that there is no existence that can compete with your 'Yuhang Series' fund products."

"It's just a false name." Su Yu said, "It's meaningless to fight over and over again."

"Haha..." Xu Zhongji said with a smile, "President Su still has a big picture."

Su Yu smiled and said: "This year, your Minghui Capital's performance should not be bad, right? I see that in the performance rankings of private equity products at the end of the year, your two fund products are both ranked in the top 30."

"It's okay!" Xu Zhongji said, "Fortunately, Mr. Su reminded me to reduce our positions and keep our profits before the sharp decline in October. There was no large-scale retracement of net worth, and this was completed. This year's performance target makes the company's product net worth ranking less ugly."

Having said that, Xu Zhongji hastily made a gesture of invitation to Su Yu.

Then he continued: "If Mr. Su is not in a hurry, you might as well have a meal together as a favor. I'm still waiting to repay your kindness for reminding me."

"Okay!" Seeing that it was almost time for dinner, Su Yu replied with a smile.

Later, at the invitation of Xu Zhongji, the two of them came to a clean private room in the hotel restaurant, and without waiting for Su Yu's response, Xu Zhongji reported many dishes to the waiter in one breath.

Su Yu saw that he was very familiar with this place, and couldn't help asking: "Mr. Xu used to come here often?"

"It's about the same!" Xu Zhongji said, "When I used to come to Shanghai on business, I always chose their hotel to stay in. The food and accommodation environment are not bad."

"No wonder!" Su Yu responded.

"In the current market, many investors are extremely enthusiastic about the fund products managed by President Su." After ordering, Xu Zhongji watched the waiter leave, and continued with a smile, "I heard that the two funds managed by President Su are off-site. The product, the premium of the agreed transfer share has reached more than 20%, such a hot mood... President Su didn't think about opening another fund product, so that the company's asset management scale can be raised to a higher level?"

Su Yu smiled and said: "Mr. Xu thinks that as a private equity institution, is scale or performance more important?"

"If only management fees are charged, scale is the most important thing." Xu Zhongji said, "If investors don't mind fund management companies charging excess profit sharing, then performance is naturally more important. The management performance of fund products, the share of excess profits will naturally be far greater than the management fees charged.”

Ming Fai Capital, where Xu Zhongji works, can barely reach the threshold of [-] billion in asset management scale.

However, under the same scale, Minghui Capital and Yuhang Investment are obviously very different in terms of the company's net income and net profit.

"What about from an investor's point of view?" Su Yu said.

Xu Zhongji replied: "From the perspective of investors, there is no doubt about it. Performance must be more important."

"That's it." Su Yu said, "All business models must be based on a win-win situation in order to last for a long time, focusing on scale rather than performance. Even in a short period of time, it may bring an increase in the company's income. , but fundamentally, it is still consuming investors’ trust in the management agency, and over time, it will be more difficult to scale up.”

"It's different if you can focus on performance..."

"The performance is up, and investors make money, so they don't feel so disgusted with the institution taking part of the excess profit. At the same time... because the institution helped him make money, then his trust in the institution will naturally decrease. After getting up, and investors have trust and confidence, it will be much easier to scale up in the future.”

"That's the reason..." Xu Zhongji nodded slightly, "How difficult is it to make a breakthrough in performance?"

Everyone in the industry knows that what Su Yu said is the right way to develop.

However, the financial market is full of uncertainties, and it is difficult to achieve stable and sustainable profitability. Therefore, there are many fraudulent subscription inducements and pure pursuit of scale.

"If A shares are difficult to calculate, then the international financial market is even more difficult." Su Yu said, "As an institution, in my opinion, we must guide the market in the right direction and change the more speculative nature of the market." ecology, rather than just taking advantage of capital advantages and information advantages to harvest retail investors.”

"In the A-share market, 80% of the investors are retail investors." Xu Zhongji said, "Retail investors usually don't have a grand vision and vision, and they don't have a deep understanding of corporate fundamentals. In an investment market dominated by retail investors, it would be unrealistic to change this speculative market ecology!"

Su Yu nodded slightly, and said: "It's unrealistic at the moment, but in the future... With the continuous growth of the domestic asset management scale, the proportion of retail investors, institutions, and large institutions in the market will definitely change. At that time... the market It is logical that the ecology has changed from speculation to investment.”

"Listen to Mr. Su's point..." Xu Zhongji said, "Although I believe that institutions should take on the important task of guiding the market in the right direction, but looking at the current situation, I still feel that if we want to pursue performance, we must follow the nature of speculation. Concept thread."

"or……"

Xu Zhongji paused, and said, "Boss Su thinks that the main line of the follow-up market is still based on emotional speculation and concept hype?"

"I didn't say that." Su Yu smiled, "Mr. Xu came to listen to me, right?"

"Haha..." Xu Zhongji laughed, "Not to mention, I really want to discuss with President Su about everyone's views on the market next year, and at the same time, I also want to cooperate with you."

"Cooperation?" Su Yu was slightly taken aback.

Xu Zhongji nodded and said, "Yes, there is a fixed-increase project, which Minghui Capital can't afford, so I want to cooperate with Mr. Su, but I don't know how much Mr. Su appreciates the fixed-increase project in the secondary market." not interested?"

"What fixed increase project?" Su Yu asked.

Xu Zhongji said, "Mr. Su knows about Lexun Precision, right?"

Su Yu nodded and said: "I know, among the small and medium-sized boards, one of the more popular 'Apple Industry Chain' stocks has excellent business performance, product planning, and corporate development. This year, this stock ranks first in the entire 'Apple Industry Chain' In the case of a big outbreak, the performance is not bad."

"Yes!" Xu Zhongji said, "They have received a lot of big orders this year, so if they want to further raise funds and expand their business scale through fixed increase means, my relationship with their boss Wang is not bad, so, after After preliminary discussions, we at Ming Fai Capital want to take the lead in this fixed increase plan.”

"How much do they plan to raise?" Su Yu asked.

Xu Zhongji replied: "30 billion!"

Hearing this number, Su Yu's eyelids twitched, and he said, "Lexun Precision's current market value is only a little over 100 billion, right? Do you want to raise so much money?"

"What Mr. Wang means is that the wave of 'smartphones' has arrived. Now that the order has been received, if we don't take advantage of this wave to improve the scale and technology, it will be difficult to catch up in the future. Yes." Xu Zhongji said, "I know President Su is also very optimistic about the direction of the 'smartphone industry chain', so... I want to take this opportunity to ask for your opinion."

"The private placement of 30 billion funds." Su Yu pondered, "It's a big project."

Thinking about it, Su Yu paused, and then said: "How much can your Minghui Capital eat?"

Xu Zhongji smiled and said: "About 10 billion is almost the same, and if it goes up...the investment risk of the fund will be unbearable."

"Since you want to take the lead in taking over this project, you should have found other organizations, right?" Su Yu continued to ask.

Xu Zhongji nodded and said: "I have talked with Mr. Gao of Anhe Fund, but Mr. Gao is quite skeptical about the current valuation of stocks related to the 'smartphone industry chain'. He feels that although the prosperity of this industry is high, , but the current valuation is obviously a bit overdrawn. Even if Lixun Precision is willing to set the price at a market discount of 25%, he believes that the risk is still not small, so he is unwilling to participate in large-scale, but because of human feelings, he can invest 1 million .”

"Then there are nearly 20 billion yuan left!" Su Yu said, "With the asset management scale of our 'Yuhang Investment', it is not realistic to hold 20 billion chips in a single stock."

Fixed-increase chips usually have a one-year lock-up period.

Therefore, compared with buying stocks directly from the secondary market, the risk of participating in fixed increase is higher.

Although according to the memory of Su Yu's later generations, the stock of Lixun Precision, and this company, can be regarded as an outstanding player in the industry, and in the golden age of "smart terminal" development that followed for nearly five years, this stock has also stepped out Going through the bull-bear trend, he has become one of the billionaires in the market, but at the current key point of the market transition from bear to bull, he needs cash flow to continue to deploy and hype, and to maximize market profits.

Therefore, although this is an excellent company that has been verified by later generations, it is a long-term growth stock that can go through bulls and bears.

He also can't pressure 20 billion on it, resulting in a sharp reduction in funds available for the fund.

"I understand." Seeing that Su Yu was interested in this, Xu Zhongji lifted his spirits and said, "Then Mr. Su... roughly how many chips can you take?"

"10 billion!" Su Yu said, "Of course... If Mr. Xu takes the lead and can lower the price of the fixed increase, I can also help to get 15 billion chips. I am still more optimistic about the company, that is, the valuation, which is indeed not dominant at present.”

"A price that is too low may not be easy to pass the review of the regulatory authorities." Xu Zhongji said, "However, in the secondary market, it is not right to suppress the stock price and lower the price of the fixed increase through the secondary market." It can't be done, if President Su is willing to help you get 15 billion chips, then in this respect... I will handle it."

"Okay!" Su Yu said, "Since Xu is always a straightforward person, then I won't talk nonsense. We 'Yuhang Investment' took the 15 billion chips."

"Haha..." Xu Zhongji laughed and praised, "Boss Su is domineering!"

He wanted Rasuyu to join him, but he actually had several thoughts in his heart.

The first is that he helped Lixun Precision to lead the completion of a large-scale fixed increase plan at this juncture, so Mr. Wang, who was negotiating with him, would naturally promise him certain benefits.

The second is the participation of Su Yu's 'Yuhang Investment'. The stock price and valuation of Lixun Precision, under the large-scale holdings of the institution 'Yuhang Investment', will inevitably receive corresponding support, and even other The pursuit of investment institutions and retail investors reduces the risk of Ming Fai Capital participating in this fixed increase project.

The third level, with the participation of Su Yu's "Yuhang Investment", he will have more negotiating chips on the side of the actual controller of Lixun Precision, Mr. Wang, so that Lixun Precision can also make the fixed increase plan. Give them more benefits.

The fourth is to establish a deeper cooperative relationship with Su Yu's 'Yuhang Investment'.

Of course, at this moment, Su Yu is well aware of Xu Zhongji's various thoughts and ideas in pulling himself into the game, but he thinks that since it is a good project, he can benefit from it by participating in it, and he can get it through the fixed increase project. If there are enough high-quality chips, there is nothing wrong with cooperating with each other.

"Oh, yes, President Su..."

Xu Zhongji paused, and after the waiter had finished serving the dishes, he poured a glass of wine for Su Yu, and said, "What do you think of the market situation next year?"

"The market is at the bottom, and it has been consolidating for two or three years." Su Yu said, "This year's GEM market has set a good example. I think next year's market should not be worse than this year, but the main direction... …I’m afraid we will have to wait for the market to come out, or the moment when the market wind direction arrives, before we can know.”

He feels that the macro direction of the market can be discussed.

But the specific direction of the main line, these are the market information that needs to be weighed and the specific logical analysis to draw conclusions, he does not need to confide to Xu Zhongji, naturally he is unwilling to say more about this, after all, there is no such thing as a free lunch , he has a little friendship with Xu Zhongji, but it has not reached the point of 'speaking deeply'.

Xu Zhongji smiled, and knew the specific direction of investment in the main line.

Especially when it comes to the specific investment strategy direction of the fund, it is impossible for Su Yu to reveal too much.

So, I didn't mind.

The two of them were eating and drinking, and based on the current situation at home and abroad, as well as the historical performance of the financial market, they speculated on the future macro trend, discussed the development of the macro economy, and possible changes in the country's policy direction in the future.