Rebirth of the investment era

"Mr. Su, we 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, you're fine." Su Yu smiled and extended his hand when he saw an acquaintance, "I thought you would be in Yanjing right now."

"At this year's performance meeting, we at Minghui Capital are just joining in the fun." Xu Zhongji said, "So I asked Manager He to go, but Mr. Su... I thought you would be in Yanjing. After all, This year is when your 'Yuhang Investment' will shine, and there is probably no one in the entire industry performance summit that can compete with your 'Yuhang Series' fund products."

"It's just a false name." Su Yu said, "There's no point in fighting over it."

"Haha..." Xu Zhongji laughed, "President Su still has a big pattern."

Su Yu smiled and said: "Your performance at Minghui Capital this year should not be bad, right? I looked at the performance rankings of private equity products at the end of the year. Both of your fund products are ranked in the top 30."

"Fortunately!" Xu Zhongji said, "Fortunately, Mr. Su reminded me that before the rapid decline in October, we reduced our positions and preserved our profits without a large-scale retracement of our net worth. This was completed. This year’s performance target has been set, making the company’s product net worth ranking less ugly.”

Having said this, Xu Zhongji hurriedly made a gesture of invitation to Su Yu.

Then he continued: "If there is nothing urgent, Mr. Su, you might as well have a meal together. I am still waiting to repay you for your reminder."

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

Later, at Xu Zhongji's invitation, the two of them came to a clean private room in the hotel restaurant. Without waiting for Su Yu to react, Xu Zhongji reported many dish names to the waiter in one breath.

Seeing that he was very familiar with this place, Su Yu couldn't help but ask, "Mr. Xu used to come here often?"

"Absolutely!" Xu Zhongji said, "When I often came to Shanghai on business trips, I would always choose their hotel to stay. The food and accommodation environment are also pretty good."

"No wonder!" Su Yu responded.

"In the current market, many investors are extremely enthusiastic about the fund products managed by Mr. Su." After Xu Zhongji finished ordering, he watched the waiter leave and continued with a smile, "I heard that the two funds managed by Mr. Su were criticized outside the market. The premiums for the products and the shares transferred under the agreement have reached more than 20%. Such a fiery mood... Has Mr. Su not thought about opening another fund product to bring the company's asset management scale to a higher level? "

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

"If you only charge management fees, scale is naturally the most important." Xu Zhongji said, "If investors don't mind the fund management company charging excess profit sharing, then performance is naturally more important. After all... can we really create someone like Mr. Su?" With the performance of fund product management, the share of excess profits will naturally be much greater than the collection of management fees."

Minghui Capital, where Xu Zhongji works, can barely reach the 10 billion asset management scale threshold.

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 perspective?" Su Yu said.

Xu Zhongji replied: "From an investor's perspective, there is no doubt that 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 be long-term. Focusing on scale rather than performance, even in a short period of time, it may bring an increase in revenue to the company. , however, fundamentally, it is still consuming investors’ trust in management institutions, and over time, it will become more difficult to scale up.”

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

"As performance improves and investors make money, they will be less disgusted with the institution taking away part of the excess profit. At the same time... because the institution has helped him make money, his trust in the institution will naturally decrease. Once investors have trust and confidence, it will be much easier to scale up in the future.”

"This is the principle..." Xu Zhongji nodded slightly, "But how difficult is it to make a breakthrough in performance?"

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

However, the financial market is full of uncertainties, and it is extremely difficult to achieve stable and sustained profits. Therefore, there are many fraudulent and deceptive subscription inducements, as well as the pure pursuit of scale.

"If A-shares are difficult, 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 speculative nature of the market. Ecology, instead of just taking advantage of capital and information to harvest retail investors.”

"In the A-share market, 80% of investors are retail investors." Xu Zhongji said, "Retail investors usually do not have a grand vision and vision, and they do not have very deep research on corporate fundamentals. So... it is necessary to In an investment market dominated by retail investors, it is probably very unrealistic to change the market ecology of this speculative nature!"

Su Yu nodded slightly and said: "It is unrealistic at present, but in the future... as the scale of domestic asset management continues to grow, the proportion of retail investors, institutions, and large institutions in the market will definitely change. By then... the market It is natural for the ecology to change from speculation to investment.”

"Listen to Mr. Su..." Xu Zhongji said, "Although I believe that institutions should shoulder the important task of guiding the market in the right direction, looking at the current situation, I still feel that if we want to pursue performance, we must follow the attributes of speculation and engage in emotional speculation and Conceptual thread.”

"or……"

Xu Zhongji paused and said, "Mr. Su, do you think the main line of the subsequent market conditions will still be based on emotional speculation and conceptual speculation?"

"I didn't say that." Su Yu smiled, "Mr. Xu is here to hear what I have to say, right?"

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

"Cooperation?" Su Yu was slightly startled.

Xu Zhongji nodded and said: "Yes, there is a private placement project that we at Minghui Capital can't afford, so we want to cooperate with Mr. Su. I just don't know how Mr. Su feels about private placement projects in the secondary market. not interested?"

"What private investment project?" Su Yu asked.

Xu Zhongji said: "Does Mr. Su know about Lixun Precision?"

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 operating performance, product planning, and corporate development. This year, this stock has outperformed the entire 'Apple Industry Chain' Even in big outbursts, the performance was not bad.”

"Yes!" Xu Zhongji said, "They have received a lot of big orders this year, so they want to use private placement to further raise financing and expand their business scale. My relationship with their manager Wang is pretty good, so after After preliminary discussions, we at Minghui Capital wanted to take the lead in this private placement plan.”

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

Xu Zhongji replied: "3 billion!"

Hearing this figure, Su Yu's eyelids twitched and said, "The current market value of Lixun Precision is just over 10 billion, right? Do you need to raise so much capital?"

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

"A private placement of 3 billion funds." Su Yu pondered, "It's a very big project."

Thinking about it, Su Yu paused and said, "How much can Minghui Capital take?"

Xu Zhongji smiled and said: "About 1 billion, that's about it. Any higher...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 institutions, 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 overdrawn. Even if Lixun Precision is willing to increase the amount at a price of 25% discount to the market, he believes that the risk is still high, so he is unwilling to participate on a large scale. It is just because of favors that he can invest 100 million. .”

"Then there are nearly 2 billion left!" Su Yu said, "With the asset management scale of our 'Yuhang Investment', it is unrealistic to hold 2 billion chips in a single stock position."

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

Therefore, compared with buying stocks directly from the secondary market, participating in private placement is more risky.

Although according to Su Yu's later memories, the stock of Lixun Precision and this company can be regarded as the best in the industry, and in the golden age of "intelligent terminal" development that followed for nearly five years, this stock also came out of the It has crossed the long bull trend of bull and bear, and has become one of the market giants worth hundreds of billions. However, at the current key market node of bear to bull transition, he needs cash flow to continue layout and speculation, and to maximize market profits.

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

He cannot put 2 billion on this, causing a sharp reduction in the fund's available funds.

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

"One billion!" Su Yu said, "Of course... If Mr. Xu takes the lead and can push the price of the fixed increase downwards, I can also help get 1.5 billion in chips. Lexun Precision I am still quite optimistic about the company, but its valuation is indeed not advantageous at the moment.”

"I'm afraid it will not be easy for the fixed increase price to pass the review of the regulatory authorities." Xu Zhongji said, "However, in the secondary market, it is not possible to suppress the stock price and lower the fixed increase price slightly through the secondary market. If we can't do it, if Mr. Su is willing to help us get 1.5 billion chips, then... I'll be in charge."

"Okay!" Su Yu said, "Since Mr. Xu is a cheerful person, I won't talk nonsense. Our 'Yuhang Investment' has accepted the 1.5 billion chips."

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

He wanted to get Su Yu to participate, but actually he had several serious plans in mind.

The first is that he helped Lixun Precision take the lead in completing a large-scale private placement plan at this juncture, so Mr. Wang, who was negotiating with him, would naturally grant him certain benefits.

Secondly, with the participation of Su Yu's "Yuhang Investment", Lixun Precision's stock price and valuation will inevitably receive corresponding support under the large-scale holdings of "Yuhang Investment", and even other The popularity of investment institutions and the majority of retail investors has reduced the risk of Minghui Capital participating in this private placement project.

Thirdly, with the participation of Su Yu's "Yuhang Investment", he will have more bargaining chips with Mr. Wang, the actual controller of Lixun Precision, which will also allow Lixun Precision's side to participate in the private placement plan. Give them more benefits.

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

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

"Oh, by the way, Mr. Su..."

Xu Zhongji paused for a moment. After the waiter had finished serving the food, he poured Su Yu a glass of wine and said, "What do you think of the market conditions next year?"

"The market is at the bottom and 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 in the main direction... ...I’m afraid we won’t know until the market really comes out, or when the market wind direction arrives.”

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

But the specific main direction, these are conclusions that need to be measured based on market information and specific logical analysis. There is no need for him to confide in Xu Zhongji, so naturally he does not want to say more in this regard. After all, there is no free lunch in the world. , he had a little friendship with Xu Zhongji, but it wasn't to the point of 'deep friendship' yet.

Xu Zhongji smiled and knew the specific main investment direction.

Especially regarding the specific investment strategy direction of the fund, Su Yu could not reveal too much.

So, I didn't mind.

Over drinks and food, the two of them speculated on future macro trends based on the current situation at home and abroad, as well as the historical performance of financial markets, and discussed the development of the macro economy and possible changes in the country's policy direction in the future.