Ant group IPO derived from another drama, is the five innovative future strategic placement funds. “One yuan can be ant shareholder”, “star manager management” Rare themes, star fund managers and all-round publicity have jointly achieved this grand event of fund circle and become a rare opportunity for public funds to “break the circle”.
From the application, approval to issuance, the speed of the five funds can be described as “lightning”: on September 10, Huaxia, e-fund, Penghua, huitianfu and China Europe fund companies jointly reported the theme fund of “innovative future”, which attracted market attention. In just over a week, the five funds were officially approved.
Late in the night of September 22, five companies issued a prospectus together. At the same time, the official of the prospectus of ant group announced that the five funds will participate in the strategic placement of ant group together with the strategic placement fund previously established.
In the next few days, the fund advertisements were broadcast in the subway, bus station and building elevator in major cities. “You can see advertisements everywhere. It feels like the double 11 has been ahead of schedule.” One investor recalled.
In the early morning of September 25, the five funds were officially put on sale. A group of sales data with strong e-commerce color is: “it will sell 1 billion yuan in 2 minutes. In just one hour, the five funds sold 10.2 billion yuan. ” E-fund innovation, which ranked first in the future, will take the lead in reaching the sales quota of RMB 12 billion, and will close the issue ahead of schedule, “sold out in one day”.
It’s national day, and it’s going to cover the entire holiday season. The five ant strategic placement fund opened 118 live broadcasting projects in Alipay for the new development fund roadshow. It accumulated over 70 million people, and took turns to answer questions for investors during the holidays. The national day of Huaxia Fund was broadcast continuously for 8 days, with 4 hours of live broadcast every day, while huitianfu fund broadcast for 11 hours continuously on September 25. The fund manager also visited the live broadcasting room in person, setting a record for the longest live broadcast of financial management in a single session.
On the evening of October 8, all five innovation future funds were raised. According to relevant statistics, more than 10 million people have subscribed to the five funds, equivalent to 8 people buying every second. According to the total scale of 60 billion yuan, the fund’s per capita investment is only 6000 yuan, becoming the most inclusive new fund in history.
On November 3, the Shanghai Stock Exchange decided to suspend the listing of ant group. As soon as the news comes out, more and more fund investors ask for refund.
Most of the investors come to the ant fund. “If you don’t buy ant stock, the product will lose its core value. If the product has deteriorated, it should be returned.” Some investors have said so.
In fact, the “core value” understood by some investors is not the real “core value” of the fund. In terms of the proportion of the investment portfolio, only 10% of the participants participate in the ant battle, and where the remaining 90% is invested is the key factor that really determines the performance of the fund. And, this batch of fund is the partial stock mixed fund of stock investment not less than 60%. Therefore, they are essentially a high-risk product under the banner of ant strategic distribution.
Industry insiders have commented that looking back on the previous announcements of ant group and five funds, the label of “participating in ant battle allocation” only accounts for 10% of the actual portfolio, which is equivalent to using ant IPO to leverage investors’ expectations. With 10% of the position to pry a national high-risk investment feast, but also buried the expected failure after the hidden danger.
As high as investors’ expectations are, so are losses. According to the “Caijing” reporter’s sample survey of relevant fund investors (the sample number is more than 100), more than 70% of the funders think that the money should be refunded, and about 20% of the funders think that at least the purchase and redemption should be opened.
On the evening of November 5, the China Securities Regulatory Commission (CSRC) made a statement on this issue. Subsequently, e-fund, Penghua, China Central Europe, huitianfu and Huaxia announced the optimization plan: to apply for listing on the stock exchange to facilitate investors to sell on the spot.
It is difficult for investors to be satisfied with the plan of listing and transferring. Market participants believe that the business of custody transfer is strange and complex, which is too difficult for new fund investors to enter the market, and there is a high probability of discount after listing. Some public funders also said that at present, it can only be considered as a compromise scheme, and it is uncertain whether the redemption will be opened in the future.
Late in the night of November 10, five companies successively issued announcements and launched new plans. The new scheme adds class B shares, and investors can withdraw according to the net value of fund shares. At the same time, the five innovation future funds still apply for share listing and trading according to the statement on November 5.
At this point, investors’ withdrawal demands have been resolved, and the dispute about Innovation future fund has come to an end.
Looking from the rearview mirror, the Innovation future fund has not only lost the aura of participating in ant strategic placement, but also experienced a frenzy of “leverage” and pain of “deleveraging”.
After dropping expectations of participating in the ant battle, investors began to re-examine the five funds. Whether to go or not to stay, opinions began to diverge. “Finance and economics” reporter learned that some investors will resolutely redeem, “believe the fund manager’s words, it is better to buy open-end funds directly, there is no need to close for a year and a half.”. Others want to arbitrage, “buy it back after redemption, and you can earn the difference (because the secondary market is probably at a discount).” More people are beginning to realize that making money or not depends on 90%, not the 10% of the propaganda.
At present, the five funds have started to build positions. “As there is a one month exit option period from November 23 to December 22, positions should be controlled to cope with the pressure of redemption.” An analysis of fund practitioners.
article links：Strategic placement fund: from hot sale to class B exit
Reprint indicated source：Spark Global Limited information