CFIC Introduction
◆According to Choice data, as of September 20, public funds have participated in 208 private placement projects, with a total investment of about 19.7 billion yuan. Among them, Nord Fund led with 8.63 billion yuan, followed by Caitong Fund, China Asset Management and Industrial Securities Global Fund.
Since the beginning of this year, public funds have actively explored investment opportunities in the field of private placement. According to Choice data, as of September 20, public funds have participated in 208 private placement projects, with a total investment of about 19.7 billion yuan. Among them, Nord Fund led with 8.63 billion yuan, followed by Caitong Fund, China Asset Management and Industrial Securities Global Fund. In this year's more volatile market environment, public funds have obtained large floating profits in some companies' private placement projects. According to Choice data, as of September 20, public funds have participated in 208 private placement projects this year, with a total subscription amount of 19.75 billion yuan.
Specifically, NORD Fund participated in the private placement 65 times, involving listed companies including Xinjinlu, Delian Group, Jianlong Hardware, Hymsing, VIE Technology, Zhongman Petroleum, etc., with a total subscription amount of 8.63 billion yuan, ranking first.
Caitong Fund followed with 61 private placements with a total subscription amount of 6.66 billion yuan, China AMC Fund participated in 30 private placements with a total subscription amount of 1.1 billion yuan, and China Industrial Securities Global Fund participated in 13 private placements with a total subscription amount of 700 million yuan. In addition, Guotai Fund participated in the private placement 5 times, with a total subscription amount of 540 million yuan. This year, the trend of the A-share market is relatively volatile, but some private placement projects participated by public funds have achieved large floating profits. As of press time, the latest price of Deye shares is 91.58 yuan / share, up more than 60% from the issue price of 55.56 yuan / share. Huaxia, Nord and Caitong Fund participated in the private placement of Tibet City Investment, and the company's latest stock price is 10.96 yuan per share, an increase of more than 40% compared with the issue price of 7.58 yuan per share. Industry insiders said that the income from private placement investment mainly comes from two aspects: first, the difference in the future rise of stocks; Second, the return of stock dividends and repurchase cancellations to investors. The active participation of public funds in private placements shows that public funds have increased their confidence in the stock market. Private placement often allows public funds to buy shares of listed companies at a lower price than the market price, and in the context of a good market, public funds are naturally willing to increase their holdings of stocks in the form of private placement. "Although we experienced a sharp fluctuation in micro-cap stocks at the beginning of this year, it does not mean that we have lost confidence in small-capitalization companies in the private placement market, but we believe that under such market expectations or market fluctuations, some small-capitalization projects that have been wrongly killed and covered up may create greater mining value for us." Hu Kaiyuan, head of the investment banking business department of Caitong Fund, said. Hu Kaiyuan said that in the actual tracking, he found that from the results of the lifting of the ban on some micro-cap stocks and small-cap stocks from 2024 to the present, they are actually higher than the overall market expectations. Because when its realized value returns, it is expected to create more alpha returns, which can be actively explored in this regard.
Source of this article: Shanghai Securities News
Author: Wang Peng
WeChat editor: Wang Qian
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