Chapter 791: The Sharp Sword Hanging Above His Head
When 5s Asset Management Company was first established, its initial capital was as much as 10 billion yuan.
Later, he took the lead in promoting closed-end private equity funds and obtained a lot of idle funds from many companies. The Midland Group, which Mr. Su invested in, spent 500 million yuan at that time just to support Su Yehao's business.
The funds of this part of enterprise-level customers have exceeded RMB 14 billion.
In addition, public funds have also raised more than 13 billion yuan from the public. Although the investment amount varies, there are many people in the mainland. Without any surprises, I believe the scale of this part of the funds will be very large.
It will soon surpass enterprise-level customers.
Many banks are selling fund products under 5s Asset Management on an agency basis, which is particularly convenient to purchase. Basically, customers sign a few contracts and the money is transferred to the 5s Asset Management account. The scale of funds raised continues to increase.
Including the funds raised from Hong Kong City, the total assets under management exceed 46 billion yuan.
Su Yehao finished counting the data.
It was found that among this part of the funds, approximately 16 billion yuan was invested in the form of private equity investment.
The private placements of two listed companies, Gree and Vanke, have made 5S Asset Management one of their major shareholders. This part also falls within the category of private equity investment.
Of the 16 billion yuan, about 54% belongs to 5s Asset Management Company’s own funds, that is, it uses the 10 billion start-up capital to invest, and the rest is mostly the money of enterprise-level customers.
It is equivalent to Su Yehao helping them invest and manage their finances.
Most of the public funds for ordinary investors are used to invest in mainland stocks, and the scale of this part is more than 9 billion yuan.
As for the funds raised from Hong Kong cities, they are dispersedly invested in the mainland, Hong Kong cities, Europe and the United States through relatively complete investment channels.
The reason why Su Yehao found it troublesome to adjust was mainly because the stall was too big. With the size of 5S Asset Management Company, it could easily attract a lot of unnecessary attention.
If the news of the reduction of holdings is leaked and the mainland stock market crashes in advance, it will inevitably cause a wave of hatred and be resented by countless investors. Even the investors of 5s Asset Management Company will probably blame him for being idle.
Jumping blindly.
Therefore, he extended the holding reduction cycle to thirty trading days, that is, within one and a half months, he reduced the share of tradable positions to 20% to 30%, and if possible, could even clear part of the position.
These tradable mainland stocks are scattered among more than 20 listed companies, with a total value of about 12.5 billion yuan, which means that about 500 million yuan needs to be cashed out every trading day.
Private equity financing and private placement cannot be traded in the short term, and there is no need to trade them.
Su Yehao's plan is to reduce this part of his holdings first and wait until the market stabilizes before entering the market.
Even if the locked-up stocks suffer a partial loss, as long as the scale of the position increase is large enough, part of the rate of return will be flattened, making the accounts look better...
News was limited to a handful of executives.
After fifteen consecutive trading days, twenty days in total, the crisis was barely resolved.
Su Yehao's news finally attracted the attention of interested people.
The China Securities Regulatory Commission sent people to ask him privately why he cashed out 6 billion yuan in a large sum.
May 27, 2001.
A middle-aged man named Wang took the opportunity to meet with Zheng Yongwen, CEO of the Hong Kong Stock Exchange, and asked Su Yehao out with him.
The three of them were sitting on the sofa in Zheng Yongwen's office. The man named Wang explained:
"Mr. Su has been too cruel recently. I'm afraid the Shanghai Composite Index has dropped twenty or thirty points because of you. If you have any questions, you can communicate with me directly. If you continue to sell like this, I'm afraid my heart won't be able to bear it... It's because of the state-owned shares
Bad news for reducing holdings, right?”
Before coming here, Su Yehao received a tip-off from Zheng Yongwen and knew in advance that he would talk about a large-scale reduction of holdings.
Many of the companies he holds are constituent stocks of the Shanghai Composite Index.
They have been pressured by a large number of selling orders recently. It is surprising that the index looks good, but it is hard to say how much impact Su Yehao's reduction of RMB 7 billion will have.
If he really listened to Feng Tiancai's "slander" and stood up to express his pessimism about the prospects of the mainland stock market, then the probability of the decline would not be 20 or 30 points, but could be 200 or 300 points.
But then.
Although the bubble will be suppressed, stock investors will not feel that Su Yehao is doing it for their own good.
On the contrary, I feel that he has achieved great success, made money for himself, but kicked others into a pit, which is particularly offensive to others.
Therefore, even if Su Yehao really wanted to explain the reason for his cashing out, he would not stand up publicly and express his position in person. An unknown fund manager would be enough to explain a few words.
The China Securities Regulatory Commission sent someone to question him in passing, also to reduce the impact and avoid causing trouble again.
Hear the words.
Su Yehao sat calmly, shook his head and said:
"I think there is a bubble in the stock market and I am worried that asset values may fall. This is why I choose to wait and see. You can rest assured that money will return to the market, but not now. As the boss of an asset management company, I want to
My clients are responsible, and I have asked my people to slow down their holdings in order to mitigate the impact on the market, and everything is working fine until now, right?"
"...Is it normal? It's nothing on the surface, but privately it's gone viral, and many people are following you to cash out."
"That was not the news I released. I hold a huge amount of banned stocks, and market problems will not do me any good."
Su Yehao pretended to sigh, and then said:
"The reduction of state-owned shares is the news you released to avoid further overheating of the market. I can only say that the news came out a bit late. The bubble is already there. The average price-to-earnings ratio exceeds 45, which is considered high risk, and the average price of A-shares
The price-to-earnings ratio has exceeded 60. If I don’t cash out, I’m worried that investors will throw me into Victoria Harbor.”
Speaking of this, Mr. Wang smiled awkwardly, there really was no excuse to stop Su Yehao from cashing out.
It cannot be said that in order to maintain market stability, you should stay still and wait for the market to enter a downward channel. As an investor, it is Su Yehao's freedom to reduce holdings and so on.
Speaking of the bad news about the reduction of state-owned shares, the plan has been brewing since last year to ask all state-owned listed companies to reduce their shareholding ratio to less than 51%.
This impact on the market is equivalent to...the opening of museum warehouses for external sales, which in turn will have a devastating effect on the art trading market. This is huge bad news, and many assets will inevitably be reduced.
Just as Su Yehao guessed, the mainland stock market has been bullish for five years, and now the sword is hanging over the head of the stock market, partly to avoid further expansion of the stock market bubble.
Investors don't care about this, as long as the bubble doesn't burst in their own hands, they want the bubble to be bigger, the better.
However, the entire A-share market has a volume of more than 4 trillion yuan, and the outstanding shares are as high as more than 1 trillion yuan. When the bubble gets bigger, it will have a severe impact on the economy, and it has reached the point where it has to be controlled.
Seeing that Mr. Wang had nothing to say, Su Yehao took the initiative and said:
"It's difficult for me this time too. To help clients manage their finances, I have to consider the risks. Don't worry, the money I cash out will be bought into bonds first. When the time is right, it will be no problem to hold some state-owned stocks. I said at the beginning
In the past three years, I have raised 60 billion yuan and invested more than 10 billion yuan. Everyone in Hong Kong knows that I am the most trustworthy person."
aside.
Zheng Yongwen blinked.
While smoking a cigar, I was thinking about why I hadn't heard that he was the most trustworthy person in Hong Kong.
Still remember, Su Yehao mentioned before that he wanted to help broker a deal with his aunt, but in the end, it turned out to be nothing...