As the first trading day after the holiday in October ended, Tiansheng Fund Company's star fund "Tiansheng Value Growth Mixed" Fund quickly announced the top ten largest holdings of the fund on September 30.
The market has been paying close attention to it, especially those who have invested in the Tiansheng Value Growth Hybrid Fund. They want to know what "Brother No. 1" invested in at a high price.
"The top ten stocks with heavy holdings are out. After reading it, I just want to say...it's really mixed."
"An's Shares, Maoti, Wuliangye, Luzhou Laojiao, Haitian Weiye, Zhongguo Pingan, Ganfeng Lithium, BYD, Yiwei Lithium Energy, Huayou Cobalt... the top ten heavyweight stocks
It actually accounts for 85% of the total position. It can be seen that Brother Yi is very restless, haha!"
"Brother Yi has indeed invested heavily in new energy!"
“This position is really worth investing in, but I can’t understand this combination at all, but it’s really awesome!”
"Being dragged down by three bottles of wine and one bottle of soy sauce, these four major stocks accounted for 40% of the total positions. They did not rise much last month, and Wuliangye has not resumed trading yet, which is equivalent to a loss of 10%.
The position does not contribute anything, which is equivalent to only holding 85% of the fund’s total position.”
"An's shares are definitely the top among the top. You know, the number one holding has soared from more than ten yuan to sixty yuan. It's crazy."
"The first brother is the first brother, and price investment is still the first brother. Tiansheng Value Growth Mix's performance in September completely exceeded all fund products in the city. The fund with the second highest performance increased by less than 15% in September, while Tiansheng Value Growth Mixed
Sheng Value Growth Mix achieved a cumulative increase of %!”
"Several new energy stocks have risen very fiercely, and Anshi shares are the most fierce. Although three bottles of wine and a bottle of soy sauce have held back the least, they have risen so much in September, which is very embarrassing!"
"Those who look down on funds, just ask how many people can outperform Tiansheng Value Growth Mix in September by playing by themselves?"
"Follow Brother No. 1 and enjoy the good life. Your salary will be paid immediately. I will spend all the money left over from my food expenses!"
"Sure enough, it's never too late to invest in Brother Yi's fund, and it's even more of an opportunity if it falls!"
…
The performance of Tiansheng Value Growth Mixed Mix in September was still extremely dazzling. Among all similar funds in the city, only 6 had a cumulative increase of more than 10% in September. The second-ranked fund also had a net worth increase of less than 15%, while Tiansheng
Sheng Value Growth Mix's performance of % can be said to be the overall leader.
The vast majority of retail investors in the market have underperformed the fund, and very few can outperform Tiansheng Value Growth Mix today.
When the fund was first renamed "Value Growth", a large number of redemptions were generated. It was not until September that the subscription share gradually exceeded the redemption share, achieving net purchases. After mid-September, a large-scale
Subscription.
Some of them had previously redeemed themselves and chose to play on the market by themselves. In the end, they lost the money they earned from the fund, and some even lost their principal. They became lonely over and over again.
After being taught a lesson by Big A, he became docile, and then came to Tiansheng Value Growth in despair, mixed with honest value investment, and grew value together...
Such people are not the first batch. There are those who were unconvinced and have now become loyal value investors. They will stay in Tiansheng Value Growth Mix and never get out. The outside world is too dangerous.
It is foreseeable that it will definitely not be the last batch.
Everyone discovered that after the fund managed by Lu Ming changed its name again, although the return rate was not as crazy as the flash crash in June, the return was still very strong. The cumulative gains of many similar funds over the past year could not outperform Tiansheng Value Growth Mix in September.
The increase in net worth is simply too much.
Since entering October, Tiansheng's value growth mixed capital market has quietly reached a scale of 20 billion, and has maintained a net increase of more than 100 million in subscriptions every trading day.
Basically, there are very few redemptions. Some investors like to do swing returns, but they find that it is impossible to do swings here at Tiansheng Value Growth Mix, because there is almost no retracement, and the sale is instantaneous.
Even if there is a retracement, the interest rate difference may not be enough to pay the handling fee. The subscription fees, management fees, redemption fees, etc. of Tiansheng Value Growth Hybrid Fund are much higher than similar funds. However,
No one is using it to complain, because it is higher than similar funds.
High renewal fees also drive investors to make long-term investments to a certain extent.
…
Monday.
At this moment, Lu Ming was discussing the backdoor listing with the management staff in the conference room.
Yao Jun, who attended the meeting, said: "There are five types of backdoor schemes: asset sales and additional issuance of shares, asset replacement and additional issuance of shares, equity repurchase and additional issuance of shares, equity transfer and additional issuance of shares, equity transfer and asset s"
Lu Ming lowered his head and looked at the contents of the document and decided: "Then choose the option of equity repurchase and additional issuance and exchange."
To put it simply, this plan means that the shell company sells all its business and assets to the original controlling shareholder, and at the same time repurchases and cancels the shares of the listed shell company held by the original controlling shareholder. The shares of the shell company held by the original controlling shareholder are not enough to pay the shell company’s original payment.
If you have business and assets, you can top it up with cash.
The shell company issues new shares to the subject of the company to be listed via backdoor, that is, Tiansheng Holdings, which is going to be listed via backdoor, and acquires the equity it holds in the company to be listed via backdoor. After the issuance and exchange of shares, Tiansheng Holdings becomes the new controlling shareholder of the listed shell company.
and reorganized.
Yao Yun looked at Lu Ming and said: "Choose this plan to compensate for the liquidity premium of the original shareholders of the listed shell company's tradable shares. After the backdoor transaction is completed, they will be given bonus shares in a certain proportion."
Lu Ming nodded and said concisely: "It's not a big problem to give away shares. We also give them cash options."
The shareholders of the company being backdoored must have been lucky, and it is definitely a windfall. However, this kind of pie-in-the-sky thing depends on fate. It is just like winning the five million lottery jackpot. It only happens sometimes in fate. Fate
There's no point in forcing yourself.
Su Xiaoman said thoughtfully: "The number of backdoor transactions that occur in the domestic capital market every year is not large. Based on the usual transaction scale and balance of interests, it is initially estimated that the cost of backdoor transactions should be between 100 million and 100 million. Of course, what I said may not be accurate."
Another executive who attended the meeting said: "This cost can generally be supported in backdoor transactions. What is the concept? That is, no matter how big the market value of the shell company is, through backdoor transactions, the stock market value of the old shareholders must reach more than 8 billion.
In order to basically meet the demands of the original shareholders, in short, if the market value of the shell company is 3 billion yuan, the stock price needs to triple, and if the market value is 5 billion yuan, it will be OK."
At this point, the executive added: "Of course, the transaction reflects the wishes of the participants. Such interest demands can only be said to be representative. It does not rule out that there are extreme high and low demands. Some people say that it is not Sister Zhilin."
Even if you don’t marry, there are princes who marry Cinderella.”
Lu Ming glanced at the executive who spoke and spread his hands and said: "I don't agree with your statement. In actual operation, the market value of shell companies is mostly in the range of 100 million. It seems that it is difficult to be backdoored if it exceeds 5 billion. Since
The backdoor cost is more than RMB 8 billion. How can there be a company with a market value of less than RMB 5 billion in the market? It is obviously undervalued, so it should be fired to more than RMB 8 billion in minutes, right?"
After a moment of pause, Lu Ming added: "So in theory, every company except GEM can be backdoored, but there are very few cases of backdooring every year. It is problematic to infer the market value of shell companies from the cost of backdooring. The simplest
For example, this is like a lottery where each player can theoretically win 5 million. Is it possible that because of this, each player’s worth should be valued at 5 million? Is that okay?”
…
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