Domestic funds brewing sea hit a new

Tencent Lei Jianping technology reported July 9

The recent decline in stocks has not stopped the fund companies preparing to organize new enthusiasm overseas. With the imminent listing date of Ali Group, Huaxia Fund and Harvest Fund recently launched their targeted products in an attempt to participate in Alibaba IPO's "hit trendy."

Tencent Technology was informed that Huaxia Fund has launched the "Huaxia Fund Account • Overseas Oriented No. 1 Asset Management Plan" which aims at opening up new opportunities for Alibaba IPO with a term of 3 years and closed-end operation with participation once a year and exit .

Harvest Fund Alibaba IPO also launched a buy new service, will be achieved through its custom account. Currently, Zhao Xuejun, the general manager of Harvest Fund, acts as the general manager of Harvest Fortune and also incorporates Harvest's customized account service into its business segment.

A brokerage industry told Tencent Technologies that prior to the official roadshow of Alibaba Group, its underwriters have started to make inquires about the domestic large fund agencies in order to judge everyone's expectations of the valuation of the Alibaba Group.

People close to the China Fund revealed that many investment banking agencies have approached Huaxia Fund to express their intention to distribute Alibaba shares. However, Huaxia Fund is still waiting to see the distribution scale and issue price of Alibaba Group being undetermined.

Fund's "crowdfunding" business: a new sea

In mid-June this year, Alibaba Group filed Form F-1 / A with the SEC. Prospectus shows that Alibaba Group to self valuation of 93 billion US dollars to 116.2 billion US dollars, a price of 40 dollars to 50 US dollars.

An investment manager of GF Fund Tencent Technology said Alibaba's own internal valuation and investment banks to Alibaba Group's valuation is 160 billion US dollars to 200 billion US dollars, the relative prospectus shows Alibaba Group valuations much higher.

The outside world forecast Alibaba Group round of financing is 15 billion to 200 billion US dollars, with the release of the Facebook market when the scale comparable. If the issue price to get the stock, the fund company may be a huge arbitrage opportunity.

Fund companies have issued products, closely linked Ali Ali to play a new opportunity, its confidence comes from the overseas stock market in confidence. A fund industry source pointed out that Alibaba Group listed on behalf of the new economy a climax, representative.

Taking the Jingdong listed this year as an example, its issue price is 16 U.S. dollars, but its share price almost doubled to 31.22 U.S. dollars. Even if the stock price is now adjusted to 26.47 U.S. dollars, it still rises 65%. If the cheetah issue price is 14 U.S. dollars and the highest is 25 U.S. dollars, US dollar, the highest increase of 78.5%, such as the highest price of cattle way 19.80 US dollars, or in a very short period of time to double.

WIND data show that as of June 30, Baidu listed 9-year stock price rose 68 times. Thunder, Sina microblogging listed on the first day gains were up 24% and 19%, also shows the huge profit-making US stocks.

Fund offshore model more similar crowdfunding, such as the China Foundation for the introduction of the product performance benchmark is set directly to 8% per annum, if the annual investment income of more than 8%, beyond the part of 20% as a manager of performance compensation, the threshold is only 1,000 yuan .

A shares of frustration: playing new lottery

Since the beginning of this year, when domestic A-shares hit new ones, investors make profits. The first day of these new-share listed transactions is an instant daily limit. Generally, it will take several days to make a daily limit and make it almost double in size.

However, there is a serious problem with domestic new shares, that is, the whole process of buying new shares is no different from buying lottery tickets. So that Chinese investors to buy shares of the image is called playing new shares, because the purchase price is assessed, the fight is hit the luck, hit almost sure.

Taking the four new shares listed in June as an example, they all received hundreds of times of subscriptions. The final success rate of investors was 0.833%, 0.458%, 0.544% and 0.437% respectively. Such a low success rate for fund companies is not a good thing.

Relatively speaking, buying a quasi-IPO stock to be listed in Hong Kong or the United States is not easy and needs to start at at least $ 2 million, which directly blocks the majority of retail investors and is also a huge advantage for large fund companies and investment institutions .

A fund company source said that there is not a truly outstanding Internet stock in the country, but clients' overseas asset allocation needs are increasing. There is no chance for domestic A-shares. "We design the IPO, minimize active management, the customer is not concerned about a stock Alibaba Group, we are equivalent to providing customers with a channel, there are more high-quality companies."

Fund hesitation: Ali issue price is too high

Alibaba Group is so hot, many companies have been eager to roadshow. Some Internet company executives are not afraid of the current technology stocks plunge, said the fund economy before the advent of the second quarter of 2014 to lighten up to avoid the risk of quarterly reports.

In fact, with the upcoming Alibaba Group, China stocks will encounter a wave of turmoil. Analysts pointed out that this is because Alibaba itself invests a lot in the shares of the company, each other will form a squeeze effect; the other hand, Alibaba Group and Tencent, Baidu belong to the high-quality technology stocks, the fund company is bound to position the company.

A fund company pointed out that the technology stocks held by fund companies account for a certain percentage of the total plate, many fund companies to buy Alibaba Group shares, will lighten up other medium stocks, to some extent, will lead to other shares in the stock price Falling.

Many investment institutions and fund companies Alibaba Group, "sharpening" to Harvest Fund, for example, through the communication with the Alibaba underwriters, they want to one-off at the issue price to buy at least tens of millions of Alibaba Group stock.

A fund industry source revealed to Tencent Technologies that at present, the distribution plan of Alibaba shares is not confirmed and there are some hidden worries. The value of playing a new share in Alibaba Group lies in avoiding mistakes made by subjective judgment.

A person familiar with the Huaxia Fund pointed out that the current Huaxia Fund to buy new shares depending on the number of several conditions: 1, Alibaba pricing; 2, Alibaba lock on the sale of its stock the length of the stock; 3, the scale of fund-raising.

If Alibaba Group issue price is too high or the lock-up period is too long, will affect the desire to buy Huaxia Fund. The person said, "Huaxia Foundation, according to Ali stock judgment how much to buy, if the pricing is too unreasonable, may choose to wait and see."

In fact, the fund company valued Alibaba Group's new shares is "drunken meaning is not in the wine," more still hope that the sea to play a new process familiar with the follow-up and in the United States shares in the stock market to lay the foundation for cooperation and to attract more More users to overseas markets.

Analysts said Huaxia Fund and Harvest Fund's products are mainly for overseas IPO companies, not limited to Alibaba, similar to the United States Mission, Sogou, public comments, music and other large companies are seeking to be listed, fund companies want to share the chance of success .