Fof Unexpected Become A Hot Money, Behind The Hand Jinglin Assets By What?

The fof (fund in the fund), the largest initial fund raised in the private equity market, has come out.

From July 12 to 16, the first fof product of Jinglin asset, a 100 billion private equity giant, was launched in all channels. As soon as it was sold, a large number of users were rushing to buy it. In some channels, the quota was snapped up in half an hour, and the amount of product raised quickly exceeded 10 billion yuan.

The information from the channel also showed that the total issuance limit of Jinglin fof may be limited, which is expected to be controlled at about 12 billion yuan, and the purchase will be terminated in advance on July 15.

In the view of most private equity institutions, domestic fof is still in the early stage of development, and there are many problems of savage growth. The market's cognitive bias towards fof and the poor customer experience make it difficult for fof products to develop in the market.

Why does Jinglin asset issue Jinglin select fof to become a hit in the industry?

"There are brands, achievements and channels. Of course, they sell well." A founding partner of a private equity fund in South China believes that part of the reason for the high sales of the product is that this fof product is not really a whole market fof in the true sense, because it is invested in its own products (the fund managers covered include Jiang Jinzhi, founder and chairman of Jinglin assets, Gao Yuncheng, Jin Meiqiao and Jiang Tong) and the initial capital is evenly distributed, "In particular, the products that have not been opened for many years under the management of the founder Jiang Jinzhi are very attractive."

100 billion private equity giant

In 2004, the leader Jiang Jinzhi founded Jinglin assets. The company was registered in the Cayman Islands and mainly invested in Chinese stocks.

Jiang Jinzhi, who has many years of investment experience both at home and abroad, started his career in the listing Department of Shenzhen Stock Exchange after he obtained a master's degree in international finance from the Postgraduate Department of the people's Bank of China in 1992. He once served as the general manager of the bond and futures Department of the Shenzhen Stock Exchange.

In 1996, he joined Guoxin Securities and was in charge of the company's asset management business. In 1999, Jiang Jinzhi went to UCLA for further study. After returning to China, he successively founded Zhengda Xin Investment and served as the chairman of Hong Kong Yuehai securities to invest in Chinese stocks, especially Chinese stocks listed overseas.

Until 2004, when Jinglin asset was established, Jiang Jinzhi started his legendary career in China's stock market.

In 2012, Shanghai Jinglin asset management company was established and 299 funds are under management.

According to the latest channel data, the asset management scale of Jinglin has reached 100 billion level, which is in the first echelon of the industry. At the same level of private equity, there are also Gaoyi asset, Liren investment and danshuiquan investment under hillhood capital.

Industry insiders point out that private equity companies with platform type and multi fund managers can carry a larger scale. For example, Jinglin asset now not only manages products by founder Jiang Jinzhi, but also collects fund managers with representative products, such as Gao Yuncheng, Jiang Tong and Jin Meiqiao. They cooperate with each other and are in charge of products and have the same investment philosophy.

The representative product of the founder Jiang Jinzhi is golden China, which mainly invests in Hong Kong stocks. Since 2004, the compound annual return has exceeded 20%, but the withdrawal has also been as high as 60%. He prefers large consumption and has the highest shareholding concentration. At the same time, he also participates in the management of Jinglin Value Fund.

The shareholding concentration of Gao Yuncheng is also relatively high. His representative works are Jinglin robust and Jinglin preferred investment in a shares and Hong Kong stocks. Jinglin robust was established in 2006, with an annualized return of 23.34%, and its investment style is more growth oriented.

Jinmeiqiao's shareholding dispersion is lower. Its representative work is Jinglin global, which invests in Hong Kong stocks, a shares and China capital stocks. From its establishment in 2016 to this year, the return rate has reached 28.86%. In terms of investment, it pays more attention to risk and withdrawal control, and its position style is more balanced.

Jiang Tong is the only female among the four fund managers in Jinglin. Her representative work is Jinglin's bumper harvest, which invests in a shares and Hong Kong stocks. The holding industry and individual stocks are also relatively scattered, but the position style tends to grow. She mainly studies emerging industries.

And Waterloo

In the process of growing into 100 billion private placement, Jinglin assets has gone through many cycles, and has also faced the crisis of almost all products losing money.

The stock market is difficult in 2018, and the three major indexes of A-share all fell by more than 20%. The trend of several private equity products of Jinglin assets is terrible.

Among them, the gold China fund, the trump card product managed by Jiang Jinzhi, lost more than 20% and dynamically retreated to more than 28%, which greatly lost the Hang Seng Index.

In addition, several star fund managers are also the same. Jinglin steady loss of Gao Yuncheng management is 23.27%, and Jinglin Fengshou, the representative product of Jiang Tong, loses 25.19%.

According to the statistics of private placement network, among the 19 stock strategy private placement products with public data under Jinglin assets, 18 products suffered losses in 2018, with an average return of - 23.17%. Among them, 3 products lost more than 30%, which were Ping An Fortune Investment elite Jinglin, foreign trade trust Ruijin No.29, Jinglin diversified strategy and Jinglin preferred golden axe Yunding No.9.

To make matters worse, after a large area of losses, the market leader "lost contact" and was "filed for investigation".

These information also led the founder Jiang Jinzhi, who had always been a low-key founder, to come to the front desk to refute the rumors, participate in the company's investment strategy sharing meeting, and clarify the rumors about long-term absence of offices in Hong Kong and Shanghai and possible loss of contact.

What is Jinglin investment law

The most prominent investment feature of Jinglin assets is to invest in industry and PE.

At a recent online exchange meeting of Industrial Bank Private Bank, Tian Feng, managing director of Jinglin assets and head of Jinglin select fof, shared the company's research system. We should look at a company in the short, medium and long term.

In the short term, it is to track quarterly, interim and annual reports to verify whether the team's judgment is accurate through tracking data.

In the medium term, it depends on the development of the industry itself and the competition pattern of the industry, the impact of macro policies on the industry, and the position of the company in this industry. Whether there is a deep moat is needed.

In the long run, whether the team is trustworthy or not and what kind of governance mechanism the team relies on.

In particular, the investment in pinduoduo can reflect the value investment method of the company.

When pinduoduo was just listed one month ago, Jinglin assets was still very unfamiliar with it. So they investigated along the three railway lines, and went all the way to inland provinces. They recorded their love and complaints about pinduoduo from the masses such as peddlers and housewives.

In the fourth quarter of 2018, pinduoduo was full of negative effects. However, after comprehensive investigation, Jinglin assets started decisively, preempted the layout, and finally made a profit of 7 times.

According to the first quarter report of 2021, Jinglin assets reduced its holdings of pinduoduo from 3.78 million shares to 2.618 million shares in the first quarter of 2021, with a market value of US $350 million at the end of the quarter. Pinduoduo also dropped from the first heavy position of Jinglin assets to the second heavy position.

Gao Yuncheng, partner and general manager of Jinglin assets, once said that the biggest difference between investing in listed companies and industries is liquidity. Therefore, when selecting researchers, the company will try its best to select those with industrial background, so as to have a deeper understanding of the industry and the company, so as to increase the certainty.

There is little difference between PE and secondary market methodology. The difference lies in that PE projects are in the dark, requiring a lot of time to search, and need to enter the enterprise for in-depth investigation and thorough understanding of enterprises and industries, so as to improve the certainty of investment.

?