"Mr. Su, let's meet again!"

As soon as Su Yu and his entourage arrived at the designated hotel, they bumped into Xu Zhongji of Minghui Capital.

"Mr. Xu, don't come unharmed." Su Yu saw his acquaintance and stretched out his hand with a smile, "I thought you would be here in Yanjing." ”

"At this year's performance conference, we at Minghui Capital are just joining in the fun." Xu Zhongji said, "So I let Manager He go, but you are Mr. Su...... I thought you would, you should be in Yanjing, after all, this year is the time for your 'Yuhang Investment' to shine, and the entire industry performance summit, I'm afraid there is no existence that can compete with your 'Yuhang system' fund products. ”

"It's just a name." Su Yu said, "It's not interesting to fight back and forth." ”

"Haha......" Xu Zhongji said with a smile, "It's still Mr. Su's big pattern." ”

Su Yu said with a smile: "This year, your Minghui Capital, the performance should not be bad, right?" I look at the performance ranking of private equity products at the end of the year, and your two fund products are among the top 30. ”

"It's fine!" Xu Zhongji said, "Fortunately, Mr. Su reminded me that before the wave of rapid decline in October, we reduced our positions, kept our profits, and did not have a large-scale drawdown of net value, which completed this year's performance target and made the company's product net value ranking not so ugly." ”

Speaking of this, Xu Zhongji hurriedly made a gesture of invitation to Su Yu.

Then continued: "If Mr. Su is not in a hurry, you might as well have a meal with your face, I am still waiting to repay you for your reminder." ”

"Okay!" Su Yu saw that it was almost time to eat, and replied with a smile.

Subsequently, at the invitation of Xu Zhongji, the two came to a clean private room in the hotel restaurant, and without waiting for Su Yu to react, Xu Zhongji reported many names to the waiter in one go.

Su Yu looked at him who was very familiar with this place, and couldn't help asking, "Mr. Xu used to come often?" ”

"Almost!" Xu Zhongji said, "In the past, when I often came to Modu on business trips, I would choose their hotel to stay, and the dishes and accommodation environment were also good. ”

"No wonder!" Su Yu responded.

"In the current market, many investors are extremely sought after for the fund products led by Mr. Su." After Xu Zhongji finished ordering, he watched the waiter leave, and continued with a smile, "I heard that the premium of the two fund products in charge of Mr. Su has reached more than 20% off-market, so the hot mood is ...... Didn't Mr. Su think about opening another fund product to make the company's asset management scale go to a higher level? ”

Su Yu said with a smile: "Mr. Xu thinks that as a private equity institution, is scale important, or performance more important?" ”

"If only the management fee is charged, the scale is naturally the most important." Xu Zhongji said, "If investors don't mind the fund management company charging excess profit sharing, then the performance is naturally more important, after all...... If you can really create the management performance of a fund product like Mr. Su, the sharing income on excess profits will naturally be much greater than the collection of management fees. ”

Minghui Capital, where Xu Zhongji is located, can barely reach the threshold of 10 billion yuan in asset management.

However, under the same scale, Minghui Capital and Yuhang Investment are obviously very different in terms of the company's net income and net profit.

"What about from an investor's point of view?" Su Yu said.

Xu Zhongji replied: "From the perspective of investors, there is naturally no doubt, and performance must be more important." ”

"That's it." Su Yu said, "all business models, must be built on the basis of a win-win situation, in order to be long-term, heavy scale, not performance, even in a short period of time, may bring the company to increase revenue, but fundamentally, it is still consuming investors' trust in the management agency, over time, the scale is more difficult to do." ”

"If you can focus on performance, it's different......"

"When the performance is up, and investors make money, then they are less disgusted with institutions taking away a part of their profits from excess profits, and at the same time, they ...... Because the institution helped him make money, then his trust in the institution will naturally rise, and investors have trust and confidence, and it will be much easier to scale up in the future. ”

"This is the ......reason," Xu Zhongji bowed slightly, "but if you want to make a breakthrough in performance, how difficult is it?" ”

In the entire industry, everyone knows what Su Yu said is the right way to develop.

However, the financial market is full of uncertainty, and stable and sustained profits can be described as difficult, so there are many cheating and abduction on subscription inducement, as well as the simple pursuit of scale.

"If A-shares are difficult, then the international financial market is even more difficult." Su Yu said, "As an institution, in my opinion, we must guide the market in the right direction and change the ecology of the market with heavy speculative attributes, rather than just taking advantage of capital and information to harvest retail investors." ”

"In the A-share market, 80% of investors are retail investors." Xu Zhongji said, "Retail investors, on the other hand, usually do not have a grand vision and vision, and they will not be very profound in the study of corporate fundamentals, so ...... In the investment market dominated by retail investors, it is very unrealistic to change the market ecology of this speculative nature! ”

Su Yu nodded slightly and said, "The current is unrealistic, but the future ...... With the continuous growth of the scale of domestic asset management, the proportion of retail investors and institutions and large institutions in the market will definitely change...... It is logical that the market ecology has changed from speculation to investment. ”

"Listening to Mr. Su's meaning......," Xu Zhongji said, "although I think that institutions should take on the important task of guiding the market in the right direction, but looking at the current situation, I still feel that if we want to pursue performance, we must follow the nature of speculation, and do emotional speculation and conceptual main line." ”

Or......

Xu Zhongji paused and said: "Mr. Su thinks that the main line of the follow-up market is still dominated by emotional speculation and conceptual speculation? ”

"I didn't say that." Su Yu smiled, "Xu always came to listen to my tone, right?" ”

"Haha......" Xu Zhongji laughed, "Don't say it, I really want to discuss with Mr. Su everyone's views on next year's market, and at the same time, I also want to cooperate with you." ”

"Cooperation?" Su Yu was slightly stunned.

Xu Zhongji nodded and said: "Yes, there is a private placement project, and our Minghui Capital can't afford it, so I want to cooperate with Mr. Su, but I don't know if Mr. Su is interested in the private placement project in the secondary market?" ”

"What is the fixed increase project?" Su Yu asked.

Xu Zhongji said: "Lixun Precision is a company, Mr. Su knows, right? ”

Su Yu nodded and said: "I know, in the small and medium-sized board, one of the more popular 'apple industry chain' stocks, business performance, product planning, and enterprise development are still excellent. ”

"Yes!" Xu Zhongji said, "They have received a lot of large orders this year, so if they want to further raise funds and expand the scale of operation through private placement, I have a good relationship with their general manager Wang, so after preliminary negotiations, we Minghui Capital wants to take the lead in this private placement plan." ”

"How much are they going to raise?" Su Yu asked.

Xu Zhongji replied: "30 billion!" ”

Hearing this number, Su Yu's eyelids jumped, and said: "The current market value of Lixun Precision is only more than 10 billion, right?" To raise so much money? ”

"What Mr. Wang means is that the wave of 'smart phones' has come, and since the order has been obtained, if you don't take advantage of this wave to upgrade the scale and technology, then it will be difficult to catch up in the future." Xu Zhongji said, "I know that Mr. Su is also very optimistic about the direction of the 'smartphone industry chain', so ...... I would like to take this opportunity to ask for your opinion. ”

"Private placement of 3 billion funds." Su Yu pondered, "It's a big project." ”

Thinking about it, Su Yu paused, and said, "How much can you Minghui Capital eat?" ”

Xu Zhongji said with a smile: "About 10 billion, it's about the same, and then up...... The investment risk of the fund is unbearable. ”

"Since you want to take the lead in eating this project, you should have found other institutions, right?" Su Yu continued to ask.

Xu Zhongji nodded and said: "I talked to Mr. Gao of Anhe Fund, but Mr. Gao is more skeptical about the valuation of stocks related to the current 'smartphone industry chain', and feels that although the prosperity of this industry is high, the current valuation is obviously a little overdrawn, even if Lixun Precision is willing to increase the price at a market discount of 25%, he thinks that the risk is still not small, so he is not willing to participate on a large scale, but because of human feelings, he can invest 100 million." ”

"Then there are nearly 2 billion left!" Su Yu said, "With the asset management scale of our 'Yuhang Investment', it is unrealistic to hold 2 billion chips per share. ”

Fixed chips usually have a one-year lock-up period.

Therefore, compared with buying stocks directly from the secondary market, participating in the private placement is more risky.

Although according to Su Yu's later memory, the stock of Lixun Precision, as well as this company, can be regarded as an excellent player in the industry, and in the golden age of the development of 'smart terminals' in the next five years, this stock has also walked out of the long bull trend of crossing the bull and bear, and has become one of the 100 billion giants in the market, but at the current key node of the bear and bull conversion market, he needs cash flow to continuously layout and speculate, and try his best to make market profits.

So, although this is an excellent company that has been proven by later generations, it is a long-term bull growth stock that can go through bulls and bears.

Nor can he press on 2 billion on this, causing a sharp reduction in the funds available to the fund.

"I understand that." Xu Zhongji saw that Su Yu was interested in this, his spirits perked up, and he said, "Then Mr. Su ...... How many chips can you eat? ”

"1 billion!" Su Yu said, "Of course...... If Mr. Xu takes the lead, he can press down the price of the fixed increase, and I can also help eat 1.5 billion chips. ”

"If the fixed increase price is too low, I am afraid it will not be easy to pass the review of the regulator." Xu Zhongji said, "However, in the secondary market, it is not impossible to suppress the stock price and lower the fixed increase price a little bit through the secondary market, if Mr. Su is willing to help eat 1.5 billion chips, then this aspect ...... I'll do it. ”

"Good!" Su Yu said, "Since Xu is always a cheerful person, then I won't talk nonsense, 1.5 billion chips, we 'Yuhang Investment' took it." ”

"Haha......" Xu Zhongji laughed and praised, "Mr. Su is domineering!" ”

He wanted to pull Su Yu to participate, but in fact, he had several ideas in his heart.

The first thing is that he helped Lixun Precision to take the lead in completing a large-scale fixed increase plan at this juncture, so Mr. Wang, who negotiated with him, will naturally promise him certain benefits.

The second is that with the participation of Su Yu's 'Yuhang Investment', the stock price and valuation of Lixun Precision, under the large-scale position of the institution 'Yuhang Investment', will inevitably receive corresponding support, and even other investment institutions and the majority of retail investors, reducing the risk of their Minghui Capital's participation in this private placement project.

Third, with the participation of Su Yu's 'Yuhang Investment', he will have more bargaining chips on the side of Mr. Wang, the actual controller of Lixun Precision, so that Lixun Precision can also make more concessions to them in the fixed increase plan.

Fourth, I want to establish a deeper cooperative relationship with Su Yu's 'Yuhang Investment'.

Of course, for Xu Zhongji's various thoughts and ideas about his own entry into the game, at this moment, Su Yu also knows it in his heart, but he thinks that it is a good project, and he can profit from it by participating in it, and he can get enough high-quality chips through the fixed increase project, so there is nothing wrong with cooperating with each other.

"Oh, by the way, Mr. Su ......"

Xu Zhongji paused, and after the waiter finished serving, he poured Su Yu a glass of wine, and said, "What do you think of next year's market?" ”

"The market is at the bottom and has been consolidating for two or three years." Su Yu said, "This year's GEM market has set a good example, and I think next year's market should not be worse than this year, but in the main direction...... I'm afraid I won't know until the market really comes out, or the moment when the market wind direction comes. ”

He thinks that the macro direction of the market can be discussed.

But the specific main direction, these are the market information that needs to be weighed, as well as specific logical analysis, to reach a conclusion, he doesn't need to confide in Xu Zhongji, naturally he doesn't want to say more in this regard, after all, there is no free lunch in the world, he has a little friendship with Xu Zhongji, but it has not yet reached the point of 'deep words'.

Xu Zhongji smiled, and also knew that in the specific main line investment direction.

Especially when it comes to the specific investment strategy direction of the fund, Su Yu can't reveal too much.

So, I didn't mind.

The two of them were drinking and eating, and based on the current situation at home and abroad, as well as the historical performance of the financial market, they speculated on the future macro trend, discussed the development of the macroeconomy, and the possible changes in the policy direction of the country in the future.