Castrol releases the largest “innovation experiment” in public offering announcement
Source: WikiFortune On August 27, Castrol and He released a liquidation announcement, the largest attempt of public offering officially closed.
Five years ago in September, the appearance of Castrol Yuanhe not only caused discussions among public offering peers, but also attracted investors to scramble to buy. Now the closing of the event has once again caused heated discussions.
What happened to each of the biggest explorations in this public offering?
01 From a different perspective, most of the time, the rate of return is the sole criterion for investors to evaluate products.
In September 2014, in the context of the previous downturn in the stock market, Jiashiyuanhe became a good product, not only sought after by retail investors, but also snapped up by institutions, eventually selling more than one day and placing.
The “dissatisfaction” of investors is due to the actual rate of return that they ultimately have.
According to the winding-up announcement, Castrol and the liquidation price are 1 per share.
005 yuan (including cash bonus on August 13, 2019 0.
02578 yuan, it is 1.
0313 yuan), the reference net variable 1 of Castrol before the suspension.
At the suspension price 0.
The arbitrageur who bought at 993 yuan was a little disappointed because the returns exceeded expectations (according to 1.
15 yuan net worth liquidation arbitrage gains); investors who have always held that the “gradual return is not high” for 5 years, accounting for Jiashiyuan and previous dividends, the cumulative return of the initial investor exceeds 17%.
These “dissatisfaction” is because the actual income exceeds the expected income.
In reality, investors always have the most optimistic prospects and expect the best returns, but the nature of expected returns is the uncertainty of returns, and investment managers cannot pack votes for investors.
Over the past five years, we have experienced a variety of financial products.
Public offerings have funds with a return of 200% and funds with more than 50%; the new third board products that have risen so much that most investors will not eventually get back the principal; fixed high-yield P2P, a runaway wave; Bonds that were once considered rigidly redeemed because thunderstorms also plunged.
．．．．．Think about it?
After 5 years of complete walking down, Castrol and this innovation fund, although exceeding expectations, generally met the basic appeal of profitable investment.
02Whoever is responsible for the return rate of the heart, we will look back and find out that, around Castrol and the fund, the participation of various identities intersects together, resulting in a post-collision story.
Castrol Fund, as the manager of Castrol Yuanhe, re-understands the characteristics of the product (half of the investment in Sinopec’s sales company and half of the investment in bonds), constantly strives to manage the product, and strives to obtain a stable return on the investment portion of the bond.
Sinopec Sales Company, as the invested party, plans to list overseas in three years based on the preliminary announced progress.
Investors, based on the high-yield expectation that a Sinopec sales company may bring, and indirectly hold the unlisted equity of a Sinopec sales company by buying Castrol and products. Investors have their own optimistic expectations and should be clear and unclear.Certainty.
In the end, Sinopec’s sales company was finally listed on schedule. This is not something Sinopec’s sales company can decide, let alone the Harvest Fund and investors.
Castrol and five-year period, is it going to stay?
Five years ago, together with other institutions involved in the mixed reform, Castrol and the fund started with 2.
16 times PB won the equity of Sinopec Sales Company. On August 28, 5 years later, Hong Kong stock PetroChina only had 0 PB.
66 times, A shares Sinopec’s PB is only 0.
Starting from the interests of investors, choosing a safe way to exit may be the first choice for most professional investors.
After all, the most important thing is to be safe.
03 Public Offering Needs Innovation To a certain extent, Castrol and the fund are investor education with controllable risks.
The risk is controllable because it does not bring actual returns to investors, but has certain returns; investor education is because of the most optimistic expectations, and it will not necessarily develop in the expected path in the end. Investors must acceptInvestment uncertainty and risk prevention.
In addition, I also want to talk about the impression that public fundraising still needs the spirit of innovation.
Back to Castrol Yuanhe again, in the context of the poor performance of the stock market at that time, Castrol Fund saw mixed reform opportunities in a specific history, and did its best, through the form of public offerings, so ordinary investors can also participate,This is a very favorable attempt to raise funds.
For now, public offerings are mainly 北京养生会所 concentrated in stock investments and fixed income investments.
Scale. During the development of public funds, innovative varieties are needed to meet the needs of investors. At the same time, new paths are explored for the development of the public fund industry. The latest example is the approval of the first batch of commodity futures ETF funds.New subdivision directions.
At the same time, given specific social progress, there will be different event investment opportunities.
Public fundraising, as a tool to help ordinary people to manage their finances, can not only promote social development, but also help ordinary people enjoy the benefits of social development. The connection between them is innovation.
We look forward to more public offerings of innovations that are in line with the specific circumstances of 西安耍耍网 society.