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Gao Yi Assets Urgently Disproves Rumors and Investigates and Rumors, Feng Liu Century Huatong Operation Raises Market Questions
Reporter | Li Weiming
Edit | Bai Zhaopeng
On the afternoon of November 17, Gao Yi Assets, one of the top 100 billion private equity funds, suddenly appeared on the Weibo search due to the rumor that “GY was investigated.” There is speculation in the market that it could refer to Gao Yi’s assets, and the focus is on star fund manager Feng Liu. But Gaoyi Assets quickly denied it.
On November 18, the Red Star Capital Bureau called Gao Yi Assets. The relevant person stated that the company and its fund managers have not been investigated, assisted in investigations or subjected to other regulatory measures in any way; all rumors are false and the company strictly adheres to the end result of compliance. He also stated that legal action will be considered for further rumors.
However, star fund manager Feng Liu’s trade in some stocks caused investors to call them “incomprehensible” and even raised questions in the market.
Involved in the “under investigation” rumors, Gao Yi officially denied
On the afternoon of November 17, a well-known financial blogger posted a short four-character Weibo message that read: “GY was investigated”, which quickly caused a disturbance in the A-share market. Many people believe that the ” GY “being investigated is Gaoyi’s top private equity asset, which may involve star fund manager Feng Liu.
Various speculations abound, some claiming that it may involve breaches of stock holdings, or that it may manipulate stock prices or involve the use of inside information. However, at 4pm on the 17th, Feng Liu, who rarely spoke on Weibo, reposted an article, indirectly showing that he was “fine.” Soon, Gao Yi Assets officials also responded that the rumors that were “verified” on the Internet were not true, and at the same time they had asked a lawyer to collect evidence about the rumors.
Gaoyi Assets is a giant among private equity funds, with assets under management exceeding 100 billion yuan. Feng Liu is a star fund manager for Gao Yi. In recent years, he has become one of the most amazing private equity fund managers in A-shares after Wang Yawei, Xu Xiang and others. At present, its personally managed assets are more than 40 billion yuan publicly disclosed in the three quarterly reports.
Feng Liu worked as a salesman in Wahaha in his early years, but was an introvert, liked to read, not socialize, and soon grew tired of making sales. In 2003, Feng Liu quit his job and started trading stocks. The first thing he did after opening an account was to buy Kweichow Moutai (600519.SH) for 30,000 yuan.
He firmly held Moutai for more than two years, during which time the share price went up about 6 times and he obtained his first wealth from her. To commemorate the good luck brought by Maotai, Feng Liu deliberately chose a net name “Maotai 03”, which means to buy Maotai in 2003. Apart from stocks, he still shares his experience of investing in stocks on Amoy.com and Xueqiu.com, and has a large number of fans.
To this day, Red Star Capital Bureau can still find many “Moutai 03” posts on these stock forums. These multi-year online posts have also witnessed the entire process of his counterattack from a “base” to a chief investment officer. When trading stocks with ordinary retail investors, Feng Liu once said in a summary of his investment history at Tao Stock Bar in December 2012: “In the past 9 years, we have achieved a 93% compound annual interest yield.”
In early 2014, Qiu Guolu, former chief investment officer of the Southern Fund, left his position and prepared to do private equity. When you choose fund managers, you don’t fully assess their academic qualifications, background, track record, etc. He even went to some trading forums to find private stock speculators. Feng Liu, who likes to post on the stock forum, piqued his great interest.
Qiu Guolu can be called Bole de Feng Liu. At his strong invitation, Feng Liu agreed to join Gao Yi Assets. Gaoyi Assets was established in 2014, with Qiu Guolu as founder and president and Feng Liu as managing director.
Feng Liu’s incomprehensible operation raised doubts in the market
The “Gaoyi Linshan No. 1 Yuanwang Fund” managed by Feng Liu has an annualized return of almost 40% since its inception, which is much higher than the 4.17% return of the CSI 300 in the same period. In 2018, when the market was sluggish, the overall performance of CSI 300 was -25.31%, and Feng Liu still achieved positive returns.
Wind statistics show that the fund is currently among the top ten 64-share shareholders, with a total benchmark market value of 41 billion yuan at the end of the period. Considering that there are still positions that have not yet been listed among the top ten shareholders and will not be disclosed, the actual funds under Feng Liu’s management should be much more than 41 billion yuan.
In the third quarter, Feng Liu greatly increased his position in the security field. Only Hikvision (002415.SZ) had 231 million shares and became the fifth largest shareholder, with 2.47%. Based on the market value at the end of the period, the market value of the occupied position was up to 8.8 billion yuan. Such a strong bet on a stock is called a “big bet” and is extremely rare in private equity. If there is no reduction, the market value of their shares on the 18th is 10.5 billion yuan.
Hikvision is Feng Liu’s very heavy action
At the same time, Feng Liu also increased his holdings of another security stock, Dahua (002236.SZ). In the second quarter of this year, 85 million shares were purchased and in the third quarter 53 million shares were added. The total holding reached 138 million shares, representing 4.59%, making Dahua the third largest shareholder. In terms of the market value at the end of the period, the market value of the position is approximately 2.8 billion yuan.
Feng Liu also largely bought Giant Network, Perfect World, Tongrentang, Renfu Pharmaceutical, Kanghong Pharmaceutical, Shiji Information, Guangqi Technology, etc. All of these actions are heavy positions. As of the third quarter, the market value of these shares is $ 1 billion. -20 billion yuan range.
However, Feng Liu also has operations to make investors say “I don’t understand.” For example, this year’s Century Huatong gaming stocks (002602.SZ), which spent 4 billion yuan on warehouses this year, have shown to have pulled out of the top ten shareholders in the third quarterly report. At the same time, the timing of Feng Liu’s departure also raised widespread doubts in the market.
In April this year, Century Huatong issued a fixed increase announcement, non-public offering of 270 million shares, the issue price of 11.47 yuan / share. Gao Yi Linshan No. 1 Yuanwang Fund subscribed for 81.081 million shares with a subscription amount of 930 million yuan and a lock-in period of 6 months. However, before the fixed increase, Gaoyi Linshan No. 1 Yuanwang Fund already held 217 million shares of Century Huatong, and after the fixed increase, it had 300 million shares, with 4.82% of the shares, approaching the 5% poster line.
When Century Huatong released the three-quarter report, it was suddenly discovered that Feng Liu had dropped out of the top ten shareholders list. This means that in the third quarter, Century Huatong’s holdings fell sharply. Retail investors who followed Feng Liu’s purchase of Century Huatong instantly felt “collectively cut leek.”
Considering that the shares participating in Century Huatong’s fixed increase are still in the lockdown period in the third quarter, although Feng Liu has reduced its holdings during the period, it has not been liquidated. From the perspective of the declining trend of Century Huatong’s stock price, Feng Liu probably didn’t make much money, starting at the 18th closing price of just 8 yuan.
Century Huatong questions Feng Liu
In addition to Century Huatong, Feng Liu has been frequently involved in block transactions in the past two years and has also been accused of arbitrage through block transactions. Investors who follow Feng Liu’s purchase can often become recipients.
Gaoyi Assets has become a private equity of 100 billion in 5 years
The growth of Gao Yi Assets into a giant private equity is directly related to a group of star fund managers. As a platform-based private equity, Gao Yi’s fund managers include founders Qiu Guolu, Feng Liu, Deng Xiaofeng, Zhuo Liwei, Sun Qingrui, Wu Renhao, and others.
These Investment Managers include Investment Directors of Tier 100 Billion Fund Companies, 8-Year Public Equity Fund Performance Champions, 6-Year Performance Finalists of Hybrid Public Equity Partial Equity Funds, Special Award Winners Golden Bull’s 10th Anniversary of Public Funds and Three-Year Golden Bull Award Winners of Private Equity Funds. , Yinghua Award, winner of the best fund manager in China’s fund industry for 20 years, etc., which can be called a luxury lineup. Only Feng Liu was born on “base”, but he has the best performance.
Driven by the performance of these star fund managers, Gao Yi’s assets have expanded rapidly, and in just 5 years, he has grown from tens of billions of private equity to 100 billion of private equity. According to the three quarterly reports released, in the list of the top ten tradable shareholders of 63 publicly traded companies, the market value of the funds managed by Feng Liu is as high as 41.4 billion yuan, and the full scale is expected management exceeds 50,000 million yuan. The management scale of other fund managers is also between 10 billion and 20 billion yuan.
In addition to Feng Liu, Gaoyi Assets, another star fund manager, Deng Xiaofeng, also likes to take a significant position on a single stock. In the third quarter, it continued to increase the position of Zijin Mining (601899.SH), with a market value of 2.5 billion yuan at the end of the period. Judging by the current trend of Zijin Mining, it is also a big bullish action. Since Deng Xiaofeng bought Zijin Mining in the third quarter of last year, the increase has doubled excluding the subsequent increase in positions.
In the third quarter of this year, Deng Xiaofeng recently entered Western Mining, AVIC Heavy Machinery, Li’anlong, Hesheng Silicon, Steel Research Gona, Yunlu and Changyang Technology, adding a position in Hongfa shares, many of which emerged of the uptrend. .
Gao Yi Assets also has a certain distribution in US stocks. In the third quarter, Gaoyi Assets US stock positions had a total of 19 shares, valued at approximately US $ 275 million. In the third quarter, Gao Yi Assets bought Huazhu Group, STAA and Shell in the US stock market, increased its positions in Pinduoduo and New Oriental, but reduced its stakes in Alibaba.
