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大通彩票的网址是什么:A comprehensive understanding of strategic distribution funds

时间:2018/6/11 19:40:20  作者:  来源:  浏览:0  评论:0
内容摘要: Since the introduction of the CDR rules, the discussions on the Unicorn Fund have been in full swing. What is the CDR? What is the strategi...

Since the introduction of the CDR rules, the discussions on the Unicorn Fund have been in full swing. What is the CDR? What is the strategic placement fund? Should ordinary investors be involved? How to participate? The Case Stone Financial Products Research Center has provided investors with detailed answers to these questions.

Q: What is CDR?

A: The DR (DepositoryReceipt) depository receipt refers to a negotiable document that circulates on the securities market representing securities that are tradable in another securities market. It is a financial derivative instrument in the area of ??corporate finance business.

CDR, which is the DR issued in China, is similar to ADR (American Trust Voucher), EDR (European Trust Voucher).


CDR Case: China has not yet CDR, with ADR as a case -- China Telecom : November 15, 2002 issued H shares listed in Hong Kong, November 14, 2002 issue of ADR in the United States, 1 part China Telecom ADR corresponds to 100 shares of China Telecom Hong Kong stocks. China Telecom Hong Kong stocks were priced on Nov. 7, and ADR pricing was consistent with the Hong Kong stock issuance price after exchange rate conversion.

Q: What is a strategic placement?

A: Strategic Placing: Short for “Oriented Placing to Strategic Investors”. In simple terms, it is the right to subscribe for new shares at the expense of locking in shares; the advantage of participating in strategic placements is the large number of shares allocated.

Q: What is the Strategic Placing Fund?

A: innovative products, there are six first pilot, the main investment direction is the strategic placement of the subject (the scarcity of large technology companies, potential target may contain Alibaba, Tencent, Netease , Baidu, millet Etc) + high-grade bonds.

Scarcity of science and technology companies is the gateway to the future. It contains huge investment opportunities. Investment in innovative companies can, to a certain extent, be a matter of investment and national transport, and grow together with the great rejuvenation of the Chinese nation.


Q: What are the potential strategic placement targets?

A: If the number of initial public offerings is more than 400 million shares, or if DRs are issued within the territory, you may assign shares to strategic investors.

media reported that "Baidu, Alibaba, Tencent Holdings , Jingdong , Ctrip , microblogging , Netease and Sunny Optical" the first batch of eight non-listed A-share companies will return to A mode CDR Shares; Xiaomi will be listed on Hong Kong stocks in the near future and issue CDR on A shares at the same time.

Q: Product investment value?

A: Positioning fixed income +, share the benefits of high-grade bonds and strategically placed targets. Specific form: flexible configuration funds, closed-end funds for three years, the total position can be 0% -200%, stock positions 0% -100%.

Q: How is the bond income?

Taking the yield on the June 7 credit bond as an example, the yield on the AAA-6M credit bond was 4.6855%, and the yield on the AAA-3Y credit bond was 5.0250%. In practice, closed-end funds can be leveraged to obtain higher returns, which can theoretically reach 200%, and may maintain a 150% leverage in the general investment process.


Q: stock returns and risk

A: investment in stocks is mainly the strategic placement of the subject

benefits and risks 1: Da Buda discount to market price?

Prices are determined by inquiry, but there are currently no cases and details of CDR listing pricing. Only scenario analysis is available.

Scenario 1 - The average price of the stock over the past period of time is the direct exchange rate conversion pricing, which is equivalent to obtaining the unicorn stock at the same cost.

Scenario 2 – Discount pricing. Strategic plunderers obtain unicorn stocks at cheaper prices, which is equivalent to allowing investors to obtain discounted prices. The more discounts, the more potential profits.

Scenario 3 - Premium pricing is very unlikely.

Earnings and risks 2: Will the A-share market premium?

The A-share market has always had a premium phenomenon, which is typically the premium of listed companies in both A+H shares.

There are currently 99 A+H listed stocks. The median of “A-share valuations/H-share valuations” is 1.51, which means that the valuation of A-shares is 50% higher than the average of H-shares. “A-share valuation / Only 4 of the corresponding H-shares' valuations are lower than 1, accounting for only 4%.


From the perspective of the valuation of A shares of Unicorn shares and corresponding industries, the valuation of information technology stocks is slightly lower than the average of A shares.


Earnings and risks 3: Will US stocks fall?

US stocks' valuation is at a historically high level and there is indeed a downside risk; the rise and fall of US stocks will also affect the corresponding CDR's ups and downs to some extent.

Earnings and Risk 4: Can the company's earnings continue?

The rising profits of high-quality companies can also further boost the stock price. However, if the company's earnings do not reach expectations, it may face a drop in stock prices. In the past, according to statistics, internal differentiation has taken place. Tencent and Weibo have sustained high growth. Ctrip recorded negative growth in 17 years.


Q: What are the characteristics of this type of product?

A: 1 inclusive financial

features: low barriers to participation, rates lower than Monetary Fund and China Merchants

purchase is 10 yuan, 1 yuan for the purchase of the remaining, low participation threshold!.

The management fee is 0.1%/year in the closed period, the custodian fee is 0.03%/year, and the annual management fee and custodian fee are not more than 40 million yuan in total. If the accrued total cost in the current year has reached 40 million yuan, then The management fee and custody fee will no longer be charged. The personal subscription fee is 0.60%, the specific institutional investor, and the subscription fee is a single 1,000 yuan.


Feature 2: Limit purchases, giving priority to individual investors.

The maximum size of each Strategic Placing Fund is $50 billion. The offer is divided into two phases:

1 Only available for individual investors in the first phase of the period, with a single individual investor limit of RMB 500,000;

2 Offered only for specific institutional investors in the second phase, specific institutional investors National social security fund, basic pension insurance fund, enterprise annuity fund and professional annuity fund four types of institutional investors. If the fund's quota priority individual investor subscribes, if the fund meets the upper limit of the fund raising in the first phase, the fund will end the fundraising ahead of schedule.

Feature 3: 3-year closed-end operation, 6-month open subscription; closed period can be sold through the secondary market.

Three years after the establishment of the fund, it is a closed period of operation. Closed period of operation is not open for redemption. Buy once every 6 months. The strategic placement fund is a LOF fund. Although it cannot be redeemed in the middle, it can be sold to the venue through a transfer custody. At the end of the closed period, the fund is generally converted to a listed open-end fund (LOF).





所有信息均来自:百度一下 (大通彩票怎么注册)