The CDR Fund has finally moved!
On the evening of November 7, China Insurance's A-share IPO announced the results of the initial placement and online results. Seven strategic investors also surfaced, and the four CDR funds issued by China Merchants, E Fund, South and Huitianfu were listed.
China Merchants CDR Fund received the most
According to the China People's Insurance Announcement, the strategic distributor's choice is comprehensively determined after fully considering the investor's qualifications and the company's long-term strategic partnership. Mainly from two perspectives: First, investors with good market reputation and market influence, representing a wide range of public interests; or strategic mutual trust and long-term cooperation willingness with the company, fully understand the operating characteristics of insurance companies, and have the willingness to hold shares for a long time. Large state-owned insurance company or its subsidiaries.
In the end, China Life Insurance Co., Ltd. was allocated 295 million shares; Taiping Life Insurance Co., Ltd. and Xinhua Life Insurance Co., Ltd. each received 88.82 million shares; among the four CDR funds, the three-year closed operation strategic placement flexible configurationHybridSecurities Investment Funds(LOF) with 88.82 million shares, E Fund's 3-year closed operation strategic placement flexible allocation of hybrid securities investment funds (LOF), southern three-year closed operation strategy placement flexible allocation hybrid securities investment fund (LOF), Huitianfu three years closed operation Strategic placement flexible allocation of mixed securities investment funds (LOF) were allocated 74.85 million shares.
The seven strategic investors were allocated a total of 789 million shares, of which four CDR funds were allocated 314 million shares with a lock-up period of 12 months.
Image source: China Insurance Announcement
The 100 billion scale CDR fund has changed in the early stage.Debt base”
After experiencing the low-key of the previous period, the CDR Fund's participation in the PICC strategic placement is particularly eye-catching.
May 29,Huaxia Fund,E Fund,Southern fund,Harvest Fund,China Merchants Fund,Huitianfu Fund6 homesfund companyAt the same time, declare the "three-year closed operation strategic placement flexible configurationHybrid fund(LOF)".
According to the prospectus, the strategic placement fund mainly includes strategic placement and fixed income investment strategies. Among them, the equity component mainly invests in stocks of high-quality innovative enterprises by strategic placement or “unicorn” enterprises that return to the A-share market in the form of Chinese Depositary Receipts (CDRs).
On June 6, the six strategic placement funds were issued with approval by the CSRC, only 8 days from the application to the approval. On the same day, the CSRC issued nine documents including the Measures for the Administration of the Issuance and Transaction of Depositary Receipts, supporting innovative enterprises to issue stocks or depositary receipts in China, and officially announced that the Chinese capital market opened to welcome the new economic unicorns to return to A shares in CDR form. market.
On June 7, Xiaomi submitted the CDR issue application for the first time. However, on June 19, Xiaomi issued a document saying that after repeated and careful research, the company decided to implement the listing plan on the Hong Kong Stock Exchange and in China step by step, that is, after listing on the Hong Kong Stock Exchange, it will then be listed on the mainland through the issuance of CDRs. On July 9, Xiaomi Group was listed on the Hong Kong Stock Exchange, but it broke at the opening. The opening price was HK$16.6, which was 2.35% lower than the issue price of HK$17.
But 6 are considered strategic placements of the "CDR Fund"Fund issuancecarry on. In July, six strategic placement funds were established with a total size of 104.918 billion yuan. According to the regulations, the six funds can only participate in the strategic placement in the primary market, and cannot purchase any stocks in the secondary market. Among them, the minimum placement ratio of a single fund participating in a strategic placement of a single enterprise is 3%, and the highest ratio is no more than 10%. In addition, the proportion of the six funds participating in the same enterprise strategic placement is no more than 30%.
Due to the CDR release, the six CDR funds are running quite awkwardly. From the three quarterly reports, the six CDR funds have become “debt-based” to some extent – for example, the proportion of closed-end strategic placements in the three-year closed-end strategic placement is 0, and the proportion of bond positions is 65.89%. The financial assets for resale and resale reached 30.99%, and the remaining 3.12% were bank deposits and settlement provisions, and other assets. E-Fund's 3-year closed strategic placement of mixed equity positions is also 0, and bond positions are 98.04%.
However, with the deep correction of the A-share market in the early stage, the six CDR funds have been blessed in disguise, and the net value has remained stable, staying above 1 yuan. According to Tiantian Fund Network, as of November 2, the net value of the closed strategic placement of the 3 years of investment is 1.0115 yuan, 1.0172 yuan for Huaxia, 1.0139 yuan for Yifangda, 1.0162 yuan for the south, 1.0126 yuan for Huitianfu, and 1.0131 yuan for Jiashi. .
This time, China Insurance A shares IPO, six CDR funds finally began to "do the right thing" - participate in strategic placement. However, PICC is still a financial stock, saying good new economy, CDR? It seems that I can only wait for the opportunity.
(Article source: Daily Economic News)