Castrol’s first mixed reform fund: leveraged winding up

Harvest Fund was squirted!

The first mixed reform fund was liquidated, and it was suspected that Sinopec’s sales equity was being sold off the new economy e-line, “making it quiet but the wind is endless.”

“The Harvest Fund is once again included in the whirlpool of public opinion.

On August 27, the liquidation report of Castrol Fund and Direct Investment Closed Hybrid Initiated Securities Investment Fund (Castel Yuanhe, 505888), which belonged to Castrol Fund, released widespread disputes in the market.

  According to the above liquidation report, Jiashiyuan and the last operation date are August 12, and the total owner’s equity is 103.

1.3 billion yuan.

After the completion of the liquidation work of Castrol Yuanhe Fund, the exit price of Castrol Yuanhe can be converted into each share according to the liquidation result.

0313 yuan (including 0.

02578 yuan cash bonus).

  However, from the perspective of the net value of the last trading day announced before the settlement of Castrol and liquidation, the net value of the fund was terminated on August 9th.

1546 yuan.

  For this settlement, many investors questioned and disputed for a while.

Investors have said that the liquidation results of Castrol and opaque operations are disappointing.

  ”The net value of No. 9 is still 1.

In 1546, it suddenly became 1 after liquidation.

00552, it’s so outrageous that the net worth is just a fiction!

Does the net value of No. 9 not take into account the discount of Sinopec’s equity?

“” Why did you sell more than 1 billion for no reason?

Why the stock price after 5 years is almost the same as the original price?

 ”Who is the buyer?

Is there a public tender for the transfer?

What is the 佛山桑拿网 basis for this price?

“” What is the high estimate of the previous fund company support?

Is the estimation method reasonable?

“” Jia Shi Yuan He charged management fees according to high estimates, but followed 1.

0055’s net worth liquidation, overcharged by 5 years of high estimated management fees, how to explain the fund company?

“” The annualized rate of return is less than 4%, and even some bond funds can’t achieve the returns.

“However, for the various queries from investors, as of the press release of the New Economy e-line that afternoon, the official fund of Harvest Funds did not announce a public response.

  Fund Net Worth Leverage Shrinking Fund. As the first public fund in China that can invest in the shares of non-listed companies, it is also the first fund to participate in the “hybrid reform” of state-owned enterprises. Various auras, such as Jiashiyuan, have been highly sought after in the market.

  On September 29, 2014, the fund was established by Harvest Fund with RMB 1,000,000, and the initial fundraising scale reached 10 billion yuan, of which 5 billion yuan was used to make a one-time capital increase in Sinopec’s sales, and held a total of 400 million Sinopec’s sales to participateIts mixed ownership reform promotes its completion of listing within three years; the remaining 5 billion is invested in fixed income assets.

  Initially, Castrol and He quickly completed a $ 10 billion initial offer, and was listed on the Shanghai Stock Exchange on March 16, 2015, with an increase of 4 on the first day.


  Five years passed.

According to the fund contract, the fund provides a five-year duration, but at least the transition of the fund’s maturity date on September 29, 2019, and the listing of Sinopec’s sales has not been conclusive. Therefore, Harvest Fund decided to fully realize the sales equity of Sinopec.

  According to the latest weekly NAV report released by the fund before liquidation on August 9, Jiashiyuan and the fund ‘s net value before reselling Sinopec ‘s sales equity.

1546 yuan, the net asset value is 115.

4.6 billion.

  However, in just a few days, the fund ‘s net assets have shrunk significantly to 103 after Castrol and the realization of Sinopec’s sales equity.1.3 billion yuan, equivalent to 115 on August 9.

4.6 billion decreased by 12.

3.3 billion yuan.

  In progress, some investors stated that according to the description in the liquidation report, the last operating date of the fund was August 12, with a net value of 1 per fund on that day.

0313 yuan, and the company announced a net variable of 1 per fund on August 9.

1546 yuan, crack before and after.

And on August 12, it was not agreed in the “Assessment Procedures” section of the “Fund Contract” that “every working day calculates the net asset value of the fund and the net value of the fund distribution and announces it in accordance with regulations.

At the same time, according to Section 4 of the “Estimation Procedure” in the “Fund Contract”, “the error error reaches 0 of the net value of the fund share.”

At 25%, the fund manager should report to the China Securities Regulatory Commission for record; the error deviation reaches 0 of the fund’s net value.

At 5%, the fund manager makes a temporary announcement and simultaneously reports to the China Securities Regulatory Commission for the record.

“From August 9th to August 12th, the net value of each fund shrank by 10.

68%, which is a serious deviation, but the company announced again.

  In fact, from August 9th to August 12th, only two days apart, Saturday and Sunday, Jiashiyuan and Benqian rushed to transfer their unlisted equity in Sinopec Sales Company, which caused a change in the fund ‘s net worth.Changes, this move has been suspected of touching the fundamental interests of fund share holders.

  Coincidentally, almost at the same time as Castrol and the liquidation one month in advance, on August 23, the CSRC publicly solicited opinions on “Some Provisions on the Pilot Program for Spin-off of Listed Companies’ Subsidiary Companies”.

Some market participants speculate that once the New Deal reorganization is implemented, will Sinopec’s sales company be split and listed on A shares in the future?

If it becomes a reality, Castrol and the transferees who are transferred may make a lot of money.

  At the same time, the well-known blogger “Hua Rong” questioned on Weibo saying that “the central company’s A-share spin-off and listing policy has been issued, and the sales company’s equity is fragrant and not hot potato. Why is it sold at a super low price?Fees, low net worth liquidation, is it illegal fraud; why not announce who the offeree is?

Investors intend to launch rights protection. It is also reported that a large number of investors have begun to defend rights, report to the Securities Regulatory Commission and China Fund Association under their real names, and look for professional lawyers to sue Harvest Funds.

  Some investors have stated that at the end of the closing period of the fund, the fund manager did not comply with Article 1 of the Fund Ownership Conference of Part VIII of the Fund Contract and should convene Article 11 of the Fund Ownership Conference.Minor provisions: the fund unit holders will be held in other matters that have a significant adverse effect on the rights and obligations of the fund contract, and the sale of the fund assets at a prominent discount at a private price will cause a significant adverse effect on the fund holdersImpact.

  According to this, the investor believes that the above matters “have a significant adverse effect on the rights and obligations of the fund contract” have already met the provisions of the Fund Unitholders’ General Meeting in the Fund Contract.

However, based on the company’s historical decision results and announcements, the company must complete the “honest and trustworthy, prudent and diligent principle of managing and using fund assets” in the Fund Contract.

  It is reported that the investor’s claim is to require the company to clearly explain the specific reasons for the termination of the fund contract, and whether it needs to be voted through at the general meeting of fund unit holders.

At the same time, the company should fully verify the change in the fund ‘s net value from August 9th to August 12th, which is precisely a prediction error, market behavior, or the transfer of profits suspected of being in the dark; and further explained that the fund was not announced in time on August 12th.Reason for net worth.

  According to public information, during the company’s transfer of Sinopec’s equity in the company, other operations and fundamentals have undergone major changes. According to the principles of openness, fairness, and equity, investors require the company to disclose the consideration of the allocation, and also explain the basis for the estimation and transfer pricing., Further explain whether the company’s behavior exceeds the agreement between the shareholders of the target company, the company’s articles of association.

  In addition, the investor also requested the company to publicly announce the transferee of the equity of Sinopec Sales Company to further explain whether the transferee has undergone open and strict market-based bidding and whether there is a “third party seeking improper benefits”; whether there is any suspected financial fraud, The situation of arbitrarily false high and low stock estimates.

  In this regard, some institutions pointed out that the most controversial estimates of Castrol and the liquidation result should be calculated in terms of net value.

  Tian Xiangtou Gu Jiazhi publicly stated that the problem lies in whether the investor or the fund’s net worth projection method is not understood.

As Castrol and He invested in equity of an unlisted company, the valuation of equity does not equal actual value.

  According to Jia Zhi, according to public information, Castrol uses the latest market transaction price method, and refers to a comparable company’s P / B method to convert and display the net value.

This estimate more reflects the intrinsic value of the target company’s equity than the actual value. The true value is determined by the transaction price at the time of equity transfer.

  High morality, chief analyst of Haitong Securities (600837), said that Castrol has settled down. Innovation and improvement in product design in the future are more issues that should be considered by practitioners.