My Fintech Empire

The money-making and sudden-wealth effects all over the A-share market have driven hundreds of millions of investors crazy. In this market where you can "pick up money" almost by bending down, everyone is immersed in the craze for sudden wealth.

People who have tasted the benefits and got on the bus late are afraid that their returns will fall behind, so they forget about risks in the face of huge greed, use leveraged funds, and use OTC capital allocation, and money pours in like happy beans. .

Any junk stock can take off, as long as it is cheap enough, and as long as it has not risen, it is now compensating for the rise, because there are many people who are late to get on the bus who want to make money but are afraid of heights, so some stocks in the back row have also begun to make up for the rise. These people’s funds come in and push up the stock price.

Now in this fanatical market atmosphere, everyone has transformed into a stock god, and his income is faster than that of Warren Buffett. Doubling his account number is just a sign of failure to beat the market. The Shanghai Composite Index has risen by 1.5 times.

If you double your income, you will barely pass, and if you earn three or four times, you will be considered a good player.

There are even many accounts in the comment section of stock forums that have posted ten times their profits. There are even some people who won the lottery from Baofeng Technology or ambushed Toutiao and got twenty or thirty times their profits now. They are really envious of others and also stimulating. Others flocked to the market.

But in the frenzied atmosphere, a group of people were cursing.

These people are clearly the ones who bought the first phase of wealth management products of Wealth Fund. A group of people are scolding Wealth Fund because the income of Wealth Fund is very low.

In fact, the income is not low. The current floating rate of return for the first phase of the fund is about +87%. However, in the current epic bull market, it still underperforms the market index by half a degree, and investment customers are not satisfied.

If it were placed before the first half of 2014, this kind of income would definitely be awesome.

In the current epic leveraged bull market, some people who bought this financial product saw that others could easily double the income, and many people even achieved ten times the high income. Let’s look at the wealth funds. The income feels very awkward.

Many people regret it, thinking that they would not have bought this financial product if they had known better. People with this kind of thinking feel that if they had used their own money to speculate in stocks, they would have doubled several times, and now their money is locked here for three years. Unable to move for years.

These people feel that wealth funds have caused them to miss out on the bull market and opportunities to get rich, so now they are criticizing wealth funds in all kinds of ways. The hotter the market rises, the harsher the curses.

So much abuse has also put the traders and management teams of wealth funds under pressure. Especially Zheng Jinsong, the trader of the first phase of the fund market, is now being hooked by some people who bought financial products and scolded him for his poor ability. Hurry up. Let others do it after class.

Some people even went to Fang Hong's Weibo to leave messages or send private messages, asking him to fire the trader and his team and replace the trader with a different team. It would be best if Fang Hong would do the trade in person.

Fang Hong also knew about this, but he had no attitude because it was expected.

And Fang Hong is even more aware of another point, that is, even if these scolding people avoid becoming cannon fodder when the stock market crashes and they buy a wealth management product, they will never feel grateful. .

When the crash does not really come to them, they will only feel that they can not only seize the main rising wave market but also avoid the subsequent crash when the stock market crashes. Even if they lose, they will not lose too much.

Our ancestors have summed up an ancient saying for this kind of people: Don’t shed tears until you see the coffin.

These are the people I'm talking about.

The truth is often only in the hands of a few people. Fang Hong will naturally not care about people like them. Such people have existed since ancient times and will still exist in the future. Just ignore them.

…

The next day, May 27th.

Today's A-share market conditions, the market index broke out of the shock for eight consecutive days, closing +0.63% at 4941.71 points. The single daily trading volume of the Shanghai stock market once again exceeded one trillion, and has maintained this record for four consecutive trading days. The two cities The total transaction size is approaching 2 trillion.

In terms of individual stocks, Toutiao stopped the four-day streak, but still hit a record high. The intraday trend once plunged, but it rebounded in a V-shaped manner. It finally closed up +2.25%. The stock price closed at 159.38 yuan, and the market value increased to 1992.25 yuan. billion.

Quantitative capital also reached a new all-time high, closing up +1.87% today, with a closing price of 846.97 yuan per share, corresponding to a market value of 1.18 trillion.

Today's market is experiencing huge fluctuations, as some institutions continue to sell and leave the market, Qunxing Capital continues to reduce its holdings, especially brokerage stocks, which are selling and reducing their holdings every day.

In addition, even Guo Jia's Huijin has reduced its holdings in the four major banks in recent days.

Just yesterday, Huijin reduced its holdings in ICBC and CCB by RMB 1.629 billion and RMB 1.906 billion respectively. This is also the first time that Huijin has reduced its holdings in the four major banks. Other well-informed institutions have also quietly reduced their holdings in this crazy market atmosphere. evacuate.

…

At about 17:00 in the afternoon, we stayed in the villa quietly.

"The investment institutions participating in the WeChat IPO subscription are all on this list, as well as these materials..." Tian Jiayi, who returned to the villa, handed the materials he brought back to Fang Hong, and it turned out to be content related to the WeChat IPO listing.

Fang Hong picked up the file and browsed it.

The super large-cap stock WeChat will land on the A-share market on June 1, which is next Monday, with only two trading days in between.

According to material information, WeChat’s IPO price is determined to be 18.18 yuan per share, with a total share capital of 22 billion shares, and an initial capital raising of 60 billion yuan. This issuance will issue an additional 3.3 billion shares, accounting for 15% of the total share capital. IPO valuation 400 billion yuan. Based on last year’s net profit of 16.977 billion yuan, the corresponding price-to-earnings ratio is 23.56 times.

As an Internet giant that is still growing at a rapid pace, with a price-to-earnings ratio of about 23 times, there is really no second company in the Shanghai and Shenzhen A-share markets. The price-to-earnings ratio of Weibo next door has exceeded 100 times.

It is rare even in the US stock market.

Yixing Video has now reached a price-to-earnings ratio of more than 390 times. This can no longer be called a price-to-earnings ratio. It is more appropriate to describe it as a price-to-earnings ratio. It is not an exaggeration to say that dreams support a price-to-earnings ratio of more than 390 times.

WeChat, with a price-to-earnings ratio of only 23 times, is regarded by many as a super-quality stock. The fact that investors are squeezing their heads to subscribe also illustrates this point.

WeChat was able to offer such a low price-to-earnings ratio during the IPO because Fang Hong gave enough room for premiums in the secondary market. The institutions that were able to get on board the IPO were all well-established. Among the major external shareholders, Team Guo accounted for more than half. , including Huijin, Social Security Fund and other institutions are on the list.

All of them have a big background. This kind of excellent investment target, which can almost be said to be a guaranteed profit without having to take risks in violation of laws and regulations, is not available to ordinary people, so most institutions can only rely on winning the lottery like retail investors. After getting on the bus, a huge amount of frozen subscription funds were generated.

Data shows that after the callback mechanism, the final winning rate online was 2.12568979%. Based on this calculation, the funds frozen online are 1,349.1 billion yuan, plus the 1,473.5 billion yuan frozen offline, the total frozen funds on WeChat are 2,822.6 billion yuan.

The latest batch of listed companies has frozen more than 8 trillion in funds, and WeChat alone accounts for 2.82 trillion, accounting for 35.25%, and one third of it.

…