All decisions of Junshi Capital are currently made by Gu Junhao, so there is no need to discuss the issuance of the fund with others. After determining the specific rules for the second fund, it can send out a fundraising signal to the market.
On Sunday, Gu Junhao, who was at home, designed specific rules and held a video conference with several executives including Guo Yuanwei, Shen Boyu and Xu Yan. After receiving several supplementary suggestions, Junshi No. 2 Specific rules have also been officially released.
Li Xinyu was also temporarily promoted to the top position, and she was mainly responsible for specific meeting minutes.
In everyone's opinion, the issuance of Junshi No. 2 is different from Junshi No. 1. The company is the active party after the situation has been opened; therefore, in terms of specific rules, it should be more biased towards Junshi Capital.
Among the specific subscription rules for Junshi No. 2, except for profit sharing and fund management fees, which are still the same as Junshi No. 1, the threshold has been raised to 2 million yuan and has a limit of 10 million yuan.
The lock-up period for other funds is still one year. Taking into account the specific situation of the stock market next year, Gu Junhao added some specific liquidation rules.
This includes unconditional liquidation when the overall loss of the fund reaches 20%. This clause is to protect the principal of investors and is understandable. Junshi No. 1 also has this clause.
A newly added item is that Junshi Capital has the right to make settlements freely after the fund's profits reach a certain standard. In addition, customers must redeem the funds after the lock-in period expires.
As for information disclosure, just like Junshi No. 1, Junshi Capital enjoys all rights.
In terms of the size of the fund, Gu Junhao also set certain restrictions. Without being sure of the specific subscription premise, Gu Junhao set the upper limit of the second fund at 500 million yuan, which was 12.5 times higher than the first fund.
In this way, even if every customer subscribes in full, without counting their own follow-up investments, they can still guarantee 50 customers. Many new customers will definitely develop among them. Based on the minimum limit of 2 million, you can Shiyihao will have 250 customers.
The minimum number of customers is 50, and the maximum number is 250. I can handle this situation by myself, but once the funds are too large, it is difficult to ensure good profits in today's small market capacity.
If it cannot achieve satisfactory performance, no matter how large its scale is, Junshi No. 2 will become mediocre. For private equity funds, performance is far more important than scale.
"Do you have any other opinions?" After unifying everyone's suggestions, Gu Junhao finally asked the executives again about the specific rules.
"No objection, just do as you say, Mr. Gu."
"agree."
"Okay, Xiao Li, please sort out the meeting minutes and hand them over to Lawyer Zhuo next Monday, and ask him to sort out the relevant subscription contracts; in addition, file the new fund with the Management Office of the Fund Association."
"Okay, I understand." Li Xinyu nodded. She was already familiar with such executive meeting minutes.
Throughout the video conference, Zhang Yiru listened in the study without disturbing her. From the video conference, Zhang Yiru had a comprehensive understanding of Gu Junhao's working style.
He talks about efficiency, doesn't like nonsense, and is able to listen to the opinions of his subordinates. Among them, the direction of specific rules is slightly biased toward Junshi Capital, which was proposed by Guo Yuanwei.
After combining the opinions of several people, Gu Junhao was decisive; in just a few months, Xiao Gu had evolved from a rookie in the early stages of entrepreneurship to a well-established boss.
Monday, October 27, 2014.
In the last week of October, Gu Junhao came to the company early in the morning. After proofreading the specific meeting minutes with Li Xinyu, Gu Junhao asked her to formally distribute them to lawyer Zhuo Yifan.
At the same time, the fund registration work must also be carried out as soon as possible. Under normal circumstances, the registration of a fund takes 20 trading days, which is one month. Within this month, fund-raising activities can be carried out first.
Some private equity funds will even raise funds from more than two investors, or they will invest their own money first, register it first, and then conduct large-scale fundraising.
In the eyes of investors, registered products have relatively high credibility. Junshi No. 1 took advantage of this rule. Gu Junhao invested in his own name and Zhang Yiru's name, and finally obtained the registration.
With the foundation of Junshi No. 1, Junshi No. 2 naturally does not need to do this. Therefore, the fundraising time this time is scheduled for Monday and Tuesday next month, that is, November 3 and 4.
On the first two trading days of next month, Junshi No. 2 will be officially launched at Junshi Capital Co., Ltd. located in Beicang Financial Building.
Time is relatively tight.
However, today is the Internet era, and the speed of disseminating information is much higher than before. One week is completely enough; not to mention that Gu Junhao had private communication with some familiar business owners yesterday.
Li Xinyu followed Gu Junhao's wishes and sent a signal to the market. Today and even this week, she is undoubtedly very busy as Gu Junhao's personal assistant.
As for Gu Junhao, after finishing all the instructions and making sure that nothing was missing, he walked into the trading room. For Gu Junhao, the performance of Junshi No. 1 is the guarantee of Junshi No. 2.
If you want the market to accept and pursue Junshi No. 2, you must first ensure the performance of Junshi No. 1; it is also for this reason that Gu Junhao set the fundraising time in the first two trading days of next month.
If Junshi No. 1 can continue to maintain stable profits within this week, it will be the best publicity for Junshi No. 2; of course, there are certain risks in doing so.
However, based on the current profits, even a one-week retracement is not harmful; just like buying stocks, if the risk is less than the return, it is worth doing.
As soon as he entered the trading room, Gu Junhao was met with surprised looks from Xu Jianqing and the others. Gu Junhao also smiled and said, "What's the matter? Is it weird that I came in?"
"Yeah, aren't we going to launch a new fund? We thought you wouldn't come in today, boss."
The issuance of a new fund requires the cooperation of all employees of the company, so early this morning, the news about the upcoming new fund project has been spread within the company.
Xu Jianqing and others originally expected that the boss would be busy today and was working on a trading plan, but they did not expect that the boss would enter the trading room as usual.
"Of course we are coming in, and the fund will be launched on the first two trading days of next month, so you have to keep an eye on me and at least try to ensure that the performance of Junshi No. 1 does not drop significantly."
"Ah? The first two trading days of next month? Boss, you are very brave."
"Really, boss, you are really confident. If the price continues to plummet this week, the fundraising activities on the first two trading days of next month will definitely have an impact."
"So, the pressure is on you. If the performance retracement is too severe this week, no one dares to criticize me as the boss, and will only scold you three in private, haha."
Gu Junhao responded with a smile, looking at the three people's slightly changed expressions; this kind of digging a hole feels quite good.
However, Gu Junhao's decision was naturally based on his own judgment and analysis of the market. He did not exactly want to deceive these three people. Doing so would not be beneficial to him.
Judging from the decline in the last few trading days last week, Gu Junhao has basically been able to judge the signal that the market has bottomed out, and the decline will stop after a few more trading days at most this week.
From the perspective of holdings, except for Yin Zhijie, all stocks have basically stopped falling last Friday. Dongfang Fortune, the largest holding, even showed signs of rebounding, and the Internet financial sector also showed signs of stopping falling and stabilizing.
I believe that this week, even if it is a correction of several trading days, Junshi No. 1 will not have a big retracement while ensuring the safety of the first position. You must know that last week it has already begun to rebound ahead of the market.
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However, Gu Junhao's act of scaring the three of them was also deliberate. He was about to launch a second fund, so they had to have some sense of urgency. The trading volume this month has plummeted, which will affect the status of the three of them to a certain extent.
At 9:25, the first call auction of the week ended. The Shanghai and Shenzhen stock markets performed differently. The GEM index opened flat, while the Shanghai Composite Index unexpectedly gapped lower and opened lower. The index broke the 2300 point mark and reported at 2293.57 points.
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In the weighted sector, the brokerage sectors that collectively announced their results last weekend performed abnormally and collectively declined, seriously affecting the index. Xibu Securities, which was unusually strong during the adjustment period, opened at 14.30 yuan in early trading today, gapping down and falling 3.43%.
Affected by the sharp decline in brokerage firms, most stocks in the Shanghai and Shenzhen stock exchanges opened lower in early trading. In addition to brokerage firms, the other two major financial sectors also performed extremely sluggishly.
Among the positions held by Junshi No. 1, only one stock, Yinzhijie, remained flat at 21.80 yuan.
The rest of Dongfang Fortune, Tonghuashun, and Wan'an Technology all opened at a low opening. Dongfang Fortune reported 14.83 yuan, Tonghuashun reported 21.25 yuan, and Wan'an Technology reported 13.76 yuan.
In the five trading days last week, the Shanghai and Shenzhen stock markets ended in negative territory for the fourth time in a row, coupled with the huge fluctuations in the external market. Under such circumstances, the brokerage sector, which had significantly improved its performance in the third quarter, opened with a sharp drop.
The market opens on the last Monday in October, and the Shanghai and Shenzhen stock markets are about to experience a storm.
"Damn it, it jumped short and opened low, this is going to plummet." A series of retail investor groups, including Li Ze's stud group, and securities firms took the lead in smashing the market, making them look extremely panicked.
"Damn it, such a good performance has fallen so badly, why don't you even pretend to do it?"
"Tonghuashun has also reached a new low. Li Kuang said he was buying the bottom last weekend. How dare he buy it?"
"I cut off my profits through call auction. The 10% I bought last week has gapped down and opened lower this week. It's better to withdraw first and wait until the market stabilizes before entering."
"No, brothers, you will cut it at the call auction. What will happen if it is at the bottom? Looking at Brother T's fund, it should be full. Don't panic."
When Li Ze saw everyone hurriedly cutting the meat, he quickly stopped him. However, in this panic, his words could no longer affect everyone, and emotions would spread.
Even Brother Cao, who was originally the most stable person in the group, was frightened this morning, and his original plan to buy Tonghuashun was abandoned.
The old leeks who are involved in the market are the most panicked about the big drop in this adjustment stage. The big drop after countless high adjustments has left a deep memory on their trading nerves.
At this time, the only idea is to run away and wait and see. Only people like Li Ze who are not deeply involved in the stock market are not afraid and think this is an opportunity.
"Okay, if you don't want to copy, I will copy, and I will buy another 1,000 shares." Li Ze was fearless. He had not originally planned to buy the bottom, but he was also aroused by everyone's panic.
"Don't be impulsive, Li Kuang. It's not that I don't believe you, brothers. It's just that in this situation, it's better for you to wait and see and wait until things are stable."
"That's right, don't struggle with money. It's not easy to make money when you go down the well."
Li Ze turned a deaf ear to everyone's speech. After quickly transferring more than 20,000 yuan into his account, Li Ze didn't even have time to think, and he hung on the opening price of 21.25 yuan without thinking.
Last Friday, Tonghuashun's lowest price hit a low of 21.11 yuan. According to Li Ze's calculation, if today's opening price does not break last Friday's lowest price, it should be safe.
However, there is also an element of gambling and the emotional turmoil caused by the remarks that everyone is afraid of.
"When others are scared, I buy the bottom, and when others are scared, I buy the bottom." After placing the order for a while, Li Ze also became more awake and a little scared at this time.
However, it was no longer possible to cancel the order, and Li Ze could only keep using these words to comfort himself.