The first CDR list has been determined! Follow the national team to play new shares!

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The first CDR list has been determined! Follow the national team to play new shares!

2018-06-08 00:25:32 237 ℃

Original title: Play with the national team! CITIC China Thailand Junan Xin Ping An Securities Co., Ltd. obtained six CDR fund concession rights

Next Monday, six CDR funds in the South will be on sale soon, with a cumulative total of RMB 300 billion on a 50 billion scale basis for each fund. Such large consignment cake banks and brokerage firms are all snatching food.

Today, major brokers have begun booking sales. It is worth noting that the six CDR funds will be closed for three years, and the advantage of buying on the brokerage side is that they can sell directly within six months. "Depositing" is more convenient than banking, but transactions need attention. Discount premium.

An exchange trade fund analyst of a brokerage firm said that “despite the past performance of closed-end funds, there was a premium in the short-term after the transition, but it will still be subject to discounts due to liquidity over a long period of time. In the range of 3%-5%."

Demand-for-the-money buy-side sale by dealers

In recent days, major institutions including banks, brokerages, and third parties are all snatching up the consignment cakes of 6 CDR funds. After all, this time cumulative sales will reach 300 billion.

According to reports, the trustees of these six funds are all banks. The custodian bank of Harvest and China Merchants Bank is the Bank of China. The custodian bank of Huaxia, South, and Huitianfu is the Industrial and Commercial Bank of China. bank. In general, the six CDR funds are not much different. Agency agencies include both custodian banks and other retail banks such as China Merchants Bank and major brokerage firms.

Originally, banks have a large number of outlets and a large customer base, and they have the advantage of agency sales. However, brokerage companies have not weakened their participation in the competition for agency sales because the six CDR funds will be closed for three years, and investors will subscribe on the brokerage side.It is more convenient to trade within the market.

After considering liquidity and convenience, it will be more convenient to purchase from brokers. After 6 months, they can sell directly within the market. Of course, banks can also transfer to brokers, but they will be very easy to operate. Trouble, but also need to cooperate with the fund company." An agency sales agency brokerage head of the analysis.

Reporters were informed that CITIC, Galaxy, Huatai, Guojun, Anxin, Pingan and other securities companies have obtained the rights to sell 6 CDR funds, while CITIC's main push is China Closed Strategic Placing Fund for 3 years, Huatai, Anxin Such as the main push is the South closed strategic allocation of funds for three years.

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Note LOF Fund Discount Premiums

This CDR fund has many advantages. For example, strategic allotment means obtaining CDR new share placement opportunities, and this time the fund subscription will give priority to individual customer subscriptions, and the combined fees such as subscription fee and management fee will be as low as one tenth of the general fund.

According to the Southern Fund, the current list of the first CDRs has been determined, first on July 16th Xiaomi, followed by Baidu, Alibaba, Jingdong, Tencent, Netease, Ctrip, Sunny Optical will be launched one after another, purchase The CDR fund is the rhythm of following the national team to play new shares.

It is worth noting that closing three years of operation also means that within three years, it can only be purchased outside the market, cannot be redeemed, and the liquidity is greatly reduced, and within six months after the transition will occur. Discount or premium.

Once there was a decade of traditional closed-end funds in China, the premium for such funds was very high when they switched to the market.Waiting for the holders to sell profits within the transition, but after all, the funds have a particularly long expiry date and eventually become deep discounts over time.

An exchange trade fund analyst for a brokerage firm said that in general, after a closed-end fund's transition, there will be a certain degree of discount, of course, there are some exceptions, so the holders also need to consider the long-term investment.

The analyst estimates: "There may be a short-term premium in the short-term after the transition of six CDR funds, but they will still be subject to discounts due to liquidity in the long run. The discount rate is about 3%-5%.

According to domestic and foreign experience, the existence of a discount on the price of closed-end fund trading is a normal situation. For example, for example, last year, Hing Funds, which had a size of more than 30 billion, was raised. The current value is 0.9806, while the floor price is 0.902, which means that there is a discount and the discount rate is 7%.

Following three points of uncertainty

Currently, The sales of the six CDR funds are in full swing, and they can make advance reservations without having to wait for the next Monday. However, as investors, they still need to remain rational and focus on three uncertainties.

First, the fund's strategic allotment will be given a large percentage. The possibility of getting a placement is very large. Basically, there is no doubt, but what percentage will be allocated? In addition to the first batch, how many unicorns will be allocated next? Worthy of attention.

The second is that these unicorns have issued CDR regressions, and given how high the PE is still uncertain. According to financial news, Xiaomi's initial pricing in Hong Kong is based on a forecasted profitability and 60x P/E growth model, bringing its IPO target valuation to between US$70 billion and US$80 billion. Such a P/E ratio is not low.

Third, closed operations for three years, after six months there will be discounts or premiums within the transition, and market sentiment and expectations have to be taken into account. If discounted, then investors do not have to rush to buy off-site purchases during fund recruitment. If premium, of course, buy the best now, but the holding period of up to three years, how unpredictable the redemption performance by the end of time. In short, the agency proposes to purchase these 6 CDR fundsIt is best to invest in medium and long-term investment plans.

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