Today, migrant workers will come to some hard goods to introduce the four ways to write fennel beans.
The reason is that in the afternoon, I saw an announcement disclosing that Yongying** purchased Gao Nan's new hair **10 million yuan.
In fact, everyone has seen the company's self-purchase, but have you paid attention to the way of disclosure?
I divide the current self-purchase into four types:
1. The company uses its own funds to purchase;
2. **Manager self-purchase;
3. **The company's executives and investment research leaders purchase themselves;
4. **The company's employees purchase themselves.
The first one is the self-purchase of ** companyWe will find that there are some companies that have made announcements, and there are some companies that have not.
For example, Quanguo Jiayuan, managed by Qian Sijia, in fact, did not disclose the self-purchase situation before the end of the fundraising
But after the end of the fundraising, we can clearly see:
The company used its inherent funds to subscribe for 5 million and 500 yuan (this 500 yuan may be the interest during the fundraising period, which is uncertain), and the employees subscribed for more than 13 million. Note that there is no distinction between executives, investment research leaders, managers, or ordinary employees.
than how to make a wide range of profit-making products, in the process of raising the disclosure of self-purchase:
Therefore, the conclusion is: in the fundraising, the company uses its own funds to subscribe to its own products, which can be announced or not; After the fundraising is completed, the announcement of the effective date of the contract will definitely disclose the company's inherent funds and the number of shares subscribed by the employees.
In addition, ** the company's own purchase is to holdHalf a yearcan be sold, but there is another situation: ** the company buys itself through a subsidiary.
Note that there is a detail here, called a wholly owned subsidiary.
Compared with the announcement of the entry into force of the three-year contract of Bank of Communications Ruiyuan, you will find that the self-purchase amount is only more than 100 million? That's right, because the rest is subscribed through the subsidiary.
In addition, the quarterly report will also disclose the details of the company's share of the products held, but it is impossible to see whether the manager sells it or not.
The second is the manager's own purchase
In fact, the self-purchase amount of the ** manager will not be disclosed in the form of an announcement in the fundraising (it will be displayed in the effective announcement in the form of a range), but sometimes the subscription amount can also be seen in the news report. After the end of the fundraising, the shares subscribed by all employees will be disclosed together.
So in addition to the announcement of the entry into force of the contract, what way do we see the ** manager self-purchased?
The interim report and annual report will disclose one item: the situation of the employees of the manager at the end of the period.
Take the famous ** manager Qiu Dongrong as an example:
We can see that Qiu Dongrong holds more than 1 million shares of Zhonggeng Value Pilot. But it is not clear how much, this only discloses an interval.
*The manager buys it by itself, and it is generally held for more than 1 year before it can be redeemed.
The third is the self-purchase of ** company executives and investment research leaders。Note that it's not just the executives, but also the heads of investment and the heads of research, i.e., the directors of investments and the directors of research.
After the contract of ** takes effect, you can see the self-purchase range of the company's executives, the person in charge of investment research and the ** manager.
The interim report and annual report will also be disclosed, which has been given as an example before, but when the ** manager holds a large amount of money and is still a company executive or investment research leader, this indicator is actually invalid:
But you can still see how much the company's employees love the product.
Executives and investment research leaders purchase their own products, and the minimum holding period is also 1 year.
The fourth is self-purchased by the company's employees。Employees who are not executives, non-investment research leaders, and non-managers only need to hold them for more than half a year, except for currency**, yes, all self-purchases are exempt from currency**.
As mentioned above, the amount of self-purchase by employees is disclosed after the contract takes effect, and is mixed with the self-purchase of executives, investment research leaders and managers, and the other is disclosed in the interim report and annual report, but it will not exclude executives, investment research leaders or managers. In fact, there is no need to distinguish, the information given in the report is sufficient.
So, here comes the last question: when the ** fundraising ends, why can't the accurate scale data be announced immediately?
According to the public disclosure information, it can be inferred that if the initial offering does not involve consignment sales, only direct sales, then the general T+1 transaction will be approved, and the contract can only take effect after obtaining the approval; However, most of the products will involve banks, brokerages and Internet channels for consignment sales, if it involves consignment sales, the capital verification report can only be issued in T+2 trading days, so T+2 trading days can only be reported to get the approval, and the next day announcement (the contract entry into force announcement must be announced on the next day after the effective date). In other words, the products that ended on Tuesday will theoretically only be announced on Friday. Of course, there are also relatively fast ones, such as Yang Jinjin's profit-making products, which ended on October 25, and issued an announcement on the entry into force of the contract on October 27.
Therefore, many reporters like to ask how much money the channel has raised when the product has just ended, which may not necessarily give accurate data, because for the channel, the accurate data also needs to be known after the contract entry into force announcement.
In any case, I support public offerings in various forms of self-purchase, and I also know that many people will complain that the company does not make an announcement when redeeming, which is actually understandable, if the company specifically issues an announcement that it is going to **, causing the holder to follow the trend of liquidation, the product may also have liquidity risk, and no risk can be done out of the risk. If you are fine, you should take a look at the regular report for yourself, and you can find some clues. Besides, you can only buy but not sell, there has never been such a reason, and the company's inherent funds are not infinite bullets, right?
At the end of the year, the two blockbuster new products of Bai Bingyang and Gao Nan have almost ended their fundraising, and it is estimated that in the past two days, if you are interested, you can check the self-purchase data I mentioned above in the contract entry into force announcement.
In addition, today I also saw some brokerages actively donating money and property to Gansu, which I think is very good, reflecting the social responsibility of the financial industry. Financial institutions should be down-to-earth, do less exaggerated publicity, and do more charity and public welfare, which is called inclusive finance, which is high-quality development.
Some points of view, not necessarily right. The products and managers mentioned in this article are examples only and should not be used as any investment basis.