Original New Economy IP New Economy E Line 2024-02-05 09:04 Published in Guangdong.
Bank of China's ** investment research veterans have been lost one after another.
On February 2, 2024, Bank of China ** issued an announcement on the change of managers, stating that due to personal reasons, Wang Wei resigned from all 5 ** (shares are calculated together), including Bank of China Preferred (A C), Bank of China Intelligent Manufacturing (A C), Bank of China Growth Preferred (A C), Bank of China Sustainable Growth (A C), and Bank of China Strategic Emerging Industries (A C), and his departure date is January 31, 2024. After leaving office, Wang Wei no longer held any other positions in the company.
According to public information, Wang Wei is the deputy general manager and senior vice president (SVP) of the equity investment department of Bank of China, with a master's degree in engineering. He joined Bank of China in 2010 and worked as a researcher and assistant manager. It is not difficult to see from Wang Wei's work experience that he is the best manager trained by Bank of China, and his investment manager in the company has been nearly nine years. Prior to his departure, Wang Wei was also a member of the Investment Decision Committee of Bank of China.
The new economic e-line noticed that since January last year, including Wang Wei, the number of outgoing managers of the company has been as high as 6. In terms of tenure, the longest Wang Yan and Chen Xuelin have served in the company for more than ten years and nearly ten years respectively. Wang Shuai and Wu Yin have served for more than eight years and six years respectively. Even the shortest, Chen Hufei, is more than three years. There are three veterans of equity investment and research who have lost the company alone, namely Wang Wei, Wang Shuai, and Wu Yin. It can be seen that with the repeated exodus of the company's investment veterans, the bottleneck of Bank of China's ** equity investment has become more prominent.
Wind statistics show that as of 2023Q4, the total scale of Bank of China is about 48463.5 billion yuan. Among them, the bond type** and the money market type** reached 2525 respectively1.2 billion and 19883.2 billion yuan, accounting for 5210% and 4103%, while the scale of mixed ** and ** type ** is only 2785.6 billion and 422.7 billion yuan, accounting for as low as 575% and 087%。
Newcomers "take the lead".
The new economic e-line learned that for Bank of China, a helpless reality is that as the main player in the company's equity investment, Wang Wei can only be led by newcomers after leaving office. Judging from the announcement of the change of managers disclosed by Bank of China, the five managers under its management were taken over by four managers.
*：wind
Wind statistics show that from the perspective of investment returns, although the return on investment of Wang Wei's products under management has been negative in the past three years, the total return has still reached 1018%, with an annualized return of 813%。Among the 5 stocks under management, the return on the tenure of China Banking Preferred (A C) and Bank of China Intelligent Manufacturing (A C), which were established earlier in 2015, reached 31 respectively32% and 3910% with an annualized return of 319% and 39%。The remaining 3** stocks established in 2021 have negative returns, such as the cumulative net value of Bank of China Sustainable Growth A and Bank of China Strategic Emerging Industries A have fallen by more than 40%.
As of the end of last year, Wang Wei managed 5 ** with a total management scale of about 56900 million yuan. Among them, China Bank Preferred A and Bank of China Intelligent Manufacturing A are the two largest in Wang Wei's management. As of 2023Q4, the total size of the two ** is 247.5 billion and 15$1.4 billion. In addition, the scale of Bank of China's continuous growth (A C) 2023Q4 also exceeded one billion yuan, reaching 139.9 billion yuan.
After Wang Wei's resignation, Huang Jun took over as the manager of China Banking Preferential (A C). Among the four successors, Huang Jun has invested in the company for nearly five years, which is relatively long. According to public information, Huang Jun is the senior vice president (SVP) of Bank of China and a master's degree in management. He used to be the investment manager of Ping An Asset Management. Joined BOC** in 2018. Including the Bank of China Preferred (A C), Huang Jun is currently in charge of 5 stocks, and the other 4 are respectively Bank of China Thematic Strategy (A C), Bank of China Income (A C), Bank of China Xinxin Consumption Growth (A C), and Bank of China Excellent Growth (A C).
Among them, the theme of Bank of China is the earliest ** managed by Huang Jun, who took office on March 13, 2019. This ** is also the one with the highest return on his tenure. As of February 2, 2024, he has a return of 8713% with an annualized return of 1365 per cent, with a return ranking of 12 650. The return on the incumbency of BOC Xinxin Consumption Growth A and BOC Excellence Growth A was negative, at -27 respectively74% and -2613%, with annualized returns as low as -1261% and -3320%, with returns ranking 260 2223 and 1639 3772 respectively.
After Wang Rui took over as the manager of Bank of China's Sustained Growth (A C)**, his "one-to-many" in management increased to 7. Among the four ** managers who took over, Wang Rui has the longest tenure in the company, more than five years. As early as last year, Wang Rui was close to serving as the manager of 3 newly issued interests**, including Bank of China Xingli Stable Return (A C), Bank of China Blue Chip Select (A C), and Bank of China Select (A C), but 3 ** have not yet achieved positive returns, and the cumulative net value has fallen by about 20%.
Wang Rui is also the vice president (VP) of Bank of China, with a master's degree in economics. He used to be a researcher of Huabao Industrial and an investment manager of Bank of Communications Schroders. He joined Bank of China** in 2018 and has been managing BOC New Economy since November of the same year. As of February 2, 2024, Wang Rui has a total of 31 ** of 7 stocks under management5.8 billion yuan.
In addition, Zhou Bin took over BOC Intelligent Manufacturing (A C) and Bank of China Growth Preferred (A C). Among them, the latter was originally jointly managed by Wang Wei and Zhou Bin. After Wang Wei left office, it was changed to Zhou Bin's separate management. However, Zhou Bin served as the first manager in the company for a shorter period of less than two years. According to public information, he joined Bank of China in 2016 as a researcher, and has been the manager of Bank of China Growth Preferred since March 2022. As of February 2 this year, including the above two, Zhou Bin is in charge of 4, and the other two are Bank of China New Energy Industry (A C) and Bank of China Core Selection (A C).
From the perspective of management scale, except for the latest takeover of Bank of China Intelligent Manufacturing (A C), the scale of the remaining three products under Zhou Bin's management is small. For example, Bank of China New Energy Industry (A C) fell below the "red line" of 50 million yuan in liquidation. As of the end of the fourth quarter of last year, the total management scale of the ** was only about 33 million yuan.
In terms of job returns, excluding Bank of China Intelligent Manufacturing (A C), the other 3 ** companies managed by Zhou Bin are all negative. Among them, the returns of Bank of China Growth Preferred A, Bank of China New Energy Industry A, and Bank of China Core Select A are respectively. 94%、-21.88%, with annualized returns as low as. 18% with a return ranking of 4139.
*:*Announcement.
In contrast, Li Sijia has the least qualifications. He joined Bank of China in 2017 and served as a researcher and assistant manager. Bank of China Strategic Emerging Industries (A C) is its first product under management alone.
Liquidation of the "hardest-hit areas".
In addition, according to the new economic e-line, behind the frequent exodus of the veterans of Bank of China's ** investment research, the company's active equity ** has also become the "hardest hit area" for liquidation. Wind statistics show that as of February 2, 2024, Bank of China** has declared liquidation or has been liquidated in the past year, with a total of 15**. Among them, there are as many as 12 active equity types, accounting for as much as eighty percent.
Among the 4** that are still in the liquidation period, 2 are active equity**, namely Bank of China Innovation Growth (A C) and Bank of China Manulife (A C). The former is a partial-stock hybrid**, and the latter is flexible**.
Among them, Bank of China Innovation Growth (A C) took less than a year from its establishment to its liquidation. On January 6, 2024, the announcement of the termination of the contract and the liquidation of the property disclosed by ** stated that according to the agreement of "3. The number of ** share holders and the scale of assets during the "duration of the ** contract" in the "fifth part ** filing" of the **contract, after the "* contract" takes effect, if the number of **share holders is less than 200 or the **net asset value is less than 50 million yuan for 50 consecutive working days, ** shall be liquidated and terminated in accordance with the agreed procedures of the **contract, and there is no need to convene ** General Meeting of Quota Holders.
Since the contract came into effect, as of January 5, 2024, the net asset value of this contract has been less than 50 million yuan for 50 consecutive working days. In order to safeguard the interests of the ** share holders, according to the ** contract, the ** manager shall terminate the ** contract and liquidate it in accordance with the agreed procedures of the ** contract, and there is no need to convene a general meeting of ** share holders.
It is reported that Bank of China Innovation Growth (A C) was established on February 15, 2023, with a fundraising scale of about 28,858260,000 yuan. In the second quarter of last year, the scale of ** has shrunk rapidly to less than 60 million yuan, and at the end of the third quarter of last year, the ** has fallen below the liquidation red line of 50 million yuan, leaving only about 44 million yuan. By the end of last year, that had not changed. As of 12 January 2024, the last trading day before liquidation, the **net unit value was only 07418 yuan.
Previously, Bank of China Manulife (A C) also entered the liquidation procedure on December 14, 2023. As of the end of December 13, 2023, the net asset value of ** has been less than 50 million yuan for 60 consecutive working days. In order to safeguard the interests of the ** share holders, according to the ** contract, the ** manager shall terminate the ** contract and liquidate it in accordance with the agreed procedures of the ** contract, and there is no need to convene a general meeting of ** share holders.
Unlike the quick liquidation of BOC Innovation & Growth (A C), Bank of China Manulife (A C) was established on 1 August 2016 and has been in operation for more than seven years. At the time of the initial issuance, the scale of its fundraising was close to 500 million yuan. Judging from the changes in the scale since its establishment, the scale has even increased steadily in the past six years. At its peak in 2021, the scale once exceeded 900 million yuan. However, from 2022 onwards, the scale of ** has rapidly plunged to 1$2.1 billion. By the end of the fourth quarter of 2023, the scale has plummeted to less than 20 million yuan. In the end, the fate of liquidation could not be avoided.
The new economic e-line noted that since the beginning of this year, Bank of China Baoli (A C) and Bank of China Reform Dividend (A C) have also issued liquidation reports in January, and the two ** are flexible allocation **.
On January 19, the liquidation report disclosed by the Bank of China Reform Dividend stated that as of November 28, 2023, the net asset value of this ** has been less than 50 million yuan for 60 consecutive working days. In order to safeguard the interests of the **share holders, according to the **contract, the ** meets the conditions for the termination of the **contract, and has entered the ** property liquidation procedure on November 29, 2023. As of the liquidation start date, only 1602 shares remained310,000 yuan, corresponding to a net asset value of 2946070,000 yuan. Initially, the Bank of China Reform Dividend was established and officially put into operation on February 13, 2018, raising more than 500 million yuan, reaching 53,638150,000 yuan. Compared with the beginning of its establishment, the scale has shrunk by 9451%。
Similarly, the liquidation report of BOC Baoli (A C) indicates that the ** has entered the liquidation procedure of ** property on November 23, 2023. The total number of shares** on the liquidation start date has been reduced to 1178910,000 shares, corresponding to only 1228 net asset value360,000 yuan. As early as February 4, 2016**, when it was established, its fundraising scale was 21980820,000 yuan. After more than seven years of operation, the scale of ** has dropped by as much as 9441%。
In addition, Bank of China Healthy Life, another mini equity type under Bank of China**, has also encountered the dilemma of being blocked this year. As of the end of 2023, the scale is only less than 40 million yuan. In fact, in the past three years, the ** has been hovering below the "red line" of liquidation.
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