"Science and Technology Innovation Board**" on February 4 (researcher Tian Xiao).Recently, it was reported that Wang Yawei, the former "first brother of public offering" and the founder of Qianhe Capital, was taken away for investigation, and Qianhe Capital subsequently responded that due to personal reasons, Wang Yawei will not participate in the company's operation and management for the time being.
The name of this former "top stream" leader and investor has rarely appeared in front of the public, and this time it has caused widespread heated discussions, and it is actually a rumor of missing contact. Judging from Wang Yawei's ups and downs over the years, the fog of lost contact may already have traces to follow.
The first batch of public offerings "top stream".
There has never been a shortage of elites in the capital market, and Wang Yawei is one of them.
In 1989, 18-year-old Wang Yawei was admitted to Tsinghua University as the top science student in the college entrance examination. At the suggestion of his family, he chose the popular electronics major at the time. However, Wang Yawei, who was exposed to the wider world, soon found that he was not interested in the electronics industry. The surging ** market attracted his attention.
I remember when I was a senior in my senior year, I started to buy "China ** Daily", it was in 1993, the newspaper was just launched, there were only two issues a week, and I went to the editorial office to buy a bound copy. Wang Yawei once said to **.
Driven by his enthusiasm for knowledge, Wang Yawei took a double degree in business management from Tsinghua School of Economics and Management, "At that time, there were not many books on investment, and I took almost all the books I could borrow, and the more I understood the industry, the more fascinated I became." ”
After graduating from Tsinghua University, Wang Yawei was assigned to work at CITIC International Cooperation, a subsidiary of CITIC Group. A year later, he joined the Huaxia ** Dongsi Sales Department. In 1998, Wang Yawei transferred from Huaxia ** to the newly established Huaxia ** management company and began his career in investment management.
However, at this time, Wang Yawei has not yet opened his mind, and his achievements in investment are flat and stable, and there is nothing outstanding. In 2003, Wang Yawei's growth performance in Huaxia ranked first in the company. For the first time in his life, Wang Yawei tasted the taste of being ignored. After learning from the pain, Wang Yawei stepped down and went abroad for further study. This has completely changed Wang Yaping's investment style and brought a legend to China's public offering industry.
Close to the market, many transactions, preference for unpopular stocks, strong trading ability and other characteristics, and then encountered the big bull market that began in 2006, since Wang Yawei took over as the manager of Huaxia **Select**, ChinaAMC **Select has returned as high as 1182% in more than 6 years, while the average return of the same kind ** is only 234%.
The brilliant record has pushed Wang Yawei into the spotlight. Since then, China's ** has appeared "Wang Yawei concept stocks", as long as it is Wang Yawei's investment and heavy position, it will attract widespread pursuit by investors.
"Smuggling" walked off the altar
The pursuit of the market has brought an unprecedented aura to Wang Yawei. But behind the aura, there is also pressure that is difficult to get rid of.
On the afternoon of May 7, 2012, in the conference room on the 12th floor of Tongtai Building, Financial Street, Beijing, Wang Yawei, who had just passed the age of confusion, attended the meeting. Surprisingly, this "** first brother" proposed to resign.
Wang Yawei confessed the reason for his resignation, "The outside world pays too much attention and the pressure is too great." He said that the market's pursuit of "Wang Yawei concept stocks" has even affected his investment, and some market opportunities may have been grasped in front of him, but he was worried about misleading investors, which made his investment shrink.
Leaving the public offering industry, Wang Yawei's new track is private equity. In the same year, he founded Qianhe Capital.
With the halo of "the first brother of public offering", Wang Yawei has made a very beautiful start in the field of private equity: Qianhe Capital's first product "Yunfeng" came out, directly refreshing the three major records in the private equity industry in 2012: the subscription threshold reached up to 20 million yuan, refreshed the threshold record of 10 million, raised 2 billion yuan to break the record of private equity single fundraising, and the fixed management fee rate was as high as 25%, far more than the peers 1%-15% level.
Since then, Qianhe Capital's plate has become bigger and bigger. By 2015, the scale of Qianhe Capital's management was close to 20 billion yuan, and in 2018, it soared to 30 billion yuan.
However, in the ever-changing **, it is difficult to have a myth that stands still. When the market entered a period of adjustment, the halo surrounding Wang Yawei gradually faded.
In the first three quarters of 2018, Wang Yawei's products almost lost money comprehensively, and his fist product "Yunfeng" series suffered an average loss of more than 30%. Among them, the Sanju environmental protection held by "Yunfeng No. 3" once fell for 3 consecutive trading days, and the warp and weft textile machinery held by "Yunfeng No. 9" also had two one-word drop limits.
Since then, Qianhe Capital has stepped on thunder one after another, and the FAW Department and Zhongke Investment, which have invested heavily in it, have suffered heavy losses. Kaisheng Rongying, who invested, was also investigated for "suspected threats".
On the eve of the National Day in 2021, Wang Yawei took the initiative to cancel Qianhe Investment, of which he served as the legal representative and general manager***Qianhe Investment is a holding subsidiary of Qianhe Capital and the first private equity investment platform established by Wang Yawei after his "smuggling". As of the time of cancellation, Qianhe Investment has liquidated products, and there are 3 ** subsidiary special account products.
In 2022, Qianhe's management scale has fallen to the range of 50-10 billion yuan, and it is gradually moving away from the leading private equity institutions.
Is there a trace to follow?
From the former public and private equity stars to the current rumors being investigated, what happened to Wang Yawei?
It should be said that the compliance doubts surrounding Wang Yawei have been haunting him.
Wang Yawei is known for investing in unpopular restructuring stocks, and the "Huaxia Selection" and "Huaxia Strategy" under his management often lead to multiple unpopular stocks at the same time, so there are voices questioning his insider trading when Wang Yawei is still hot.
In 2009, it was reported that the two "Huaxia Select" and "Huaxia Strategy" managed by Wang Yawei were investigated by the China Securities Regulatory Commission, but there was no result at that time.
In this regard, another private equity star Xu Xiang strongly supported Wang Yawei. He once said to **, "If Wang Yawei became famous by relying on insider information, why didn't others use this method?" In November 2015, Xu Xiang was imprisoned and finally sentenced to 5 years and 6 months on charges of "obtaining inside information through illegal means".
In 2014, it was reported in the market that the "Huaxia **Select**" managed by Wang Yawei was investigated by the China Securities Regulatory Commission. At that time, a spokesman for the China Securities Regulatory Commission disclosed that some ** managed by Huaxia ** Management Company were related to some suspected accounts in rat warehouses.
In recent years, rumors of Wang Yawei being investigated have become even more popular.
In June and October last year, Wang Yawei was reported twice in succession to have been detained by the customs department and is under investigation. After the news came out, Wang Yawei wrote an article in the WeChat circle of friends, suspected of responding to the rumors to "refute the rumors". However, neither Wang Yawei himself nor Qianhe Capital made a positive response to the rumors under investigation.
It is worth noting thatWang Yawei's old colleague, Guo Shuqiang, another veteran of Xinghua's *** manager team in the past, has also lost contact. According to **, Guo Shuqiang has been taken away by relevant departments in mid-July 2023.
Researcher of Science and Technology Innovation Board** Tian Xiao).