According to data from third-party institutions, in 2023, the average loss of domestic ** strategic private equity institutions will be 241%, of which the average loss of 10 billion-level ** strategic private equity institutions in 2023 is 268%。The performance of different institutions is differentiated, with 18 private placements of 10 billion yuan losing more than 10% of the year, and 6 private placements of 10 billion yuan of annual returns of more than 10%.
*The average loss of strategic private placements is 241%
According to the 2023 annual performance monitoring report of domestic ** private equity institutions released by the third-party institution Chaoyang Perpetual, as of the end of December 2023, a total of 90 10 billion-level ** private equity institutions (including **, bonds, FOF and other ** investment strategy types) monitored by the institution have an average loss of 1 in 202335%。The average return of a total of 3,603** strategic private equity firms monitored by the agency for the full year of 2023 is -241%, of which the average loss of 10 billion-level ** strategic private equity institutions in 2023 is 268%。
Among the 90 private equity institutions with a level of 10 billion, a total of 48 private placements of 10 billion yuan will achieve positive returns in 2023, and 42 will suffer losses. Among them, 18 private placements of 10 billion yuan lost more than 10% during the year;There are 6 private placements of 10 billion yuan to achieve a profit of more than 10%, and most of them are quantitative private placements of 10 billion yuan.
Specifically, quantitative institutions such as Kuande Investment, Wenbo Investment, and Black Wing Assets will lead the performance in 2023Zhengyuan Investment, Dunhe Assets, Banxia Investment, Zhehao Assets and other tens of billions of private placements, all lost more than 10% during the year. Among them, Banxia Investment and Zhengyuan Investment will both lose more than 15% in 2023.
According to the monitoring data of the private placement network, in 2023, the average return of the 32 quantitative private placements with performance display will be 643%, of which 31 achieved positive returns, accounting for 9688%;The average return of the 41 subjective long strategy 10 billion private placements with performance display in 2023 is -326%, of which 14 achieved positive returns, accounting for 3415%。
The long-term strategy tends to be positive.
Although in 2023, tens of billions of ** private placements will suffer annual losses for the second consecutive year, many leading private placements still frequently speak out and have positive expectations for the medium and long-term performance of the A** market.
Gao Yuncheng, general manager, partner and ** manager of Greenwoods Assets, said that in 2024, the equity market such as A-shares will be "a year in which the benefits far outweigh the risks". The peak and fall of US interest rates is a high probability event, and high-quality development is also a "definite beta". After continuous adjustment, many Chinese listed companies are already very cheap, the valuation of the photovoltaic and electric vehicle industry chain is comparable to that of traditional cyclical industries, and the valuation of branded consumer goods companies is also at a historical bottom, and corporate earnings are expected to resume growth in 2024, and performance and valuation are expected to be repaired.
The deputy general manager and chief strategic investment official Lei of Xingshi Investment said that from a medium-term perspective, the market has a good foundation for stabilization. On the one hand, the current market sentiment is still low, and there is little possibility and space for further downside;On the other hand, during the data window period at the beginning of the year, the market's game on policies and other aspects will gradually increase, and trading activity is expected to gradually increase. At the same time, investors should pay attention to transaction-level pressures caused by short-term overseas capital flows.
* Control and keep improving.
The founder of a 10-billion-level ** private equity in Shanghai said that in 2022 and 2023, the median loss of domestic ** public offerings will exceed 20% and 10% respectively. In addition, Tonglian data shows that as of January 5**, the price-earnings ratios of the Shanghai Stock Exchange 50, the Shenzhen Stock Exchange Component Index, the ChiNext Index, and the Science and Technology Innovation 50 have all been close to the historical lows of the last three years, and the market is expected to usher in a recovery in 2024**. In this context, the institution will actively deploy core assets that have fallen sharply, blue chips with high dividends, and high-prosperity technology tracks.
From the perspective of management, the private equity person said that the current institution will always maintain "more than eighty percent of the level" in terms of control, and is optimistic about the opportunity to repair the band in the medium-term market, and the market may still launch a new round at any time in the later period
According to the latest monitoring data of the private placement network, as of December 22, 2023 (due to information disclosure compliance and other reasons, the net value of private placement products and the estimated data are relatively lagging behind), the average domestic private placement of 10 billion yuan is 7217%, although a slight decrease from the previous three weeks, is still at a historically high level.