Among the active interests established in 2020 and 2021, most of Penghua**'s products are still in the red.
Text: Daily Financial Report Chu Feng.
Recently, the Shanghai Composite Index has regained 3,000 points, and Penghua has repeatedly issued liquidation warnings. According to the calculation of the "Daily Financial Report", since February, Penghua has disclosed a total of 9 announcements on the possible termination of the contract, as well as 2 liquidation announcements, which is the leading number among the major companies.
*The main reason for facing liquidation is that the net asset value is less than 50 million yuan for many consecutive days, and the **liquidation condition will be triggered for 50 consecutive days. As of the end of 2023, the number of "mini**" with a scale of less than 50 million yuan under Penghua** has increased, and most of them are equity**.
At the end of 2023, the public offering management scale of Penghua ** will still stand at more than 800 billion yuan. With the first liquidation, according to the latest value given by the financial data terminal, Penghua has fallen below the scale of 800 billion yuan.
The Daily Financial Report noted that the most significant period of growth in the management scale of Penghua ** was in 2020 and 2021, and these two years were also the explosive period of the company's ** number. Taking active equity** as an example, a total of 51** were established in 2020 and 2021, and as of the end of February this year, most of the products are still losing money.
Liquidation warnings are frequent, and the scale has fallen below 800 billion
Recently, Penghua has disclosed more intensively the liquidation warning. Since February, Penghua has issued a total of 9 announcements on the possible triggering of contract termination, involving 6 ** products, some of which have been disclosed many times, including Penghua Anhui Mix, Penghua Zengxin Mix, Penghua Jinxiang Mix and other products.
For example, Penghua Zengxin Mixed has issued a total of 6 ** liquidation warnings, spanning from November 2023 to February this year; Penghua Jinxiang Mixed has also issued a total of 5 ** liquidation warnings, spanning from September 2023 to February this year.
The above-mentioned ** facing liquidation all face the same problem, that is, the net asset value is less than 50 million yuan. According to the contract, if there are less than 200 holders or less than 50 million yuan in net assets for 20 consecutive working days, the manager shall disclose it in the periodic report; If such a situation occurs for 50 consecutive working days, the ** contract shall be terminated.
It is worth noting that in February, Penghua disclosed 2 announcements on liquidation, involving products such as Penghua Xing'an regular open hybrid and Penghua Yongrui's one-year regular open bonds. Penghua Xing'an regularly opens the mixed closed period for 6 months, and after the end of the closed period, on the last day of the open period, the net asset value is still less than 50 million yuan, thus entering the liquidation procedure.
Penghua Yongrui's one-year regular open bonds are special. The product is a contractual closed type, with a closed period of one year, and the next day after the expiration of the closed period, the ** contract will automatically enter the liquidation procedure. At the time of liquidation, the yield of the product in the past 1 year is 236%, with a scale of 28 at the end of 20236.7 billion yuan.
The Daily Financial Report noted that by the end of 2023, the number of "mini **" under Penghua ** with a scale of less than 50 million yuan has increased, reaching a total of 32. Among them, there are 25 equity companies and 18 active equity companies, ranking first among the major companies.
The problem that followed was a gradual decline in the scale of the company's management. At the end of 2023, the management scale of Penghua** will be 8052$3.7 billion; Until the end of February this year, according to the latest data from Flush ifind and Tiantian**.com, the management scale of Penghua** has fallen below 800 billion yuan, to about 798.5 billion yuan.
Based on this calculation, the scale of Penghua ** decreased by 6.7 billion yuan. Since the first quarter report of this year has not yet been disclosed, the above data is calculated dynamically by the financial data terminal according to the value at the end of 2023. For example, after Penghua Yongrui opened the bond liquidation regularly for one year, the company's management scale was reduced by 286.7 billion yuan.
The market is at a high level, and most of them are still losing money
As one of the "old five" companies in the public offering industry, Penghua was established in December 1998. However, the scale of Penghua**'s public offering has exploded, which is more concentrated in 2020 and 2021.
Specifically, according to Flush ifind data, at the end of 2019, Penghua's ** management scale was 3849$1.8 billion; In 2020 and 2021, Penghua** made a major breakthrough in its management scale, which increased to 7702 at the end of 20211.2 billion yuan, double from the end of 2019; In the middle of 2022, the management scale of Penghua ** will reach 92828.5 billion yuan.
2020 and 2021 are also the periods with the largest number of Penghua establishments. Taking active equity ** as an example, in the past two years, Penghua** has established 22 and 29 products respectively, with a total of 51, ranking second and first respectively in each year. In the subsequent 2022 and 2023, Penghua** will establish 10 active equity products.
After the structural bull market in 2019 and 2020, the CSI 300 Index has been deep** since 2021 until today. This makes the net worth of the 2020 and 2021 establishments overall.
The Daily Financial Report found that as of February 29 this year, among the active equity ** established in 2020 and 2021, only 12** have achieved positive net value growth since its establishment, and 11 are partial debt hybrid**; The remaining 39** have fallen into varying degrees of loss, and 14 products have lost more than 30% since their inception.
The products with relatively good performance include Penghua Anhe Hybrid and Penghua Anqing Hybrid, both of which were established in June 2020 and are both partial debt hybrid**, with a yield of more than 17% since their inception. Penghua Emerging Growth Blend and Penghua Ingenuity Select Blend, which were established in July 2020, have lost 44 respectively since their establishment56% and 3068%。
The product with the worst performance is Penghua Innovation Future Mix. The product was founded in January 2021 and is still losing 6478%。The product was initially managed by Wang Zonghe, and it was repeatedly reported because of its poor performance. At present, Wang Zonghe has stepped down from all the products under management and no longer serves as the deputy general manager of the company.
Penghua**'s active interests established in 2020 and 2021 are mostly hybrid products, which also boosted the company's hybrid product scale to exceed 160 billion yuan. However, the performance of hybrid products is generally poor, and the management scale has fallen to 861 by the end of 20231.7 billion yuan.
In 2020 and 2021, ** is in a high position, Penghua ** released a new ** in a big way, boosting the growth of the company's management scale to a new level, the company earned management fees, but behind it is the people who are paying. To this day, most of the ** established in the past two years are still in the red. The market has intensively released new bases at a high level, which has become one of the important reasons why "the people do not make money".