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澳门线上赌博:Noah Wealth Chief Research Officer Xia Chun: Should pay attention to the hedge fund market "woodpecker" function

时间:2018/7/9 18:16:25  作者:  来源:  浏览:0  评论:0
内容摘要: Qiaoshui (China) Investment Management Co., Ltd. and Yuansheng Investment Management (Shanghai) Co., Ltd. recently completed the registrati...

Qiaoshui (China) Investment Management Co., Ltd. and Yuansheng Investment Management (Shanghai) Co., Ltd. recently completed the registration of private fund managers in the China Securities Investment Fund Association (hereinafter referred to as the “Fund Industry Association”). This is the first batch of this year. The foreign asset management institution officially became the private equity manager in China. According to relevant regulations, the domestic private equity products of Qiaoshui Fund will be issued at the latest 6 months later. Since the registration of Fidelity Investment Management (Shanghai) Co., Ltd. on January 3, 2017, about 13 foreign-funded private equity fund managers have been approved, and 8 of them have issued related products.

According to public information, Bridgewater was established in the United States in 1975. After years of development, it has become one of the world's largest and best performing hedges fund company . Clients of services include institutional funds such as pension funds, endowment funds, and foreign government funds. According to reports, the current bridge fund has more than 160 billion US dollars in assets, serving more than 350 institutional investors, and the global hedge fund total size of about 40 trillion US dollars. Bridgewater Fund has only one branch outside the United States, namely Bridgewater (China) Investment Management Co., Ltd., which was established in China in March 2016. In March 2017, the legal representative was founded by Bridgewater Fund founder Rui. Dalio changed to Wang Yan.

"The majority of domestic people's understanding of hedge funds is limited to the hedge fund 'great crocodile' Soros's tiger fund and short-selling market. In fact, hedge funds are not as terrible as they are, and their positive effects cannot be ignored." Noah Wealth Chief Research Officer Xia Chun believes that hedge funds are generally referred to as private equity investment funds (Sunshine Private Equity) in China, and their main role is twofold. One is to smooth the volatility of the market by buying low and selling high. A prejudice suggests that short selling by hedge funds can cause the market to fall, and the fact is that when a hedge fund sells a stock, it is generally overvalued, and buying is generally underestimated.

Compared with public funds that are familiar to ordinary investors, the biggest characteristic of hedge funds is that they can use short strategies and different leverage systems to make shorts. This is no exception. The investment strategy of public funds is relatively simple, and there is very little leverage.

Second, hedge funds as the market's "woodpecker" found the true value of the company, including the discovery of fraud, fraudulent companies, the use of short-selling means to make their financial statements, production data, etc.

In addition, many entities are in the block trade , if there is no counterparty, the price is easy to rise and fall, and the hedge fund in the low buy high sell, also provides liquidity to the market. In mature markets, hedge funds have become important liquidity providers outside of traditional financial institutions. Bridgewater Fund, as one of the providers of market liquidity in the securities market, also helps other entities to obtain better trading prices when creating value for customers.

Xia Chun believes that the reason why the Bridge Water Fund conducts business in China is because the bridge water and Soros Fund are good at commodities and macro strategies. Bridgewater is better at bond and stock investment. Bridge Water Fund founder Dario has created a number of new financial investment strategies, the fund's overall asset management capabilities are strong: First, the investment research strength is very strong, Dario himself insists on writing research report . The Bridge Water Fund has a thorough research on the bond market, and its views are valued by the US government. Second, the Bridge Water Fund has a deep understanding of the macro market. Compared with ordinary hedge funds to do concentrated investment, the investment scope of Qiaoshui is spread all over the world and relatively scattered.

Yuan Guangping, investment manager of Xingshi Fund Investment Group believes that overseas large-scale asset management institutions have registered and filed business in China, which has a strong “squid effect”. Based on rich experience in financial innovation, these funds are likely to combine our market needs with investment experience on the basis of legal compliance, and design image-like products.

Yuan Guangping said that in recent years, foreign private equity institutions have actively entered the Chinese market. The first is the result of the continuous advancement of the opening up policy. On June 30, 2016, the China Securities Regulatory Commission stated that it allowed qualified foreign-invested and joint-venture private equity fund management institutions to engage in domestic private equity fund management business. Foreign-funded institutions that carry out private equity fund management business in China need to set up institutions in China to raise funds in the territory, invest in domestic capital markets, provide asset management services for domestic qualified investors, and do not involve cross-border capital flows. Since 2017, China’s expression of financial openness has been continuously strengthened, and overseas private equity funds have been more qualified to “walk in”.

The second is the continuous improvement of the self-regulatory system of the industry's regulatory policies. Since being incorporated into the fund law supervision in 2013, the private equity fund industry has a legal basis, and has set up a self-discipline system for private placement in registration, internal control, custody, and employment, providing an environment for the overseas industry. Stabilize expectations and enhance confidence in the exhibition industry.

Once again, China's economic and social development is stable and it is favored by foreign investment institutions. As the quality of A-share listed companies has steadily increased, overseas asset management companies have seen the investment value of A-shares.

Jia Zhi, head of the Tianxiang Investment Fund Evaluation Center, believes that Qiaoshui Fund will use its sustained and stable income to conquer the holders and peers. The business in China will have a positive impact on China's private equity market and accelerate the survival of the fittest in the private equity industry. .

Liu Youhua, a private placement network researcher, said that the Bridge Water Fund registered private equity fund managers in China, indicating that China's capital market is accelerating opening up to the outside world, and there is huge room for future development. It will help improve the market ecology, attract overseas capital investors to invest in A shares, and further improve the liquidity of the market. At the same time, it will help to accelerate the development of the domestic private equity industry.


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