How can people be so hypocritical!
"On the day of the accident at the beginning of 65438+ 10, Mr. Lin called me back. I dialed back to say hello to him, and my phone was turned off." A Shenzhen private equity insider familiar with Lin, general manager of Sanyang Assets, told the Financial Weekly reporter.
At this time, it has been seven days since Lin left the public eye. At the end of 65438+February last year, China Resources SZITIC, the custodian of four funds under Sanyang, announced the termination of Sanyang series trusts, and Shenzhen Securities Regulatory Bureau announced 36 institutions without legal securities business qualifications at the same time, including the names of Sanyang assets, which made the outside world worried about Lin's recent situation.
A question pervades the private equity circle in Shenzhen. Lin, is there a problem? As a former Public Offering of Fund manager, if something goes wrong, is it an old account or a new account after Sanyang was established?
Not only did nearly eight well-known private equity peers interviewed by the reporter not get the news, but even a senior securities lawyer who had worked with Lin said that he did not know the exact situation. The lawyer also said that some cases had been signed at the beginning, so it was not convenient to say.
But in any case, the liquidation of Sanyang trust products exposed some inherent problems in the circle. The above-mentioned private placements interviewed by reporters invariably told reporters that due to the sensitivity of the incident, they did not want reporters to be named. They are worried that private equity funds are still hovering in the gray area of the law, making them afraid to expand. When it gets bigger and bigger, it is sometimes difficult to control in the face of the temptation of some interests. "So, the liquidation of Sanyang Fund may be the biggest event in the near future, but it will not be the last one." A private equity fund manager said.
Liquidation due to investment disputes or not
Previously, the market's judgment that Lin's whereabouts were unknown was that Lin's funds might involve disputes with customers, but with the explanation of the custodian China Resources SZITIC, the market doubts disappeared. China Resources SZITIC said that at present, no institution in the market has received any documents involving Lin, general manager of Sanyang Assets.
The above-mentioned lawyer said that according to the handling procedures of the relevant departments, even if Lin is restricted in personal freedom, there will be a statutory time limit for notifying his family. He didn't hear the news that Lin was controlled. "Disputes with customers can only be economic disputes. After the public security department intervenes, family members can generally get news quickly. "
Judging from the public information obtained by the reporter, it is unlikely that Lin will have an economic dispute with his customers. Before the liquidation, Sanyang Assets sold four trust products, including China Resources Trust. The unit of Sanyang Excellence 1 is about 135.26 yuan, the unit of Excellence 2 is about 102.56 yuan, and the net value of Excellence 4 is about 106 yuan. Only the net value of Excellence 3 is a loss, but it also has 97.67 yuan. This achievement is not bad in the recently announced ranking of private equity funds in Yangguan.
"Compared with other private placements, Mr. Lin doesn't have many unconventional judgments on the market, which gives me the feeling that fund managers from public offerings are more traditional." A private equity fund manager commented on Lin. Like Lin's role in Sanyang, Lin had previously worked as a fund manager in two public companies, Huaxia Fund and Taixin Fund.
"However, although S is traditional, there is no problem with investment ability. A fund he runs was issued in 2007. After the calculation in 2008, there was no loss in that round of plunge. It is estimated that few funds can do it. " The above fund manager said.
In fact, even if it is liquidated at present value, the loss of customers is not great. Therefore, there may be other reasons for the liquidation of Sanyang assets.
The fund fault of forest may exceed 1 100 million yuan.
As a result, the second guess surfaced again. It is said that Lin invested in mainland institutions listed in Hong Kong in his early years. In 2006, ITAT claimed to be the largest chain clothing department store in China. At that time, the company had accepted the layout consideration of Blue Mountain Capital and Morgan Stanley market. Even in third-tier cities or towns, Oyiya 9 yuan Hanbok can effectively attract many consumers' consumption, which is also the venture capital of Oyiya product quality and other institutions, with a total amount of about 65.438+0.2 billion US dollars. Lin He has invested a lot in this aspect.
ITAT originally planned to be listed in Hong Kong, but due to financial fraud, the original sponsor withdrew and failed to pass the hearing of the Hong Kong Stock Exchange.
Some private equity fund managers told reporters that according to the practice of issuing sunshine private equity funds, fund managers themselves also need to contribute about 20% of the "margin". If private fund managers are really short of money, it is not excluded that they apply for fund liquidation in order to get back their capital contribution. "If it is not liquidated, the custodian will not let the private equity fund manager use the money in the account at will." According to the scale calculation of Sanyangsi Fund, which is close to 654.38+0 billion yuan, if Lin really applies for liquidation because of lack of money, then the funding gap he encounters may exceed 1 0 billion yuan. "This is really a big problem for Lin."
Due to the background of Lin's cooperation with Jiangsu, some people in the industry doubt whether Lin's financial fault is related to Jiangsu's cooperation, and think that Ou Yiya is a liar after that. However, not only did Jiangsu SDIC deny this, but the reporter also learned that the cooperation between Sanyang and Jiangsu SDIC ended as early as March 2008. Previously, the trust plans of Sanyang Kaitai Investment Series jointly developed by them were almost all the operation methods of issuing new shares.
"Due to the unique environment in the Mainland, it is almost guaranteed to play new shares. Sanyang's trust products are not risky, and it is impossible for any customers to find trouble. " A private equity fund manager said. "Until Lin Shaoli appeared, all the problems could not be solved."
Private placement calls for legislation as soon as possible
"In fact, we very much hope that the private equity fund law can be introduced. If there is this law, it is better to say that we are more secure than investors. " A private equity fund manager said that he said that many friends in the circle are sitting together to talk about Lin. The fund manager has similar investment qualifications as Lin. "For example, Zhao Danyang has moved its headquarters to Hongkong and will set up a branch on Wall Street. Clear laws can let fund managers know what they can and can't do. This is good for the long-term development of private equity funds. "
Another fund manager said that at present, many private investments in China can only rely on self-discipline, and the bottom line depends almost entirely on the ethics of fund managers. If he can't withstand the temptation of various interests, it is likely that things that investors and regulators don't want to see will happen. However, the management can not ignore the development of private equity funds, and the management should supervise some services with market demand. For example, since 2005, the relevant departments have never approved a new securities consulting company, allowing many similar companies to sidestep the ball and register with the Industrial and Commercial Bureau.
However, if you want to join Oyiya's friends, you must first understand Oyiya and the rules for joining Oyiya. You can imagine that a person wants to start a business and invest money and energy. An industry insider said that although there is no special private equity fund law in Britain, private equity funds can develop well because other laws and regulations are relatively sound. The scale of funds is determined by the market layout within tens of billions of dollars. Even in third-tier cities or towns, Oyiya 9 yuan Hanbok can effectively attract many consumers, which is also the quality of Oyiya products.
"This is unimaginable in the mainland, because developed countries not only have mature fund companies, but also mature investors." A private equity fund manager is also worried about disputes with clients. "If a few similar things happen to private equity funds, it is estimated that managers in Public Offering of Fund are reluctant to go to sea, because almost all managers in Public Offering of Fund have a huge customer base, and the scale of a private equity fund will not be small.
The latest development is that the revision of the Securities Investment Fund Law was initiated in mid-2009, and it is very likely that private placement supervision will be incorporated into the law.