Shares in privatized into individual feast: temptation need to guard-unit high income, privatization-IT information

"Time ago, receives several phone calls a day, and asked if she would join the odd Tiger 360 privatisation. "Shanghai, a senior fund manager told the 21st century business Herald said," but I personally did not take part in ". A public offering Business Manager, told reporters in Shanghai, and invested in some groups, will return to a-share when policy hasn't changed, even selling shares in art institutes in privatization proceeds, 300%, or 600% products.

Higher yields lure and privatizations under the huge demand, shares in retail has become a force in process of privatization. However, the current price of privatizations in tens of billions of dollars, many overseas markets higher valuations, and there are three layers of premium in the return process. Therefore, the industry points out that retail investors need to beware of becoming "leeks" or "disk access".

According to investigative journalism, and listed companies to participate in privatizations in the income distribution mechanism and retail investors return funds in the purchase of products are very different. One obvious difference is that listed companies participate in the privatizations have not higher expected rate of return.

Feast of retail participation in the privatization of

In the second half of last year to return to boomers, sensitive private equity firms hovering over the big business. Their "return equity fund", "split VIE return fund" product-intensive available. 21st century business Herald reporters found that Golden Axe, and 360, Yale wealth website has this type of Fund products for sale.

Product, for example-360 official website called "Galaxy return to equity funds in the top" (hereinafter referred to as the return Fund) managers is the compounded wealth Investment Management Ltd in Shenzhen, is expected to issue size of 300 million Yuan, for the duration of the Fund "5+2" years, the expected annual yield of 80%, gross income is up to 3-5 times, minimum subscription amount of 2 million Yuan.

21st century business Herald reporters confirm with Galaxy securities, told reporters its customer service staff were verified, "back hosted by Galaxy Securities Fund is a private equity fund, another name for ' Tian Cheng Hung-Chi will return to private investment funds. ’”

According to 3,601 products Manager, return funds have long done, into more standard, has now ended. Such projects generally ended quickly, over two weeks.

In addition, Golden Axe website shows upcoming project Wanda commercial, Ant-gold suit, investors can book appointments line.

Wealth of Yale's official website as well as Icahn Ambassador return to a-share funds, will return to (disassembling VIE) project, IDG will return funds and many will return funds in the main presentation.

Reporter found, Yale wealth official website sale a only name for "Chun letter split red raised strategy 1th," (Xia said Chun letter 1th,), sponsors is Beijing Chun letter capital management limited (Xia said Chun letter capital), management term 24 months (voted Gu can extension to 36 months), funds into for "intends (has) demolition red raised schema of to Internet for representative of top TMT enterprise, and to shares or new ban for main exit channel".

Business statistics, Sun capital was founded in 2009, is the largest shareholder of CITIC asset management co., Ltd. Wealth of Yale's official website on Chun, 1th product description display, "the Fund is the nation's first equity investment fund focused on removal of red-chip project, within only red chip CITIC system fund priority projects within the group."

21st century business Herald reporters found, shall return funds in the above investment threshold of a minimum of 1 million . This also means that this Fund allows small investors to participate in the privatizations in the process.

However, insiders pointed out that, although some will return shouted out several times the income of the Fund, but publicity and ultimately fall short of even a loss is also possible. "Many on the market shall return funds are not in public, brokers and other regular management, but some irregulars. "The business manager stated that, buy this product is mainly look at managers, third party financial adviser sales amount and most of them to the Manager.

"Such contracts are generally not guaranteed baoxi, if administrators really put money into the project, finally lost, investors can't help. "Such further pointed out that the business manager.

Inflated valuations?

In addition to retail, shares in listed companies are also keen to participate in the privatization, such as the aier eye (300015. SZ), CITIC Guoan (000839. SZ), shares (600488. SH), said investment qihoo 360, privatization, mainly through building their own funds directly subscribed or LP subscription Fund products.

For example, aier eye intends to invest in the Hsin-Sheng Tianjin equity partnership (limited partnership) indirect investments in the way qihoo 360 companies, amount to USD 30.324 million, managing partner of the limited partnership is the odd Tiger and sheng, duration is "5+2".

According to the CITIC Guoan announcement, its majority-owned subsidiaries An Ruibo has set up a special investment fund qihoo 360 sea ningguo An Ruiwei investment partnership (hereinafter referred to as core Gateway Fund), CITIC Guoan as the sole limited partner of the Fund. Architecture design based on 360 private account transactions, Rui Wei funds through replenishment of Qi Xin, Tianjin zhicheng technology limited, Tianjin Chi Shun mastery technology limited participation in privatization of qihoo 360.

However, the 21st century business Herald reporters found that the privatization of shares in the listed company involved in profit-sharing and retail investors return funds in the purchase of products are very different.

According to the relevant announcement on distribution system of listed companies, an obvious difference is that listed companies participate in the privatizations were not as retail products as promotional higher expected rate of return.

For example love, eye on its participation odd Tiger 360 of returns distribution mechanism said, (1) first, distribution to the limited partner, until the limited partner cumulative get of distribution total is equal to its as distribution of day of real paid funded amount; (2) then, according to annual 8% (simple) of priority returns distribution: distribution to limited partner, until the limited partner on actually paid funded amount in the of project investment part achieved annual 8% (simple) priority returns; (3) then, Retroactive allocation of the share of proceeds: to the General Partner allocation of the share of proceeds, in accordance with this paragraph (3) Cumulative assigned amount equals the (3) items and above (2) and 20% and (4) and then 80/20 into: 80% allocated to a limited partner, 20% as the proceeds allocated to the general partner.

Chanson capital Executive Director Shen Meng believes, "according to the current a-share valuations, part of the proceeds of privatizations in 35 times could reach and return of arbitrage is a greater income, and possible after these funds are as bad. ”

However, Shen Meng, privatizations, valuations are high, there is a three-tier premium. First privatization process is at a premium, followed by the privatisation assets of cross-market valuation premium, finally returning a share of backdoor shell cost premium. So the pumping phenomenon, namely, the existence of "inflated valuations of assets or equity restructuring drawing on funds from small investors", so investors need to beware of becoming "leeks" or "disk access".

However, shall return funds has also cooled. Recently, the SFC said red-chip companies to list on overseas IPO, m return to the a-share markets may give rise to an in-depth analysis of the impact study. Unit return flows were cooled, some products sold were also stalled.

The product manager said, return of the unit in position while the SFC has not yet fully paused, but slowed down the pace of privatizations. "Privatization are going not so well, but found nothing before clearly the attitude of the Commission, also made it. ”

中概股私有化成散户盛宴：高额收益诱惑需警惕 - 中概股,私有化 - IT资讯

“前段时间每天都接到好几个电话，问要不要参加奇虎360私有化。”上海一位资深基金经理对21世纪经济报道记者透露，“不过我个人没有参与”。上海某公募业务经理也对记者表示，在一些投资群里，中概股回归A股政策还没生变的时候，有机构甚至在兜售参加某中概股私有化收益有300%，甚至600%的产品。

在高收益的诱惑及中概股私有化巨额资金需求下下，散户也成为中概股私有化过程中的一股力量。不过，目前中概股私有化价格动辄几十亿美元，高出海外市场估值很多，并且在回归过程中还存在三层溢价。因此，业内人士指出，散户需提防成为“韭菜”或者“接盘侠”。

另据记者调查，上市公司参与中概股私有化的收益分配机制与散户购买的中概股回归基金产品有很大不同。其中一个比较直观的区别就是，上市公司参与中概股私有化并没有高额预期收益率。

散户参与私有化盛宴

去年下半年来的中概股回归潮中，敏感的私募机构便瞄上了其中的巨大商机。标榜“中概股回归股权基金”、“拆VIE回归基金”产品密集面世。21世纪经济报道记者发现，金斧子、投360、耶鲁财富等官网均有售此类基金产品。

比如投360官网上有款产品名叫“银河证券顶级中概股回归股权基金”（下称回归基金），管理人是深圳复利财富投资管理有限公司，预计发行规模3亿元，基金存续期为“5+2”年，预期年收益率80%，总收益可达3-5倍，最低认购额为200万元。

21世纪经济报道记者就此向银河证券求证，其客服人员经查实对记者称，“回归基金是由银河证券托管的一款私募基金，另一个名称为‘天成鸿志中概股回归私募投资基金。’”

据投360一位产品经理介绍，回归基金很早就做了，投向多个标的，目前已经结束了。一般这类项目结束比较快，两周就结束了。

另外，金斧子官网显示即将上线的项目有万达商业、蚂蚁金服等，投资者可预约额度。

而耶鲁财富官网上还有爱康国宾回归A股基金、中概股回归（拆解VIE）项目、IDG中概股回归基金等多只主打中概股回归的基金介绍。

记者发现，耶鲁财富官网在售一只名为“淳信拆红筹策略1号”（下称淳信1号），发起人是北京淳信资本管理有限公司（下称淳信资本），管理期限24个月（投顾可延期至36个月），资金投向为“拟（已）拆除红筹架构的以互联网为代表的顶尖TMT企业，并以A股或新三板为主要退出渠道”。

工商资料显示，淳信资本成立于2009年，第一大股东为中信资产管理有限公司。耶鲁财富官网对淳信1号的产品说明显示，“该基金是全国首只专注于拆红筹项目的股权投资基金，是中信系统内部首只拆红筹基金，将优先获取集团内部项目”。

21世纪经济报道记者发现，上述中概股回归基金产品的投资门槛最低为100万。这也意味着，散户也可以通过此类基金参与到中概股私有化的过程中。

不过，业内人士指出，虽然一些中概股回归基金喊出了好几倍的收益，但只是宣传，最终达不到甚至亏损也有可能。“市面上很多中概股回归基金都不是公募、券商等正规军管理，而是一些非正规军。”上述业务经理指出，买这类产品主要看管理人，第三方理财顾问将销售金额的绝大部分都给了管理人。

“这类产品合同一般都不保本保息，如果管理人真的把钱投到项目，最后亏损了，投资者也没办法。”上述业务经理进一步指出。

估值虚高？

除了散户，上市公司们也热衷参与中概股的私有化，比如爱尔眼科（300015.SZ）、中信国安（000839.SZ）、天业股份（600488.SH）等均表示投资奇虎360私有化，主要方式是自建基金产品直接认购或者作为LP认购别的基金产品。

比如，爱尔眼科拟以参与投资天津欣新盛股权投资合伙企业（有限合伙）的方式间接投资奇虎360公司，认缴额为3032.4万美元，该有限合伙的执行事务合伙人为奇虎和盛，存续期也是“5+2”。

另据中信国安公告，其控股子公司国安睿博已为奇虎360设立了专项投资基金海宁国安睿威股权投资合伙企业（下称睿威基金），中信国安作为该基金的单一有限合伙人。根据360私有项目交易架构设计，睿威基金将通过增资天津奇信志成科技有限公司、天津奇信通达科技有限公司的方式参与奇虎360私有化。

不过，21世纪经济报道记者发现，上市公司参与中概股私有化的收益分配机制与散户购买的中概股回归基金产品有很大不同。

按相关上市公司关于分配体制的公告，比较直观的区别就是上市公司参与中概股私有化并没有如散户产品那般宣传高额预期收益率。

例如爱尔眼科对其参与奇虎360的收益分配机制称，（1）首先，分配给该有限合伙人，直至该有限合伙人累计获得的分配总额等于其截至分配之日的实缴出资额；（2）然后，按照每年8%（单利）的优先回报分配：分配给有限合伙人，直至该有限合伙人就其实缴出资额中的项目投资额部分实现每年8%（单利）优先回报；（3）然后，收益分成追补分配：给普通合伙人分配收益分成，直至按照本第（3）项累计分配的金额等于本第（3）项与上述第（2）项之和的20%；（4）然后，80/20分成：80%分配给有限合伙人，20%作为收益分成分配给普通合伙人。

香颂资本执行董事沈萌认为，“按目前A股的估值看，参与部分中概股私有化的收益三五倍有可能达到，而且回归套利是更大收益，况且有可能这些基金是作为劣后。”

不过，在沈萌看来，中概股私有化的估值已经非常高，存在三层溢价。首先是私有化过程存在溢价，其次是私有化资产跨市场的估值溢价，最后则是回归A股借壳时的壳成本溢价。因此，上述行为存在抽水现象，即存在“用虚高估值的资产重组或是股本重组从中小投资者手中吸纳资金”，因此中小投资者需提防成为“韭菜”或者“接盘侠”。

不过，一些中概股回归基金也有所降温。近期，证监会表态要对海外上市的红筹企业通过IPO、并购重组回归A股市场可能引起的影响进行深入分析研究。中概股的回归潮由此被降温，一些产品出售也被停滞。

上述产品经理表示，证监会对中概股的回归表态虽然没有说完全暂停，但放慢了中概股私有化的脚步。“私有化进展得没那么顺利，没有摸清楚证监会的态度前，产品也发不出来。”