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Feng Liu bucked the trend and increased his positions, and Zhang Kun significantly reduced his holdings. With the disclosure of Hikvision's semi-annual report, the public and private funds holding positions were also exposed. According to the data, Feng Liu, a private equity tycoon, spent 6.6 billion yuan to add 188 million shares. Interestingly, Zhang Kun, who is also a top streamer, chose to retreat sharply, directly reducing his holdings and exiting the top ten tradable shareholders, and the amount of reduction may reach 2.8 billion. From unanimously optimistic, holding a heavy position, to the current opposite, why are there such big differences between the two top players in Hikvision? Feng Liu goes to the left, Zhang Kun goes to the right! On August 13, Hikvision announced its annual report for the first half of 2022, and the private and public shareholding trends behind it are also at a glance. Among them, Feng Liu, a private equity tycoon, continued the previous style, spending 6.6 billion yuan to increase 188 million shares against the trend when the stock price of listed companies was slumping. At the same time, the top streamer Zhang Kun chose to significantly reduce his holdings. Data shows that in the first quarter of this year, Zhang Kun’s E Fund Blue Chip Collection still held 210 million shares, and by the end of June 2022, it has withdrawn from the list of Hikvision’s top ten tradable shareholders. The two are completely different, or because of a rumor of sanctions by Hikvision in May. On May 5, there were media reports that Hikvision may be included in the SDN list of the US Treasury Department. Hikvision fell by the limit on the same day, and its market value evaporated by 40 billion yuan, and continued to close down 9% the next day. It is widely speculated that Feng Liu may increase his position at this stage. Zhang Kun, on the other hand, continued the conservative style of the past and greatly reduced his holdings. Feng Liu added 6.6 billion yuan against the trend and "contrarian investment master" Feng Liu made a heavy attack, adding 6.6 billion yuan! On August 13, the security giant Hikvision announced its semi-annual report for 2022. It is quite noticeable that Feng Liu added 188 million shares in the second quarter, an increase of 90%. Choice data shows that as of June 30 this year, Gao Yi Linshan No. 1 Yuanwang Fund managed by Feng Liu has become the fourth largest tradable shareholder of Hikvision with 398 million shares, according to the closing price on June 30 of 36.2 Calculated in terms of RMB/share, the market value held by the fund exceeds RMB 14.4 billion. In the first quarter of this year, the fund held by Feng Liu held 210 million shares. That is, in the second quarter of this year, Feng Liu added 188 million shares. If the average price of Hikvision's stock price in the second quarter is 35.13 yuan per share, the cost of opening 188 million shares is 6.6044 billion yuan. Some investors said: "Early May this year is the time for Feng Liu to increase his position. The rumors of sanctions on May 5 hit the stock price of Hikvision. According to Feng Liu's consistent contrarian investment style, this node may be the best. Time to increase the position." In fact, Feng Liu was also a loyal follower of Hikvision before. The data shows that the Gao Yi Linshan No. 1 Yuanwang Fund managed by Feng Liu has become the fourth largest circulating shareholder of listed companies with 231 million shares in the third quarter of 2020. According to the average share price of Hikvision in the third quarter of 2020 Calculated at 36.86 yuan per share, the cost price of 231 million shares is about 8.515 billion yuan. In the fourth quarter of the same year, Feng Liu’s shareholding increased to 250 million shares after adding 19 million shares. The average share price of listed companies at this stage was 45.14 yuan per share, so the cost of this part was about 858 million yuan. By the first quarter of 2021, Feng Liu will reduce his holdings by 35 million, and the number of shares will drop to 215 million, making him the third largest circulating shareholder of a listed company. Choice data shows that in the quarter, Hikvision's share price changed by 15.23%, and the highest price once rushed to 67.67 yuan per share. According to the average price, Feng Liu cashed out about 2 billion yuan. In the next two quarters, Feng Liu's shareholdings remained unchanged, and he was still the third-largest tradable shareholder of listed companies with 215 million shares. In the fourth quarter of the same year, Feng Liu once again reduced his holdings by 11.2 million shares, reducing the number of shares to 204 million shares. At this stage, Hikvision's stock price changed by -4.87%. If the average price of the stock price is 51.77 yuan per share, Feng Liu's cash amount is 580 million yuan. From this point of view, Feng Liu's two reductions are profitable. However, in the first quarter of this year, Hikvision's share price was not satisfactory, with a change of -21.64% during the period. Feng Liu continued his previous style and added 6.2 million shares against the trend. The average share price of listed companies at this stage was 46.10 yuan. Calculated per share, the cost of adding positions may be 290 million yuan. In stark contrast to Feng Liu's massive sweeping of goods, Zhang Kun's substantial reduction of "backwards" is that many public funds have shied away from Hikvision this year. Choice data shows that as of June 30, a total of 380 public funds held Hikvision, and at the end of the first quarter of 2022, there were 474 public funds that were optimistic about Hikvision. Obviously, nearly 100 public funds "removed" Hikvision from the top ten holdings. Among them, the E Fund Blue Chip Select Mix managed by top fund manager Zhang Kun has the largest reduction in holdings, and has disappeared directly into the top ten tradable shareholders of Hikvision. Judging from Zhang Kun's position data, in the fourth quarter of 2020, the E Fund Blue Chip Select Mix under his management became the ninth largest shareholder of listed companies with 70 million shares. Calculated based on the quarterly average price of 45.14 yuan per share, opening a position The cost is about 3.16 billion yuan. By the first quarter of 2021, the number of shares held by the fund has increased from the previous 70 million shares to 90,000,200, making it the eighth largest circulating shareholder of listed companies. Calculated based on the average share price of listed companies at this stage of 58.56 yuan per share, the increase in positions The cost is 1.17 billion yuan. In the second quarter of the same year, the fund managed by Zhang Kun remained unchanged. In the next two quarters, E Fund Blue Chip Selected Mixed positions increased by 33.9998 million shares and 3 million shares respectively, with a total of 124 million shares and 127 million shares respectively. Choice data shows that the average share price of the above two stages is 58.18 yuan/share and 51.77 yuan/share. From this point of view, the cost is 1.978 billion yuan and 155 million yuan respectively. By the first quarter of this year, Hikvision's performance in the secondary market was unsatisfactory, with a change of -9.18% during the period, or based on this, Zhang Kun sold 1 million shares, calculated based on the average price of 46.1 yuan per share, Zhang Kun Kun's cash-out amount was 46.1 million yuan, and his shareholding became 126 million shares. In the second quarter of this year, Hikvision's stock price plummeted due to rumors. Zhang Kun may have lightened up his positions significantly because Hikvision's certainty was not as good as before. The data shows that Hikvision’s current tenth largest tradable shareholder holds 46.45 million shares, while E Fund Blue Chip Select managed by Zhang Kun directly withdraws from the top ten tradable shareholders, which means that it has reduced its holdings by at least 80 million shares. According to the quarterly average price calculation, the market value of the reduction is nearly 2.8 billion. Why do top-tier public offerings and private-equity run in the opposite direction? The operations of public offering and top-tier private offerings run counter to the uncertainty of mainstream funds for Hikvision. When rumors of sanctions were rampant in May this year, reports commented that this would be the first time the United States would impose such sanctions on a large Chinese technology group. The sanctions will have far-reaching consequences, as any business or government doing business with the world's largest maker of surveillance equipment could potentially violate U.S. sanctions. As a domestic security giant, how much impact will the US sanctions have on it? On April 29 this year, an investor once asked Hikvision about the US sanctions regarding its current US revenue. Hikvision said that there are many uncertainties in the company's business in the United States, but it is still being carried out in an orderly manner. The proportion of the company's business in various regions has been in dynamic changes, and no specific proportion data has been disclosed. Its annual report only discloses overseas revenue data. The 2021 annual report shows that Hikvision's domestic revenue last year was 59.4 billion yuan, accounting for 73%; overseas revenue was 22 billion yuan, accounting for 27%. As for how much the United States accounts for, Hikvision has not disclosed. However, in the research report "Security Industry: Hikvision's Product Structure and Supply Chain Research" released by CITIC Securities in May 2019, it pointed out that in 2018, Hikvision's domestic and foreign revenue accounted for 71.5% and 28.5%, respectively. Among them, the US market accounts for about 5%. If the proportion of Hikvision's business in the United States does not change much, according to the above data, its market revenue in the United States may be around 4 billion yuan. Interestingly, according to the 2022 interim report released by Hikvision, the revenue in the first half of this year was 37.258 billion yuan, a year-on-year increase of 9.90%; the net profit attributable to the parent was 5.759 billion yuan, a year-on-year decrease of 11.14%%. Weishi’s net profit attributable to its parent company declined for the first time. Among them, the growth rate of overseas revenue was outstanding, and the overseas business unit achieved operating income of 9.686 billion yuan, an increase of 18.89% year-on-year. From the perspective of revenue segment, its business is divided into four segments: main business products and services, innovative business, construction engineering and others. Among them, the main source of revenue is mainly business products and services, and this part increased by only 5.21% year-on-year in the first half of the year. In addition, this part of the business is traditional security business. The security exhibition network pointed out that due to the impact of the general environment, the domestic economic growth rate slowed to 6.1% in 2019, coupled with the rectification of security end-user management, the supply of industry equipment and software has gradually become saturated, and the growth rate of the security system integration industry will also decline in the short term. slow down. However, as early as 2015, Hikvision began to look for new business growth points. At that time, internal employees were encouraged to innovate and start businesses, established an internal innovation and investment system, and successively established 8 innovative businesses, including EZVIZ Network, Hikvision Robotics, Hikvision Weiying, and Hikvision Automotive Electronics. The semi-annual report shows that the revenue of this part is 70% 100 million yuan, a year-on-year increase of 25.62%, and the innovative business has gradually entered a good state. For a security giant with the world's largest market share, Hikvision's biggest uncertainty is the US SDN sanctions. If this is just a rumor, then Hikvision's uncertainty will be eliminated. If it does have an impact, then Hikvision may face a bigger dilemma. For public funds, uncertainty is obviously intolerable for large-scale funds. For private funds like Feng Liu, the consideration for adding positions may be that the current valuation has paid a discount for uncertainty, so the impact is only short-term. of. |