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Oriental Yuhong fell by the intraday limit, and 8 billion fixed increase funds may be "deeply covered" The limit-down of Oriental Yuhong has prompted the Ruiyuan Fund, which had previously held a heavy position in the company, to face the situation that its market value has shrunk again after its full harvest. However, the "injured" institutions are far more than just Ruiyuan. In April 2021, the company's "high" fixed increase of 8 billion institutions may not escape the disaster. Among them, Dehong Fund, Hillhouse, and UBS Group are even more generous. The shareholder Fang Yuhong. Oriental Yuhong's stock price fell by the limit again. On August 23, Oriental Yuhong approached the daily limit. As of the close, the decline was 9.96%, and the latest market value was 80 billion yuan. In fact, since June last year, the share price of Oriental Yuhong has opened a downward channel, falling from the historical high of 63.84 yuan per share (before resumption) to the lowest price of 31.73 yuan per share on August 23, with a cumulative decline of more than 50 yuan per share. %. As the stock price of Oriental Yuhong continued to fall, Ruiyuan Fund, which had previously held a heavy position in the company, faced a situation where the market value of its holdings shrank again after the harvest was full. However, the injured institutions are far more than that. Just in April last year, when Oriental Yuhong set an increase of 8 billion, 13 investors participated in it one after another, and Hillhouse was one of them. The top stream runs in the opposite direction, Ruiyuan Fu Pengbo reduced his holdings, and Fu Guo Zhu Shaoxing increased his positions. With the disclosure of Oriental Yuhong's semi-annual report, the position trajectory of star fund managers also surfaced. Looking at the top ten tradable shareholders of the company, as of the end of June this year, Ruiyuan Growth Value Mixed A managed by Fu Pengbo and Fuguo Tianhui Growth Mixed A/B (LOF) managed by Zhu Shaoxing were among them. Specifically, Ruiyuan Growth Value Mix A chose to reduce its holdings of 4.491 million shares in Oriental Yuhong at the end of June, and Fuguo Tianhui Growth Mix A/B (LOF) was the ninth largest tradable shareholder of Xinjin, with the number of shares held. 20.30995 million shares. Among them, Ruiyuan Growth Value Mixed A fund is very preferred to Oriental Yuhong. According to choice data, as early as the end of June 2019, it became the company's top ten tradable shareholders, holding 18.264 million shares. If the average price in the second quarter was calculated at 20.63 yuan per share, the cost of the fund is about at 377 million yuan. At this time, the share price of Oriental Yuhong is rising steadily. In this context, in just one quarter, the fund increased its holdings of Oriental Yuhong by 19.2197 million shares, and the number of shares held rose to 37.4838 million shares, making it the third largest Circulating shareholders, if calculated according to the average price of 21.94 yuan per share in the third quarter, it means that the fund's increase in holdings is 420 million yuan. Correspondingly, the share price of Oriental Yuhong has continued to "skyrocket" since 2020, once rising to the highest point of 41.72 yuan per share during the year. As of the end of 2020, the cumulative increase during the year has reached 122.8%. Interestingly, Ruiyuan Growth Value Mix A has precisely reduced its holdings of Oriental Yuhong for three consecutive quarters in 2020. According to choice data, in the first, second and third quarters, it reduced its holdings by 10.5357 million shares, 31,200 shares and 1.661 million shares respectively. If calculated according to the corresponding quarterly average prices of 30.41 yuan/share, 38.34 yuan/share and 53.61 yuan/share, the fund’s cash reduction amounts are 320 million yuan, 1.196 million yuan and 89.046 million yuan respectively, totaling 410 million yuan. to fully cover the original cost price. After the harvest was full, the fund under Ruiyuan chose to significantly increase its holdings of Oriental Yuhong by 35.357 million shares at the end of the fourth quarter of 2020, and the number of shares held once rose to 57.585 million shares. If calculated based on the average price of 38.81 yuan per share in the fourth quarter at that time , the amount of holdings can be said to reach 1.37 billion yuan. Since then, the share price of Oriental Yuhong has skyrocketed, and even hit an all-time high of 63.72 yuan per share in June last year. In this context, Ruiyuan Growth Value Mix A continued to choose to reduce its holdings and cash in Oriental Yuhong for two consecutive quarters, and the cash amount may reach 1 billion yuan. What followed was that the fund spent 287 million yuan at the end of the third quarter of last year to increase its holdings of 5.8 million shares of Oriental Yuhong. However, at this time, the stock price of Oriental Yuhong has opened a downward channel, and the Ruiyuan fund subsequently cashed out a total of 377 million yuan after reducing its holdings of Oriental Yuhong twice in the fourth quarter of 2021. Since the beginning of this year, Ruiyuan Growth Value Mixed A spent 48.23 million yuan in the first quarter to increase its holdings of 1,034,400 shares of Oriental Yuhong, until the end of the second quarter of this year, it reduced its holdings of Oriental Yuhong by 4,491,000 shares, about 200 million yuan in cash. . In the process of reducing and increasing the holdings of Ruiyuan Growth Value Mixed A several times, the fund spent a total of 2.5 billion yuan to increase the position of Oriental Yuhong, and has cashed out 1.987 billion yuan. Until the end of June this year, the number of its shareholders Fang Yuhong According to the average price of 45.89 yuan per share in the second quarter of this year, the market value of the position is 1.55 billion yuan. According to the data of the second quarter, Oriental Yuhong is the heavy holding stock of Ruiyuan Fund, ranking second. It is held by 4 funds with a market value of 2.69 billion. According to the market value at the end of the second quarter, Ruiyuan Fund is in Oriental Yuhong. Its market value has shrunk by 270 million a day. Interestingly, Zhu Shaoxing, who is also a top public offering, significantly increased his position by 5.31 million shares in the second quarter, holding a position of 20.31 million shares with a market value of 1.05 billion, ranking the ninth largest tradable shareholder. If the second quarter has not been sold so far, the number of shares that have been increased this time will be covered. The 8 billion fixed increase capital may not escape the disaster, and Gao Leng participated in the Oriental Yuhong as a fund's heavy holding stock, and the "hurt" financial institutions are far more than the funds managed by Ruiyuan Fu Pengbo and Zhu Shaoxing. Just in April last year, when Oriental Yuhong set an increase of 8 billion, 13 investors participated in it one after another, and Hillhouse was one of them. At that time, Tianjin Liren Investment Management Partnership (Limited Partnership) (referred to as "Liren Investment"), a subsidiary of Hillhouse Capital, was allocated 20.4615 million shares at a fixed price of 45.5 yuan per share, with an allocation amount of 931 million yuan. The Zhuhai Xuyuan Dingfeng Equity Investment Partnership (Limited Partnership) of the Hillhouse Department also received 14.725 million shares at a price of 45.5 yuan per share, with an amount of 670 million yuan. That is to say, Hillhouse invested a total of 1.6 billion yuan in Fang Yuhong, the shareholder. After the completion of this transaction, Liren Investment-Excellent Evergreen Private Equity held 30.522 million shares of Oriental Yuhong, of which 20.4615 million shares were issued for a period of 6 months. Restricted shares. Until the end of the third quarter of last year, Liren Investment-Excellent Evergreen Private Equity Xinjin became the ninth largest tradable shareholder of Oriental Yuhong, holding 20.4615 million shares. At this time, the share price of Oriental Yuhong was falling continuously, from the high point of the stock price in June last year at 63.72 yuan/share to 36.18 yuan/share in November, and the stock price fell by nearly 39% in just 5 months. Coincidentally, Zhuoyue Changqing disappeared from the top ten tradable shareholders of Oriental Yuhong at the end of last year, and the tenth largest tradable shareholder at the end of last year already held 22.649 million shares. It is impossible to determine whether Zhuoyue Evergreen still holds shares. Oriental Yuhong, if calculated according to the average price of 43.78 yuan per share in the fourth quarter of last year, the market value corresponding to the number of shares held by Excellent Evergreen has shrunk to 896 million yuan. In addition to Hillhouse, Dehong USD Fund Management Company (referred to as "Dehong Fund"), which received the largest allocation in the above-mentioned fixed increase, was also dragged down to a certain extent. Specifically, Dehong Fund was allocated 43.956 million shares of Oriental Yuhong, with an allocation amount of nearly 2 billion yuan. After the completion of this fixed increase, Dehong Fund has become the company's fifth largest shareholder, holding 43.956 million shares. Until the end of June last year, the number of Oriental Yuhong shares held by Dehong Fund rose to 53.197 million shares, and the number of shares increased to 9.24 million shares. If the average price of Oriental Yuhong in the second quarter of last year was calculated at 56.63 yuan per share, Dehong Fund spent about 5.2 billion. In addition, it spent nearly 2 billion yuan in Fang Yuhong, and invested a total of 2.52 billion yuan in Oriental Yuhong. At the end of the third quarter of last year, Dehong Fund became the company's fourth largest tradable shareholder, holding 53.197 million shares. After a lapse of one year, in the context of the continuous decline of Oriental Yuhong's stock price, Dehong Fund chose to reduce its holdings of 7.227 million shares in the second quarter of this year. If calculated based on the average price of 45.89 yuan per share in the second quarter of this year, it will cash out about 330 million yuan. The remaining 45.969 million shares have a market value of 2.1 billion yuan. Obviously, the amount of cash out and the market value it holds cannot fully cover the 2.52 billion yuan it spent on Oriental Yuhong. Affected by "real estate + rising prices of raw materials", Dongfang Yuhong, which was once popular with Fu Pengbo and Zhu Shaoxing, is not having a good time today. Not only is the company's stock price of Waterloo, but its performance in the first half of this year was not as good as expected, and there was a situation where there was no increase in revenue but not profit. According to the company's semi-annual report data, in the first half of this year, Oriental Yuhong achieved operating income of 15.307 billion yuan, an increase of 7.57% over the same period last year; net profit attributable to shareholders of the listed company was 966 million yuan, a year-on-year decrease of 37.13%. According to choice data, the company achieved revenue of 8.998 billion yuan in the second quarter, a year-on-year increase of only 1.6%; net profit attributable to 650 million yuan, a year-on-year decrease of 47.68%. Obviously, the company's performance in the first half of the year was mainly dragged down by the performance of the second quarter. Behind this may be closely related to the company's main business and the real estate industry, which is going through a cold winter. As Oriental Yuhong said, in the first half of this year, the domestic new crown pneumonia epidemic was repeated and the demand for real estate was sluggish, which had a certain impact on the realization of income in the first half of the year. In the first half of this year, the sales of waterproof materials, the company's largest source of revenue, accounted for nearly 83% of its revenue. The business achieved a year-on-year increase of 8.58% in revenue to 12.67 billion yuan. Not only is it affected by the real estate industry, but the increase in upstream raw material prices has led to a decline in the company's gross profit margin. Oriental Yuhong said that due to the rising prices of bulk materials such as asphalt, the company’s operating costs in the first half of 2022 will be 11.188 billion yuan, a year-on-year increase of 15%, much higher than the 7.6% increase in revenue, resulting in a 4.7% drop in gross profit margin to 26.91% in gross profit margin. . In this context, in the first half of this year, the gross profit margin of the company's revenue "main force" waterproof material sales business decreased by 5.18 percentage points year-on-year to 28.55%; the gross profit margin of waterproof engineering construction also decreased by 1.89 percentage points year-on-year to 26.67%. Therefore, Oriental Yuhong, which relies heavily on the real estate boom, will spend a difficult "cycle" in the real estate winter. |