Jiancang Ningde era filing new private equity manager Hillhouse recently in and out who is Zhang Lei's real "friend of time"?

Last week, Xiao, a professional stock investor, "was controlled" by Zhang Lei to spread rumors and once burst the circle of friends in the capital market. Although it was finally clarified, he inadvertently made a heartfelt statement for a group of listed companies with shares in the "Gao Li system": "Zhang Lei, don't go!"

In the era of reducing positions in Ningde in the second quarter, Hillhouse 4 billion "fell into the bag"

Yesterday evening, Ningde Times semi-annual report was officially released. The stock price rose sharply in the second quarter, driving the whole "Ning" plate up on its own, almost seizing the main line of the market from the hands of "Mao". Ningde era of this semi-annual report, but also naturally occupy a large number of pages and traffic.

Compared with the performance, the change of institutional positions after the sharp rise in share prices is also the focus of the public. According to the data at the end of the second quarter, four of the top 10 shareholders in the Ningde era reduced their holdings in the company during the reporting period, and Hillhouse is one of them.

In the third quarter of last year, Hillhouse entered the market by way of fixed increase, and received a total of more than 60 million shares of Ningde era, with a lock-up period of 6 months.

As can be seen from the Ningde Times semi-annual report, by the end of the second quarter, Hillhouse Capital's China value Fund still held 44.8056 million shares in the Ningde era, reducing its holdings by 7.9894 million shares compared with the first quarter, or 15.13%. According to the closing price of the Ningde era at the end of the second quarter, the reduction was more than 4 billion yuan.

The private placement of new securities is put on record, and the secondary market is busy to adjust its positions.

Zhang Lei has always emphasized the value of time-"find the best company and be a friend of time". However, judging from the investment trend of Hillhouse in the A-share market so far this year, it seems that it has also been brought "rhythm" by the rapid switching of the market rhythm.

What is noteworthy is that on August 20, Shanghai Yuanren Private Equity Fund Management Partnership (Limited Partnership) completed the filing. The main investor came from Zhuhai Liren, and the actual control was Xu Yulian, a partner in Tianjin Liren and a member of the Investment Committee. And this has also become another private equity fund manager under Gao Gao's record in the Fund Industry Association.

Prior to this, the division of labor between the two "10 billion" private equity companies in the Gao Ling department was relatively clear: Zhuhai Hillhouse Equity Investment Management Co., Ltd. was registered as a private equity and venture capital fund manager, mainly participating in the primary and first-and-a-half markets; and Tianjin Liren Investment Management Partnership (limited partnership) is a private equity investment fund manager, mainly engaged in secondary market investment. However, for the newly filed Shanghai Liren, the type of organization for filing is completely the same as that of Tianjin Liren, and the type of business that can be engaged in is also "private equity investment fund, private equity investment FOF fund". Can this be regarded as a signal that Hillhouse will step up its efforts in the field of stock investment in the secondary market?

Since 2021, Hillhouse has made frequent moves in the secondary market.

According to incomplete statistics, in addition to the substantial reduction of 4 billion of Ningde's holdings in the second quarter, listed companies that have released China News or recently disclosed the positions of the top ten shareholders, the latest actions of Hillhouse Capital and Liren Investment include: the reduction of Oriental Yuhong, Kelleying, Enjie shares and other stocks, the proportion of reduction varies from 5-50%; Increase holdings in Heng Rui Pharmaceuticals, Hypergraph Software, Lizhu Group, Radio and Television Metrology and other stocks. Of course, people are more interested in talking about the operation or in the U. S. stock market, precise clearance of the future and other previously heavy positions in education stocks.

In late June this year, Hillhouse Capital again targeted the semiconductor and integrated circuit industry in the tuyere, preparing to launch a special fund aimed at science and technology tracks.

When it comes to value investment or "being a friend of time", it is usually reminiscent of Buffett, holding promising high-quality listed companies over an ultra-long cycle of years and decades. Although the application of this logic to the current A-share market is suspected of looking for a sword, a detailed study of Hillhouse's investment style in the A-share market does not seem to be very "valuable", but closer to short-term "speculation".

Whose friend?

Last night, the official account of Hillhouse pushed an article entitled "what is the nature of business?" The content is taken from Zhang Lei's book value, and some of the paragraphs may justify Hillhouse's movements in the capital markets:

The analytical framework of people, business, environment and organization is open and dynamic, and different underlying elements play different roles in different markets and different investment projects. Therefore, the most important thing to understand this analytical framework is to think about its connotation, rather than simply apply it.

Hillhouse is an investment institution. Zhang Lei's job is an investor, investment is a business, and writing books is only a sideline.

Hillhouse wants to be friends of time, but not necessarily want to be friends with every listed company that is invested. In this business, there are no friends, only real money and silver, with unit numbers.

In fact, time has never been anyone's friend, time is time, the result is not the time itself, but what has been done in the same period of time.

As for what you said, don't take it too seriously. after all, it's just business.