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Source: Securities industry experts

After the stock abbreviation was changed to ST Zhongtai (safeguarding rights)MetamaskgamesandroidOn the first day of trading, the share price fell by the limit. Wells Fargo funds, which still had heavy holdings in the stock at the end of the first quarter, worried connoisseurs.

The cost of ST

Due to false increase in operating income and costs, "concealing" controlling shareholder Xinjiang Zhongtai (Group) Co., Ltd. (hereinafter referred to as: Zhongtai Group) and its related parties such as related transactions, Xinjiang Zhongtai Chemical Co., Ltd. (referred to as: Zhongtai Chemical Co., Ltd.) together with its controlling shareholders, then chairman, general manager and other senior executives, as well as China Railway shares have been regulated and punished.

Due to the implementation of the "other risk warning", Sino-Thai Chemical shares were changed to ST Zhongtai for short, and trading was suspended for one day.

Today (May 21, 2024) opened, ST China and Thailand fell the limit, the whole day trading volume was only 1.Metamaskgamesandroid.290,000 hands. As of the close, the share price was 4.68 yuan per share, and the total market capitalization fell to 12.121 billion.

Although it is not as tragic as ST Rico (activist), it is enough for shareholders of this listed company to drink.

A public offering of shares

Speaking of shareholders, experts found that Sina Finance disclosed "non-full-time" data. As of May 10 this year, Sinochem had 112800 shareholders. It was 115100 at the end of the first quarter of this year and 113400 at the end of 2023.

Among these shareholders, public offering institutions can not be ignored.

According to the @ Bread Finance report, two active public offering funds under the Wells Fargo Fund's two products, "Wells Fargo enjoy returns" and "Wells Fargo Sound to add profits", hold a large position in Sino-Thai Chemical. By the end of the first quarter of this year, they had held 606300 shares and 270000 shares respectively.

The inquiry found that "Sino-Thai Chemical" did not appear in the heavy stock TOP10 disclosed in the third quarter report of 2023, which is fully known as "Fu Guoxing six-month holding period mixed Securities Investment Fund". The fourth quarter report of 2023 shows that Fuguoxing returns holds 606300 shares of Sino-Thai Chemical, with a market capitalization of 3.6984 million yuan. At the end of the first quarter of 2024, the number of positions held by Sino-Thai Chemical remained unchanged, with a market capitalization of 2.7708 million yuan, significantly shrinking. Compared with the end of 2023, the proportion of the fund's net asset value decreased from 1.06% to 1.02%.

Another full name is "rich country sound interest bond securities investment fund", the third quarter of 2023 report TOP10 also did not see Sino-Thai chemical. The fourth quarter report of 2023 shows that it holds 300000 shares of Sino-Thai Chemical. It was reported in the first quarter of 2024 that the position decreased to 270000 shares, with a fair value of 1.2339 million yuan, accounting for 1.02% of the fund's net asset value.

Thus it can be seen that if these two products do not "escape" smoothly in the early stage, they may be "buried". Is it bad luck or is there other factors when you encounter such a thing now?

Accurate "running away"

On closer inspection, the connoisseur found that these are not the only products owned by Wells Fargo Fund.

According to Sina Finance, Fuguo Xingyuan preferred a mixed securities investment fund with a 12-month holding period (hereinafter referred to as "Fuguo Xingyuan preferred"), becoming the seventh of the top 10 shareholders of Sino-Thai Chemical in the third quarter of 2023, holding 16.9032 million shares, accounting for 0.65%. At the end of 2023, Fuguo Xingyuan preferred to hold 15.2276 million shares, accounting for 0.59 per cent. On March 25 this year, Fuguo Xingyuan preferred shareholding increased to 16.9032 million shares, accounting for 0.65%.

However, after only four trading days, at the end of the first quarter of this year, Fuguo Xingyuan optimal selection strangely withdrew from the list of the top 10 shareholders of Sino-Thai Chemical.

Why is there a substantial reduction in holdings in the short term? What happened during that time?

From the point of view of the time node, Sino-Thai Chemical has issued a lot of announcements during this period: on the evening of March 19, Sino-Thai Chemical disclosed the matter of being regulated to file a case. On March 24, the decision on filing a regulatory case and administrative punishment was once again disclosed. On March 27, the prior notice and administrative penalty decision were disclosed.

Although experts are not sure when Fuguo Xingyuan will optimize the reduction of positions in Sino-Thai Chemical. However, after receiving the "signal" of regulatory penalties, they did not hesitate to withdraw decisively, which is praiseworthy.

On the other hand, why did the two products of the same rich countries fund, "rich countries enjoy returns" and "rich countries add profits", barely made any action at the end of the first quarter? Is this because it is not sensitive enough? Still did not take the regulatory matter seriously, holding the fluke mentality to continue to hold?

Fund competition in the same door

As a "old ten" public offering, Wells Fargo Fund has a long history and a large scale. According to Tiantian Fund Network, there are 89 fund managers who manage 627 products with a total size of 923.897 billion yuan, ranking eighth among the 208public offering institutions.

Experts have found that Mr. Liu Xingwang, the fund manager, has played a leading role in both "rich countries enjoy returns" and "rich countries increase profits" since their inception.

According to his resume, Liu Xingwang holds a master's degree in management from Fudan University. He has served as a fixed income researcher at Shenyin Wanguo Securities, an assistant fund manager and bond researcher for Huabao Industrial Fund, a fund manager for Taixin Fund, a fund manager for UBS, a deputy general manager of Guolian Securities Asset Management Department, and a fixed income director for Changan Fund. He joined Wells Fargo in November 2021 and worked in the fixed income investment department in May 2022. He has been a multi-product fund manager since July 2022. Among them, Wells Fargo enjoys a cumulative rate of return of 1.15% for Class A share, and a cumulative return of 3.36% for Wells Fargo's robust Tien Li Class A share.

Mr. Lin Qing, the fund manager responsible for the selection of Fuguo Xingyuan, also graduated from Fudan University with a master's degree in computer science and a doctorate in economics. He was a researcher in Shanghai Cape of good Hope Equity Investment Management Co., Ltd. In February 2011, Lin Qing joined Wells Fargo Fund and served as assistant industry researcher, industry researcher, equity fund manager and senior equity fund manager. Since 2015, Lin Qing has served as a fund manager for only three funds and six products. Among them, Fuguo Xingyuan preferred Class A share with a performance of-14.47% since its inception, but outperformed the same kind of average.

Two fund managers with the same door, almost at the same time, held the same hot stock, with the meaning of "Wuyue Jian sent with gas and branches". However, after the news of regulatory penalties was made public, there were "differences" in how to deal with it. For investors, how to choose?