Who’s playing the private placement game in A-shares and Hong Kong stocks?
If you’ve been losing money on investments lately, don’t head to the rooftop just yet. First, see what it means for top-tier institutions to be “perfectly positioned to take a beating.” You’ll feel a whole lot better afterward.
Just look at Zhipu’s latest masterclass in private placements:
At 1,588: a bunch of big-shot institutions casually poured in US$4 billion.
At just over 700: another batch decided they’d “bought the bottom” and piled in with US$2 billion.
At just over 800: somehow they even managed to raise US$3 billion through convertible bonds.
And the result? The stock is now only in the 400s.
A 50% drop? This is more like having your leg amputated at the ankle.
Retail investors lose 10% and start wailing in the group chat, convinced the big players have fleeced them.
Now look at these institutional bigwigs in the “primary-plus” market: they’ve poured in tens of billions of dollars and haven’t even made a splash. They’re buried halfway up the mountain.
But the most surreal part is that when institutions or funds use retail investors’ money to buy at the top and lose their shirts, they can still keep collecting management fees.
If you’ve been losing money on investments lately, don’t head to the rooftop just yet. First, see what it means for top-tier institutions to be “perfectly positioned to take a beating.” You’ll feel a whole lot better afterward.
Just look at Zhipu’s latest masterclass in private placements:
At 1,588: a bunch of big-shot institutions casually poured in US$4 billion.
At just over 700: another batch decided they’d “bought the bottom” and piled in with US$2 billion.
At just over 800: somehow they even managed to raise US$3 billion through convertible bonds.
And the result? The stock is now only in the 400s.
A 50% drop? This is more like having your leg amputated at the ankle.
Retail investors lose 10% and start wailing in the group chat, convinced the big players have fleeced them.
Now look at these institutional bigwigs in the “primary-plus” market: they’ve poured in tens of billions of dollars and haven’t even made a splash. They’re buried halfway up the mountain.
But the most surreal part is that when institutions or funds use retail investors’ money to buy at the top and lose their shirts, they can still keep collecting management fees.
