2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. According to the Financial Association (Beijing, reporter Chen Junling), after being targeted by “barbarians at the door”, the real controller of the private equity firm threatened that “it will not be ruled out to continue to increase its holdings in the next 12 months”. On August 20, Xi’an Tourism closed a one word trading limit until the end of the day. < / P > < p > the story between sunshine private equity and listed companies is no longer new in recent years, from private managers gathering to investigating listed companies, to listed companies’ idle funds subscribing for private equity shares, and then executives of listed companies turning into private equity partners. < / P > < p > in the cooperation between listed companies and sunshine private equity, the former plays more of the strong side, either accepting the pilgrimage and worship of private placement from the top, or playing the role of investor with great wealth. As a weak party in cooperation, private placement is often proud of its close relationship with a listed company. < / P > < p > however, things are changing subtly. When the strength and appetite of private equity bosses are bigger than each other, when they no longer meet the role of investors in the secondary market, and frequently raise their names to list companies, and seek to sit on the board of directors of the company, the stories of both sides really enter the climax. According to the incomplete statistics of the reporter of the Financial Association, more than 40 listed companies have been raised by various capitals since 2020. Among them, there are more than ten private institutions directly or indirectly involved. From the perspective of card raising, most private placements increase their holdings directly through centralized bidding in the secondary market. The reason for raising cards is that they are optimistic about the long-term development of the company. In the morning of August 19, Panjing equity investment fund management (Shanghai) Co., Ltd. (hereinafter referred to as “Panjing fund”) made a brief equity change report of Xi’an Tourism Co., Ltd., which once again pushed the topic of private listed companies to the forefront of the storm. < p > < p > < p > < p > the full text of the report is 16 pages. As the information disclosure business person, Panjing fund boldly shows the signal of positive courtship and active attack to Xi’an tourism, a listed company which has been listed in Shenzhen stock exchange for 25 years. According to Panjing fund, on August 18, Panjing Wenying No.6 private equity investment fund increased its holdings of 5016928 shares of Xi’an tourism through centralized bidding trading on August 18, and 6833100 shares purchased through centralized bidding in five times from August 7 to August 17, reaching 5% of the total equity of Xi’an tourism. < / P > < p > this means that in a short period of six trading days, the private placement agency registered in January 2015 directly held 11850028 shares of Xi’an tourism, accounting for 5% of the total equity of Xi’an tourism, reaching the “brand line” that listed companies must disclose. < / P > < p > “the purpose of this equity change is to be optimistic about the future development of Xi’an tourism industry and to recognize the long-term investment value of Xi’an tourism.” Panjing Fund said that in the next 12 months, it will not rule out the possibility of continuing to increase its holding of Xi’an Tourism shares, and the company will perform the information disclosure obligations according to relevant regulations according to the changes in the shares of information disclosure obligors. Stimulated by the news, Xi’an Tourism rose 4.93% in the opening session on August 19, and once surged higher. Although it fell back in the afternoon due to the impact of the market diving, the Shenzhen composite index fell 2.09% compared with the same day, and Xi’an tourism still recorded a 1.05% rise. On August 20, Xi’an Tourism carried on the strong trend of the previous day, opened high and went high, and soon closed the trading limit. According to the filing information of China Securities Investment Fund Association, the registered capital of Panjing fund is 230 million yuan, and the paid in capital is 119.5 million yuan. Mao Wei, the actual controller and chairman of the board of directors of the company, was born in March 1979. Previously, he worked as an investment manager and legal officer in the legal department of Zhejiang Fengze Investment Co., Ltd. < / P > < p > since its registration in CFA in 2015, 26 private placement products have been registered with CFA. Except 6 products established in 2015 and 2016, the rest were established in 2017 and 2018. However, after the establishment of Panjing Xinxing power phase 1 in December 2018, the company has no new products. < / P > < p > it is worth noting that in the column of “institutional integrity information” of CFA, Panjing fund is shown as “abnormal operation” — according to the provisions of the announcement on requiring private fund managers of abnormal operation to submit special legal opinions within a time limit (cjxf  No. 2), the institution is in abnormal operation state. < / P > < p > and the “Panjing Wenying No.6 private securities investment fund” participating in the tour of Xi’an, according to the information of the association, was put on record on May 5, 2017, and its trustee was Hengtai Securities Co., Ltd., and its operation status was shown as “in operation”. < / P > < p > in fact, this is not the first time that Panjing fund has listed on the stock market. Since 2019, Panjing fund has held 18.71% of Dalian Shengya tourism Holding Co., Ltd. in the same way, and has been asked by the Shanghai Stock Exchange whether it intends to gain control. The “barbarians at the door” like Panjing are just a microcosm of private listed companies in recent years. In http://www.cninfo.com.cn, there are 345 announcements of listed companies since 2020. After deducting the daily increase and decrease of shareholders’ holding announcements of listed companies, there are more than 10 brand raising announcements from private equity institutions. < p > < p > on March 10, Wantong technology announced that Tibet Jingyuan Enterprise Management Co., Ltd. increased 607000 shares of the company through centralized bidding on March 9, accounting for 0.1473% of the total share capital of the company. After the increase, Tibet Jingyuan held 20603600 shares, accounting for 5% of the company’s total share capital. < p > < p > on April 13, century Huatong announced that Fengliu’s gaoyilinshan No.1 Yuanwang fund had subscribed for 81.811 million shares, with a subscription amount of 930 million yuan. In addition, it had already held 217 million shares of century Huatong, with a shareholding ratio of 4.82%, approaching the brand raising day of 5%. According to the announcement, < / P > < p > announced that Chengdu Industrial Investment Co., Ltd. paid its own funds through the trading system of Shanghai stock exchange through centralized bidding The company increased its holdings of 12400 shares of the company with unlimited sales conditions, accounting for 0.0003% of the company’s total share capital. After the equity change, Chengdu industrial investment and Investment Co., Ltd. holds 181 million shares of the company, accounting for 5% of the total share capital of the company. On August 20, < / P > < p > issued a simple equity change report. Tianjin Zhonghuan Electronic Information Group Co., Ltd. transferred all Leshan power shares held by Tianjin Zhonghuan Electronic Information Group Co., Ltd. to Tianjin Zhonghuan Asset Management Co., Ltd. After the equity change, Tianjin Zhonghuan Asset Management Co., Ltd. holds 79470198 A shares of Leshan power, accounting for 14.76% of the total equity of Leshan power. < / P > < p > in the public impression, private institutions have always been regarded as the most mysterious capital of a shares. However, with the rise of regulatory transparency and private placement in recent years, private placement is no longer as mysterious as it used to be. They frequently appear in the research list of listed companies and the list of circulating shareholders. < p > < p > from quietly buying to participating in the fixed increase of listed companies, and then to the direct “raising the brand” of listed companies, the “salivation” of private equity institutions for the shares of listed companies is no longer mysterious, and has become a hot topic in the capital market. < / P > < p > private equity institutions are no longer willing to become the investors behind the scenes of listed companies. With such blatant and direct listing of listed companies, where are the sources of funds behind them? Behind the “snake swallowing the elephant”, what is the intention of private equity institutions? < / P > < p > four years ago, the reporter once interviewed the actual controller of a private equity firm, and once staged a legend of “snake swallowing elephant” in the capital market. However, after the private real controller finally became the chairman of a listed company, they did not realize their original wish. < / P > < p > like other sunshine private placements, this private placement was also quietly traded in the secondary market at the beginning. With the increasing capital, they gradually became dissatisfied with being a small role behind the scenes, and began to seek to become the controlling shareholder of a listed company. < / P > < p > the original plot is almost the same as that of Panjing fund’s brand raising in Dalian Shengya and Xi’an tourism. At the beginning, they also bought shares in the secondary market by bidding, until they reached 5% of the brand line, and gradually became the largest shareholder and controlling shareholder, until the actual controller of this private placement finally became the chairman of a listed company. < / P > < p > “I am no longer the general manager of a private placement company, but the chairman of a listed company. In the future, I will be responsible to the public, and through our expertise and advantages, we can transform this company…” In an exclusive interview with reporters at that time, the above-mentioned private real controller was quite proud to say. < / P > < p > became the “barbarian at the door” of the listed company. At the beginning, he also faced the public doubts of the old shareholders and investors of the listed company. A series of reforms were carried forward, and the rights and interests of some people were bound to be touched. However, the capital market was still full of expectations for the capital visitor. After the private placement, the company rose against the trend. However, the game of capital movement in the industrial operation of listed companies is not always like a fish in the water. As the initial passion gradually diminished by reality, the company gradually moved from one quagmire to another. < p > < p > a year later, the listed company announced that it had received the resignation report from the chairman and general manager of the company, and resigned from the position of chairman and general manager of the company in the attitude of being responsible to the company and shareholders for personal reasons. After resigning from the above position, he will continue to serve as a director because he still indirectly holds nearly one-third of the shares of listed companies through private placements he actually controls. < / P > < p > “I have communicated with many private equity owners, and many private investors have an industrial heart.” A private equity manager in Beijing also chatted with a reporter, saying that after the freedom of wealth, they are not satisfied with staring at the screen and enjoying the pleasure of numbers, but rather hope to create a reputation in the business world. < / P > < p > from the game of moving capital to the boxing and meat of industrial companies, behind the wonderful “snake swallowing elephant” staged, many private placements are facing the dilemma of acclimatization. It seems that passion “raising the card” is only the first step, and the road of private equity playing with listed companies is still a long way to go.