Financial Services Association, May 1 (Reporter Wu Yuqi) Lin Yuan, known as the “folk stock god,” has always received a lot of attention in the A-share market, and his amazing common remarks have sparked a buzz.

Breaking down Lin Yuan's classic quotes, there were “I won't apologize to you if I lost my job”, “The driver's babysitter is worth hundreds of millions of dollars,” and later, “The driver's babysitter is worth hundreds of millions,” etc., and he made amazing remarks about his ability to invest, his self-revealed worth, holding shares in Maotai, and his views on the market. Some questioned his authenticity, and others acknowledged his ability to invest.

Lin Yuan's remarks have stirred up waves in the industry, and have also drawn public attention to the performance of Linyuan Investment's products. According to a Financial Services Association reporter, Lin Yuan, who was angry with investors back then, seems to have continued to expand losses on its products. The net value of many products fell to around 0.5. Judging from the performance during the year, the revenue of Linyuan Investment's products was basically negative, with an average return of -6.13%.

Looking at the latest positions, you can also get a glimpse of 1 or 2 in the quarterly reports of listed companies and related announcements. From an industry perspective, Lin Yuan is optimistic about various fields such as pharmaceuticals, electronics, and communications. This also corresponds to Lin Yuan's previous public statement, “I don't pay attention to the liquor industry. For the next 20 to 30 years, I will only look at the aging circuit related to the three diseases of high blood pressure, heart disease, and diabetes.”

The net worth of Linyuan's investment in many products is almost at a loss

Fund managers' products, which frequently appear in the public eye, have attracted even more attention. Judging from the performance of many of Lin Yuan's products, the “folk stock god” seems to be unimpressive.

According to the latest data, as of the end of the first quarter, Linyuan Investment had 261 products in operation. Among them, the net value of “Linyuan Investment No. 312” fell to 0.54. It had lost 46.34% since its establishment in August 2021, and the net worth of another “Linyuan Investment No. 308” also fell to 0.54, with a loss of 45.77% since its establishment. In addition, there is no shortage of Linyuan's products, such as “Linyuan Investment No. 303”, “Linyuan Investment No. 231”, etc.

Even so, if you look at it over a longer period of time, Linyuan's investment performance is still outstanding. As of the end of March 2024, Lin Yuan's revenue in the past ten years reached 679.65%, and the annualized income in the past ten years reached 22.8%, ranking first among “Double Ten” private equity fund managers.

Looking at the combined establishment date, it is understood that before 2020, Linyuan invested and managed less than 60 funds. Starting in 2020, Linyuan began to issue a large number of new funds, and those funds with huge losses were set up around the 3rd quarter of 2021. Linyuan's early product performance was good, and many products could reach an annualized rate of about 15% to 20%.

In terms of performance during the year, Linyuan Investment's return on investment in the first quarter was not as good as expected. According to data, the biggest loss since this year was “Linyuan Investment 210,” which dropped 15.39% in net worth, and “Linyuan Investment No. 32” lost 7.78% during the year. Overall, most of Linyuan Investment's products lost revenue, with an average return of -6.13%.

What is Lin Yuan buying recently?

Following the intensive disclosure of the annual reports and quarterly reports of listed companies, the reporter discovered that Lin Yuan appeared frequently. In addition to buying A-shares, Lin Yuan also laid out convertible bonds.

On April 25, Huaci Co., Ltd. disclosed its 2024 quarterly report. Linyuan Investment appeared on the list of the company's top ten tradable shareholders. With a holding volume of 322,000 shares, it became the company's fourth largest tradable shareholder. Based on 15.24 yuan/share at the end of the first quarter, the market value of the position was 4.879,800 yuan.

However, Linyuan Investment is a 10 billion dollar private placement. Judging from the market value of the positions held, the market value of holding the company is less than 5 million, and the amount of holdings is relatively small. According to public information, the company is a company engaged in the design, R&D, production and sales of ceramic products, and has built three famous Chinese trademark brands: Hualian, Hongguanyao, and Torch.

In addition to investing in stocks, in the field of convertible bonds, Lin Yuan is a 10 billion private equity tycoon who first got involved in convertible bond investments. As early as 2019, Lin Yuan indicated that he held a large number of convertible bonds. At the time, Lin Yuan believed that more than 100 yuan of convertible bonds were high-quality assets with high cost performance and suitable for long-term holding.

According to a detailed review of the 2023 convertible bond annual report data, the reporter found that Linyuan Investment's products appeared in the list of the top ten holders of 7 convertible bonds. Judging from the industry distribution, these convertible bonds mainly cover various fields such as automobiles, motors, communications, and medical devices.

According to information previously disclosed on convertible bonds, it can also be found that Lin Yuan's layout in terms of convertible bonds is long-term, such as Polaroid Convertible Bonds. Shortly after it was listed in September 2020, Lin Yuan already opened a position, and has continued to hold it all these years.

Lin Yuan believes that medical treatment is essentially a consumer product that can be consumed repeatedly, especially drugs for chronic diseases that need to be taken for a lifetime. By the same token, in the medical device industry, he believes that this industry is more like the “durable consumer goods” logic.

However, in terms of investment preferences, Lin Yuan has a soft spot for the field of traditional Chinese medicine. His earlier investments revolved around traditional Chinese medicine. For example, well-known traditional Chinese medicine companies such as Pien Tsai, Tong Ren Tang, Donga Ejiao, China Resources 39, Kunyao Group, Jiangzhong Pharmaceutical, Eling Pharmaceutical, and Guang Yuyuan are well-known Chinese medicine companies that have spread widely in the industry.

Lin Yuan also appears frequently in the IPO field. However, with regard to frequent participation in new innovation, Lin Yuan once said that there is a high probability of making money by starting new projects in the A-share market. For some companies that cannot be fully studied and understood, they usually choose to sell on the day the IPO is listed.

According to data from the Private Equity Ranking Network, as of April 26, Linyuan Investment's products have actively participated in IPO purchases since this year, successfully allotted 11 new shares, with a total allocation amount of 257.13,800 yuan. Among them, 10 stock prices rose on the first day of listing, and 6 even doubled.

Specifically, the company that received the most allotted amount of money for Lin Yuan was Shanghai Hejing. The number of allotted shares was 357,300 shares, and the allotted amount was 8.0959 million yuan. Shanghai Hejing is one of the few integrated semiconductor silicon epitaxial wafers manufacturers in China with production capabilities throughout the process from crystal growth and substrate molding to epitaxial growth. The main products are semiconductor silicon epitaxial wafers.

Also, among the Linyuan distribution companies, Kent shares had the highest share price increase on the first day of listing, with an increase of 258.62%. The company has always been committed to technological research and development of new materials and composites, and is a technology-leading enterprise integrating scientific research, development, production and marketing.