According to the news on May 11, the recent trend of Hong Kong stocks is weak, while the "Mao assets" of Hong Kong stocks, which are most talked about by institutions, frequently crashed. Ten times Daniel stocks fell 50% in five years and two months, pushing Zhang Yong to Haidilao, the richest man in Singapore.Zhang Yong was successfully dismounted, and the shares of God's Love BYD shares have halved from the high point at the beginning of the year, even if the boss Dan Bin seems to be unable to bear it, and his products have fallen below the early warning line. What happened in the end?

Times have changed? The "Mao assets" of Hong Kong stocks have collapsed one by one.

Since February 18 this year, Maotai Benmao once fell below 1900 yuan, reaching as low as 1875 yuan, a new low for the year. The cumulative decline of "express grass" Shunfeng Holdings is more than 46%; the cumulative decline of "Youmao" goldfish (300999) is nearly 40%; the cumulative decline of "excavator grass" Sany heavy Industry is more than 38%. Other industries such as Haitian Flavor, Ayre Ophthalmology and Hengrui Pharmaceuticals all fell by more than 20%.

Once upon a time, A-share value investors spent a day like this: after getting up, use Yunnan Baiyao toothpaste and use Zhongshunjie soft paper to go to the toilet. Breakfast is drinking Yili milk and eating peach and plum bread! After breakfast, I drove to work in a Shanghai car, fried vegetables with Hengshun vinegar, Haitian sauce and Kubang soy sauce at noon, drank Tsing Tao Beer, and ate Jinjian rice with Fuling mustard. No, no, no. no, no, no. Have times changed?

Coincidentally, at the beginning of the year, the day of investors went like this: "Men like to drink (Maotai), women love beauty (beauty), the rich go to tax exemption for shopping (free), the poor go to Taobao (pinduoduo), teenagers love games (Tencent), idle people love Douyin (byte beat), brush gifts to anchors (fast hands), and watch live broadcasts (online celebrities). Dolls like to drink milk (Yili) lazybones order takeout (Meituan).

Now, however, everything has changed, and it is no longer the time to drink Maotai, eat Haidilao and gather together some mustard. According to statistics of Sina Hong Kong stocks (source: wind), so far this year, "hot pot grass" are down 60%, Haidilao is down 51%, and Yihai International is down.Down 54%, or ninety-nine centsDown 26%. The Weimeng League of "SaaS Mao" plummeted by 56%, which was praised by China.Drop 54%, transfer cardDown 53%. "Game Mao" heartbeat company fell 51%, Tencent fell 23%. Xinyi light energy of "photovoltaic grass"Down 57%, Fleet GlassDown 56%. Detergent leader Blue Moon fell 48%, Shuimao Nongfu SpringDown 43%, electronic smoker Simo is down 42%, cars BYD and Geely are down 47%, and Blind Box Bubble is down 47%.It fell 45%, and takeout Mao Meituan fell 43%.

Behind the collapse or even halving of the share prices of high-tech companies, real interest rates have risen as a result of rising market inflation expectations, while interest rate increases in resource countries such as Brazil and Russia, as well as market expectations of an early Fed rate hike, have suppressed high-valued stocks. The main funds continue to flow out of high-valued technology, medicine and consumption to the non-ferrous metals and commodities industries where the prices of raw materials are rising.

Behind the collapse in share prices, these companies are at the forefront of the storm!

Behind the collapse in share prices, on the one hand, the surge in US bond yields suppresses highly valued stocks, but on the other hand, when it comes to individual stocks, there are all aspects of their own problems.

As a blind box player, Bubble Matt is the "darling" of capital, which was favored by China Renaissance Capital Investment and Sequoia Capital China before listing. After listing, it has become a startling wealth-building machine. But since the beginning of this year, Popomat has obviously lost its fragrance. The company's share price has fallen from HK $107.6 to the current HK $57.6, down 46%. The market capitalization has lost 70 billion and that, and now there is only 80 billion left.

However, with the listing of the blind box, the criticism about the blind box has not stopped, and Xinhua even commented that when the blind box has become a trend, it is possible to open the "Pandora's magic box". Some fake and shoddy goods, out-of-date inventory goods and even illegal and contraband goods have also sprung up. "blind" boxes cannot be sold "blind", let alone borrow the word "blind" to harm the rights and interests of consumers.

Recently, Bubble Matt announced its 2020 results, not only a sharp slowdown in revenue, but also a huge decline in the company's gross profit margin. In 2018 and 2019, the company's gross profit grew by 296.03% and 265.85%, respectively, compared with 46.20% in 2020.

The gross margin has declined and the price has been raised to make up for it, but many consumers are not convinced by the increase in the price of Bubble Matt's new blind box. The company responded that it was due to "rising prices of raw materials and increased costs of process design".

As the darling of the capital market, Haidilao has always been praised by consumers for its high-quality service, but in 2021, the company has been deterred step by step. The former hot pot leader halved its share price in three months and lost more than 200 billion yuan in market value. Zhang Yong also lost his position as the richest man in Singapore and became the third richest man in Singapore. What exactly has Haidilao experienced in the past three months?

On May 6, Morgan Stanley released a research report, which quoted Haidilao management as saying that the overall table-turning rate of its restaurants in April this year was less than three times, returning to the level of about 70% in the same period in 2019, down from 3.5 to 3.7 times in March and below market expectations.

In March this year, Haidilao released a performance report showing that for the whole of 2020, Haidilao Group achieved an income of 28.6 billion yuan, an increase of 7.8% over the same period last year, and its annual net profit was 309 million yuan, down 86.8% from the same period last year.

In the face of performance pressure, Haidilao's price increase is also "quietly". The financial report shows that the per capita consumption of Haidilao reached 110 yuan in 2020, higher than 105.2 yuan in 2019. Haidilao raised the prices of some dishes by 6% in April 2020. After the mood of many users rebounded on the Internet, Haidilao apologized for the price increase and promised to adjust the price back to the level before the price increase.

Also in March, Haidilao became a hot topic with "beef granulation". Haidilao replaced minced beef with a "taste companion" with a similar appearance. For Haidilao's move, netizens quarreled, and many people said that tomato and beef soup is the soul of Haidilao. When the beef changes, the soul is gone. Even in the hot search that Haidilao's market value fell 200 billion in 56 days, netizens thought that it was Haidilao without beef grains that would fall.

Meituan, the high-quality asset at the core of Hong Kong stocks and the darling of domestic capital, has also been involved in various disturbances recently. after the company's share price plunged 7 per cent yesterday, it fell another 8 per cent today to as low as HK $240. the market capitalization is nearly halved from the high point, evaporating HK $1.3 trillion.

We also analyzed the collapse of Meituan yesterday, probably for four reasons:

Since the beginning of April, Meituan rights issue, major shareholder reduction rumors have further hit Meituan's share price. With Meituan announcement, Meituan rights issue fund-raising, Tencent shares first old then new shares, this time Meituan raised nearly $10 billion, but focused on community group buying and unmanned distribution. Community group buying has always been the focus of domestic public opinion, while unmanned distribution poses a threat to the employment of riders.

On April 26th, on the basis of the report, the General Administration of Market Supervision filed an investigation into Meituan's suspected monopoly acts such as "choosing one of the two" in accordance with the law. Meituan then responded urgently. Meituan was notified by the State Administration of Market Supervision to file a case for investigation into Meituan's suspected monopoly behavior in accordance with the law. As a result, the issue of regulation has become a sharp sword hanging over Meituan.

Recently, "should Meituan hand in social security for 10 million riders?" "it has become the focus of the market recently. Recently, Meituan was interviewed by the inspection group, only to find that Meituan, wearing the halo of "Knights", played with the core competitiveness: 4.7 million riders were all outsourced, and the contract was not signed with Meituan, but with the outsourcing company. Social insurance, sorry, no, can only pay 3 yuan / day commercial insurance.

On the evening of the 10th, the Shanghai Municipal Consumer Protection Commission released news that before and after May Day, Shanghai consumer market complaints were generally stable, but at the same time, online platform consumer disputes were relatively concentrated. On the afternoon of the 10th, we interviewed Meituan and pinduoduo and pointed out the outstanding problems in the protection of consumers' rights and interests.

Even with the collapse of Meituan, a number of domestic star managers also failed. So far, there are 235 public offering funds holding Cangmeituan, of which 143 hold more than 5%. Among them, Taikang Securities and Hong Kong Stock Exchange's big consumption theme Meituan accounts for 14.4%. Zhang Kun's Yi Fangda blue chip selection, Wang Zonghe's Peng Hua ingenuity selection, Feng Bo's Yi Fangda research selection, all hold more than 9%.

The high position of the whole warehouse is "hugging the group", but Binbin's products touch the early warning line.

According to an internal document obtained by the China Fund Daily, however, the net worth of one of Bin's funds has fallen by more than 20% after holding all its shares at the high level this year, hitting the product early warning line.

A fund in Oriental Port was established on February 9, 2021, and its net worth fell below 0.8 as of May 7, 2021, hitting the product early warning line, according to the document.

Generally speaking, the liquidation line of private equity funds is set at 0.8 yuan or around 0.7 yuan. On the terms of the liquidation line, the channel also set up an early warning line. If it falls below the early warning line of 0.9 yuan or 0.8 yuan, private placement will have to reduce its positions and go slowly.

It is reported that Oriental Harbor said that, out of cautious considerations, it reduced its position in stocks with higher valuations in March, avoiding a large pullback of some investment stocks (for example, the maximum pullback of new energy vehicles was more than 50%). Although the position reduction was done in a timely manner, the sub-fund still had a 20% pullback because the fund was set up at the peak of the rise, and the parent fund was in a full position at that time.