Ocean Capital Chen Yang: Making Investments Must Be In Line With Genes And Initial Interests.

In November 20th, the Ninth China innovation capital annual meeting hosted by the southern financial and media group and the twenty-first Century economic report was held in Beijing. Chen Yang, deputy general manager of offshore capital and director general of asset management business, was invited to participate in the theme of "stock gold rush: bad assets, real estate, mergers and acquisitions, PE two level market, who will dominate?" Round table forum.

Chen Yang said that investing in an uncertain external environment should match growth genes and return to the beginning. For the 2020 development goals, he said that offshore capital asset management business will further promote the development of special opportunities investment business on the basis of the resource advantages of the parent company's Ocean Group and the accurate grasp of the market trend.

Chen Yang. Data map

Investment discipline of market organization is not equal to zero risk of investment.

It is understood that ocean capital was founded in February 2013, is focused on alternative asset management institutions, business scope includes real estate investment, equity investment, debt investment, investment advisers and overseas investment in five major areas. By the end of 2018, ocean capital had exceeded 90 billion yuan in assets management, and its investment team members had strong industrial practice background and rich experience in the financial field.

Looking back at the development of offshore capital asset management business, Chen Yang said, "we will try our best to do things that are genetically compatible. We can do things on the basis of what genes can learn. On the contrary, we should remain awe and prudent. Second, if we are consistent with what we are initiating, we must strive to create conditions together.

At the same time, Chen stressed that in the process of new and old power conversion, the investment discipline of market organization is not equal to avoiding investment risk completely. However, with relatively complete gene and initial heart, we can better pass the cycle and achieve high-quality sustainable development.

He also said that investment should have the cognitive ability to return to basic knowledge, and can be roughly summed up as two words: "anticipation" and "demand". Because of the expected difference, investors' attitude towards asset pricing and disposal will be different, which will directly affect the price. The change of demand may be the essence of cycle formation, that is, price changes and expected changes will affect demand and move towards different cycles. When demand is strong, the cycle rate will go up; when demand decreases, it may also be the beginning of the downlink cycle.

Based on the above common sense, the recognition of the market, the judgement of the macro situation, and the exchange with partners, the ocean capital makes business exploration and innovation. He said that ocean capital has set up two asset management special funds, namely the urban renewal fund and the special opportunity acquisition fund, and has completed all or part of the projects including Bo Hotell, COHEN BUILDING, Hexing building, Beijing Hualian and Tianjin Datong. Among them, the successful completion of the Beijing Hualian building project has successfully dropped out of IRR by more than 30%.

Collaborative resources special opportunity investment

During the round table discussion, Chen Yang focused on the special opportunity investment of oceangoing capital, which will focus on the layout in 2020.

He pointed out that in a broad sense, special opportunity investment refers to the investment opportunities of the economy in a particular cycle, macro environment to a special stage, and certain targets encounter special events, resulting in a special dilemma and pressure. In a narrow sense, special opportunity investment refers to assets held or disposed of for special reasons. According to their sources, they are divided into financial institutions (financial services enterprises), non-performing assets, litigation assets, realizable assets in the process of enterprise restructuring or bankruptcy liquidation, commercial credit (assets in full payment) assets, special opportunities to sell assets, and other assets that need to be disposed of urgently.

Although this definition has a certain intersection with the non-performing assets of financial institutions, it can not be exactly the same. It may be the collateral for non-performing loans of financial institutions, and it may also be the assets involved in litigation. It may also be the assets that need to be disposed of in the form of commercial credits. These assets themselves are not damaged, but asset prices are often lower than their intrinsic value. At the same time, because of the strategy of sustainable development, the government, guided by the government in guiding the industry and multi-level financial system, and continuously optimizing the economic and financial ecological environment, presents the trend value investment opportunities. From the perspective of the whole business cycle, it should also belong to the category of special opportunities investment.

Chen Yang said that in practical operation, special opportunity investment is very challenging. Investors need to first find basic assets that have potential for value enhancement, and then enhance asset value through financial management and asset management, and ultimately achieve the desired return on investment. In addition, because the assets are in a special state, the disposal of special assets has the characteristics of long industrial chain disposal and complex handling process, which further increases the difficulty of investment.

"In the special opportunity investment process, our advantage is that we can play a synergistic effect with the parent company Ocean Group. For example, the team can collaborate with the development department to lock and empower target projects, to provide management outputs with the product creation department, and to cooperate with the customer service industry departments to promote acquisition / stock apartment operation companies. Chen Yang said.