The China Securities Regulatory Commission sent a letter to 5s Asset Management Company, inquiring why they were cashing out and reducing their holdings.

The news not only caused a stir in mainland China, but also spread to Hong Kong, prompting many Hong Kong clients to contact 5s Asset Management to inquire about the situation.

Two days later.

A senior vice president of 5s Asset Management held a press conference at the company, stating that this was a normal adjustment, and analysts believed the market was overheated, so they reduced their holdings to avoid risks to client assets.

Although not explicitly stated, the implication was that they were not optimistic about the future stock market.

Even though Su Yehao didn't personally come forward, 5s Asset Management's current position in the financial industry caused A-shares to turn from green to red that day.

Soon.

5s Investment Bank followed up by publishing an article on its official website and Yinhai Weibo, titled "Preventing Stock Market Bubbles from Impacting the Economic Market," which caused quite a stir in the financial industry.

This approach helped cool down the stock market, and the stock market did fall by more than fifty points in the following trading days, but it soon went back up.

Su Yehao was worried about getting into trouble and didn't bother to stand up and play the villain.

Relying solely on 5s Asset Management and 5s Investment Bank, after all, they are just companies, and they don't have that much influence yet.

Subsequently, within half a month, a large number of clients of 5s Asset Management successively redeemed more than 3 billion RMB. They would rather bear part of the handling fee than suffer any loss of principal, which was indeed a wise decision in the short term.

The senior executives of the asset management company received Su Yehao's reminder and did not intend to stop them. Whether through the Internet or branch offices scattered in various cities, redemption procedures could be handled quickly, and the value was calculated according to the net value of the day.

As for the enterprise-level clients, private equity funds were also allowed to be redeemed.

However, these companies had already planned for long-term investments, and their perspective on things was different from ordinary investors.

In their view, Su Yehao was able to cash out so much capital in advance, mostly because he had made comprehensive plans. Risks are often accompanied by opportunities, so not many clients chose to redeem.

The investment amount of a single investor in private equity-type funds is not less than 5 million RMB, and it is forbidden to advertise through the media. It mainly includes investing in the equity of non-listed companies, or the non-publicly traded equity of listed companies, and selling the equity through listing, management buyouts, mergers and acquisitions, and other equity transfers to obtain profits.

This is an emerging field.

In the past, many non-listed companies could not calculate their own value, and it was difficult to turn patent technology, market share, and so on into valuations. The newly established 5s Investment Bank has launched related businesses to help these companies calculate their valuations.

Those Internet companies can carry out financing, acquisitions and other businesses according to their valuations, and of course non-listed companies in mainland China can also do the same, which lays the foundation for the promotion of 5s private equity funds...

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Time came to June.

In the first half of the month, news about the reduction of state-owned shares often appeared in the news.

Some people may think that it is just a lot of thunder and little rain, like before, just making noise and not doing anything, just scaring people.

However, Su Yehao didn't think so. The reduction of state-owned shares is to promote the reform of state-owned enterprises and solve the problem of non-circulation of state-owned shares. It is impossible to stagnate because the market has a bubble.

Looking at it from another perspective, it is precisely because the market has a bubble that it gives a reason to speed up the pace.

Sure enough.

In mid-June, the announcement of the "Interim Measures for the Management of Reducing State-Owned Shares to Raise Social Security Funds" was released, and the bubble was forcibly punctured as a result. Many listed companies directly fell to the limit...

Seeing its tall buildings rise, seeing its buildings collapse.

The Shanghai Composite Index quickly dropped below 2,000 points, and investors of 5s Asset Management Company redeemed another 1.8 billion RMB within a week.

Fortunately, preparations were made in advance, and the decline in the net value of the fund was significantly smaller than the market decline. In addition, it was announced to the public that the money would be used to invest in the bond market to earn interest, which successfully stabilized many investors.

If there had been no preparation at all, Su Yehao estimated that he would have a headache for a while, and he would have to use his own small treasury to fill the hole.

And now, there is still nearly 5 billion RMB lying in the account of 5s Asset Management Company, which is enough to cope with any emergencies.

The decline in the value of mainland assets, of course, has an impact on him, but fortunately it is only temporary.

It wasn't until June 25th that Su Yehao posted a short essay on Yinhai Weibo to remind people to pay attention to value investing, and by the way announced that he was very interested in some state-owned shares and was willing to invest when the time was right.

Not long after the post was sent.

Zhao Yimeng called and asked him, "Ah-Hao, are you free these days? Can I treat you and Jiang Yu and the others to a meal?"

Su Yehao immediately guessed something, and said with a smile, "Showing diligence for no reason, did you cash out your assets? Want me to give you some good advice?"

"...Yes! The buyer suddenly changed his mind, which delayed me a lot of time, but fortunately I succeeded in cashing out."

Zhao Yimeng had something to ask for, and her attitude was much gentler than usual. She tentatively asked, "I saw on the Internet that you plan to invest in some mainland state-owned enterprises. For the sake of us being old classmates, can you give me some advice?"

"Ah~ You still know that we are old classmates? I was ruthlessly rejected by you countless times back then, and even now there are still media outlets that often dig this up to laugh at me."

Hearing Su Yehao mention this, Zhao Yimeng became angry and gritted her teeth and said:

"I admit that there are some reports in this regard, but they are all laughing at me for not having vision, what does it have to do with you? Are you going to eat or not? At worst, I will invest the money in the casino. Anyway, the gambling license will be split soon, and my dad's friend in Malaysia is pulling him in."

"Yes, of course I'll eat. You're paying."

Su Yehao thought for a while, and added:

"Jiang Yu and Nangong have both gone to film crews in the mainland. Let's have Sichuan cuisine tonight. I'll send you the address later. As the old saying goes, 'nine out of ten gamblers lose'. Why are you, a girl, investing in the casino business? The money you earn is all ill-gotten gains, and the investment cycle is so long, and the competition is so fierce, it's just so-so, isn't it?"

Just a few days ago, Casino, 1997 issued an announcement confirming that six gambling licenses would be issued next.

Because of this incident, the newspapers have been in an uproar recently. A group of Las Vegas gaming companies, as well as wealthy people from Hong Kong and Casino, 1997, have also announced that they will participate in the bidding for the gambling licenses.

Zhao Yimeng replied:

"Of course I know that casinos are harmful, so it's my fallback option. You super-rich people all cherish your reputation. If you choose to take action, the major families in Hong Kong plus the King of Gambling can block the Las Vegas casinos. But I'm different from you. I don't have the strength to participate in many better projects, so I can only settle for the next best thing."

Indeed.

If Su Yehao wanted to get a gambling license, he would definitely be able to compete for one. Several other wealthy people in Hong Kong also have the strength to win a gambling license.

The reason why they are all unmoved is, on the one hand, they cherish their reputation, and on the other hand, there are many projects that can make money, so there is no need to hang on one tree.

After she finished speaking, Su Yehao smiled dumbly and replied, "Yes, yes, yes, I'm speaking from a place of privilege, okay? I'll check the information first, and we'll talk in detail after dinner tonight..."