On the occasion of the Spring Festival in 2023, China Fund Newspaper invited many founders, investment directors, chief economists or well-known fund managers of private equity companies to look forward to the investment prospects and trends in the new year for the reference of the general public and investors.

Zhang Jun, Co-CEO of Shang Hong Assets: Focusing on the main line of economic recovery,

The eventful year of 2022 is a thing of the past. This year, some unexpected things happened, which also enriched our life experience and broadened our way of thinking. Looking around the world, the stock market in 2022 is lackluster, so is the China market. The Shanghai Composite Index fell by about 15%, the Shanghai and Shenzhen 300 Index fell by 2 1%, and the Growth Enterprise Market Index fell by 29%, the second worst year in the past decade.

Now that the epidemic control has been liberalized, according to overseas experience, the economic data will fall for a while after liberalization, but then it will grow strongly. Basically, 2023 will be the time for recovery, and all we need to consider is the strength of recovery. However, based on the historical situation that the economy affected by the epidemic rebounded sharply in 2020 and 20021year, we can't expect much from the recovery in 2023. Because the global economic situation is inconsistent with the situation at that time, the continuous interest rate increase by the Federal Reserve will lead to a recession, which will also affect our external demand. But from an economic perspective, I think recovery is a high probability event.

In addition, we are also concerned about monetary policy, because the stock market depends on economic growth on the one hand and monetary policy on the other. At present, affected by the epidemic, the people are not willing to invest and lend to enterprises, and the interest rate hike in the US dollar has also put great pressure on the exchange rate, so the monetary policy has been relaxed to the greatest extent. As for the later period, we need to see obvious economic recovery, rising prices and a certain degree of inflation. Considering the spread between China and the United States comprehensively, we need to worry about tightening the adjustment of monetary policy. Recently, due to the introduction of real estate three arrows and the relaxation of epidemic control, there has been a wave of correction in the bond market, but I still think that the overall liquidity environment needs no concern.

Affected by the economy in 2022, the structure of economic recovery in 2023 needs to pay attention to two aspects. On the one hand, there will be a recovery in the consumer sector. In 2022, the overall income of low-and middle-income people will be greatly affected, and the consumption scenes of middle-and high-income people will also be affected. For example, during the National Day holiday, the data of tourism, consumption and catering are very bad, but I think this is a relatively short-term situation. The relaxation of epidemic control is already in progress, and there will definitely be a period of chaos in the future, and everyone will spontaneously reduce outdoor activities. However, according to the pace of liberalization in Europe and America, this impact is about a quarter. After the epidemic has passed, residents' income and consumption scenarios will be repaired again. On the other hand, the investment field will also recover. Our main concern is manufacturing investment. On the one hand, because of the economic cycle, we know that the inventory cycle in China is about 3-5 years. The last round of manufacturing investment peaked in June 20021,so it is estimated that it will bottom out around the first quarter of 2023. On the other hand, under the background of improving the quality of economic growth, the demand for manufacturing upgrading and the conflict between China and the United States, it means that we have to make up for the shortcomings, import substitution and self-control of various industries including semiconductors, so we think that there may be a significant increase in manufacturing investment in the future, which is an important contribution factor to economic growth in 2023, and we will continue to look for opportunities in this field.

To sum up, I think the economy is bottoming out and will soon recover, and monetary policy is a stage that is more conducive to the performance of equity assets under loose and tight combination. Compared with the prospect of economic recovery, the low valuation of the stock market makes us more excited. At present, the valuation of the stock market has been at the bottom of history, and the premium of relative risk-free rate of return has also greatly deviated from the historical average. At this time, Mr. Market not only denied the development of the past three years, but also ignored the future growth, and even gave a number of high-quality companies and their low quotations.

Specific to the allocation of the stock market, on the one hand, we believe in the cyclical power in the process of economic recovery; On the other hand, we are constantly exploring excellent companies and sharing the benefits of growth. At the same time, we also combine our own research ability, adhere to the balanced allocation of moderate dispersion under the guidance of valuation model, and strive to obtain a stable and good return on investment.

Generally speaking, my portfolio industry distribution is relatively balanced, and I will continue to optimize it in the process. Specific to the industry, on the one hand, our main position is to hold some excellent companies for a long time, and we will not make major adjustments according to the short-term macroeconomic situation. On the other hand, we will dynamically adjust the plate configuration according to market changes. For example, in July, we thought that the photovoltaic lithium battery was overheated, so it was reduced; In the third quarter, the valuation level of the computer sector was lower than 20 18, which fell inexplicably, and we thought that the long-term demand of the computer industry was certain, so we added it. Recently, we are also gradually buying some consumer stocks and tracking stocks on dips.

Around the main line of economic recovery, I think the following directions are more cost-effective:

Refining and chemical industry in traditional industries. From the traditional logical framework, we look for the assets with the worst performance in 2022, because if they are recovered later, their elasticity may be the greatest. At present, we are optimistic about refining in chemical industry. For most chemical enterprises, especially refining and chemical enterprises, the upstream is oil, so the cost pricing power is overseas, but the product demand is domestic. So the situation in 2022 is poor demand and high cost. In the third and fourth quarters of 2022, there was a basic loss, and the stock price was basically in the late session. Later, we need to further observe their profit recovery ability and the strength of economic recovery.

2) Advanced manufacturing industry. We think there are not only beta opportunities, but also certain alpha opportunities. 2022 is better reflected in special equipment: lithium battery, photovoltaic, wind energy and so on. These are also the starting points for stimulating the economy. Construction machinery, general machinery, industrial control, machine tools and other fields are highly related to the economy. The alpha opportunity here is that the upstream of the industrial chain is dominated by foreign manufacturers, and there is a lot of room for domestic substitution. Domestic products are not unusable, but the brand or accuracy may be slightly poor, but the cost performance is very high, which is different from semiconductor products. The domestic substitution space of general machinery is 30%-40%, and other fields 10%.

3) Other aspects: Combined with the recovery of valuation level and consumption scenarios, there are also opportunities in the consumption field. In addition, the opportunity of export industry chain lies in the decline of cost-side freight. There are certain structural changes in the upstream and downstream of the photovoltaic lithium battery industry chain, and we are more optimistic about the downstream industries here.

In 2022, we always regretted missing some opportunities and lamented the mistakes we made. Looking back on the past is of course important, but looking forward to the future is even more important. It won't do us any good to dwell on the past. Only by looking forward can we find a bright future.

For the new year, we are full of expectations. Three years later, we finally hope to get rid of the shackles of the virus and plan our life slowly and orderly again. The strength of each individual will converge into a big river, pushing the individual to swim forward.

brief introduction

Zhang Jun Shang Hong Assets Co-CEO and Partner, with 22 years of experience, Bachelor of Economics from Shanghai Jiaotong University, Certified Public Accountant. He used to be executive director of Guotai Junan Securities Investment Headquarters, general manager of investment management department of asset management company, general manager of equity and derivatives department and general manager of fund investment department, and sponsored Jundexin, Star Value, Xiang Jun Li Hong and other products. In September, 20021,he joined Shang Hong Assets as a partner, co-CEO and investment manager.

Lu Hang, Chairman of Fu Sheng Investment Co., Ltd.: Invest at a higher level in the New Year.

Strengthen the observation and treatment of "details"

Things always have their unique two sides, and 2022 is a test for everyone. In 2022, it experienced the outbreak of epidemic, major changes in living habits and action trajectories, large market fluctuations, and the withdrawal of net value of products managed as private equity managers. When these things happen, on the one hand, they are disappointed, depressed and even annoying, but on the other hand, they are also opportunities to re-examine and reflect on their life, work and investment.

There is no doubt that 2022 is extraordinary. We have experienced many unique things this year. Investment is the process of realizing people's cognitive ability, and investors' understanding and feelings about the future development of things around them determine their own investment logic and attitude. In the process of closing the city in April 2022, on the one hand, I felt the anxiety and uneasiness of people around me, and at the same time, I felt everyone's pessimistic expectations for subsequent economic growth through the short-term trend of the market; But on the other hand, I have also observed that many friends still have hope for the future in the face of difficulties, actively respond and make preparations.

2022 is also an ordinary year. Growing up in peacetime and in the process of reform and opening up, we are always used to the rapid development of the domestic economy, the continuous improvement of the quality of life and the rapid development of science and technology. However, the epidemic, war and other things we have experienced are not new this year. In the coming years, there will be as many difficulties and new challenges as this year waiting for us to face and solve. The historical progress direction of human society is always to advance in twists and turns. We don't have to exaggerate the difficulty this year. Difficulties and failures may be one of the eternal topics in life, but how to face them makes us different.

Looking forward to 2023, on the one hand, as a fund manager, I need to "go up a storey still higher" in investment and strive to achieve an ideal return on investment for customers; On the other hand, as an enterprise manager, I need to continue to improve all aspects of asset management companies. In 2023, our core task is to strengthen the observation and handling of "details".

In terms of investment, the great challenge to me in 2022 mainly comes from two points: First, Fu Sheng Assets has always adhered to the "performance-driven investment" and the bottom-up investment methodology. In 2022, we relied more on telephone calls or online meetings in research methods, which made some discounts on the acquisition of information. This difference in investment depth and details has more or less affected the judgment of the whole team in investment choice. The second is that there are too many uncertainties outside the market in 2022, which will lead to the polarization of short-term expectations and bring greater trading losses to the portfolio. With the full liberalization in 2023, the research work of the entire investment team has been carried out in an orderly manner. We believe that with the constant "turning over the stone" to find the target, new investment opportunities will be discovered by us. The only competition in investment is actually diligence. Only by being more diligent can we create more excess returns. At the same time, in portfolio management, we will continue to strengthen "detail management" and conduct "health tests" on portfolios in multiple dimensions.

At the same time, team building will be further strengthened from the company level in 2023. Investment decision-making may be a personal matter for fund managers, but asset management must be a team matter. Looking back on 2022, I am glad that Fu Sheng Assets has a group of small partners who love investment. Although the bankruptcy was in China, the other two partners and other partners of the investment research team promised to 100% focus on investment. Everyone kept brainstorming in the WeChat meeting to discuss the investment value of individual stocks. At the same time, colleagues in charge of trading and product operation also overcome all difficulties and ensured the normal operation of asset management products. Love is the greatest productivity, and we hope to attract more partners who love investment and asset management to the platform of Fu Sheng Assets in 2023.

Looking forward to the future, we will continue to treat investment with a rigorous, pragmatic and objective attitude, and continue to strive to make Fu Sheng Assets one of the most professional asset management companies in China.

Guan Huayu, general manager of Heyuan Fund: A shares are expected to get out of the haze and restart their upward journey.

Looking forward to 2023, we believe that the factors restricting the market will undergo major changes, and A shares are expected to get out of the haze and restart their upward journey.

First of all, the shackles of the 23-year epidemic will fade. After the virulence of the virus weakened, the management optimized and adjusted the control policy in time, and the production and life gradually returned to normal after the Spring Festival.

Secondly, driven by effective policies, the economy is expected to bottom out and pick up. At present, the real estate policy has been fully turned, and the "three arrows" have landed one after another to meet the reasonable financing needs of the industry in terms of credit, bonds and equity; Ensure the delivery of buildings and ensure the steady progress of people's livelihood; The Central Economic Work Conference decided to support rigid and improved housing demand, and the 23-year real estate demand-side support policy is worth looking forward to. At the same time, the Central Economic Work Conference clearly put forward that priority should be given to restoring and expanding consumption, including housing improvement, new energy vehicles, and old-age services, and the consumption support policy is coming out. During 22 years 1- 1, residents' savings increased by more than 4 trillion yuan, and the reservoir reserves were sufficient. After the epidemic subsides, the gradual recovery of consumption scenes and policy support are expected to bring about the stabilization and recovery of real estate and consumption, which will effectively promote economic recovery.

Third, interest rate hikes in Europe and America have come to an end. European and American central banks have raised interest rates sharply for 22 consecutive years. At present, the European and American prosperity index and core inflation in the United States continue to fall. In the first half of 2003, the European and American economies are likely to enter recession, and the process of raising interest rates is expected to end accordingly. By then, external liquidity and exchange rate constraints will be eliminated, domestic macro-policy autonomy will be enhanced, and the development space will be further expanded.

Finally, in the medium term, the current market valuation level is very attractive. The stocks of traditional industries have rebounded, but their business prosperity will rebound with the economic recovery, and the valuation is still attractive. The valuation of emerging industry stocks fell sharply. Although the growth rate of the industry will slow down in the future after the penetration rate increases, it is still in a high growth range, and technological breakthroughs and innovations are constantly emerging. Scientific and technological innovation, safe and controllable, green development and other industries have always been the unswerving support focus of structural policies, and the global competitiveness of related leading companies has become increasingly prominent. The current share price provides a good medium-term layout opportunity.

On the whole, the background of A-shares in 2023 is economic recovery, and the pressure on exchange rate, freight and bulk commodities has also been significantly eased, which will drive the profitability of enterprises to rebound, so the investment opportunities in 23 years will be significantly expanded and enriched. The large consumption and real estate industrial chain related to the recovery after the epidemic, as well as the green economy, advanced manufacturing, domestic substitution and safe development related industries with strong growth momentum in the medium term are our focus. Globally, due to the unsynchronized economic cycle and policy cycle, China's economy is likely to show obvious advantages among big countries in 2023, and China's assets are expected to be favored and blessed by international funds.

In recent years, the market has been facing the black swan. In 2023, the main domestic risk we are concerned about will still be the COVID-19 epidemic. If the epidemic repeatedly impacts the economic recovery process, it will undoubtedly have a negative impact on the market. Looking overseas, the rapid interest rate increase and contraction in Europe and the United States may bring unexpected risks to the stability of US debt, yen arbitrage and European sovereign debt, and affect the global financial market and the real economy. Throughout history, the trend of A shares is mainly driven by domestic economy and policies. If there is no sudden negative mutation of the virus, domestic policies will respond properly to possible overseas shocks, and we believe that the recovery of A shares will not be greatly affected.

2022 is an unforgettable year. In this extraordinary year, Shanghai Heyuan set sail smoothly with the full support of the majority of holders and cooperative institutions. On the occasion of the new year, on behalf of all the staff of Shanghai Heyuan, I would like to express my heartfelt thanks for your trust and support! I wish you all good health, smooth investment and all the best in the new year! After the severe winter, the spring buds have bloomed. After many heavy hammer impacts and baptisms, A shares are currently at a historical low, which is also an area where medium-term opportunities are displayed. In 2023, we will continue to work hard to seize investment opportunities and strive to present a good performance curve for holders!

Brief introduction of the author

Guan Huayu

Founding partner, executive director, general manager and fund manager of Shanghai Heyuan Private Equity Fund.

265,438+0 years working experience in the securities industry, with successful experience in public offering and private offering. He used to be the director of equity investment and research director of Bank of Communications Schroeder Fund. In 2020, he led the team into the ranks of 10 billion private placements and maintained excellent performance. His macro judgment, industry configuration and stock selection ability are excellent. I have been in business for 2 1 year, and have covered many industries such as finance, machinery, public utilities, power equipment, large consumption, medicine, TMT, new energy, new energy vehicles, chemical industry, new materials, etc., and constantly expanded and deepened my ability circle.

Zhen xinzhong, general manager of kuanyuan assets: actively grasp the opportunity of relative certainty

On the occasion of the Spring Festival, we are about to bid farewell to the year of Renyin and usher in the year of Guimao. In the traditional culture of China, people and water are surging rivers, and Yin Yin is the tiger in the zodiac. Therefore, in ancient times, the human voice was nicknamed "Tiger Leaping Tianhe", which represented crossing the natural barrier and tide over the difficulties. Therefore, the past year was full of difficulties and challenges. From the origin of Chinese characters, the combination of Ren and Yin represents gestation and growth, which indicates that the old cycle is passing and the new cycle is about to begin, indicating that the future is full of vitality and hope.

In the past year, we have witnessed great changes that have not happened for many years. The Federal Reserve initiated the largest rate hike in more than 20 years. The outbreak of the Russian-Ukrainian war has disrupted the world situation and energy lifeline, and the domestic epidemic has led to the stagnation of economic activities. Global capital markets were also hit hard, with Bitcoin down 63%, Nasdaq down 33% and the Standard & Poor's 500 Index down 19%. Among China's assets, the CSI 300 fell by 2 1%, and the Hang Seng Index fell by 15%.

In the year facing the internal and external situation, we have seen that the central authorities have taken effective adjustment measures in the face of changes and challenges. Since the 20th National Congress, diplomacy has adopted a pragmatic strategy, receiving dignitaries from various countries and easing international relations. Timely adjust domestic policies including real estate, Internet and other industries; Affirmation and attitude towards private economy; After the epidemic spreading ability is obviously improved but the virulence is obviously reduced, the prevention and control measures should be adjusted in time to support the economy. We believe that all this is just the beginning. In the coming year, we may see further policy space to deal with possible international, economic and social problems. After last year's pain, China's economic growth will recover in the coming year.

The changes and opportunities we face include: the complete liberalization of epidemic prevention policy will bring long-term economic benefits; The relaxation of the international environment is conducive to the recovery of economic growth in China; Policy support for various industries and private economy is conducive to resolving risks and enhancing the confidence of market participants. All these may bring about the stability of the stock market and the performance growth of some industries and companies.

Of course, we still face repeated epidemics, high inflation and recession pressures in the global economy, black swan risks in geopolitics, and potential management risks of certain industries and individual companies during the economic downturn. Therefore, while maintaining the expectation of recovery and growth, we need to be fully calm and closely follow, and always maintain a cautious and optimistic attitude to deal with the market in the coming year. As long as the market is relatively stable in the future and we actively grasp the opportunities of relative certainty, we are fully confident of obtaining excess returns.

Economic stabilization and recovery will bring stability and opportunities to the capital market, and the asset management industry will also benefit from the development of the capital market. In the past few years, we have always maintained a modest and prudent attitude in the face of changes in the capital market and the trust and entrustment of investors. In the future, we will always adhere to the concept of value investment, do a good job in research and investment, deeply study the changes and development of economy, society, market and industry, and combine with our core investment concept to continue to strive to create long-term and sustained growth investment performance for investors.

Outlook in 2023

Looking forward to 2023, the changes and opportunities we face mainly include:

First, the complete liberalization of epidemic prevention will be an important turning point. With the exponential outbreak of the epidemic after liberalization, the future situation may be more chaotic and the economic situation may be difficult to predict. These confusions may bring some pessimism. But chaos will always pass, life will eventually return to normal, and the economy will eventually return to normal growth. In terms of investment, we think the best way is as the famous ice hockey player Gretzky said, "Don't go there, go where the ice hockey wants to go." We keep a close eye on the changes in various industries and wait for the "ball" to reach the place in the next six months.

Second, real estate support policies are frequent, and whether real estate has a soft landing is still very important. Real estate is the super elephant of economy. Not only is it huge, but also the upstream and downstream related industries are huge, and it is deeply embedded in the financial system, which is also closely related to the financial health of real estate. In recent months, many policies have been issued to support real estate, including policies to support financing of real estate enterprises and encourage normal housing demand. Demand in first-and second-tier cities and strong third-tier cities is expected to restart, making the industry achieve a soft landing. The stability of the real estate industry is very important for the economic recovery and growth, and we will pay close attention to this.

The third is whether the confidence of market players can be gradually restored. In the past three years, the demand caused by the epidemic is insufficient, and some industries have introduced policies. Private economy is the main body of China economy, and entrepreneurs are the core force to organize production. With the adjustment of industrial policies, especially Internet policies, if more security can be guaranteed from the legal system in the future, the recovery of market participants' confidence will also help the economy return to the normal growth track.

Fourth, there are signs of improvement in Sino-foreign relations, especially Sino-US relations. After the G20 meeting, we saw that both China and the United States handled issues in a more pragmatic manner, managed competition and differences, and avoided conflicts. China's relations with other economies have also been repaired or become closer (such as German, Australian and Middle East). ) For China, restarting economic growth requires a friendly overseas environment, and diplomacy may be softer and more pragmatic. With overseas economies generally facing the pressure of economic growth and high inflation, China, as the most important market and the most efficient and cheap supply chain, also has a huge cooperation foundation. For China and the United States, long-term competition and conflict are inevitable, but high economic complementarity and deep integration are also inseparable. Since the 20 18 trade war, the trade volume between China and the United States has declined in 20 19, but it has reached a record high in the last two years, far exceeding the pre-war level.

However, we still face some risks that need our close attention. First, the epidemic is still developing. If a more deadly strain appears, it will force the world and China to regain control to some extent, and China's economic recovery will be interrupted. Second, the global economy is facing the pressure of high inflation and economic recession, especially Europe, which faces high energy prices, may fall into recession. On the one hand, the global economic recession will affect China's exports; On the other hand, raising interest rates in developed economies will also lead to capital return, which will put emerging economies under the pressure of capital outflow. Third, geopolitical risks have not been completely eliminated. The Russian-Ukrainian war has not been properly resolved. Fourth, when the economy is in the down cycle, the policy risks of certain industries and the operational, financial and management risks of individual companies will increase sharply, and we will maintain a consistent cautious investment style to deal with various risks.

Looking around the world, the China market is still attractive. In 2023, China will be a market with moderate growth, low inflation and relatively attractive valuation. If some long-term concerns about China are alleviated, the attraction of China market to global funds will be reflected.

Although there are many deep-seated problems in China's economy, it also has great advantages that are difficult to replicate:

(1) China is one of the largest single markets in the world. It is already the largest market in the world in many fields, such as automobiles, new energy, semiconductors and so on. The huge single market advantage is difficult for other emerging countries to replicate. A huge single market means creating opportunities for world-class local enterprises.

(2) China is also the only country in the world with all industrial categories, leading cost advantage and efficient manufacturing capacity. In the past 20 years, China's share of global manufacturing value added has been increasing. 200 1 Before joining the WTO, China accounted for less than 8% of the added value of the global manufacturing industry. Although 20 18 suffered a trade war, it continued to rise, and 202 1 reached a record 29.8%. Many emerging industries in China are in the leading position in the world, such as photovoltaic and new energy vehicles, which are in a global monopoly position. Similarly, from micro-research, we find that China enterprises in many industries are constantly breaking through, achieving import substitution in higher-end fields, and the global industry rankings are also rising.

(3) The core driving force of China's economic development comes from the hard work and wisdom of China people, and the constant pursuit of a better life is the deepest driving force of China's endless economy. As long as there are not too many restrictions, this power will continue to emerge.

Generally speaking, we are cautiously optimistic about the China market in the coming year. The market may go up in the shock, and the investment opportunities are obviously better than in 2022. We will actively seize certain opportunities. However, we will also pay close attention to risks and adjust our positions in time to achieve profitability when the market is too optimistic.

The main industries and opportunities we are concerned about mainly include:

(1) Opportunities in the energy sector. It includes not only traditional energy, but also new energy. The capital expenditure of traditional energy is relatively insufficient, and the recovery of energy demand brought by economic recovery will further amplify the problem of oversupply, and the industry prosperity will remain at a high level. After a big adjustment last year, the valuation of new energy has returned to a relatively reasonable level. The penetration space of new energy is still very large. We pay close attention to a few companies that can establish excess advantages and barriers.

(2) The pharmaceutical industry has been influenced by COVID-19 in the past few years, and many normal demands have not been fully released. We are concerned about those pharmaceutical companies that do not include the profits from COVID-19's business, and they may benefit from the recovery of normal medical needs in the coming year.

(3) Companies in consumer industries, such as home appliances and liquor, have been affected by real estate and epidemic situation in recent two years. With the soft landing of real estate and the recovery of consumption brought by the liberalization of epidemic situation, demand is expected to recover, and there are staged opportunities.

(4) Opportunities in the Internet industry. In the past two years, due to the negative impact of policies and macro pressure, the performance of the Internet has stagnated. With the cost reduction and efficiency increase gradually playing a role, the performance growth rate has passed, and then with the macroeconomic stabilization and recovery, the performance will return to the growth trend. At the same time, industry policies tend to be friendly, and the central government clearly emphasizes the need to vigorously develop the digital economy, normalize supervision, and support the positive role of platform enterprises in leading development and creating jobs. The depressing factors of valuation will gradually disappear.

In the choice of specific companies, both safety and aggressiveness are valued. We prefer those enterprises with excellent business model, competitive advantage far exceeding their peers, high enough barriers, low debt ratio, abundant cash flow, sustained growth in performance and reasonable valuation.

We want to end with a sentence by yuval harari: Yes, the storm will pass, human beings will continue to exist, most of us will still be alive, but we will live in another world. We are looking for companies whose business model and competitive advantage are still rock solid in the new world.

About the author:

Mr Zhen xinzhong

Master of Business Administration, Harbin Institute of Technology, is currently the general manager of Shanghai Kuanyuan Asset Management Co., Ltd. He has served as the business director of Industrial Securities Investment Banking Department, the managing director and sponsor representative of Pacific Securities Investment Banking Department, and the general manager and sponsor representative of soochow securities Investment Bank Department 4. Participated in or presided over many IPO, refinancing and M&A projects of listed companies, and has rich experience in capital market operation.