When 5s Asset Management was first established, its startup capital amounted to as much as 10 billion RMB.

Later, it took the lead in promoting closed-end private equity funds, securing a considerable amount of idle capital from numerous enterprises. Su's father's Meidi Group, for instance, immediately contributed 500 million RMB solely to support Su Yehao's business.

The scale of these corporate clients' funds has exceeded 14 billion RMB.

In addition, the public offering funds have also raised more than 13 billion RMB from society. Although the investment amounts vary, with such a large population in the mainland, it is believed that the size of this portion of funds will soon surpass that of corporate clients, assuming there are no unexpected events.

Many banks are acting as agents for the sale of 5s Asset Management's fund products, making purchases particularly convenient. Basically, after clients sign a few contracts, the money is transferred to 5s Asset Management's account, and the scale of fundraising continues to increase.

Adding the funds raised from Hong Kong, the total assets under management exceed 46 billion RMB.

Su Yehao finished compiling the data.

He discovered that approximately 16 billion RMB of these funds had been invested in the form of private equity investments.

The private placements of Gree and Vanke, two listed companies, have made 5s Asset Management one of their major shareholders, which also falls under the category of private equity investment.

Of this 16 billion RMB, approximately 54% belongs to 5s Asset Management's own funds, meaning that it was invested using the 10 billion RMB startup capital. The remainder mostly belongs to corporate clients, which is equivalent to Su Yehao helping them with investment and wealth management.

The public offering fund portion aimed at ordinary investors is mostly used to invest in mainland stocks, with a scale of over 9 billion RMB.

As for the funds raised from Hong Kong, they are diversified across the mainland, Hong Kong, and Europe and the United States through relatively well-established investment channels.

The main reason why Su Yehao finds adjustments troublesome is because the scale has expanded, and 5s Asset Management's size can easily attract unnecessary attention.

If the news of the reduction is leaked, causing the mainland stock market to collapse in advance, it would inevitably attract a wave of hatred and be resented by countless stockholders. Even the investors of 5s Asset Management would probably blame him for meddling unnecessarily.

Therefore, he stretched the reduction cycle to thirty trading days, which means reducing the tradable holdings to 20% to 30% within a month and a half, and even clearing a portion if possible.

These tradable mainland stocks are scattered among more than twenty listed companies, with a total value of approximately 12.5 billion RMB, which means that about 500 million RMB needs to be cashed out each trading day.

The private equity financing and private placement portions cannot be traded in the short term, nor is it necessary to trade them.

Su Yehao's plan is to first reduce this portion, and then re-enter the market after it stabilizes.

Even if the restricted stocks lose a portion, as long as the scale of additional investment is large enough, the rate of return will be partially offset, making the accounts look better...

The news was confined to a few senior executives.

Fifteen consecutive trading days, a total of twenty days, passed before the crisis was barely resolved.

Su Yehao's actions finally attracted the attention of interested parties.

The China Securities Regulatory Commission (CSRC) privately sent someone to ask him why he had cashed out a large sum of 6 billion RMB.

May 27, 2001.

A middle-aged man surnamed Wang took the opportunity to meet with the Chief Executive Officer of the Hong Kong Stock Exchange, Zheng Yongwen, and invited Su Yehao along.

The three sat on the sofa in Zheng Yongwen's office, and the man surnamed Wang explained:

"President Su has been ruthless lately. The Shanghai Composite Index has probably fallen by twenty or thirty points because of you. If you have any questions, you can communicate directly with me. If you keep selling like this, I'm afraid my heart can't take it... Is it because of the negative news about the reduction of state-owned shares?"

Before coming, Su Yehao received a tip-off from Zheng Yongwen and learned in advance that they would be discussing the large-scale reduction.

Many of the companies he holds are constituent stocks of the Shanghai Composite Index.

They have been under heavy selling pressure recently, so it would be strange if the index looked good, but it can't be said that Su Yehao's reduction of 7 billion RMB has much of an impact.

If he really listened to Feng Tiancai's "slander" and stood up to say that he was bearish on the prospects of the mainland stock market, then the decline would likely not be twenty or thirty points, but two or three hundred points.

However, in that case.

Although the bubble would be suppressed, stockholders would not think that Su Yehao was doing it for their own good.

On the contrary, they would feel that he had achieved success at the expense of others, making money for himself while pushing others into the pit, which would be particularly offensive.

So even if Su Yehao really wanted to explain the reasons for his cash-out, he would not publicly express his views in person. It would be enough to have an unknown fund manager explain a few words.

The CSRC sent someone to ask him incidentally, also in order to reduce the impact and avoid further troubles.

Hearing this.

Su Yehao sat calmly, shook his head and said:

"I think there is a bubble in the stock market, and I am worried that the value of assets may fall, which is why I chose to wait and see with cash in hand. Don't worry, the money will return to the market, but not now. As the owner of an asset management company, I have to be responsible to my clients. Considering the need to reduce the impact on the market, I have already asked my people to slow down the pace of reduction. Until now, everything is normal, isn't it?"

"...Is it normal? There's nothing on the surface, but it's spreading like wildfire in private. Many people are cashing out with you."

"That's not the news I released. I hold huge amounts of restricted shares, and it's not in my interest for the market to have problems."

Putting on an act and sighing, Su Yehao continued:

"The reduction of state-owned shares is the news you released to avoid further overheating of the market, right? I can only say that the news came a little late, and the bubble is already there. The average price-to-earnings ratio exceeds forty-five, which is considered high risk, and the average price-to-earnings ratio of A-shares has already exceeded sixty. If I don't cash out, I'm worried that investors will throw me into Victoria Harbour."

At this point, Mr. Wang smiled awkwardly. There was really no excuse to stop Su Yehao from cashing out.

It's impossible to say that in order to maintain market stability, please don't move and wait for the market to enter a downward channel. As an investor, reduction is Su Yehao's freedom.

Speaking of the negative news of the reduction of state-owned shares, it has been brewing since last year to reduce the shareholding ratio of each state-owned listed company to below 51%.

The impact on the market is equivalent to... the museum opening its warehouse for external sales, which will have a devastating effect on the art market. It is a huge negative news, and many assets will inevitably be reduced.

As Su Yehao guessed, the mainland stock market has been bullish for five years, and now putting this sword over the stock market is partly to prevent the stock market bubble from expanding further.

Investors don't care about this. As long as the bubble doesn't burst in their hands, they hope the bubble will be as big as possible.

However, the entire A-share market has a volume of more than 4 trillion RMB, and the tradable shares are as high as more than 1 trillion RMB. When the bubble gets bigger, it will have a severe impact on the economy, and it has reached the point where it must be controlled.

Seeing that Mr. Wang had nothing to say, Su Yehao took the initiative to mention:

"This time is also difficult for me, helping clients manage their wealth, I have to consider the risks. Don't worry, the money I cash out will first be bought into bonds and held. When the time is right, holding some state-owned shares is not a problem. I said at the beginning that I would finance 60 billion RMB in three years, and I have already invested more than 10 billion RMB, everyone in Hong Kong knows that I am the most trustworthy."

On the side.

Zheng Yongwen blinked.

While smoking a cigar, he thought to himself, how come he hadn't heard that he was the most trustworthy in Hong Kong.

He still remembered that Su Yehao had mentioned helping to arrange things with his little aunt, but in the end, it was just hot air...