In March, Lu Ming undertook the fund manager qualification certificate test early in the month, an unusual move given that most fund managers possess master's degrees or above from prestigious schools. After successfully meeting the standard requirements, he eagerly awaited the notice for a week.
During this period, Tiansheng Fund rapidly progressed in negotiations with a domestic fund company, completing the initial signing with a formal contract on the horizon. The preliminary negotiation yielded a result of 131 million yuan, with Tiansheng Fund accepting a 36% premium for the acquisition.
Simultaneously, the HR department continued recruiting for Tiansheng Capital Group, bringing the total number of employees to 116, with various subdivision positions gradually being filled.
Lu Ming, aligning with the securities regulations, withdrew all funds from his personal securities account, amounting to approximately 800 million yuan, and injected them into Tiansheng Capital. With this transition, he bid farewell to his identity as a retail investor.
Although securities industry practitioners are prohibited from speculating in stocks, Lu Ming found a solution by opening a self-operated account in the name of Tiansheng Capital Company, adhering to the "special account for institutional accounts."
On Thursday, March 12, Su Xiaoman entered Lu Ming's office with a set of documents. She handed over his just-issued qualification certificate, expressing amusement at his status as a high school graduate.
Lu Ming, unfazed, said, "I never lie or explain." He inspected the certificate, setting it aside with a smile. Su Xiaoman then briefed him on the completed acquisition of the profit-making fund company, with restructuring in progress.
Lu Ming inquired about the timeline for completing the accounting and entering the market, to which Su Xiaoman responded, "Next Monday."
Before leaving, Su Xiaoman added one more thing. Leaning in, she said, "Don't forget our deal—two days a week. Today marks the second designated day. If you don't cause me trouble, I won't trouble you."
Lu Ming, slightly bemused, sighed and set aside the playful interaction. He promptly snapped a photo of his qualification certificate and shared the news on his personal social account.
[Finally got the certificate. Next Monday, as a public fund manager, I'll compete for Big A with the Tiansheng Pioneer Mix fund—Trading fund code: 163576!]
Lu Ming's post stirred discussions in various online groups, with fans expressing astonishment at his age and educational background. Excitement grew as they anticipated the upcoming subscription boom on Monday.
Amidst the reactions, Lu Ming couldn't help but feel the enthusiasm of his followers. The theoretical data suggested a substantial subscription amount, but he was aware not every fan would invest. However, with millions of followers and the upcoming market conditions, he anticipated a considerable inflow of funds.
As messages flooded in, the anticipation for Monday's trading and subscription soared, reflecting the potential success of Tiansheng Pioneer Mix Fund in the market.As observers revisited their investments, some promptly redeemed their shares in anger. The remaining 80 million investors, primarily white-collar office workers or individuals who had lost track of their investments, were relatively unresponsive.
As the weekend passed, anticipation among Lu Ming's devoted fans heightened. Finally, Monday, March 16th arrived. Some enthusiasts noticed that Tiansheng Pioneer Mixed Fund had opened for regular subscription and redemption early that morning. Without hesitation, certain die-hard fans opted to subscribe immediately.
However, due to limitations on the consignment platform, investors with substantial capital chose to utilize Tiansheng Fund's official website for direct sales, starting with a minimum investment of 500,000 yuan.
The distinction between direct sales and agency sales lies in the subscription fee. Direct sales generally have a lower cost, whereas platform sales entail an additional agency fee. Notably, an increasing number of investors prefer platforms like Tiantian and Zhifubao for fund transactions.
However, direct sales weren't as common, given the substantial upfront capital required. Despite Lu Ming's millions of fans, only a fraction possessed the means to invest significant amounts. The success of Tiansheng Pioneer Mix heavily relied on Lu Ming's influence as a prominent figure, attracting investors solely based on his reputation as "One Brother."
True fans, who had followed him through thick and thin, were now rallying behind the fund. While some might have hesitated, considering the modest investment, it couldn't accommodate substantial capital.