During the year, more than 200 funds liquidated public offer "mini -base" fell into a clear and difficult dilemma

20SEP

Our reporter Wang Ning Recently, with the liquidation of a number of public offerings such as Minsheng plus silver, CICC Fund, and CITIC Prudential, there have The contract agreed and passively liquidated. Wind data shows that the number of funds of more than 200 funds during the year is more than 200, and most of them are mini funds. A number of public fund people told a reporter from the Securities Daily that under the continuous influence of the industry's head effects, the living space of small and medium -sized public offers was getting smaller and smaller. The phenomenon of starting and light -holding camps is becoming more and more obvious, and some funds have become "mini -based". Some funds set up liquidation assets of not less than 200 million yuan Wind data show that more than 200 funds have been liquidated since this year. Since September, more than 10 products have been liquidated. "Securities Daily" reporter combed and found that most of the fund liquidation was "the situation of the fund's net asset value below 50 million yuan in 60 working days in a row", which is a passive liquidation. However, there are also very few funds for liquidation. Although the contracting contract is triggered, the net asset value is not less than 50 million yuan. Some people in the industry said that the fund liquidation triggering contract offer mainly depends on what the contract stipulates the asset scale. Some products will put the assets above 50 million yuan when they are established, and not all liquidation funds are not due to "mini -based" only by "mini -based". Clean. For example, recently, the Southern Global Selected Bonds (QDII) Fund issued a liquidation announcement, which stipulated in the trigger contract: "The corresponding date of the three years from the date of effectiveness of the fund contract, if the net asset value of the fund assets is lower than 200 million yuan (USD dollar (USD dollar dollars The fund contract is terminated automatically, and the fund contract period must not be continued through the holder of the fund share holder. "Wang Yong, vice president of Jiu Tai Fund, told the reporter of the Securities Daily that whether the fund triggered the liquidation conditions mainly depends on the contract agreement. It can be maintained through reporting the rectification plan without a clear agreement. Unless some special circumstances need to be liquidated, for example, the holder of the holder conference during the rectification period is not passed. A person from a public offerings in Beijing told the Securities Daily reporter that most of the new product contracts approved recently stipulated that "the number of fund share holders in 50 working days in a row or less than 200 or fund's asset value is less than 50 million yuan ", Will trigger automatic liquidation clauses. The mini fund has accelerated the departure or the trend in recent years. Although the mini funds have accelerated their departure, from the perspective of the fund currently running, the number is still high. Wind data shows that as of now, the number of mini funds that have not yet liquidated are as high as nearly a thousand. Wang Yong told reporters that in recent years, the main reason for the high number of mini funds is that the first is that the advantages of the industry head fund company have become more obvious. Small and medium -sized companies have continued to be crowded. Second, the sales assessment mechanism of fund issuance channels is still "heavy starting and light holding camp". New products usually face a lot of and continuous redemption pressure after 3 months. Compared with the continuous improvement, the customer group is mainly trendy investors, attracted to the "star product" by traffic, and further exacerbates the headicization effect. Why is a mini fund difficult to liquid? From the perspective of many public funds, public offerings have concerns about the "clearing and unclear" of mini funds. On the one hand, liquidation will have a negative effect on the marketing of new products, and on the other hand, the large number of mini funds will also have a direct impact on new product applications. Wang Yong said that the continuous operation of mini funds is not clear. It is a long -term practice of the industry because the first product of each product meets 200 million yuan. With regard to guarantee, mini funds will also rise at a certain time. On the whole, public offerings have been difficult to "clear and unclear" of mini funds, but the views on the acceleration trend of mini funds are consistent. Wang Yong said that in recent years, supervision has taken into account the continuous speed of approval of new products and defects in the existence of old product contracts, which relatively encouraged the industry to take the initiative to liquidate mini funds. At the same time, accelerated mini -fund liquidation helps products to abandon Chen pushing new and virtuous circulation. A public fundraising fund in Beijing also said that at this stage, the number of fund issuance has increased significantly, and the industry scale has grown rapidly. However, the unbalanced phenomenon of fund product managers' management capabilities has also been highlighted. For example, the number of mini funds is more obvious. From the perspective of the development trend of the industry, fund companies must think deeply about the direction of product development and make more prudent and reasonable layout.

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