Issuing failure VS end the "ice and fire on the same stage" of the fund issuance market in advance

According to statistics from reporters, including Shen Wanling Xinjiaxue's two years of holding, between June 30 and July 6, as many as 4 funds announced the failure of raising, of which two partial stocks were mixed funds, and partial debt mixed One and one stock FOF each.

Author: Hong Xiaotang

Figure: Tuwa Creative

Although the A -share market has recovered recently and the transactions are active, the fund issuance market still has a failure of fund companies. At the same time, the new fund also appeared as an explosion, and it easily touched the upper limit of the raising of 10 billion yuan, and adopted the proportion to the sale.

Raise failure

On July 6, 2022, Shenwan Lingxin Fund issued the "Announcement of Shenwan Lingxin Jiale's Two -Year Hybrid Securities Investment Fund Fund Contract".

The announcement stated that the fund began raising on April 6 and expired as of July 5th. The prescribed fund filing conditions, so the fund "Fund Contract" cannot take effect.

This is the 17th fund raised at the beginning of the year to the present.

According to public information, the proportion of investment portfolios of Shenwan Lingxin Jiale's two-year holding period is that the fund's stock and deposit voucher investment account for 60%-95%of the fund assets; 50%.

Fu Juan, a mixed fund manager of Shenwan Lingxin Jiale's two -year holding period, is a doctoral student. Since 2006, he has been engaged in financial -related work and has worked at the Shanghai Shenyin Wanda Securities Research Institute and Agricultural Bank of China Huili Fund. In July 2020, he joined the Shenwan Lingxin Fund. The current head of the Investment Department and the head of the research department of the equity investment department, Shenwan Lingxin New Economic Hybrid Securities Investment Fund, Shenwan Lingxin Xiangxiang Securities Investment Fund, Shenwan Lingxinle Dao's three -year holding period Hybrid Securities Investment Fund, Shenwan Lingxin Smart Automotive Stock Securities Investment Fund, Shenwan Lingxin Le Tongxian Securities Investment Fund, Shenwan Lingxin Dual -Emperor's Hybrid Securities Investment Fund Manager, and also served as an investment manager.

At present, Fu Juan manages a total of seven funds (calculation of various shares), and the current fund's total assets are 8.605 billion yuan, and the best fund rewards during their tenure are 170.01%.

Coincidentally, on July 2nd, Huitianfu's active investment index preferred the FOF-LOF Fund Fund Fund (FOF-LF) Fund to release a contract in one year. This is the first FOF product to raise failed this year.

According to statistics from reporters, including Shen Wanling Xinjiaxue's two years of holding, between June 30 and July 6, as many as 4 funds announced the failure of raising, of which two partial stocks were mixed funds, and partial debt mixed One and one stock FOF each.

In contrast to the failure of some fund issuances, some new funds have recently become a "explosive model" in the distribution market.

On July 5th, the proportion of the three -year holding fund of Yifangda's quality kinetic energy for the three -year holding limit was 81.42%due to the raising limit of 10 billion yuan.

Regarding the "ice -fire two days" situation of the fund distribution market, the reporter learned from the employment that the phenomenon of "two -eight division" in the fund distribution market has intensified, and the inferiority of the Fund's survival of the fittest and the product distribution market is increasingly hot.

A person from a large fund company in South China said that the industry's leading company brand and channel influence showed a positive feedback cycle, and some waist or tail companies will become more and more apparent with the overall cost of the industry.

According to Wind data, since this year, the number of funds with a distribution scale of less than 300 million yuan has reached 374, accounting for nearly 50 % of the total number of issued funds.

"Shell"

The fund issuance market is uneven, and some institutions focus on the old products of "saving".

Recently, the Noon Fund issued an announcement saying that since July 2, due to the adjustment of work, Cai Songsong has served as the fund manager of the Nuoan optimized configuration. Fund managers of the Entrusted Fund and Nuo Anlin Fund.

The first quarterly report of the fund's 2022 shows that the total amount of the fund at the end of the first quarter of Nuoan was 1.438 million, and the net value of the fund's assets was only 2011,100 yuan, which can be described as a veritable "mini fund".

The fund is taken over by Cai Songsong, a well -known fund manager, and in the industry, it is "saving" the fund to do a large scale.

The reporter reviewed and found that many fund managers in the industry took over the "mini fund" and "rescued" successful cases.

For example, Cui Yilong, the fund manager of Qianhai Open Source Fund, served as the manager of Qianhai Open source public business fund on July 20, 2020. The fund was only 113 million yuan at the end of the second quarter of that year. By the end of 2020, the scale increased to 484 million yuan by the end of 2020 By the end of 2021, the fund's scale reached 25.816 billion yuan.

Channels of a medium -sized fund company in Beijing revealed to reporters that this is a "cost reduction and efficiency" approach. Compared with the cost of applying for new funds, the cost of communication channels and production materials, the "shell keeps" and uses the star fund and uses the Star Fund The manager is more cost -effective.

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