Southern Huaan Changxin Zhongrong Initiated Fund was established in 3 years and the scale of liquidation was less than 200 million
The first initiating bond-based fundraising failed!
Kai Shi was stumped by 10 million. In the south, Huaan led the liquidation of the new economy e-line.
Right now, Chen Jiwu, the head of Kaishi Fund, is worried about money.
At first, what happened to Chen Jiwu who had served as Deputy Manager of Zhejiang International Trust and Investment Bank Headquarters, Southern Fund Fund Manager, Investment Department of China Life Funds Investment Center Fund Investment Department, Investment Director of Wells Fargo Fund, Deputy General Manager?
Once you stand on your own, chances are different.
On January 13, 2020, Kai Shi Qin Fund issued the “Announcement on Kai Shi Qin Pure Debt’s three-month regular opening of bond-type securities investment fund fund announcement”, Kai Shi Qin Pure Debt’s three-month regular opening of bond-type securities investment fund(Fund Code: 007112) On March 4, 2019, the company was approved by the China Securities Regulatory Commission Securities Regulatory CommissionDocument No. 314.
As of the expiry of the fundraising period on November 29, 2019, the fund must meet the fund filing conditions stipulated in the “Kaishi Qin Pure Bonds Three Months Regular Open Bond-Initiated Securities Investment Fund Fund Contract”, so the fund contract must be fulfilled.
The New Economy e-line noted that this is the first fund that has failed to raise funds since 2020, and it is also the first replacement bond fund that was established as scheduled in recent years.
According to the statistics of the new economy e-line, a wave of liquidation of style funds was launched in December 2019.
Among them, there are many funds under the control of large fund companies such as Southern Fund and Huaan Fund.
Kai Shi was stumped by 10 million yuan Now, the end result is that Kai Shi Fund was really stumped by 10 million yuan.
It is unknown whether the company is unwilling to pay 10 million yuan or is shy in its pockets.
The so-called launch fund refers to a fund established by fund managers and senior executives as fund promoters who subscribe to a certain amount.
At least for ordinary funds, sponsored funds can be established as long as the subscription amount of fund managers or company executives and fund managers is not less than 10 million US dollars, and the holding period is more than 3 years.
It can be seen that the requirements for the size of the initial fund raised by the launch fund are actually not high.
In fact, as early as 2012, the China Securities Regulatory Commission revised the relevant provisions of the “Administrative Measures for the Operation of Securities Investment Funds”
, the launch of the fund was officially launched, and it attracted much attention as an important innovative fund.
Thoroughly today, the originating fund has gone through more than seven years of development.
It is reported that Kaishi Qinchun Debt was originally the first solid income product affiliated to Kaishi Fund.
According to the fund’s prospectus, the fund sponsors the fund manager’s shareholders, senior managers and proposed fund managers.
The sponsoring fund provider will use the sponsoring fund to subscribe the fund for more than 10 million yuan, and the holding period of the fund share subscription for the sponsoring fund will be more than three years from the date of performance of the fund contract, and cannot be redeemed during the period.
The fundraising period for the fund sale is effective September 2, 2019 and November 29, 2019. It is not open to individual investors.
The proposed fund manager Gao Haining has successively served as China Life Asset Management Banking Business Department, Assistant to International Business Department, and Analyst; Analyst at CDB Securities Research Center, Assistant to General Manager of CDB Pacific Fund, and Director of the Company’s Public Investment 深圳桑拿网 Decision Committee.
For Kaishi Fund, almost the first solid-income product was unfavorable, and the issuance of another bond fund next to the company was postponed at the end of last year.
On December 19, 2019, Kaishi Fund issued an announcement that Kaishi Qi short-term debt bonds had begun to raise on December 9, 2019, and the original date of termination was December 19, 2019.
It is decided to extend the fundraising time to January 13, 2020.
Democracy, the company also raised the scale of this fund for the first time is 1 billion yuan (excluding the interest rate).
And said that when the size of the fund exceeds 1 billion, the fund manager will use the doomsday ratio confirmation method to achieve effective control of the scale.
According to a senior veteran market person, since 2020, the first fund that cannot be established in accordance with the fund contract has emerged in the presence of explosive funds, which is of great significance.
”Actually, a launch fund of about 10 million discrete size was established last year.
This is the case for many custom funds, for example.
In the case where no funds were found in advance, the fund company first took out 10 million, and then went to find funds to come in.
“The aforementioned senior market sources told the New Economy e-line.
“The reason why Kai Shi Qin’s direct selection is untenable is a serious problem.
The company was unwilling to go out even 10 million, and it is very likely that it will not find institutional funds in the follow-up, so it is desperate.
“The veteran market person further analyzed that there are two situations in this.
One is that the company’s account is even millions of dollars, but it is unwilling to take it out, and the other is that the company’s account does not even have 10 million yuan.
Public information shows that Kaishi Fund was established on May 10, 2017 with a registered capital of 1.
500 million yuan. ”For a newly established fund company, after a few years of operation, maybe the capital has run out.
Under such circumstances, can the fund operate stably?
I’m afraid it’s a question.
The reason why many new fund companies fail to develop is actually facing the same situation.
“, The senior marketer bluntly.
In the south, Hua’an led the liquidation of the New Economy e-line and found that since 2019, the market has once again launched a wave of fund launches.
The types of newly issued funds are completely concentrated in bond funds, pension target funds, floating net worth currency funds and other equity funds.
In addition, according to the 2020 Fund Raising Application Disclosure Form disclosed by the Securities and Futures Commission’s official website (until January 3, 2020), there are a total of 148 sponsored funds currently being declared, of which, in just 3 months, the initial development debt base exceeds30.
It is worth noting that, although the establishment of the initial fund of 10 million may be possible, the biggest risk point is the liquidation risk three years later.
Specifically, if the corresponding daily asset size of the fund three years after its establishment cannot reach 2 trillion, the fund contract will be automatically terminated and liquidated, and it cannot be extended through participation in the holders’ meeting.
For example, in the month of December 2019, of the 11 funds that had been announced for liquidation by triggering the termination of the contract, there were already 5 start-up funds, occupying almost half of the country.
On December 23, 2019, Southern Fund issued the “Announcement on the Termination of Southern Ruijian’s Regularly Open Hybrid Initiated Securities Investment Fund Fund Contract and Fund Property Liquidation”, saying that the fund contract’s effective date is December 21, 2016The corresponding date 3 years after the fund contract comes into effect is December 21, 2019.
As of the end of December 21, 2019, the fund’s net asset value of the fund was less than 200 million U.S. dollars, which had triggered the automatic termination of the link stipulated in the “Fund Contract”. The fund manager willThe fund is liquidated.
In addition, according to Nanfang Ruijian’s regular opening of the third quarter report for 2019, it was reported twice that the fund’s share was only 46.16 million, and the corresponding net asset value of the fund at the end of the period was only 5147 million, which was well below the 200 million asset red line.
In addition, Zhongrong Fund’s two originating credit bond index bases have also triggered the termination of fund contracts, including Zhongrong Shanghai Clearing House Interbank 3-5 years medium and high-grade credit bond index launching fund, and Zhongrong Shanghai Clearing House.Inter-bank high-grade credit debt index for 0-1 years initiated funds.
The two funds will enter into liquidation procedures on December 24 and 28, 2019, respectively.
As of the end of the third quarter of 2019, the asset values of the two funds at the end of the period were only 9.78 million and 9.55 million, respectively.
Similarly, Changxin SSE Hong Kong Stock Connect also announced that it would enter into liquidation proceedings on December 15, 2019.
According to the fund’s third quarter report of 2019, the report combined, the fund realized a profit of -1.04 million yuan, and the net asset value of the fund at the end of the period only recorded 21.81 million yuan.
Huaan Antai, which is a subsidiary of Huaan Fund, is regularly open and encountered huge redemption repurchases in the last four quarters. The fund manager agreed with the fund custodian Pudong Development Bank to terminate the termination of the “Fund Contract” and merged into the Fund Unitholders Conference to include the above.According to the announcement of the resolution’s effectiveness, the last operation date of the fund will be November 5, 2019, and the liquidation period will begin on November 6, 2019.
The Air Force, Hua An Antai is regularly open and has just entered into force on January 25, 2019.
The paid-in fund (principal) after the replacement subscription fee raised when it was established is 1.
The final last day of operation On November 5, 2019, the fund’s net assets were only 10.17 million yuan.
In less than a year, Huaan Antai regularly opened the latrine to prompt an early announcement of liquidation.
Not only that, in addition to the regular opening of Huaan Antai, Huaan Fund also has three other monetary funds: Huaan Jijixin A, Huaan Yueanxin A, and Huaan Yueyuexin A also gathered together on December 31, 2019 and announcedLiquidation.
In the view of previous senior market participants, the initial launch of the participant fund was to share risks with investors and share benefits, but now it has become a tool for certain fund companies to ensure the establishment of new products.In order to cater to institutional investors, a customized bond fund is used to issue bonds.
Obviously, this is also contrary to the original intention of the launch fund.