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pk10北京开奖直播视频:Multiple factors affect over 100 fund liquidations this year

时间:2018/4/13 18:00:34  作者:  来源:  浏览:0  评论:0
内容摘要: The fund liquidation surge since the second half of last year continues to this day, mini-mini funds are still accelerating. As of April 11...

The fund liquidation surge since the second half of last year continues to this day, mini-mini funds are still accelerating. As of April 11, during the year, 102 liquidation and liquidation funds had been cleared (different shares were calculated separately), a substantial increase from the number of less than 10 in the same period of last year, and there were 567 funds with a scale of 50 million yuan. under. Industry insiders believe that factors such as the tightening of supervision, the withdrawal from the committee, and the issuance of speed increase are the reasons for the centralized liquidation of the fund.

This year, the number of fund liquidations remains high. According to statistics, as of April 11, a total of 102 funds entered the liquidation process and liquidated funds during the year, a substantial year-on-year increase. The liquidation acceleration did not come as a surprise. Since the second half of last year, the phenomenon of liquidation of the fund has been concentrated and nearly 130 products have started to be liquidated. This is closely related to the tightening of mini-fund supervision.

As early as last June, the Shanghai and Shenzhen Stock Exchange launched the "Securities Investment Fund Listing Rules (2017 Exposure Draft)", which specifies the triggering conditions and the specific conditions for the entry of a smaller "mini-fund" into the termination of the listing process. rule. Not only that, a person in Shanghai fund company said that the regulator also made it clear last year that the fund company's "mini-funds" if the number of more than 10, will be suspended to declare Xinji gold, if the same type of "mini fund" More than 3, will also be suspended for the declaration of similar fund products.

Data shows that there are currently 567 fund products with a scale of less than RMB 50 million, which does not include the products that will trigger liquidation under the conditions stipulated in the contract to meet the requirements of “the scale of maintenance is less than RMB 200 million.” The industry believes that the short-term liquidation of mini-mini funds will not stop.

In addition, the departure of the commission funds is also an important factor leading to the liquidation of funds. According to the 2017 annual report, of the funds that started liquidation during the year, institutional investors with 24 products held more than 99% of the funds, and there was a possibility of outsourcing customization. At the same time, from the type point of view, more than 60% of liquidation products are bond-type, partial-denominated funds, which is precisely the product category that the outsourcing funds are keen on.

Kaishi Wealth Financial Product Research Center Analyst Lan Xuan believes that bond funds have benefited from the outsourcing subcontracting and have been issued. In the context of tightening supervision, the withdrawal of outsourced funds drastically reduced the share of such funds and triggered the mini-funds liquidation conditions, resulting in a centralized liquidation phenomenon.

Since the Securities and Futures Commission formally issued the new regulations on the supervision of outsourcing members in March 2017, the withdrawal of outsourced funds has frequently occurred. It is worth mentioning that nearly half of the above liquidation of bond funds was established after the second half of last year. After several rounds of bond market decline, the sluggish performance of performance also accelerated the speed of liquidation.

Fund liquidation is not bad news for fund companies. On the contrary, liquidation can reduce the high cost of ongoing operations and management of funds that meet the departure criteria, and will not block new fund filings due to the accumulation of mini funds.

Lan Xuan said that with the opening of the fund issue channel, the fund has been accelerated in recent years, and the pressure on the fund company's protection is relatively small. For some funds that do not meet regulatory requirements or have higher operating costs, the liquidation is more cost-effective. s Choice. According to the data, as the popularity of the market increases, based on the initial date of subscription, since the fourth quarter of last year, the share of new funds raised in two consecutive quarters has exceeded 200 billion yuan, which is an increase from the previous quarter.

It is worth noting that there are also rating funds and capital preservation funds in the funds that have chosen to liquidate, but from the perspective of the number of windings during the year, there are not many of these two types of products. In fact, in addition to liquidation, rating funds and capital preservation funds that are mature and do not meet the survival conditions are also the major way out.

From the transition path, most capital preservation funds have chosen to become actively managed funds, such as this year's China-Canada Security Fund Hybrid Fund, Qianhai Kaiyuan Hengyuan Capital Hybrid Fund, respectively, transformed into China-California bond funds , Qianhai Kaiyuan. Hengyuan has flexible allocation of hybrid funds. As for graded funds, many products have been converted to LOF products, and some have been transformed into actively managed products.


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