Public offering preparation for gem registration system and various new strategies to capture revenue

category:Finance
 Public offering preparation for gem registration system and various new strategies to capture revenue


Zhang Wenxi, investment manager of RONGTONG fund, said that some products of the company had participated in the innovation of science and technology innovation board before, and this time they will also actively participate in the innovation under the gem registration system. Gem registration system is a stock reform, which does not involve changes in the scope of investment in the fund contract, so it can directly participate with existing products.

Zhao Shihong, fund manager of Pengyang Jingxin, said that some of the companys products have been actively participating in the subscription of new shares, and the follow-up meeting will mainly participate in the subscription of new shares on GEM with existing products. If there is further market demand, new products will not be excluded.

When it comes to new strategies and types of new funds, Zhang said that in view of the customers tolerance for the volatility risk of the stock bottom position, in the future, the main types of funds involved in new fund development are hybrid and stock based, and there may be funds ranging from 300 million to 1.2 billion.

Lin Lu, fund manager of Guolian Antais flexible allocation, said that the company may adopt two new strategies, one is fixed income plus strategy, i.e. to maintain the minimum bottom position requirements, individual stocks are mainly blue chip white horse stocks with high roe and undervalued value, plus most fixed income positions, so as to obtain stable new income; the other is active plus strategy, i.e. to play the fund on the basis of new investment The managers initiative in stock selection.

Dongfang Fund said that the company will rely on the investment research platform to conduct a solid and in-depth study on the industry and enterprises, and make a reasonable quotation for gem shares in terms of enterprise valuation and pricing in combination with the industry valuation level and the past situation of similar enterprises.

In this regard, a fund evaluator said that in addition to the fixed income plus model, the stock plus model has also become the choice of many fund companies. The reason is that the bond market is currently in deep adjustment and the future trend is not clear. At the same time, some sentiment indicators show that the risk preference of the stock market is gradually warming up, and there are more clear structural opportunities.

Preferred mixed partial debt

Specific to the selection of the size and type of the new fund, Oriental Fund said that the main fund participating in the new fund is equity mixed fund, mainly flexible allocation fund. In terms of scale, we need to make the optimal calculation based on different strategies of different products and changes of market rules; for other products that take innovation as revenue thickening, the scale will not be affected on the basis of meeting the relevant requirements of innovation.

According to Zhao Shihong, there are considerable profits and relatively small risks. Our funds will actively participate as long as they meet the requirements. Of course, as for the effect of performance thickening, the smaller funds have more significant returns.

According to Lin Lu, many detailed rules of gem registration system still need to be clarified, so its not easy to judge what size of fund is more suitable for innovation, and it needs to be adjusted in combination with the volatility demand of different products.

Zhang Wenxi introduced that the financing fund has conducted many roadshows to large and medium-sized banks, insurance and other institutional channels. It is expected that the inquiry system of gem registration system and the market value requirement rate of the bottom position are similar to that of the science and technology innovation board. Because of the obvious effect of making money when the former kechuangtang was launched, in the current market environment, the overall institutional capital is quite enthusiastic about the gem registration system.

According to a medium-sized public offering market person in Shenzhen, his company is making promotional materials for gems new fund, mainly for institutional customers.