Public offering fund license is too hot and another 10 billion private placement has just submitted its qualification application

category:Finance
 Public offering fund license is too hot and another 10 billion private placement has just submitted its qualification application


According to the CSRCs website, Yongan Guofu assets submitted the examination and approval of the qualification of public fund managers on September 29, and the materials are currently in the receiving state.

By the end of September, there were four private fund companies in the industry, namely, Pengyang, Kaishi, Bodao and Zhuque. The total scale of non monetary funds managed by the four companies at the end of the second quarter was nearly 60 billion yuan.

Yongan Guofu assets applying for public offering fund qualification

The mutual fund industry is expected to usher in a new batch of private to public new army. After less than a month, Youshan fund and Yongan Guofu assets have submitted applications for public fund license.

According to the CSRC website, Yongan Guofu assets submitted an application for the qualification of public fund manager on September 29, and the application is currently in the receiving state. It is worth noting that, different from the end of August, another private placement agency, Youshan fund, applied for the establishment of a public fund management company. According to the analysis of insiders, this may mean that Youshan fund may apply for the establishment of a public fund management company as a shareholder, while Yongan Guofu may establish a new company within the existing organizational structure Fund raising business.

According to the companys official website, Yongan Guofu Asset Management Co., Ltd. was established in January 2015 with a registered capital of 84.2 million. The company completed the registration of private placement operation institutions on February 11, 2015. At present, it is a general member of China Securities Investment Fund Association and a member of China interbank market dealers association.

The shareholders of Yongan Guofu are Hangzhou Xiaoniu investment partnership (limited partnership), Yongan Futures Co., Ltd. and Hangzhou Xiaozhen equity investment partnership (limited partnership), respectively, holding 63.658%, 31.354% and 4.988%. Among them, the partners of Hangzhou Xiaoniu investment partnership (limited partnership) are all members of the companys core investment team, and Hangzhou Xiaozhen equity investment partnership (limited partnership) is the employee stock holding platform.

According to Tianyan information, the actual controller of Yongan Guofu assets is Xiao Guoping, the companys legal representative, chairman and general manager. He indirectly holds 47.21% of the shares of Yongan Guofu assets through two partnership enterprises.

According to the website of the fund industry association, as of September 29, 65 private equity funds including Yongan guofu-new century No.1 private investment fund have been put on record, as well as 17 investment advisory products such as foreign trade trust - Yongan Guofu Yongfu 11 phase f collective fund trust plan.

As a shareholder, Yongan futures also disclosed the profit situation of Yongan Guofu assets in the past years. In the first half of 2020, the operating income of Yongan Guofu was 1.637 billion yuan, and the net profit was 242 million yuan; in 2019, the annual operating income was 1.042 billion yuan, a year-on-year decrease of 18.72%; in 2019, the annual net profit was 649 million yuan, with a year-on-year increase of 38.97%.

At present, the net value of investment in Guoans private equity fund management institutions, including Guofus equity management strategy, also exceeds the scale of one billion clients.

More private funds may join the public offering team in the future

Article 97 of the new fund law, which was formally promulgated and implemented in 2013, stipulates that fund managers who are specialized in the management of non-public offering funds, whose shareholders, senior managers, operating period, and fund asset scale under management meet the prescribed conditions, can engage in publicly raised fund management business with the approval of the securities regulatory agency of the State Council. In recent years, more and more private funds began to apply for public offering business qualification.

Recently, harmony Huiyi asset, created by Lin Peng, former public fund champion and deputy general manager of Dongfanghong asset management, has successively completed the filing of several private fund products. According to a number of industry insiders, when the future opportunity and conditions are ripe, harmony Huiyi assets may also have plans to apply for a public offering license.

Public funds can be publicized publicly, and the threshold is low, which is conducive to expanding the scale of asset management. At present, there are no obstacles in laws and regulations. As long as the requirements of the fund law are met, there will still be private funds willing to apply for public offering license. Analysis of a fund company.

After the new asset management regulations, banks have a tendency to increase the entry threshold for private equity funds, and public fund management companies are higher than private equity in terms of registered capital and personnel allocation, which also has certain advantages in attracting talents. A private to public fund company introduced.

In the view of industry insiders, in addition to the fact that head private placement wants to expand its business scope and continue to grow stronger, and some public private investors return to public offering with public offering feelings, the overall private placement sales this year are not as ideal as public offering funds, which is also one of the reasons why many private placements want to apply for public offering licenses. Now, whether it is public offering or private placement, the new fund issuance market tends to concentrate on head institutions, and many public funds have minimum position requirements, while private fund investment is more flexible. If the position is not increased enough when the market rises, the performance is not as good as that of public offering, which also affects the subsequent raising situation. The private to public fund company said.

Now the competition for private placement is very fierce, and the high net worth population in China is limited. The head private placement has basically covered this part of the population, and many small private placements are under great pressure to survive. Compared with before, the public fund cake is much larger, and it is still in rapid development, which is another factor that some private funds want to apply for public offering qualification. A fund company in Shanghai said.

The scale of non goods of four private to public companies is nearly 60 billion yuan

At present, there are four private to public fund companies in the public fund industry, namely, Pengyang, Kaishi, Bodao and Zhuque.

On June 28, 2016, China Securities Regulatory Commission approved the establishment of Pengyang Fund Management Co., Ltd., and Pengyang fund was also the first fund company to realize private to public transfer. Yang aibin, general manager of Pengyang fund, served as assistant to the general manager and director of fixed income investment of Huaxia Fund earlier, and then set up private equity fund. In 2016, he returned to public offering by means of private to public.

In 2017, Kaishi and Bodao private equity funds have also completed the private to public transfer. They are also the big men who run from public to private earlier. Chen Jiwu, chairman of Kaishi fund, has successively served as the fund manager of China Southern Fund, the investment director of Fund Investment Department of China Life fund management center, the investment director and deputy general manager of Fuguo fund. Mo Taishan, chairman of Bodao fund, also has many years of public and private equity experience. He has successively served as the general manager of Schroder fund of BOCOM, senior partner and President of Shanghai Chongyang investment. He founded Shanghai Bodao investment in May 2013, and Bodao fund established in 2017 has become the third private to public company.

In September 2018, the rosefinch fund was approved to be established, thus becoming the fourth private to public fund company. In May this year, both the general manager and the chairman of the board of Zhuque fund were changed. Liang Yuejun, the former chairman of the company, was transferred to the general manager of the company due to the needs of the companys business development. He personally took the post of fund manager and stepped on the investment front line. Wang Huan, the former general manager of the company, was transferred to the chairman of the board.

According to the statistics of Tianxiang investment consulting, by the end of the second quarter of this year, the total scale of non monetary funds managed by the four private to public fund companies was 59.836 billion yuan.

Source: Ren Hui, editor in charge of China Fund News_ NBJ9607