In November, three debt base issues have failed, and step on thunder fund is ready to be wound up

category:Finance
 In November, three debt base issues have failed, and step on thunder fund is ready to be wound up


Since the beginning of this year, the fund issuance market is very hot. As of November 25, the scale of new funds established in the year has reached 2.78 trillion yuan.

Since the issue of 22 news funds this year, it has been noted that there are two new fund issues in the history of the funds failure.

It is worth mentioning that since the beginning of November, five new funds have failed to issue, of which three are bond bases, which are Guodu aggregation, dongxingzhen bond and financing dynamic balance allocation for three months, Guodu aggregation and financing dynamic balance allocation for three months, partial debt hybrid fund for Guodu aggregation and financing dynamic balance allocation for three months, and medium and long-term pure bond fund for Dongxing Zhenzhi bond.

Taking Guodu polymerization as an example, on November 24, the fund announced that the fund contract could not come into effect because it failed to meet the requirements for fund filing stipulated in the fund contract.

It is understood that as a securities company with public offering management qualification, Guodu securities obtained the public offering license as early as 2014. However, after more than six years of development, Guodu securities has not seen obvious development in public offering, and its scale has shrunk more and more seriously.

From the perspective of these three funds, as of the end of the third quarter of this year, the net asset value of Guodu quantitative selection was about 9 million yuan, that of Guodu innovation driven was about 89.74 million yuan, and that of Guodu multi strategy was about 6.84 million yuan, totaling only 106 million yuan.

From the scale, we can see that both Guodu quantitative selection and Guodu multi strategy are mini funds, and they are also faced with the risk of liquidation. If the fund scale can not be effectively improved, if the fund scale is not effectively improved, the public offering products of Guodu securities may be the only one driven by Guodu innovation.

In fact, the scale is not irrelevant to the performance. Wind data shows that since its establishment at the end of 2017, as of November 24, the revenue of Guodu quantitative selection in the past year and the past two years were only 15.28% and 32.56%, respectively, which were in the last quarter of similar products.

Large redemption of some debt bases

In addition to the failure of new fund issuance, recently, with bond default and fund stepping on thunder, part of the debt base in the storm is also frequent.

For example, some debt bases began to be redeemed in large amount recently. The yingdaan Huichun Bond Fund announced on November 19 that A-share would be redeemed in a huge amount on November 18, 2020; similarly, Jiutai Jiujia pure bond will be opened in three months, and the announcement on November 24 said that class A shares and class C shares would be redeemed in large amount on November 23, 2020.

It is worth noting that Jiutai Jiujia pure bond was established on August 21 this year, and a large amount of redemption occurred only three months later. The yingdaan Huiqing pure bond fund was established on April 29, this year, less than seven months later, a large amount of redemption occurred.

From the net value performance point of view, although the net value of these two debt bases has a correction, but the callback range is not large.

Some people in the industry have analyzed that the redemption of the debt base at the end of the year is unlikely to be due to the assessment, because the debt base is generally used as the underlying assets, and more likely it is the decline of risk preference and the temporary avoidance of capital selection.

In addition, in terms of stepping on the thunder debt base, the reporter of daily economic news noted that some debt bases are going through the liquidation of the fund by holding a shareholders meeting after the risk event of stepping on thunder.

For example, huashanghuibao No.1, which has been the largest drop in the partial bond funds since this year, has held a meeting of its holders, deliberating and passing the proposal on matters related to the termination of the fund contract of the Huashang return No.1 hybrid securities investment fund. Interestingly, from the perspective of the fund shares, the number of shares at the end of the third quarter was about 82.5 million, of which 66.6 million were held by the fund manager, accounting for 80.73%. According to the situation on October 26, the number of fund units represented by fund unitholders or their agents who issued voting opinions was about 88.9 million, accounting for the total number of fund funds in the equity registration day 94%. That is to say, the share size of the fund has not further shrunk, but has increased significantly before the holding of the general meeting of shareholders. Moreover, all the votes participating in the voting are in favor of it, without any objection or abstention.

Extended reading of medicine lonely cycle rise year end fund ranking fierce battle in the middle of the year, fixed income + fund issued more than 160, with a scale of nearly 250 billion yuan of research and research, overseas tycoons focus on the new generation of a-share.source: Ren Hui, editor in charge of daily economic news_ NBJ9607