Nowadays, all over the country are still actively promoting the construction of fund towns. Some fund towns have made their own characteristics and are developing towards industrialization and branding. In terms of function, these fund towns play an important role in building financial ecology, optimizing resource allocation, promoting industrial transformation, and preventing financial risks. But on the other hand, due to the large number of fund towns, more fund towns are facing serious homogenization, service content needs to be improved, and the brand is not clear.
According to industry insiders, although the fund town is imported, its emergence and development is the general trend. It is imperative to speed up the construction of multi-level capital market for the transformation and upgrading of Chinas economic structure. As an important direct financing method, private fund plays an important role in guiding and attracting private and social capital to participate in economic construction and promoting economic transformation and upgrading.
In the 2018 white paper of China fund Town, CIIC mentioned that, on the one hand, the implementation of supply side structural reform in recent years has made local governments strive to promote the adjustment and upgrading of local industrial structure. The fund town itself can play a practical role in the transformation and upgrading of local industrial structure, resource convergence and tax increase, making it a new organization form that local governments strive for. On the other hand, thanks to the rapid development of Chinas private equity industry in recent years, various types of funds have sprung up like mushrooms, which also provides a solid industry foundation for the construction of fund towns.
Since February 2014, China Securities Investment Fund Association (hereinafter referred to as CFIA) has defined and standardized the private fund industry, and has carried out fund manager registration and product filing. With the orderly development of private fund industry, its role has gradually been recognized by the society, and the financial industry agglomeration effect began to show. In February 2017, CFA officially announced that it would carry out special activities to support and serve the development of fund towns (fund parks) in various regions.
According to the data of CFA, by the end of September 2020, the association had registered 24480 private fund managers, with a year-on-year increase of 0.33%. 91809 private fund managers had been registered, with a year-on-year increase of 15.16%. The scale of managed funds was 15.12 trillion yuan, with a year-on-year increase of 12.84%.
In terms of the number of registered private fund managers and the distribution of registered places (according to 36 districts), they are concentrated in Shanghai, Shenzhen, Beijing, Zhejiang Province (except Ningbo City) and Guangdong Province (excluding Shenzhen City), accounting for 70.53% in total. Among them, there are 4641 in Shanghai, 4489 in Shenzhen, 4343 in Beijing, 2063 in Zhejiang (except Ningbo) and 1728 in Guangdong (excluding Shenzhen), accounting for 18.96%, 18.34%, 17.74%, 8.43% and 7.06% respectively.
This means that not all regions have fertile soil for fund towns. Industry insiders mentioned that rich private equity resources are the prerequisite for the development of fund town. The core of the formation of financial industry cluster area lies in the local strong economic strength and financial demand. As an asset light industry, the three most important elements of fund industry are capital, information and people. No matter where the industrial agglomeration area is set up, only by concentrating these three elements can the fund town develop sustainably.
With the development of private equity industry, a number of fund towns with local characteristics gradually enter the market vision. They play an important role in building financial ecology, optimizing resource allocation, promoting industrial transformation and preventing financial risks.
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Yuhuangshan South Fund town is a typical government led town. It is understood that the location of yuhuangshan South Fund town phase I has undergone two industrial upgrading. Before that, it was the ceramic trading market, and the extensive backward production capacity faced the elimination dilemma. Since 2009, the waste warehouse has been transformed into a cultural industry park. Under the guidance of the government, a number of cultural and creative enterprises with light assets have been attracted to settle in, but the problem of capital shortage is prominent. In order to solve the problem of financing difficulties of cultural and creative enterprises, fund companies have moved in with the trend since 2010, and some private institutions, banks and securities companies have followed suit, so as to realize the transformation from cultural and creative park to financial park.
Through a series of operations, Shangcheng District of Hangzhou has realized the industrial change from block economy and county economy to Development Zone, cultural and creative park, fund town and financial town. By changing cages for birds, the space resources have been effectively upgraded, and the productivity has been improved.
Due to its special geographical location and abundant private equity resources, Beijing fund town attaches great importance to risk prevention and control. Since its establishment, 363 fund towns have been rejected in advance and 174 have been dismissed in advance. The total number of rejections has reached 537.
If the risk control work is not done well, how can we talk about ecology? How to talk about development? We must not relax the important work of risk prevention and control for the sake of temporary interests. Beijing fund town head said.
Qianhai Shenzhen Hong Kong fund town is a typical representative of enterprise led operation mode. It adopts market-oriented operation. Although it has been established for only two years, it has developed into the first financial CBD in Qianhai. At present, the rental rate of the fund town has exceeded 80%. In the park, several well-known public private funds, financial technology companies, as well as banks, securities companies, law firms, fund industry associations and other financial service institutions are gathered in the park, including 10 headquarters enterprises recognized by Shenzhen City, and the industrial cluster has begun to take shape.
It is worth noting that Qianhai Shenzhen Hong Kong fund town is the first fund town to put forward the idea of setting up offices on the spot, which is different from the registered fund town route adopted by most fund towns. Customers of financial institutions who come to the park must work on the spot and conduct business on the spot. Based on the gathering of talents and industries, a large number of projects, funds and ideas converge here, which can further develop a new market-oriented financial service format.
Although the development stages are different, each regional fund town is seeking its own development direction. According to the understanding of many parties, the appeal for the establishment of fund towns varies from place to place. Some want to revitalize local assets, some to absorb capital, some for tax purposes, and others just comply with policy requirements. But if you want to have long-term vitality, in the eyes of the industry, in the final analysis, the fund town needs to find the ability to serve.
An executive of a fund town said that finding capital profit export is the key factor for the development of fund town. Whether investors, investors or managers, including banks, securities companies and law firms serving these main bodies, can the fund town provide carriers and space for them and provide a platform for development and operation, so that they can find funds, find projects and find excellent talents here u3002 In the final analysis, the service can see the real chapter. Operating fund town is just like an operating enterprise, finding its own advantages and providing high-quality products, so as to attract more customers and develop itself in the process.
At this stage, industry insiders frankly say that most fund towns are still in stage 1.0, and a few fund towns are in transition to stage 2.0 and stage 3.0. Because the development path of domestic mode is completely different from that of foreign countries, the reference sample is limited. Different fund towns have different demands. They are all crossing the river by feeling the stones. At the same time, with the increasing number of fund towns, the attraction of tax incentives alone is becoming limited, just as after the subsidy of new energy vehicles, enterprises still have to return to themselves. For example, whether the resident can provide exclusive services for the whole process of the fund and whether it meets the compliance requirements in the operation process will be the competitiveness of the fund town in the future, and also the basis for building a brand.
Source: Ren Hui, editor in charge of Shanghai Securities News_ NBJ9607