Donghai fund is suspected of violating the rules and regulations, and 3 debt bases were heavily redeemed in the first half of the year

 Donghai fund is suspected of violating the rules and regulations, and 3 debt bases were heavily redeemed in the first half of the year

Liu Hongmei

Bond products account for more than 90%

In recent years, the bond market has been turbulent, and the default events of credit bonds have occurred frequently. In this context, the supervision has also been strengthened. On November 18, the association of dealers issued the notice on Further Strengthening the business norms of issuing debt financing instruments (hereinafter referred to as the notice).

The notice pointed out that recently, the association found that some market institutions had problems in the issuance of debt financing instruments, such as inadequate implementation of rules, imperfect internal control mechanism, and irregular business operation, which exposed the phenomenon of attaching importance to contracting and doing, neglecting issuance and sales and attaching importance to business development and neglecting compliance management under the background of rapid market development. Therefore, the regulatory authorities decided to further clarify the market operation norms on the basis of the existing self-regulation rules and strengthen the self-discipline management of issuing business.

Once the official website of Donghai fund is opened, the most striking one is the publicity of its fixed income public funds. The strength of fixed income funds, especially bond funds, is the impression that the company gives to the outside world. In fact, bond funds do account for more than half of Donghai funds.

Wind information shows that among the funds managed by Donghai fund, bond type accounts for more than 90%, which shows its weight. In January this year, Donghai Xiangrui issued an announcement to adjust the accuracy of net worth due to a huge redemption on the previous trading day, becoming the first fund to release the accuracy of net worth adjustment this year. In February, Donghai Xiangrui issued another announcement to adjust the accuracy of net worth. At the same time, the same situation occurred in Donghai Xiangli, because of the huge redemption occurred in the previous trading day. In mid April, Donghai Xiangsu short-term bonds also issued an announcement to adjust the accuracy of net worth, as a result of the huge redemption in the previous two trading days.

There have been several risk control loopholes

At that time, the management scale of Donghai fund was under great pressure. In particular, Donghai Xiangsu short-term debt was only set up for more than a month when a huge amount of redemption occurred. At present, the latest scale of Donghai Xiangrui A and C is 280 million yuan and 120 million yuan respectively, and the scale of Donghai Xiangsu A and C is 220 million yuan and 10 million yuan respectively, and the scale of Donghai Xiangli pure debt is only 20 million yuan, which is not the same as when it was established.

In the course of development in recent years, there have been several risk control loopholes in Donghai fund. In January 2018, the Shanghai Stock Exchange issued the decision on imposing disciplinary sanctions on securities accounts under the name of Donghai Fund - Industrial and Commercial Bank of China - Donghai Fund - Xinlong 72 asset management plan (phase I). In the disciplinary decision, the regulatory agency said that Xinlong 72 had violated the relevant commitment not to reduce its holdings, so it decided to impose a six-month trading restriction on it. In April 2018, Hubei Securities Regulatory Bureau issued a warning letter to Donghai fund, saying that the institution had illegally reduced its holdings of Wentai technology shares.

In addition, since the beginning of this year, the personnel of Donghai fund has been constantly changing. In August, the company issued a notice on the change of senior management, saying that Deng Shengjun, general manager of the company, left his post for personal reasons and transferred to deputy general manager of the company; on the same day, Yan Xiaojun took the post of general manager of the company. In April, the company announced the appointment of Su Shangcai as the deputy general manager of Donghai fund.

As of the first half of this year, the management scale of Donghai fund is only 988 million yuan, which is almost at a standstill in recent years. In the second half of the year, relying on the establishment of Donghai Xiangtai for three years, it was able to pull back one city, with a total scale of 1.8 billion yuan. However, Donghai Xiangtai is also a sponsored fund. It began to raise funds on July 16 and announced the early termination of the fund-raising on July 21.

Top 10 companies account for more than 80% of the shares. Valuation advantage of Hong Kong shares highlights fund managers optimistic attitude towards consumer medicine technology. Source: daily economic news editor in charge: Ren Hui_ NBJ9607