If the principal is not guaranteed, the brokerage products in Licaitong are all low-risk money or creditor's rights wealth management products, but as long as they are wealth management products, they will not be guaranteed. The interest of bond funds comes from Zhao Quan's own interest income, unsaturated spreads or credit risk, so it is possible to lose money. Investors will mark the products when they buy them, just saying that the probability of loss is small. In case of loss in the market, investors can only bear it themselves.

Since the introduction of the new asset management regulations, the bank's wealth management or wealth management on the sales website has not promised to protect the capital, that is, after the investor buys the product, the bank loses money when investing, and the bank no longer has the bottom, and the loss is borne by the investor. For investors, breaking the rigid redemption means that there is no "just exchange" guarantee, which increases the investment risk.

Then why did the regulator specify to break the rigid redemption? The reason for this is the following：

1, "just exchange" violates the principle of things development, investment is risky, and wealth management funds are finally invested in the securities market;

2, "just against" if there is a loss, financial institutions to fill the deficit, self-operated funds may be able to pay in the short term, but in the long run, if you can't continue to pay, it is much cry and little rain;

3. "Just against" violates the risk premium of wealth management products. Assuming that they are guaranteed capital and interest, there will be a lot of money to pursue high-yield products. It is difficult to get financial support for truly low-risk and low-yield investments. In the long run, there will be systemic risks.