The first batch of funds participated in the refinancing business.
On July 22nd, the first day of refinancing, a number of fund companies, including E Fund, southern fund Fund and Huaxia Fund, have completed their first refinancing transaction.
Reportedly, refinancing refers to the business that the fund lends securities to China Securities Finance Co., Ltd. (hereinafter referred to as "CSI Gold") at a certain interest rate through the comprehensive business desk of the stock exchange, and CSI Gold returns the borrowed securities and the corresponding equity compensation and pays the fees at maturity. At present, only index funds, closed-end funds and a few special funds can carry out refinancing business. The fund obtains certain interest income by lending securities, which is included in the fund property, thus increasing the income of investors. This kind of business is especially suitable for index funds.
The relevant person in charge of the E Fund said that refinancing provided a new means for Public Offering of Fund to improve its investment income. Especially for index funds, participating in refinancing is of great benefit to index funds themselves and improving market efficiency.
The person in charge of the relevant departments of Huaxia Fund said that on the one hand, the securities lending mechanism has the function of value discovery, which helps to stabilize the stock market price and curb excessive speculation and speculation; On the other hand, securities lending helps to improve the income of related funds and guide more medium and long-term funds to enter the market.
Southern fund also mentioned that for index funds, lending securities can bring more stable additional income, which is expected to cover management fees, custody fees and other costs.
Refinancing business is of great significance.
Refinancing business is expected to become a stable source of enhanced income for index funds in the future. According to Warburg Securities' calculation, under optimistic circumstances, according to the upper limit position of 30%, the lending business will bring 0.5% increase in the income of public index funds, and under the upper limit position of 50%, the income of active equity funds will increase by 0.75%~ 1%. The lending willingness of active stock funds and index funds is influenced by many factors, and the actual lending ratio may be lower than the upper limit of 50% and 30%.
For the basic market, refinancing business also helps to play the role of value discovery. 60 1099 (Thai * * Yang) Securities said that the margin trading system in science and technology innovation board is expected to improve the "one-sided market" and other issues. At present, the margin financing and securities lending business in Shanghai and Shenzhen markets has begun to take shape, but structurally, the two businesses are seriously unbalanced, with the balance of financing accounting for over 90% and the balance of securities lending accounting for a very small proportion. There are many reasons for "unilateral city". On the one hand, investors' education is insufficient and the proportion of individual investors is high, which is not suitable for securities lending business with high professional requirements; On the other hand, because of the shortage of securities lending sources, the supply is limited. Science and technology innovation board stocks can be used as the target of margin financing and securities lending from the first trading day of listing, which can alleviate the problem of "one-sided market" to some extent.
After fulfilling certain procedures, more funds will join the refinancing team one after another. A fund manager said that only science and technology innovation board was informed to take the lead in refinancing, and the time for refinancing of the main board was not determined. Therefore, some fund companies that issue science and technology theme funds first conducted refinancing tests, and the first batch obtained refinancing qualifications. At present, many fund companies are still in the process of applying for refinancing, and will also participate in refinancing business after the approval process is successfully completed.