Since September 2002, no closed-end fund has been issued in the investment fund market. The phenomenon of "stagnation" encountered by closed-end funds this time is different from that before 1998. At that time, "stagnation" was due to the need to rectify and standardize (actively), but now "stagnation" occurs in the era of great reform and development of the fund industry (passively), and various reasons are worth pondering.

From several closed-end funds issued in the second half of 2002, the crisis of closed-end funds has been felt. Although these funds are nominally successful, in fact, the market has refused to pay the bill. For example, the balance of the fund Kerry is 439 million shares (Yinfeng also has 65.438+300 million shares) underwritten by the lead underwriter. Thanks to the rebound of the market, the fund was successfully issued, but due to the sudden withdrawal of Xinjiang Securities, one of the original sponsors, it was forced to postpone its listing for 40 days. The collection of small-cap restructuring funds is also quite bad. For example, the abandonment rates of Fund, Fund Tianhua, Fund Anjiu and Fund Wealth Management Xin are as high as 98.47%, 90.4%, 94.44% and 95.27% respectively. Small-cap funds that once enjoyed unlimited scenery have been abandoned by the market.