1In August 1992, the "Jin Xin Fund" founded by Jinhua Trust and Investment Company was listed in the securities department of Zhejiang Jinhua Trust and Investment Company. At the same time, Shenzhen Investment Fund Management Company was established, which is the first professional fund management company established in China mainland investment fund industry.
165438+ 10 In October, Shenzhen Special Economic Zone Branch of the People's Bank of China approved Shenzhen Investment Fund Management Company to issue space-based funds with a scale of 58 1 100 million yuan. Tianji Fund was the largest fund in China at that time. Since then, many funds have been issued, including Zibo Fund.
1In June 1992, Shenzhen Special Economic Zone Branch of the People's Bank of China promulgated the Interim Provisions on the Administration of Investment Trust Funds in Shenzhen, which was the only local regulation on the supervision of investment funds at that time.
1In March 1993, Shenzhen Special Economic Zone Branch of the People's Bank of China approved Tianji Investment Fund and Blue Sky Fund to be listed on Shenzhen Stock Exchange as the first batch of funds.
On August 20th of the same year, the People's Bank of China approved the listing of Zibo Fund on the Shanghai Stock Exchange, marking the birth of China's national investment fund market. Since then, several funds have been listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, and traded with the fund markets of other securities trading centers on the Internet, and the national fund trading market has initially taken shape.
According to statistics, from 1993 10 to May, Guangdong, Shenzhen and Sichuan branches of the People's Bank of China approved the establishment of 12 funds, with a scale of1800 million yuan, and the domestic fund industry entered a stage of rapid expansion.
From 1992 to 1993, many investment funds were established. By the end of 1993, * * had established nearly 50 funds of various types, mainly distributed in Guangdong, Heilongjiang, Shenzhen, Shenyang, Dalian, Hainan, Jiangsu and other provinces and cities. Among them, Shenzhen's fund issuance scale is the largest, reaching 65.438+37 billion yuan. However, the rapid expansion has brought great difficulties to the unified supervision of funds.
1993On May 9, 2009/kloc-0, the People's Bank of China made a regulation to stop the irregular issuance of investment funds, in which the issuance and listing of investment funds, the establishment of investment fund management companies and the establishment of investment funds and investment fund management companies by China financial institutions abroad must be approved by the head office of the People's Bank of China, and no department shall exceed its authority.
Since then, with the exception of Jinlong Fund, Baoding Fund and Jianye Fund approved by the head office of the People's Bank of China in September 1993, the establishment of various funds has not been approved for a long time (until the first half of 1998), and the issuance of domestic funds has come to a standstill.
1996 18 The Shenzhen Stock Exchange Fund Index was compiled on March 8, with the benchmark index of 1000 points, and all 10 funds directly traded or networked in the Shenzhen Stock Exchange at that time were included in the calculation.
According to statistics, as of the beginning of 1998, China * * * has set up 78 investment funds of various types, raising a total of RMB 7.6 billion, and 27 funds are listed (networked) in Shanghai and Shenzhen stock markets. During this period, there were few professional fund management companies (less than 10), and the funds were generally small in scale and operated irregularly, which was also called the "old fund" period. 1997165438+10/4 The Interim Measures for the Administration of Securities Investment Funds was officially promulgated. At the same time, China Securities Regulatory Commission replaced the People's Bank of China as the competent authority of fund management. Since then, China's securities investment fund industry has entered a new stage of standardized development.
1 998 Since March, a number of large funds, such as Kaiyuan Securities Investment Fund and Jintai Securities Investment Fund, have been listed one after another, which are much larger than those established by 1992 and 1993, and most of them are10 to 3 billion RMB.
1999 is a year of great development in the fund industry, with 22 funds increasing rapidly and the asset scale jumping to 48.42 billion yuan. At the same time, these funds have made great progress in standardization. According to the Interim Measures for the Administration of Securities Investment Funds, the investment scope of the funds is limited to government bonds and stocks publicly issued and listed in China according to law. 80% of the portfolios of these funds are invested in stocks and 20% in government bonds. There are also relatively strict and detailed regulations on the initiation, collection and later operation of funds. For example, holding shares of a listed company shall not exceed 65,438+00% of the fund's net asset value; The total of the securities issued by a company held by the Fund and other funds managed by the fund manager shall not exceed10% of the securities; Mutual investment between funds is prohibited; It is forbidden to mortgage, guarantee, borrow money or lend money with fund assets; Prohibit funds from engaging in securities credit transactions and so on.
1In March, 1999, the CSRC issued a notice to clean up and standardize the original investment funds, and the funds traded in various securities exchange centers were gradually delisted, and the funds listed on the exchanges were also cleaned up and standardized. After a series of fund merger and asset reorganization, all the bad assets of the old fund were replaced by stocks, government bonds or cash assets of listed companies with strong liquidity, and on this basis, the fund was expanded and renewed, and finally the historical transformation between the old and new funds was realized. For example, "Jingbo Securities Investment Fund" is formed by the merger of Xiang Jianxin Fund and Xiang Rural Credit Fund; Tongzhi Securities Investment Fund was reorganized from Gulf Fund, Wuhan Fund, Ganzhong Fund, Zhongsheng Fund, Xin Kai Fund and Changjiang Fund.