The insiders believe that with the increasingly fierce competition in Public Offering of Fund, liquidation is a reasonable expression of the survival of the fittest in the fund industry, which objectively plays a role in maintaining the ecological health of the industry.
The amount of liquidation is still high.
In the past two years, the number of on-site fund liquidations has remained high. The data shows that as of June 65438+February 19, the number of liquidation funds this year was 2 17, while in the same period in 2020 and 20021,the number of liquidation funds was 174 and 254 respectively.
The data shows that among the funds liquidated this year, there are 73 bond funds, accounting for about one-third of the total number of funds liquidated this year, while the number of hybrid funds, equity funds and QDII is 85, 565, 438+0 and 3 respectively.
Among the funds liquidated this year, many funds were liquidated by "lightning" less than one year after their establishment. For example, the Guo Fu CSI 500ESG benchmark ETF, which was established on July 28th, issued a fund contract termination announcement on165438+1October 7th, and set165438+1October 5th as the final operation date. In addition, Huaan Anxiang Hybrid C, Huitianfu CSI Artificial Intelligence Theme ETF Connection and other funds were established less than one year ago.
In addition, there are many funds on the verge of liquidation. Since 65438+February, Ping An Yingfeng has actively allocated three-month holding period hybrid (FOF), Jinchang Hexin SSE Super Market Quantification, Bosera Select Hybrid, E Fund CSI CSI 300ETF and many other funds have issued suggestive announcements that may trigger the termination of fund contracts.
Promote the healthy development of the industry
Liu Yiqian of Shanghai Securities Fund Evaluation Center said that Public Offering of Fund is currently in a period of vigorous development. In the future, new foundations will maintain a relatively fast issuance speed, and small-scale funds with poor performance will also maintain a reasonable exit rhythm.
Xingye research believes that the fund liquidation system has many benefits for the healthy development of the industry. First of all, fund liquidation is conducive to protecting the interests of investors and helping investors avoid small-scale funds with high fees and fund companies with poor management. Secondly, the normalization of clearing mechanism will help fund companies to concentrate resources on operating high-quality products and promote the high-quality development of fund companies. Finally, the fund clearing mechanism cleans up products that cannot meet the needs of investors, changes in the economic situation or policy supervision requirements, and maintains the ecological health of the industry.
A person in charge of a small and medium-sized fund company said that with more and more products on the market, differentiation, quality and characteristics are the design directions of new products at present. "In terms of scale, we can't compete with big companies. If you don't want to be liquidated, you can only work hard on differentiation, and small scale also has the advantages of small scale. There are not so many restrictions on operations such as position adjustment. " The person in charge said.
"Now many fund companies still pay more attention to' quantity', and the improvement of' quality' is not enough." A Public Offering of Fund manager told reporters, "In fact, we don't want to distribute many products. I personally prefer to focus on one or two products and then do it for a long time, but the company will consider it from the perspective of strategic development and let us manage multiple products. "
At present, relevant departments are actively solving industry problems such as "emphasizing scale and neglecting performance". The regulatory authorities once pointed out in the Circular on Institutional Supervision that fund managers who have "weak product development ability, failed in clearing and raising mini-funds and funds, and a large number of registered products have not been approved for raising" will take prudent measures such as suspending the application of the fast registration mechanism, prudent evaluation, and on-site verification within the statutory registration period.