(1) Upon the expiration of the fund raising period, the open-end fund shall meet the requirements that the total amount of raised shares shall be no less than 200 million, the amount raised by the fund shall be no less than 200 yuan, and the number of fund share holders shall be no less than 200.
(2) When the fund raising period expires and the fund fails to meet the relevant raising requirements, the fund manager shall bear the following responsibilities:
(a) to bear the debts and expenses arising from the maintenance behavior with the inherent property;
(2) Return the money paid by investors within 30 days after the expiration of the fund raising period, plus the interest of the bank's demand deposits for the same period.
Why can Public Offering of Fund raise funds successfully in the past 20 years, but now Jiahe Fund fails to raise funds?
There used to be bull markets and bear markets, and there were times when financing was not easy, such as 20 1 1 year and 20 12 years. However, fund companies are financial institutions after all, and most of the shareholders have deep backgrounds, such as banks and securities fund companies. When financing is difficult, with the support of shareholder companies or brother companies, the fund manager will not open positions after successfully raising 200 million yuan, and keep the net value of the fund at around 1.00 yuan, and then let these companies redeem after 1 month.
Let's analyze the possible reasons for the failure of Jiahe Fund. The bad market, the tightening of bank outsourcing and the shortage of funds are the challenges faced by every fund company. Why only Golden Harvest Fund? I think there are two main reasons:
First, the new fund company, the company's equity is scattered, and the strength of shareholders is not strong.
Jiahe Fund is a national fund management company legally established with the permission of China Securities Regulatory Commission No.2014621. On August 8, 20 14, Jiahe fund was officially announced in Shanghai. In other words, this is a new fund company established less than three years ago.
The registered capital of the company is110,000,000 yuan, of which AVIC Trust and Shanghai Huihong each contributed 30,000,000 yuan, Guangdong Wanhe contributed 25,000,000 yuan, Fujian Shengnong contributed 20,000,000 yuan and Beijing Zhiyong Renxin contributed 5,000,000 yuan. It can be seen that the company has no absolute controlling shareholder. AVIC Trust is a subsidiary of AVIC and has its own fund company (AVIC Fund), so Jiahe Fund is definitely not state-owned; And several other shareholders are private companies actually controlled by individuals. As the saying goes, three monks have no water to eat, and such a company with scattered shares will inevitably lack support for fund companies. When the amount raised by the fund is insufficient, it is obvious that the shareholder unit has no help.
Second, the product design is not suitable for the current market situation.
The name of this fund is: Jiahe Ruijin regularly opens and flexibly allocates hybrid securities investment funds. Let's understand some characteristics of this fund:
1. Fixed-term open-end fund: it can only be purchased or redeemed at one or several fixed points in a year;
2. Flexible allocation of hybrid funds: the allocation ratio of flexible allocation funds in stocks and bonds will be adjusted according to market conditions, sometimes the proportion of stocks is higher and sometimes the proportion of bonds is higher. In other words, the stock of fund manager Man Cang is also possible.
Therefore, for a new fund company like Jiahe Fund, there are few fundraising channels. When the market is tight and the sales volume of self-sales agents is small, if shareholders don't help, it is even more impossible for institutions in other markets to lend money to Jiahe Fund to buy fund products (possibly Man Cang stocks) issued by Jiahe Fund, without capital preservation or income, occupying half a year or a year, with poor liquidity. It is also inevitable that fundraising will fail.