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金沙娱乐平台网站:Ten key reshape the public a new starting point

时间:2017/12/22 14:21:23  作者:  来源:  浏览:0  评论:0
内容摘要: In 2017, the 19th year of the public offering.In this year, the issuance of a number of regulatory requirements including new liquidity rul...

In 2017, the 19th year of the public offering.

In this year, the issuance of a number of regulatory requirements including new liquidity rules have greatly affected the specific business segments that are raised and reshaped the ecology of the public offering. At the same time, under strong supervision, we see that the public offering industry has made a number of hard-won innovations. Whether it is the birth of the first public offering of FOFs, the proposal of pension fund, or the opening up of the upper limit of public investment in foreign investment, it is a heavy heavyweight event that has a far-reaching impact on the public offering industry.

Summary Key events in the 2017 public sector found that things are often interlocked. Such as the new liquidity rules triggered a certain degree of outsourcing redemption, and outsourcing redemption hastened the liquidation of the Fund; another example of the overall strong regulatory style this year, resulting in the public offering in the investment choice tend to hold the ball defensive , So White Horse shares this year the agency's most keen direction.

Standing at the end of 2017, the retrospective is to find a new starting point.

No.1 New liquidity regulation release

The most far-reaching impact on the public offering industry in 2017 is undoubtedly the release of the new liquidity regulation.

On March 31, the "Rules for Liquidity Risk Management of Open-ended Securities Investment Funds (Public Comment Draft)" were released. Five months later, the new liquidity regulation was officially promulgated on September 1 and announced that since October 1 The date of implementation.

The new liquidity regulation has regulated many aspects such as internal control, product design, investment transaction, foreclosure management and information disclosure, and has specified the Monetary Fund . Compared with the draft for release in March, the major changes in the "new regulations" are mostly concentrated in the Monetary Fund.

Since the Monetary Fund has become the main force in the development of the fund market and accounts for 58% of the overall size, under the rapidly expanding scale, how to prevent systemic risk from becoming the top priority of regulatory work has become the focus of the public offering industry this year Matters.

The excessive quota for this year's surplus treasure is the most representative portrayal of this year's new liquidity regulation on the monetary fund. The latest supervision of the Monetary Fund proposed more than a dozen regulatory directives, but also shows that regulators on the IMF's risk management issues high priority.

Liquidity regulations have affected the business environment of public offerings in 2017 in many aspects. In the longer term, the new liquidity regulations will have a deeper impact on the public offerings in the longer term.

No.2 Substantial withdrawal of sub-fund

After experiencing the crazy leap in 2016, the public placement industry in 2017 ushered in a turnaround of outsourcing.

First, the CSRC issued relevant rules on outsourcing of tailor-made funds, followed by the CBRC issued eight documents issued a re-issued regulation, supervision of a two-pronged approach, the once-outs of outsourcing business quickly ebb, outstripping business usher in turning point.

The biggest deduction is undoubtedly the 28th of February this year, the establishment of the ICBC Credit Suisse Feng Chun Fund, which has hit a record short of three days to raise 90.955 billion copies of records, the history of the fund only to refresh a single fund issue the size of the largest, Become a well-known fund market this year, the giant fund. However, in the third quarter, ICBC Credit Suisse Feng Chun was redeemed 89.154 billion copies in one fell swoop, the share has shrunk dramatically, and the scale has also plunged to 1.813 billion. The volatility of its scale, it is precisely because of the withdrawal of institutional funds.

In the context of deepening the deleveraging of the financial system, Banks How the outsourcing business will be conducted in the future is an important proposition that capital markets will explore.

No.3 More than a hundred funds liquidation

Liquidation! Winding up! Winding up!

Following the normalization of funds liquidation in 2015, the public offering sector set off yet another wave of liquidation in 2017 and this year's liquidation is more intense and fund types are more centralized than in 2015.

Data show that in 2017, more than 100 funds were selected for liquidation and being prepared for liquidation, more than three times the amount in 2015, making it the largest fund liquidator in history. Among them, the second half of this year, especially the fourth quarter is the high level of liquidation of funds. In less than three months from October, the number of funds that were proposed to be wound up was close to 50.

The reasons for the view, the bond market downturn, the withdrawal of outsourcing funds, supervision of the mini-fund supervision and strengthening of the public fund industry this year, the liquidation of a sharp increase in the main reason for speeding up, and to speed up the processing of mini-funds, but also become a large number of fund this year Important task.

No.4 Fund Baotuan Baima Stock

If a fund does not bet against Baima in 2017, the performance of the year is estimated to be awkward.

During the year, we have seen to Moutai (600519.SH) as the representative of the White Horse Unit to replace growth stocks become the star of the A-share market witnessed a certificate on behalf of blue-chip index 50 white horse ride that is called market For the Chinese version of "pretty 50", but also a taste of the concept of value investing in the A shares of the popular rose, Baotuan white horse stocks become the unanimous choice of many funds in 2017.

White Horse Unit fans, the public is undoubtedly the main force. Vulnerable regulatory weak market, financial leverage to continue the context, to lighten up small and short positions Chuangcang blue-white white became the overwhelming majority of raised funds choice. It is precisely for this reason, a large number of white horse stocks for the main configuration of the direction of the fund received a huge return, making this year raised a fund ushered in a harvest year. However, the continuous pullback of Whitehorse stocks since mid-November also led the agency to start thinking about the proposition of a shift in market style. Many institutional sources believe that after a year of such a strong White Horse stock market, the market will turn to a balanced style next year.

No.5 Dongfang Hong ignited the market

The following burst of fund is the biggest surprise in the fund issue market this year, and the East is red capital management is undoubtedly the absolute leader of this year's burst of manufacturing machine.

The first half of this year, fund sales into the winter of the argument is rampant, but since September, the situation suddenly changed significantly, the market appeared a variety of hot equity funds, especially the November 8 issue of red Rui Xi is the burst banquet to the climax.

Dongfanghui Xi received a valid subscription application amount of approximately RMB17.822 billion in just one day, with a final confirmation ratio of approximately 11.22%. This is in sharp contrast with the historical minimum placing ratio of 9.71% for the 2007 Huaxia Renaissance, becoming the most watched this year Phenomenon level funds.

Why can Dongfang Red Asset Management be traumatized by investors? Performance, reputation, outlet and other factors have been affected, look at this year only a few other companies burst funds, the same behind the same.

As for this hot model can continue, the new year's market test.

No.6 Shanghai-Hong Kong Stock Fund Becomes "Red Net"

Among the fund types, the annual "Net Red" Fund is a non-Shanghai-Hong Kong fund. As of now, nearly 90% of Hong Kong-Shenzhen stock funds (which have been established for a year) have recorded positive returns in the recent year. Among them, the fund with the highest yield has exceeded 60% in the past year and the yield has been 30% this year Nearly 20% of Shanghai-Hong Kong fund. However, the regulatory requirements for the Hong Kong-Shenzhen stock fund have also been raised while becoming a net red. On June 14, the CSRC issued the Guidelines on the Registration and Examination of Public Offering Funds for Participation in the Hong Kong Stock Market Trading through the Stock Connect Mechanism, requiring the Hong Kong Stock Connect Fund to invest 80% or more of the non-cash fund assets in Hong Kong stocks, The management of Hong Kong fund manager qualification requirements.

The "Guidelines" came into effect on December 12 after the six-month transition period. After experiencing the initial development of wilderness, companies with abundant talent reserves in the future investment in Hong Kong stocks will become the winners of the Hong Kong stock market battlefield.

No.7 Public Offer Fulfilling the First Year of the FOF

The Emergence of Public Offering FOFs is the most innovative event in the public offering in 2017.

On September 8, 2017, the first batch of publicly-funded FOF products was approved, marking the official opening of the era of the public offering of FOFs. Subsequently, the first six publicly-funded FOFs rushed to completion, of which the southern all-weather strategy FOF subscription days only 21 days, the fastest in the six FOF established.

From the scale of raising, Huaxia Juhui steady target FOF is the largest fund-raising in 6 funds, reaching 4.691 billion yuan; followed by the all-weather strategy for the South FOF, raised 3.333 billion yuan scale; the remaining four raised FOF, Teda Manulife Almighty is the only one to raise the scale of less than one billion FOF, the other three FOF first raise more than 2 billion in size. Taken together, the first 6 public offering of FOF raised a total of 16.636 billion yuan, raising a larger performance beyond the market had expected, for those who later played a greater incentive. As of now, there is no second batch of FOF list announced, and is waiting for approval of FOF funds have reached 100, 2018 public offering FOF is expected to usher in the outbreak.

No.8 Graded Funds Accelerated Marginalization

Subsequent to the series of regulatory new rules, graded funds became accompanied in 2017.

From May 1, the "Guide to the Management of Hierarchical Funds" issued by the Shanghai Stock Exchange and the Shenzhen Stock Exchange has been officially implemented. According to grading new regulations, investors must open the graded fund authority, must meet the authority to open the first 20 trading days of its average daily securities class assets of not less than 300,000 yuan, and must go to the brokerage business department counters.

To completely exclude small and medium retail investors from investing, the trading volume of the intra-market funds of the graded funds has obviously declined. At the same time, it has an impact on the redemption outside the market, and the liquidity continues to weaken, further aggravating the marginalization of the grading fund. All kinds of unfavorable factors, the grading of funds maturing transition due to become the norm. As of the end of the third quarter, the market size of graded funds dropped from 233.336 billion yuan at the end of last year to 160.38 billion yuan at the end of September this year, a decrease of over 30%. Under the main tone of de-leveraging and risk prevention in the financial industry, graded funds can only become more and more marginalized.

No.9 Foreign-invested broke 49% stake in the red line

The adjustment of the proportion of foreign investment is a far-reaching event for the public offering industry this year.

On November 10 this year, the Ministry of Finance announced that the restrictions on the proportion of investment in futures companies will be relaxed to 51% by directly or indirectly investing in single or multiple foreign investors in securities and fund management. After the implementation of the above measures for three years, the investment ratio is not limited.

In December 2001, China's accession to the WTO allowed foreign-invested fund-holding companies not to exceed 33% of their equity interests and raised the proportion to "not more than 49%" in three years. The adjustment of the proportion of foreign investment is that after a period of 16 years, the domestic fund industry once again relaxes its shareholding ceiling to foreign investors. In the future, foreign-funded financial institutions will no longer have any policy hurdles if they want to establish an absolute controlling stake in the Mainland.

In addition, since the beginning of the first wholly foreign-owned private equity fund license to Fidelity, foreign private placement in the second half set off the climax of the layout of the Chinese market. In addition to Fidelity, UBS, Richton, British Shi Man, Value Partners, King Shun Zongheng, Lu Bomei and many other international private giants have made domestic private license, these foreign institutions are more likely to take the lead after the development of private equity business Curve path for applying for a public license.

With the opening up of China's capital market to the outside world, the infiltration of foreign capital in the public offering industry will gradually deepen.

No.10 Entering the Trillion Pensions Market

The march into the pension market is also a highly heated topic for the public sector this year.

In November of this year, the CSRC website published the Guidance Notes on Pensions Targeted for Securities Investment Funds (for Trial Implementation) (Draft for Comment) to solicit opinions from the public. The guidelines introduce the pension-related securities investment funds (referred to as the "pension fund"), the requirements for the issuance of such funds and the relevant norms from the aspects of product definition, investment strategy, investment proportion and mode of operation.

The pension business is considered as the future development of public funds and asset management. Several interviewed public offerings have said that the pension business in the company has a strategic significance, including personal basic pension business development space is more broad, the company will spare no effort in the field of pension business layout.

Insiders pointed out that the recent fund industry and the SFC are brewing a new policy, the pension fund may be launched next year. There is no doubt that the pension market will be public offering "contested."


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