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Weng Jiaming
《 Administrative Measures for the Operation of Securities Investment Funds 》(referred to as "Operation Measures") Paragraph 2 of Article 31 stipulates that all funds managed by the same fund manager shall not hold more than 10% of the securities issued by a company. With the development of market reforms such as share reform, cross market investment, mergers and acquisitions, the effect of this restriction on fund investment will become increasingly apparent, and investors should be fully prepared for this.
The Fund has repeatedly hit the red line of shareholding due to share reform
With the advancement of share reform, funds have been forced to collide with the "red line" of shareholding. For example, Cathay Pacific previously announced that its Jinxin, Jintai, Jinma steady returns and Jinying Growth held shares of Xiangdian ( information quotation forum ) The shares have reached 12.278% of the total capital stock, and the reason for exceeding the limit is that the consideration for the share reform of XEMC (stock dividend) has led to an increase in the proportion of tradable shares held by the Fund in the total capital stock. In addition, Guolian An's funds have also twice announced the disclosure line that some of their holdings exceed 5%. The consequence of exceeding the holding red line is forced to reduce holdings, which in essence reduces the fund's investment in the stock and indirectly affects the fund's investment operation. At present, 2/3 of the listed companies have not completed the share reform, and it is not ruled out that there will be such a situation in the future.
Cross market investment encounters shareholding restrictions
On February 10, Air China (0753. HK) announced the launch of the 2.7 billion A-share listing plan, and Chinalco and PetroChina will also successively "return to overseas". At the same time, Minsheng Bank ( information quotation forum ) A-share companies such as Xinxin Mining are also preparing to issue H-shares, and Xinxin Mining intends to be listed in both markets at the same time. It can be predicted that in the future, A+H listed companies will further increase. Once the QDII under active preparation is opened and released, and the investment scope is gradually expanded from fixed income investment to equity investment, then the mainland public funds can not only invest in A shares, but also purchase H shares and other overseas market stocks.
At this time, shareholding restrictions will become a more headache for the fund. Because the "securities issued by the company" mentioned in the clause includes not only A-shares, but also those issued in other markets. Therefore, if the fund wants to invest in the H shares of a company, it will have to reduce its A shares once the holding red line is triggered.
As of February 10, 30 A shares and H shares of "A+H" companies (excluding repurchased shares) were worth 524.3 billion yuan and 185.6 billion yuan respectively. It is estimated that if the fund wants to buy 10% of the shares of these listed companies, it needs to use 66.6 billion yuan to 78.5 billion yuan, and every 1% of the shares will be sold about 7 billion yuan of shares. It can be seen that with the development of the fund industry in the future, the expansion of the scale of management companies and the mainland companies' entry into Hong Kong and overseas markets to raise funds, the "seesaw effect" of the red line of shareholding on the cross market allocation of fund assets will be more significant.
Restricted asset allocation of consolidated funds
Previously, there was news that CITIC and Huaxia would merge. Although the parties had not yet made a formal response, this also showed that the pattern of strong merger of mainland fund companies had emerged. After the merger of fund companies, they will have to recalculate their shareholding ratio. When the shares held by the merged fund companies overlap more, it may be inevitable to exceed the limit.
Take CITIC and Huaxia for example, both of them have funds invested in Zhongke Sanhuan ( information quotation forum ) (000970)。 Among them, "Huaxia" has always paid close attention to the stock, especially the Huaxia market ( information net worth forum ) , Huaxia Growth ( information net worth forum ) All of them have listed this stock among the top ten heavy position stocks. At the same time, CITIC Classic under CITIC Fund ( information net worth forum ) The allocation has become the largest circulating shareholder of Zhongke Sanhuan for one year in a row, holding 20 million shares. According to statistics, Huaxia and CITIC Fund held a total of 39 million shares of this share in the middle of last year (if calculated as 49.93 million shares at the current average consideration level), accounting for 7.68% (9.83% after consideration) of the total share capital of Zhongke Third Ring. It can be seen that if CITIC and Huaxia completed the merger in the middle of last year and the three ring equity reform was carried out at the same time, the passive reduction of fund holdings driven by multiple factors would become a reality.
It can be seen that the merger between fund companies is likely to suddenly affect the asset allocation of each fund due to shareholding restrictions, especially when the overlapping stocks held by each fund are piled up (especially small market growth stocks).
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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