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Source: Beijing Business Daily
Another public offering equity is proposed to be changed. On April 28, according to the China Securities Regulatory Commission, the application materials for equity change of more than 5% of Guoxin Guozheng Fund have been received, which also means that the public offering shareholder Guoxin Securities plans to give up its wholly-owned holding. For a long time, since the beginning of the year, many public offerings have proposed to change shareholders holding more than 5% of equity. At the same time, the equity changes of public fund managers such as China Post Fund and Deppon Fund have been "implemented". Some insiders pointed out that the equity change of public funds is related to business adjustment, equity incentive, shortage of shareholders' funds and other factors. Whether the equity change can introduce shareholders with strong strength and strategic experience will greatly affect the future development prospects of public funds.
Guoxin Securities abandons its wholly-owned holding
On April 28, according to the announcement of the approval progress of the CSRC, the application materials for equity change of more than 5% of Guoxin Guozheng Fund have been received. However, the changed transferor, transferee and the changed equity ratio were not publicized.
The official website shows that the Guoxin Guozheng Fund was established in March 2019 with a registered capital of 200 million yuan. The shareholder is Guoxin Securities, with a shareholding ratio of 100%. The application for equity change may also mean that Guoxin Securities intends to give up its wholly-owned holding of Guoxin Guozheng Fund.
As for the reason for giving up the wholly-owned holding of Guoxin Securities Fund, the reporter of Beijing Business Daily sent a paper to interview Guoxin Securities. The other party said that it was not convenient to disclose it for the time being, and the announcement information shall prevail. Guo Shiliang, a financial commentator, pointed out that, generally speaking, changes in publicly offered equity are related to business adjustment, equity incentive, shortage of shareholder funds and other factors, and more than 5% of equity changes may tend to change in strategic adjustment and business adjustment.
Public information shows that Guoxin Guozheng Fund is renamed from Huarong Fund. In June 2022, the CSRC approved China Guoxin Holding Co., Ltd. to become the actual controller of Huarong Securities and Huarong Fund. In July of the same year, the official of Huarong Securities announced to change its name to Guoxin Securities. Subsequently, in November 2022, Huarong Fund announced that the legal name of the fund manager was changed from "Huarong Fund Management Co., Ltd." to "Guoxin Guozheng Fund Management Co., Ltd.".
Flush According to iFinD data, there are 19 products under the management of Guoxin Securities Fund (calculated separately, the same below). As of the end of the first quarter, the scale of non monetary funds under the management was 3.517 billion yuan, 18.83% less than the end of the first quarter of 2023.
In the past year, except for the decline in the size of the cargo base, the performance of the products under the Guoxin Guozheng Fund was also flat. As of April 26, 8 of the 16 products whose data can be obtained in the past year had negative returns. Among them, the yields of six active equity funds were all negative, and the six month fixed opening hybrid A/C yields of Guoxin Guozheng Rongze fell by more than 20%, respectively - 21.7% and - 21.87%. The mix of new securities, new profits and new profits of the State Council, Singapore Securities and Exchange has also fallen 18.67%. In addition, the yield of Guoxin Guozheng Rongxing's 6-month fixed opening hybrid A/C and Guoxin Guozheng Xinrui's flexible allocation hybrid also fell by more than 10% in the past year.
If it is extended to the last three years, according to the Flush iFinD data, as of April 26, the yield of five of the seven products available in the data is positive. Among them, the yields of Guoxin Guozheng Xiong'an Construction Development three-year fixed bonds and Guoxin Guozheng Rongying 63 month fixed bonds in recent three years reached 11.88% and 11.56% respectively. In the same period, the yields of the two products, namely, the flexible allocation and mixing of the new national securities and the new profits of the new national securities and the new national securities, were negative, respectively - 2.89% and - 12.58%.
Changes in shareholders or impact on future development
In addition to Guoxin Guozheng Fund, according to the disclosure of the CSRC, since the beginning of the year, many other public offerings have submitted more than 5% of equity change application materials, which are waiting for the feedback and approval of the CSRC. At present, Jinxin Fund, Pioneer Fund and Honeycomb Fund have all received the notice of correction on the application for changing shareholders holding more than 5% of equity.
At the same time, several fund managers' equity changes have been "implemented". On April 23, China Post Fund announced that with the approval of the CSRC (Analyst Jin Qilin) Approval, confirmation of share transfer letter of National Small and Medium sized Enterprise Share Transfer System Co., Ltd., etc. The former shareholder of China Post Fund, China Post Group, transferred its 28.61% equity of China Post Fund to China Post Securities.
Since the beginning of the year, the equity structure of Deppon Fund has also been changing. In February this year, Xizi United Holdings Co., Ltd., the third largest shareholder of Deppon Fund, transferred 10% of its shares in Deppon Fund to Deppon Securities. After the transfer, Deppon Securities' holding of Deppon Fund shares increased from 70% to 80%.
Guo Shiliang believes that the equity change or equity structure adjustment of public funds is conducive to introducing capital and promoting institutional reform. However, it should be noted that whether the change can introduce shareholders with strong strength and strategic experience will greatly affect the future development prospects of public offerings.
Beijing Business Daily reporter Liu Yuyang Hao Yan
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