The Liquidation Of Public Offering Funds Is Coming. Under The Banquet, Frustrated People Are Still Leaving The Fund.

Behind the popularity of the public offering fund, there are still frustrated people heading for liquidation.

In June 11th, the Chinese business fund announced that it would convene a general meeting of the Chinese firm to consolidate the securities investment fund fund holders' shares and consider the motion on terminating the Chinese firm's securities investment fund fund.

On the same day, the Yinhua Fund also announced that it decided to hold Yinhua CSI bond index by means of communication to enhance the fund share holders' meeting of the classified securities investment fund, and to consider terminating the relevant issues of the fund contract.

Twenty-first Century economic report reporter statistics show that this year as of June 11th, there are 34 fund liquidation.

Reporters found that the liquidation fund, there is no lack of funds and poor performance of thunder bond products.

"According to the regulations, when the fund has less than 100 holders or net assets below 50 million yuan for 60 consecutive days, it will trigger a liquidation. The reason for triggering the liquidation of the fund may be that the scale of the fund is relatively small when the fund is established, and its performance is not ideal or large capital redemption, triggering liquidation. In June 11th, a large public fund worker in Beijing told the business reporter in twenty-first Century.

According to the source, for bond funds, in addition to the impact of the performance of tri ray, many bond funds were outsourced funds before, most of which were held by institutions. In the past two years, they were affected by the new rules of information management, and there were also outsourced funds that led to liquidation.

The tide of "winding up" follows the shadow.

Its background is that since last year, there have been many upsurge of public offerings.

For example, a few days ago, the southern growth pioneer hybrid fund raised a scale of 30 billion yuan a day, and announced that it would end the recruitment earlier and become another "exploding fund".

The tide of fund liquidation is closely related to the issue.

"This year, many explosive products are being snapped up, which will inevitably bring about the shrinkage of the poor products and further go to winding up." A public fund in Southern China has been interviewed.

In twenty-first Century, according to Wind statistics, in the 34 funds that have been liquidated this year, the liquidation type is triggered by the termination of contract terms. The total number of Taida Hongli's annual profits is 21.

In addition, the 12 funds, such as southern Wen brigade leisure, Penghua Shenzhen joint venture ETF connection, voted through the liquidation of the holders' meeting.

In addition to the 34 funds that have already been liquidated, the fund that is about to enter the liquidation process has just announced the holding of the Chinese fund of the fund share holders conference, the enhancement of the index of the Yinhua Zhong Zheng transfer bond index, the stability of the Soochow trust, the double debt of East Wu Dingyuan, and the increase of profits by Dong Wu.

According to the fund type, there are 26 fixed fund products in the liquidation fund this year, accounting for more than 76%. It includes 6 long and medium term pure debt funds, 6 partial debt mixed funds, 4 mixed bond type two funds, 1 mixed bond type one funds, 2 International (QDII) bond funds, 2 short-term pure debt funds, and 5 passive index bond funds.

There are 8 equity products in liquidation, including 3 passive index funds, 2 flexible allocation funds, 1 partial equity hybrid funds, 1 General equity funds and 1 enhanced index funds.

According to the single month data, in February, March, April and May, the number of liquidated funds in four months was relatively balanced, with 8, 7, 8 and 6 funds liquidation respectively, while January was relatively small, with only 3 fund liquidation.

From the end of the quarter data, many funds before the liquidation scale is below 50 million.

According to the data at the end of the first quarter of this year, the liquidation time in the fund from April to June 11th this year was limited to silver Zhiyuan quantitative intelligence investment strategy and gf's 10 year government debt fund. The scale of the two funds was still over 50 million at that time. The less than 10 million of the funds were insured for 6 months, and the 3 funds of gacheng Jingyi steady income and Guang Fa Jingan pure debt.

The liquidation time in the first quarter of this year's fund, as at the end of last year's scale of less than 10 million, there are 3 products such as Hai Fu Tong poly pure debt, Hua Fu Heng Jiu 3 months, Bank of China debt 7-10 years of state debt and so on.

The scale of the smallest hafong poly pure debt, at the end of last year, the scale has dropped to 4 thousand and 300 yuan. Statistics show that haftis poly pure debt was established in November 30, 2018 and expired in March 27, 2020. The fund is a medium and long term pure debt fund, with a return of 5.37% since its establishment.

As a matter of fact, there are not enough funds to go to liquidation in less than a year. For example, the 6 months of the people's insurance market, the financial index, the 500 index, the Shenyang Wan Ling Xin Sheng health, the Guang Fa Jingan pure debt, the Bank of China consumption vitality and so on.

Stepping out of the thunder debt base

From the data of liquidation fund, bond funds occupy a larger proportion. Many of them are on track against default.

In the case of Soochow Fund, the 4 funds of Soochow Fund, such as Soochow's strong faith, Dong Wu Dingyuan double debt, Dong Wu Zeng Li and Dong Wu Dingli, have issued several announcements this month to prompt the convening of the fund share holders' meeting to consider the termination of related matters in the fund contract.

According to our reporter's understanding, the three products of the Soochow Fund have stepped up the related bonds of Beijing Xinwei communication technology Limited by Share Ltd (hereinafter referred to as "Xinwei communication").

Previously, several funds have repeatedly announced the valuation adjustment of the "16 letter 03" and "16 Xinwei 01" held by the fund.

In fact, after the thunder of Xinwei communications bonds, many positions held public funds were affected by the valuation adjustment. In addition to the many products of Soochow Fund, the Boshi fund has announced that it adjusted the value of "16 Xinwei 01" held by its fund earlier.

This year's quarterly data show that Soochow Zeng still holds "16 Xinwei 03" 3 million 4 thousand yuan, accounting for 0.3% of the total circulation, and in addition, Soochow Zeng also holds "16 Xinwei 01" 1 million 406 thousand and 400 yuan, accounting for 0.28% of the circulation.

And the Soochow Fund also has Dong Wu Dingli, Dong Wu Dingyuan double debt and Towu Yunobu stable 3 funds simultaneously step on "16 Xinwei 01", 3 funds at the end of the first quarter of this year still held "16 Xinwei 01" 28 million 491 thousand and 600 yuan, 2 million 953 thousand and 400 yuan, 1 million 406 thousand and 400 yuan.

According to the data at the end of the first quarter of this year, East Wu Dingli, Dong Wu Zeng Li, Dong Wu Xin Xin and Dong Wu Dingyuan double bond 4 funds were 42 million 134 thousand and 100 yuan, 13 million 819 thousand and 700 yuan, 10 million 759 thousand and 100 yuan, and 4 million 434 thousand and 900 yuan respectively. Among them, two funds of east Wu Dingli and east Wu Dingyuan double debts were established in April 2016 and May respectively, while Soochow increased profits and Towu Yunobu's stability were in 2011 and 2009 respectively. Stand.

In 2016, Dong Wu Dingli and Dong Wu Dingyuan double bonds were established and their returns as of June 10th were -12.41% and -8.66% respectively.

It was 6 months after the establishment of the insurer in less than a year.

According to the 2019 annual report, the 6 months after the establishment of the people's insurance company, 700 thousand of the 19 party SCP002 bonds were held at the end of the reporting period. As the principal of the bond was postponed, the fund manager adjusted the value of the bond and made provision for impairment of assets. Up to December 31, 2019, its book value was only 37 million 569 thousand yuan.

In fact, in twenty-first Century, the exclusive economic report reporter was informed that at the end of April, at the first creditors meeting of Fangzheng group reorganization case, 8 public offering products under the personal insurance assets confirmed the claims, and the total debt scale exceeded 90 million.

These include the one year's pure debt, the regular opening of the bond fund, the debt amount of 20 million 733 thousand and 800 yuan, the guarantor's 18 month's regular opening of the bond fund, the debt amount of 8 million 293 thousand and 500, the guarantor's net debt open regularly, the debt amount of 20 million 733 thousand and 800 yuan a year, the amount of the creditor's rights 20 million 733 thousand and 800 yuan, the personal insurance double profit to choose the mixed fund, the creditor's rights amount to 3 million 110 thousand and 100 yuan; 90 thousand yuan; the guarantor Xinsheng pure debt bond fund, the creditor's rights amount is 7 million 256 thousand and 800 yuan; the Bao Bao Xin Yu strengthens the bond fund, the creditor's rights amount is 20 million 733 thousand and 800 yuan; as well as the people's Insurance Xinze pure debt bond fund, the creditor's rights amount is 4 million 146 thousand and 800 yuan.

Exploration of risk disposal

Behind the tide of debt liquidation, how to deal with risk events is also a key proposition in the context of frequent incidents of default.

"The tolerance of public offerings to thunder is relatively low." A public security fund broker told the twenty-first Century business reporter.

In twenty-first Century, the economic report reporter learned that there was a public fund that had led to the whole exchange of blood collection and research teams.

In the case of 6 months after the insurance business was opened, Wei Qian, the fund manager of the fund, announced his resignation in May this year.

Statistics show that Wei Wei worked in China's PICC macro and Strategic Research Institute and fixed income department from June 2010 to April 2017, and later worked in PICC asset raising fund division, and managed public offerings from August 2017. It has managed 8 funds, namely, the guarantor money, the double insurance, the guarantor and the Xin Bao pure debt.

In March 6th of this year, Wei Wei stepped down as a fund manager for 3 funds in three months after he stepped down as a guarantor of money, personal insurance, and security, and then returned to the fund manager of 5 funds in May this year in May.

According to the clues obtained by the economic news reporters in twenty-first Century, Wei Po managed the double insurance of the people's Insurance Company and chose the mixture of the two guarantees.

"For bonds that have already been defaulted, we will maintain close communication with the principal underwriters and actively recover the interests of the holders. However, because the trading volume of defaulting bonds often shrinks, bond funds can not sell bonds, and fund companies follow the passive adjustment of the three party valuation, resulting in fluctuations in net worth. A public fund company in Southern China has been interviewed.

However, our reporter learned that many public funds chose to use their own funds to buy a large proportion of their own purchases.

"Tra Lei's brand injury to public funds can not be ignored, and it also has a negative impact on the organization's daily exhibition industry. With the frequent occurrence of default incidents, it is more necessary to strengthen pre risk management. The aforementioned public fund people said.