arcadegraphix| The cold air was pressing! Equity fund issuance is cold, when will it pick up?

The market for the issuance of new equity funds is cold.

Recently, the A-share index rebounded significantly, the performance of many active equity funds rebounded during the year turned red, and market sentiment warmed up. However, in the new fund issuance market, especially the issuance of equity funds, investors have a heavy wait-and-see mentality and have not yet recovered their previous enthusiasm.

From the perspective of specific data, in the past month, there has not been a new equity fund issued and raised more than 1 billion yuan, which shows the downturn of the equity new fund issuance market.

The issuance of new equity funds is not as expected.

On May 22nd, eight equity funds issued a contract entry into force announcement, of which six funds raised less than 100 million yuan, and even four funds were set up with a mini scale of less than 50 million yuan.

Looking at it for a long time, among the dozens of new equity funds established in the past month, none of them has a scale of more than 1 billion yuan. on the contrary, more than 20 funds have entered the ranks of mini-funds at the beginning of their establishment.

According to the analysis of sources in the industry, the current release of new funds is not as expected, and new equity funds are not easy to sell. Most of the initiating funds that are not restricted by the conditions for the establishment of ordinary public offering funds simply give up publicity and announce the establishment of a fund-raising on a scale of only tens of millions of yuan. According to Wind data, of the 28 initiating equity funds set up in the past month, only one new fund raised more than 200 million yuan.

The offering scale of most ordinary public offering funds is near the threshold of 200 million yuan.

Among them, there are a variety of product types, including active equity products, bond funds, index funds and so on.

The above-mentioned industry sources said that even if led by well-known fund managers, the sales of new equity funds are hardly satisfactory. Some new funds hastily announced the end of the offering ahead of time after they reached the threshold of establishment in the process of issuing. Looking back at the issuance of most new funds, the sales effect is not as good as expected, and fund managers have to choose to extend the fund-raising deadline.

On May 22, three equity funds issued an announcement on the adjustment of the fund-raising period. The 50-component index-enhanced fund of Jingshun Great Wall Shanghai Securities Co., Ltd. decided to advance the fund-raising deadline from July 2, 2024 to May 24, 2024; Yinhua Fuxing central enterprises closed operation for 6 months to extend the fund-raising deadline from May 21, 2024 to May 30, 2024; Boshi Technology-driven Fund will extend the fund-raising period from May 23, 2024 to May 31, 2024.

Only sporadic hot products are popular.

Observing the recent issuance of new equity funds, there are still sporadic hot products in the overall cold market.

Among the new equity funds established in the past month, Fidelity preferred dividend selection, Guangfa SSE 50ETF, Fidelity China Securities dividend low volatility ETF, China Europe value selection, Boshi China Securities dividend connection, Yi Fangda growth ETF, Manulife wise growth and Guangfa global sound allocation fund all raised more than 500 million yuan.

It is not difficult to find that most of the companies that have raised a large number of recent issues are head fund managers or foreign-funded institutions. A fund appraiser said that during the market downturn, the scale of new fund issuanceArcadegraphixIn addition to the market appeal of fund managers, there are also factors such as company brand promotion, channel promotion and product competitiveness. Most small and medium-sized companies are slightly weak in this respect, so it is difficult to get attention in the new fund issuance market.

Fidelity bonus preferred Fund is a stock dividend strategy fund, and it is also the fourth public offering fund product of Fidelity Fund, with an initial public offering scale of 9%.Arcadegraphix.25 billion yuan, although this scale is less than the issuance scale of billions in previous years, it is already a bright spot in the current cold issuance market. Fidelity Fund is a wholly owned company of foreign giant Fidelity International in China. It is reported that the successful issuance of this dividend strategy fund is inseparable from the full support of the company and the important assistance of consignment agencies. Its main consignment agencies are CITIC Bank (601998) and CITIC Securities (600030). Other consignment channels also include China Merchants Securities (600999), Haitong Securities (600837), Ant, Teng'an, Tian Tian, JD.com, Snowball, Yingmi and other well-known institutions. The number of households effectively subscribed by the fund is more than 10,000.

In order to enhance the market competitiveness of newly issued fund products, some fund companies pour into the investment and research team to create new products. For example, China Europe Fund has launched "smart β + α" strategy products one after another, and the China Europe value Select mixed Fund will be launched on May 9 and 6 on May 21.ArcadegraphixThe fund-raising was announced on a scale of 9.7 billion yuan. It is reported that the "subjective + quantitative" value strategy adopted by the CEIBS value selection mixed fund is developed by the CEIBS multi-asset and solution investment team.

Jingshun Great Wall Shanghai Securities Chuangban 50 component Index Enhancement Fund reveals in the fund contract that the company adopts a team investment approach, that is, through the joint efforts of all the staff of the entire investment department to strive for good investment performance.

In contrast, the recent successful launch of new funds is also difficult to be called a "popular style", most of which are popular without sales.

Judging from the popularity of the issuance of the new fund, there are 36 funds with more than 1000 valid subscribers in the past month. among them, the number of valid subscribers of Castrol China Securities A50 connection Fund, Southern China Securities Communications Service connection Fund, China Europe value selection Fund and Fidelity dividend preferred Fund has exceeded 10, 000.

The number of people who participate in the subscription of some new funds is not low, which can be said to be popular, but the sales volume is not satisfactory. Many fund households with sales of more than 100 million yuan only subscribe for about 10,000 copies.

Actively prepare for the war, waiting for the IPO market to pick up.

With the recovery of the volatility of the equity market, many fund performance is gradually repaired and withdrawn. In the new fund issuance market, public funds also began to actively prepare for the war, began to issue new funds, waiting for the rebound of the issuance market.

A head fund in Shanghai said that it will launch a number of new products with unique style in conjunction with a number of brokerage institutions. The fund company believes that the current distribution of equity assets against the trend will help the capital market to be better and stronger. in addition, providing real-time and professional advice on asset allocation will also help to enhance investors' long-term returns and sense of achievement.

With the release of the new "National Nine articles", a number of public offering institutions said that a series of recent measures will further enhance the allocation value of core assets, and China's capital market has ushered in new development opportunities.

From the disclosed prospectuses, there are more than 70 equity funds in the raising stage, more than half of which are active equity funds.

Some fund managers with outstanding performance in recent years have begun to participate in the issuance of new funds. For example, the second active quantitative fund, the China Merchants Growth Quantitative Stock Picking Fund, led by Wang Ping, director of the Quantitative Investment Department of China Merchants Fund, was officially launched on May 10. The fund will select high-quality growth companies through a multi-factor quantitative model and strive for long-term appreciation of fund assets.

Xu Yan, chief equity investment officer of Dacheng Fund, issued a new fund again in the past two years, and the Dacheng Zhuoyuan Vision Fund, which he intends to serve, will start selling in the near future.

There is a saying in the fund industry that "it is easy to do but it is not easy to make money." Judging from historical data, blocked fund issuance is often a good time for layout. Zhang Yanmin, general manager of the Equity Investment Department of Southern Fund, emphasized the importance of counter-trend layout. In the process of product creation and sales, fund companies should not be simply scale-oriented, but should be more based on the perspective of customers making money in the medium and long term. Respect the objective laws of capital market development, enhance the judgment and grasp of long-term trends, and achieve the goal of "keeping the bull market in control and daring the bear market to reach out."

（arcadegraphix: Congratulations