In The Public Offering Market, The FOF Products With The Highest Concern Were Changed.

The securities and Futures Commission recently issued new regulations on refinancing, announces the decision to amend the rules for the implementation of the listed companies' non-public development bank stock, and the issuance supervision question and answer - the regulatory requirements for guiding and standardizing the financing behavior of listed companies.

At present, the new regulation has been issued for more than a week, and its impact on the capital market is still further showing. In the past, the bonus products of the "fund explosion" products favored by the fund market and the increase of the discount shares are narrowing gradually. With the further tightening of the scale of the refinancing market, this category of products is facing a series of problems, such as the issuance of cold, strategic pformation, and so on.

40 percent off, 30 percent off discount shares, holding more than a year, sitting on the aging 20% or even 30% of the proceeds, after the "lying to make money" fixed growth strategy in the two or three years of fire throughout the capital market, from private equity funds to public fund companies competing for the development and design and introduction of fixed increase fund products.

After the establishment of the first public offering fixed increase fund in February 5, 2015, the issuance of fixed funds increased gradually, which benefited from the surge of market growth last year.

Issue fixed increase fund products.

Data show that as of February 28th, 17 public fund companies issued 44 private placement funds (ABC class separately), with a total scale of 46 billion 468 million yuan.

Among them, the total funds of the 4 funds of CAITONG fund are 12 billion 500 million yuan, accounting for 27% of the total market size, and the largest participant in the market.

The 8 fund of the nine Thai fund has become the largest number of fund companies issuing products.

After refinancing the new deal, the industry expects that the two most effective players in the fund market will be the biggest hit.

Especially since the end of last year, with the increase of fixed share breaking, the fixed income increase has become increasingly diluted or even a loss.

After the new regulation of the refinancing comes into operation, the listed companies and the fixed increase participants will have significant changes in the expected market growth. The inherent advantages of participating in the higher discount rate and other advantages will not exist. The strategy of increasing the fund's "discount rate for return" will be difficult to continue, and the scale and performance of the fixed product will be negatively affected.

Just a year ago, the new fund issued by the finance and communication fund was listed on the 2 fund, and only two weeks later, the grand sale of over 4 billion 500 million yuan was fleeting.

After the new regulation, the market will be further reduced, and the supply scale will be further reduced. The market will be short of new "live water", which will further lead to stock funds chasing the existing fixed increase projects, which will lead to further heating of quotations, and the attractiveness of the discount price spread of the fixed share price will continue to decrease.

The fixed income fund has only an average revenue of 0.95% this year, and its revenue has declined significantly compared with last year. Compared with the general partial stock fund products, the fixed income fund does not have obvious advantages.

In the public offering product of the fixed increase fund, the future of the "explosion fund" is worrying.

An internal report from the Fidelity Fund also shows that the main 18 public offerings in the market are currently increasing, and the average discount rate is above 10 percent off, and the dividend spreads narrowed rapidly.

"In the third and fourth quarters of last year, the average stock investment position of the fixed increase fund was 45.72% and 47.49%, the efficiency of capital utilization was not high, and the average net loss was 0.15%. At present, the stock market is not good enough, and the fixed fund is almost no game as a whole."

Wang Qunhang, general manager of Jinxin fund evaluation center, said.

Zhong Lu fund research center is expected to be affected by the refinancing new deal. The market predicts that the size of private placement of A shares will at least decline by more than 40% this year. This indicates that the fixed increase projects will be significantly reduced, and the negative impact of increasing investment in fund products on the yield will gradually emerge.

The scale of refinancing of listed companies has shrunk dramatically before the new rules come into operation.

Data show that in January 2017, a total of 31 Listed Companies in the two cities completed the issuance of additional issuance, raising funds of 96 billion 539 million 400 thousand yuan, and increased the actual fund raised by 95 billion 844 million 100 thousand yuan, down 15.75% from the same period last year.

As a matter of fact,

In order to adapt to the new regulatory rules and environment, some listed companies have voluntarily terminated the fixed increase or revised the fixed increase plan.

Chung Lu fund research center report predicts that in the next period of time, there will be a gradual increase in the number of fixed assets and fixed increase financing for listed companies. The increase of funds will become scarce and the difficulty of participation will increase. This is not conducive to the constant attraction of the fund to investors.

The "fool" strategy of discount buying and holding will not be actively eliminated if it is not actively pformed.

Wang Qunhang said, if not for the existing

If we make adequate adjustments, the growth of the fixed fund performance is a big probability event. "This may also lead to a negative pmission. After increasing the market return to rationality, it is not impossible to increase the fund to fade out of the fixed market or even to pform itself. The increase in fund pformation and the decrease in the issuing quantity will inevitably result in a negative drag on the scale of the fixed increase fund, and the possibility of increasing the fund to become a" chicken ribs "will not be ruled out.

Wang Qunhang said.

As a major institutional investor in the fixed market, the financial mutual funds view is basically the "cooling off period" of fixed investment increase. All kinds of fixed investment strategies will have corresponding changes. The three year fixed rate increase and other low discount increase arbitrage mode will be greatly affected, and the big probability will fade out of the market.

The traditional valuation system, ballot method, portfolio and quantitative arbitrage strategy need to be adjusted accordingly.

Appropriate avoidance mainly depends on "theme + discount".

The concept stocks and theme stocks.

The agency believes that the "discount" of stock price squeeze is a matter of certainty. The two ends of the discount interval are "people with more money than money, and one hundred percent off rush to raise chips".

As a matter of fact, the average discount rate of the fixed year increase in 2016 is about 9%, which has been pursued by all kinds of funds in the market. The market has already been in front of the policy.

For investors of fixed funds, the researcher of Chung Lu Fund said that the new regulation of refinancing would change the original investment expectation of the fixed increase fund. However, the new regulation has limited impact on the stock increase and fund performance in the short term. The new regulation "new and old delimitation" does not affect the fixed stock increase project.

However, the fixed growth fund set up in the later stage is facing challenges in the space of fixed participation and discount. It is necessary to gain stable income or become difficult through the existing strategy. When we choose to increase funds, we still need to pay attention to whether the strategy is adjusted accordingly.

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