Public Offering Ebbs: The Regulators Have Issued New Oral Guidance

According to the requirements of the new regulatory regulations, March 17 is the deadline for the issuance of the Institutional Regulatory Bulletin. Products established before March 17 are old products; The products raised after March 17 are new products; For the products in the raising period on March 17, the current policy is not completely clear, and the investor structure description and commitment letter and other materials may need to be submitted when the subsequent products are set up for filing. If a single holder of an old fund product holds more than 50% of the shares, the manager will not accept the subscription of the holder subsequently. If the share does not reach 50%, the company will take risk control measures to ensure that the single holder does not hold more than 50%; The new fund product should continue to ensure that the single customer holds less than 50%. The institutional customized fund is intended to allow a single investor to hold 50% or more of the fund shares, but it needs to be disclosed and may not be publicly sold to individual investors.

"In fact, private placement has been trying to connect with outsourcing funds, and there are also some private placement institutions that have done a good job in outsourcing business. But last year, public offering has done a lot of outsourcing, which is also good, and everyone's focus is on public offering." A person in charge of a private placement institution in Shanghai told the reporter, "Now the regulation of public offering is becoming stricter, which is really a good opportunity for private placement to break through." Commercial banks hold a large amount of low-cost funds, with the goal of achieving stable and high returns under the condition of covering the cost of funds, which is generally a bond allocation strategy.

However, after the debt disaster in December 2016, the portfolio yield of the outsourcing investment advisory business at the end of 2015, especially since the beginning of 2016, showed a large negative deviation, that is, the static yield estimated by the cost method can still meet Yield However, the dynamic rate of return estimated at market price is difficult to achieve, especially the inter-bank outsourcing business supported by inter-bank liabilities and inter-bank deposit receipts may face loss redemption if it is redeemed at maturity in 2017. If it continues to be held, it may still be unable to cover the cost of capital.

Now, the regulatory authorities are more strict and transparent in the management of public funds taking over the outsourcing fund financing, which further forces banks to think about the outsourcing fund financing ideas. "Two years ago, when we were docking with the bank's outsourcing funds, the other side came up with two words: first, we only invest in bonds; second, how much is the principal guaranteed income?" The relevant person in charge of a private equity institution in Shanghai said frankly to reporters, "Recently, they have connected with bank outsourcing funds, especially some urban commercial banks. They have gradually accepted multiple asset allocation strategies, and their tolerance for product performance withdrawal has also been improved."

"Outsourcing" of Huaxia Bank is also active investment management based on its own investment research and the advantages of external institutions. Active management is the core of asset management investment What is the logic, what is the basis, and what are the constraints in the implementation process? After our investment strategy comes out, it will be measured on the data platform to fit the future expectations. After all the above actions are completed, "outsourcing" will be conducted. "Li Min, general manager of the asset management department of Huaxia Bank, said recently," This year, "outsourcing" for equity will be increased, and transactions will be conducted at a certain time. "

Similar to the outsourcing idea of Huaxia Bank, many city commercial banks began to increase investment in equity assets this year. "It's just that the investment based on fixed income cannot meet all its needs for banks. On the basis of fixed income, it must invest more in the equity market. The fixed income plus market plus the equity market has great potential." Said Duo Yuan, president of Bluestone Assets.

The research team of Guotai Jun'an Qiu Guanhua analyzed that the growth rate of financial management and outsourcing business has slowed down, and the management difficulty has increased, testing the active management level of outsourcing managers. "First, the market interest rate has risen, and the need for banks to delegate leverage has declined. Second, the central bank has broken down the outsourcing leverage investment Low interest rate The environmental premise, the management difficulty will increase, the management level will be tested, and the market share of outsourcing business will be concentrated on high-quality managers. " Qiu Guanhua said that the business model will focus more on active management, the scope of investment will be more diversified, and the proportion of equity is expected to increase. Outsourcing capital financing, public offering is shackled, and banks' outsourcing ideas are changing, which is a rare opportunity for private placement.

"The entrusted decision-making cycle of bank outsourcing funds is relatively long. Private equity funds also have relative advantages when talking to banks. If they find market opportunities, they can first produce products. When the performance is good, they can talk to banks about funds. Generally, they will build trust and talk about cooperation." The relevant person in charge of a Shanghai private equity institution said, "One of our Hong Kong stock products will get outsourcing funds." "Banks are now doing fixed income plus, and also looking for equity investment, stock investment or quantitative investment opportunities, which is also a good opportunity and entry point." Duoyuan said. It is reported that some private equity institutions, in order to obtain outsourcing funds, increase diversified investment strategies while laying out public offering licenses.

"Now the idea of outsourcing funds is gradually changing to that of institutional investors. They will respectively do a large category of asset allocation. There are several large categories of assets, and stocks are a large category of assets. In this asset allocation, we need to beat the index, or define the style of value investment, and beat the benchmark of value investment in the style of value investment." Han Haifeng, research director of Shanghai Gaoyi Assets, said, "I think there will be more and more equity allocation outside the banking committee, which is a major trend. However, the improvement of professional ideas and allocation of equity allocation is a lot of opportunities for us to do the secondary market."

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