Public Offerings Enter The "111" Era: Everyone Is A Dark Horse.

As if one night, the big guys who had left private placement chose the way of return.

The public offering industry, which once suffered from brain drain, seems to have ushered in the spring again.

In essence, behind the return of big brothers, one is the reform and innovation of the fund industry system. On the other hand, it is the result of strengthening the supervision of capital market and information management industry, and constantly reducing the scope of regulatory arbitrage.

Of course, the "brand" of these big guys is more or less a guide to their return.

Apart from these special identities, more people or organizations in other industries are also trying to enter the public offering industry.

The industry, which has long been a contention and competition, has entered the "111" era with the establishment of two new public fund companies.

Analyzing the current pattern of the public offering industry, we can see that the industry pattern initially dominated by securities dealers and trust departments has undergone tremendous changes.

The rise of the Internet financial sector, the rise of the banking sector and the emergence of new public offerings are all evident. The public offering of the pan capital management industry is ushering in a new era.

On the other hand, multi-level capital markets are also providing new opportunities and challenges, such as fixed funds and new three board funds. However, not every new field is fertile land, but there are also dim returns, such as what we offer.

Fund case.

With more and more new forces joining, the public offering industry presents a pattern of competition among different factions, such as banking, brokerage, insurance, trust, venture capital and private equity.

In June 2nd, the SFC agreed to approve the establishment of Bodao Fund Management Co., Ltd. (hereinafter referred to as "Bo Dao fund"). The Bodao fund has become the third private equity pfer fund company in the industry.

The boss behind Bodao fund is from Taishan, the leading figure of the public offering industry.

Mo Taishan once served as the general manager of the Bank of communications Schroder fund and brought the company's scale to the top ten. By the end of 2010, Mo Taishan resolutely resigned and joined the private sector as a senior partner in the investment in Chongyang. After nearly 3 years of "private-equity", in 2013, Mo Taishan bid farewell to Chongyang investment and participate in the establishment of Shanghai Bodao investment; after 4 years, Mo Taishan finally returned to the public offering.

In addition to Mo Taishan, many of the big guys who once left private placement chose to return to the same path.

However, this is different from the rivers and lakes when they left.

The number of public offering funds has broken through to 111, and the challenges of the pan capital management industry are endless. In the past, the operation mode of public funds that had been used everywhere seemed to be no longer feasible.

This time, the return and the left behind, how to re write the pattern of public offering?

In addition to the Bo Road Fund, the two private companies that had been established before the fund also had the figure of the former public offering.

Among them, in June 28th last year, Yang Aibin, the head of the private equity fund, was the focal point of "running to the public". He was the director of fixed income Department of Huaxia Fund before he founded Peng Yang, and the Kay stone fund, which was approved in March 3rd this year, actually has ten years of public career as a controller, and has been an investment director at the Wells Fargo Fund (blog, micro-blog).

In addition, in April 29th this year, the Pang Yang fund also announced that the new venture capital of the Peng Yang fund was its shareholders, while the legal representative of Hongshi capital was called Fan Yonghong, the "Godfather" of the fund sector.

This investment Peng Yang fund is a relatively low-key Fan Yonghong after the Huaxia Fund and national life assets, once again appear in the public view.

It is not just individual phenomena that one after another has returned to public offering.

Their return reflects the reform and innovation of the fund industry system.

A fund chiefs who "ran to the private" in 2014 said to reporters that "private equity pfers to public offerings are becoming more frequent, and behind them lies in the reform of the fund industry.

It is precisely because the entry threshold of the public offering industry has been lowered, which has created opportunities for those who want to enter the public offering or return to the public offering. This is a good thing for the industry. "

Indeed, after the revision of the fund law, the restrictions on securities investment of fund practitioners have been released, allowing professionals to hold shares of fund companies, opening the door for new public fund companies that have incentive mechanisms to rush to private giants.

In addition to the innovation of the system, the rush to return to the public offering is also the result of the strengthening of the regulation of capital market and information management industry, and the narrowing of the regulatory arbitrage space.

In June 7th, a general manager of a private company in Shenzhen analyzed to reporters that "many people in the early years rushed to the private sector because the private sector was basically in the blank of supervision, and flexibility and freedom were very high.

In recent years, however, regulators have tightened their regulatory policies on the private sector. The regulatory system at all levels has also been built, and the private arbitrage space has been narrowed. At the same time, the regulatory pressure is not more relaxed than the public offering, so there will be a return to private talent. "

In addition, there are people who believe that the phenomenon of big boy's return to public offerings is also related to the massive entry of institutional investors into public offerings in recent two years, which has brought about new opportunities for development.

General manager of a public asset management department in Shenzhen told reporters that "the status of public offering is relatively recognized in terms of outsourcing investment and pension investment.

Even though some businesses are not suitable to be launched through public offerings, special accounts can be done.

The big guys have their own reputation, and they also have an advantage in the channel. There is a certain appeal for returning to the public offering. "

Of course, there are spiritual sustenance for the return to the public.

Kai Shek fund Chen Jiwu has publicly stated that he has a liking for public offering, and he will not change his mind.

Up to now, the three private equity fund companies have launched two bond funds in May this year. Kai Shi fund is preparing many kinds of equity, bond and quantitative products. The first public offering has not yet been released, and the Bodao fund will not be issued until the private equity products are processed.

In addition to Bodao fund, another fund company, national financial management company limited, also received the approval of the SFC in June 2nd.

With the establishment of these two public fund companies, the number of public fund companies has reached 111 in the market and entered the era of "110+".

In addition, 14 asset management institutions have obtained public offering qualifications.

More and more new forces have joined the public offering industry.

The pattern of competition among different factions, such as brokerage department, insurance department, trust department, venture capital department, private equity department, etc.

According to Wind data, the 111 largest public fund companies, the largest brokerage group, reached 50, almost occupied the half of the public offering industry; followed by the trust department, ranked 25 in second; in addition, there are 15 banks, 4 insurance departments, 3 private equity departments, and the other factions of the total 14.

The birth of various new factions is mainly concentrated after 2016.

In addition to several private equity funds mentioned above, the first all natural shareholders' public fund Hui'an fund, the first real estate fund Green fund, the first futures fund company, Nanhua fund and other diversified fund companies all came out in 2016.

The chairman of a Vc firms in Southern China told reporters that "after two years of liberalization, we also considered whether we should apply for a public offering licence. However, based on our current positioning, we decided to focus our business on private equity investment.

However, we do not rule out that we may enter the public offering later. After all, this is the era of Pan capital management.

Due to the difference of "original genes" brought by different factional fund companies, there are differences in the way of development, and the help of one factor is likely to change the layout of the industry which seems to be stable.

For example, at present, the Celestica fund, which is the largest in the industry, is created by the unprecedented play of introducing Internet finance.

In the past two years, another development has been greatly boosted by a certain factor - the banking sector fund company has become the most powerful faction under the help of outsourcing funds.

From the beginning of the first quarter of 2017 to the end of the first quarter of the year, the size of the fund company changed, and the development of the brokerage department which was sitting on the half of the country was far behind the bank department.

Although the number of fund companies in the banking sector is small, it has achieved an increase of over 80 billion over the past two years, while the majority of the securities market and the trust faction are "behind bars". The scale of the fund has been greatly reduced, and the brokerage department has been cut off by about 360000000000 of the market share.

In the banking sector, ICBC Credit Suisse fund has become a well deserved "Facade". In the past two years, its camp expanded rapidly to about 700000000000, and its scale grew by over 200 billion.

In addition, the Yong win fund, which was established in 2013, has grown to nearly second of the scale of the banking sector. It has become the second largest bank official in the banking sector. Although the scale of ICBC's growth is 8 times its scale, the size of the win fund has increased by nearly 7 times in more than two years.

On the other hand, the scale of the securities companies, which are more serious in scale, has been reduced by more than ten billion since 2015. The ten elders in the schools of Yi Fang Da, Hua Xia and the South have been reduced.

Among them, the scale of the Huaxia Fund was the largest, with a loss of about 90000000000 of the market scale, and the scale of the fund of GF, the South Fund and the Fonda fund had also been reduced by over 30 billion yuan.

After the scuffle of the faction, the brokerage department was badly hurt, but the original accumulation did not prevent it from occupying 4 seats in the ten big fund of the market. They were Yi Fang Da, Bo Shi, South China and Huaxia. In the past two years, the rapidly developing banking department and the broker company were evenly matched, and also occupied 4 seats. They were ICBC Credit Suisse, merchants, Jianxin and Bank of China. In addition, the Internet finance department's Celestica and trust department's Jiashi each accounted for 1 seats.

According to the analysis of insiders, the competition in the public offering industry has been very intense. However, there are still so many people actively applying for public offering licences. Behind this is that the public offering fund has great attraction for the market, and at the same time, in the era of Pan capital management, the establishment of public offering funds has become an important part of the layout of various institutions.

According to the latest information released by the SFC, more than 40 new fund companies have been set up, and there are still some famous private institutions including rosefinch investment.

In the background of the hot competition this year, in the background of the cold rights and interests, the new downturn and the shrinking of the outsourcing market, the IMF has become the "battleground" of the major fund companies. Many fund companies have shifted their marketing focus to the rising Monetary Fund.

A Shenzhen public offering fixed income manager pointed out that "every year the public offering industry may have hot products, such as last year's quantitative fund and new funds, and this year is undoubtedly the new year of the Monetary Fund."

Penghua Fund Ye Zhaoming told reporters analysis, "IMF is a product with liquidity and profitability. Since this year, with the continuous increase of short end interest rates, the term spreads of the bonds have been narrowed down, and individual time points even appear to be upside down. This provides a better opportunity for money market funds to raise profits. While meeting the liquidity needs, the IMF can also provide customers with very attractive returns, and the asset management service level of the products has been greatly improved. It is estimated that all fund companies will continue to carry out the marketing of the IMF."

The fund has become the marketing focus of fund companies this year. There are more reasons behind this.

In addition to capital shortage, the yield of cargo base has increased, and the risk appetite of investors has declined sharply. The third party Internet platform has also stimulated the fund company's efforts on cargo base promotion on the other side.

From the time of the money fund's access to the balance page in June 1st, breaking the balance of "one base and one big" on the ants' treasure, the industry launched the speculation on who will be the next.

A number of large fund companies said they had been very active in cooperation with financial services such as ants and gold.

An electric supplier in Southern China admitted to the reporter, "we have also communicated with ant gold clothing, but have not confirmed the cooperation on cargo base sales."

Fund companies certainly want to win because the power of the Internet channel has already appeared before.

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In June 1st, the chief executive of ants told reporters that based on the strategy of techfin, ants were exploring a wider range of financial institutions, including opening channels for the IMF.

In the future, we will set up a monetary fund area for users to choose.

This is not only a new channel for fund companies, but also conducive to the development of Internet business.

According to the reporter, the cooperation between the ant gold clothing and the fund company's online monetary fund is different from the "wealth number" of the ant gold suit on the line in mid June. The former is a pure monetary fund, while the latter is the fund company operating a special brand area on the "fortune".

In any way, cooperation between fund companies and Internet finance is opening up a new prospect.

In addition to ant suits, including Tencent change and Jingdong finance are trying to explore better combination of fund consignment and scenario.

In April 7th of this year, Jingdong finance launched the first financial institution operating platform Jingdong expert, the first batch of 9 fund companies to enter.

When these internet financial platforms seek new changes, how to grasp the opportunities of common development based on the comprehensive development of large fund companies is a problem that needs to be considered in the increasingly fierce competition in the industry.

Asked whether this year's efforts of many fund companies on the cargo base will lead to changes in the size of the fund companies, Ye Zhaoming, Peng Hua fund, said: "at present, all fund companies have seen the market opportunities of the IMF, the choice of strategic direction and the overall resource integration capability of the company will result in different results of the various companies, and to some extent, it may lead to the difference.

Changes in the short-term scale.

Of course, cargo base is only one of the marketing priorities of some fund companies this year.

Each company has different development ideas for the fund companies that are competing in the era of Pan capital management.

A senior fund company analyst told reporters that "the newly established fund companies need to specialize in the layout of an advantageous business to establish a firm foothold, such as on the special account, on the debt basis, or on the equity fund. These companies must choose the characteristic road, because she can not start the whole business in the beginning.

For large fund companies with many years of accumulation and product lines, some businesses may not be able to do business while others do. You may have to distance yourself from innovation, and you can not lag behind in innovative reserves and channel expansion.

So different companies have different ways of playing. "

Judging from the size of the fund companies in recent two years, it also reflects that the public offering industry is still changing and creating new opportunities. Many situations may change overnight.

Just as individual fund companies, which are rapidly expanding large scale because of the vigorous development of fixed business, are facing "embarrassment" that investors can redeem large areas because of the "reduction of the new deal". However, some fund companies that have attracted large numbers of customers due to the explosion of equity products are now facing the dilemma of shrinking rapidly and the large number of talents coming out of the company after their performance continues to decline.

By contrast, there are also public fund companies after many years of low ebb, because they have repeatedly seized many opportunities to rise again and return to the top ten of the industry.

Note the world clothing shoes and hats Internet cafes.