The New Company Is In A Predicament. The Temptation Of The Licence Is "Old Players".

The ambition of private equity funds to seek public fund licenses has not been reduced.

In October 9th, the official website of the securities and Futures Commission showed that profit Fund Management Co., Ltd. (hereinafter referred to as "profit capital") and Suzhou Hai Hui Investment Co., Ltd. (hereinafter referred to as "Suzhou Hai Hui"), the establishment of the qualification examination and approval of public fund management companies, the profit fund management company limited, is in the state of receiving materials.

Industrial and commercial data show that the profit capital was established in November 2009 and is wholly owned by Lide Technology Co., Ltd. (hereinafter referred to as "profit technology"). In May 2014, profits capital gained the qualification of private equity fund managers.

In fact, the "profit system" is already an old player in the public offering market. In October 2014, Lide Technology (Ceng Yongming, Shanghai Lide wealth Asset Management Co., Ltd.) acquired 49% of the equity interest of the former Bank of New York Mellon Western Fund Management Co., Ltd. at the same time, the company changed its name to Western profit Fund Management Co., Ltd.

At present, the Western profits fund is held by 49% of profit technology and 51% by Western securities.

"There has been a plan to set up a public offering fund." In October 10th, a person close to capital gains told the business reporter in twenty-first Century.

The re application for public offering licences is undoubtedly the "full license" financial group plan of profits capital.

The way of license expansion

According to the twenty-first Century economic report reporter combing, the profit group currently has fund sales, fund subsidiaries, public offering funds, private equity fund managers (private equity investment, private equity investment and other types of investment) and Hongkong 1 brokerage, Hongkong 9 asset management multiple financial licenses.

"We should still have a dream of becoming a financial group if we have a reference to the layout of profits, whether we share the gains in the West or apply for public offerings independently." A senior fund industry in Beijing said.

As a matter of fact, as early as 2013 and 2014, the two cities of Shanghai became a subsidiary of Huafu fund management subsidiary, the Asset Management Co of Huafu Li and the Western profits fund, respectively.

Therefore, the outside world has long guessed its intention to close the financial licence.

However, the licences of the dealer were finally realized through the Licence No. 1 of Hongkong. In October 8, 2018, profit securities (Hongkong) Limited was granted the first class securities trading licence by the Hongkong Securities Regulatory Commission.

Moreover, in 2013, profits also intervened in the hot Internet financial market at that time.

According to the official website of Lide group, in 2013, the Internet finance department was established in 2013, and the Internet Nationwide Financial Services Inc was established in 2014.

As the licence expands, profits are also transformed into the profits financial services group.

But although the plates are bigger, profits are still irregularities. For example, in 2017, profits capital was identified in the SFC's special inspection and enforcement of private equity fund in 2017, so the SFC took administrative supervision measures.

Last year, the profit fund sales company was suspended by the Fund Association for 6 months to raise its private equity fund, which was due to the presence of employees in the private placement fund and the cooperation with the non fund sales aptitude agency.

It is worth mentioning that the Suzhou Hai Hui, which jointly applied with the profits capital to apply for the establishment of the public offering fund, is one of the shareholders of Lide technology, but the shareholding ratio has not been disclosed. Suzhou Hai Hui's controlling shareholder is A shares listed company *ST new sea (002089.SZ).

Similarly, 000488.SZ, a listed company, is also a shareholder of Lide technology. In January 2015, the two party entered the stock dividend registration system.

"Private equity funds are transferred to public offerings, or the gold content of the public offering fund is valued." The aforementioned Beijing public offering industry pointed out, "but there are many institutions that apply for public offering licences, and it is still hard to say whether they can make a wish."

According to the twenty-first Century economic report reporter combing, this year there are Cheng Danqian and Beijing Jinhua full bloom business management center (limited partnership) and other applications for the establishment of Fuhua Jiu Chuang fund, as well as Li Yongfei, Wang Suwen and other applications for the Jing Ze fund has been received by the SFC, the two have received the notice of correction before.

There have also been a number of private agencies to fight for public offerings, many of which have larger companies, such as Peng Yang, rosefinch and so on.

"The trend of private placement to public offerings mainly stems from three points. Firstly, most of these companies have encountered bottlenecks in the performance of their products, and the competition in the private sector is very fierce. Only a small number of institutions in Pyramid can gain profits. Second, the public fund companies are involved in a wide range of fields, such as public offering funds, special account products, fund subsidiaries and so on. They can continue to develop public offering businesses while continuing to develop similar private businesses. Third, in recent years, the two tier market is more difficult to do, and the management fees of public fund collection can, to a certain extent, be able to withstand drought and flood. Zhang Ting, a fortune researcher, said.

The dilemma of the new public offering is not easy.

Just as the industry is concerned, the dilemma of "private transfer" still exists. Prior to Kai Shek fund's first public offering products faced with liquidation risks, in the industry set off no small storm.

How to break the new public offering after the "private transfer" is also a key issue.

"In essence, it is a company's asset management capability, which is not related to whether it is a private transfer." A senior analyst at a public offering fund in Shanghai told the economic news reporters in twenty-first Century.

"The new public fund should be well prepared. The survival aspect includes team building, including sufficient operating capital to ensure smooth operation before break even. Development depends on the strategic vision of the company leaders and the excavation and training of talents. The aforementioned Beijing public fund people said.

The company also pointed out that "similar companies such as Rui Yuan fund, Peng Yang fund and other companies all have a focus on active equity or fixed income products, and have already formed certain influence in the market. The new company can further develop itself by developing its own characteristics."

From the data, Peng Yang Fund ranked the fifty-second largest non monetary fund at the end of 2018, ranking 32 higher than the end of 2017. Its non monetary fund management scale also increased from 3 billion 798 million yuan in 2017 to 22 billion 103 million yuan at the end of 2018.

"There are still some barriers to private equity transfer, such as the most important capital issue. The registered capital of a public fund company is usually around 1 hundred million, and some companies are not strong enough to restrict the recruitment of qualified personnel and expand the strength of the product line, resulting in a small number of employees and products. Zhang Ting pointed out.

In addition, differences in customer groups and restrictions on products will also bring more or less "acclimatized".

"A lot of investment scope of public offering business is limited, to a certain extent, it will constrain the diversity of product investment strategies and product types. Moreover, the customer groups of public offering and private placement are different. The accumulation of customers and word-of-mouth by these private agencies will not be well transferred to the public offering area, and will face certain customer source problems." Zhang Ting said.