Research On The "Routine" Of Hunger Fund: Hunger Marketing, Stepping Line Publicity, Frequent Processing, "Star Manager" Is Full Of Loopholes.

Rui far balanced value of three years of mixed fund sales, and even triggered a shock in the entire capital market.

However, in the rush of billions of dollars, the twenty-first Century economic report reporter found that behind the explosion fund there was a "gray" status of fund sales.

"Relying on traffic, consumer psychology and hunger marketing to achieve detonation is not worth promoting." In February 20th, an industry researcher accepted the interview with the economic report reporters in twenty-first Century. It believes that sales channels are seriously induced.

According to the reporter, a channel customer manager will directly tell the investors that when the promotional products are introduced, the proportion of the relevant products will be proportional, so investors must invest more money if they want to achieve the expected purchase volume.

Since February 3rd, there have been investment technology innovation, Jianxin technology innovation, Yong win technology drive, Donghong Heng Yang five years to set up, the exchange of silver Schroder Reiss three years, Rui Yuan equilibrium value three years, 6 "sunlight base", several explosive fund have started the proportion of rationing. The proportion of Rui Yuan equilibrium value is less than 5%.

Of particular concern is that some of the fund's promotional materials, there have been inaccurate statements, the existence of exaggerated or even misleading suspicion.

"Hunger marketing" is frequent.

"The rationed sale implies that this is a good product and the purchase needs to be grabbed!" The industry pointed out.

The purpose of fund placement is to control the size of the fund to protect the performance, but the way of placing the quota will lead to artificially high investor expectations.

"Sometimes, when a client manager recommends the fund, he will also mention that this product will be sold and will cause a lot of people to buy, which will exceed the original scale. So you have to hurry up, and so on. It also has some hints and guidance." A fund investor in Guangzhou said.

Ping An Securities Fund research team executive general manager Jia Zhi pointed out that "the foundation of the explosion is that the quality of products is really excellent. Only in this way can we continue. If investors find that the products that are struggling to win will not be satisfactory, they will be disappointed with the products and even the company." This approach is to turn the fund into a scarce product, artificially pushing up the expectations of the holders, which is not conducive to the normal development of the market.

Not only in terms of channels, but a survey by the economic news reporters in twenty-first Century found that in recent days, publicity materials for "quota placement" have been publicizing and highlighting the publicity materials of many public funds.

For example, the publicity poster of GF pioneer fund has highlighted the "limit 8 billion, January 17th sale for 1 days"; on the poster of the investment promotion of science and technology innovation, the prominent position also highlighted the fund's upper limit of 1 billion yuan; the Yong win technology driven posters also marked the "8 billion limit, the end of the day ration" in the central position, and the same day sold out. Silver Schroder Reiss three year fund, the fund is also in the poster center with different fonts marked "limit 5 billion, doomsday proportions".

On the platform of fund company WeChat public number and Alipay fortune, the publicity articles of related funds also highlight the rationing of quota placement, for example, the article issued by the Jianxin fund of Alipay APP in the issuing of Jianxin science and technology innovation fund. The introduction under the title of the picture reads, "the sale limit is 1 billion, the end of the day is proportional to the sale, and the speed is coming!" The investment fund also marked four words in the introduction of the WeChat platform for the investment promotion fund, which is "quota 1 billion".

"In fact, the limit sale was initially aimed at controlling the size of the fund, but this model fits the public's mentality of" what to buy and what to buy ". A large public fund market in Beijing said.

In this way, the new fund companies have to follow suit to launch similar propaganda methods. Many marketing personnel lobby for internal control audit, and even take other companies' publicity materials as the basis for legality.

"The rationing will really give investors a heart attack, and I will see if I have seen the idea of a far reaching equilibrium value before buying a little bit." The above public funds people admitted.

But how should we grasp the scale of "appropriate marketing"? At present, the standards in the industry are still uneven.

"Our company has a strong guiding and tendentious expression like" no buying regret "," get on the bus "and so on. It requires no objective description and can not stimulate investors' purchase. There are also fund companies who told the twenty-first Century business reporter.

"We can actually think about whether there are more reasonable prices to buy these funds later. Reflect on whether it is necessary to rush to buy, rush to buy what is the mentality, is it a star product can solve all financial needs? Jia Zhi pointed out.

Before the establishment of many fund, the net value of the fund has fluctuated, or even below the face value. For example, the other product of the yuan yuan fund, which was sold for about 70000000000 in 2019, is far from growing. The fund was established in March 26, 2019 and the net value of the fund fell below 1 yuan in April 12th. In June 25th, when the fund was first opened for redemption, its net value of the fund was also less than 1 yuan.

Confusion, misleading and other problems still exist.

Since February last year, the SFC issued the regulations on the supervision and management of publicly offered securities investment fund sales institutions (Draft for Soliciting Comments) and supporting documents, "the provisional regulations governing the publicity and promotion of securities investment funds (Draft for solicitation)".

"Stable performance", "excellent performance", "the best in the list", "the highest ranking", "the biggest", "the best", "the strongest", "the only", and "enjoy the growth of wealth", "enjoy the growth at ease", "enjoy the bull market" and other easy to make investors ignore the risk expression; The one-sided emphasis on "time to purchase" and "purchase opportunity" can not be used for the time limit of centralized marketing.

As the implied contents of the aforementioned limited placement fund convey in advertising, the misleading issues still deserve attention.

Although the draft has not yet been implemented, the current "securities investment fund management practices" also points out that there should be no false records, misleading statements or major omissions in the publicity materials of the fund.

In twenty-first Century, an investigation by the economic news reporter found that in the promotional materials of Yong win science and technology, we talked about "holding low opportunities". In the propaganda of investment promotion of science and technology, we also mentioned the "low position layout".

According to the standards of the draft, many funds have misled the "low position" and "low point opportunities" mentioned in the propaganda.

In addition, there are still many fund companies' publicity materials, such as confusion of key information and inaccurate statements.

For example, in the three year publicity materials of bank Schroder Reiss, Shen Nan pointed out that fund manager Shen Nan has ten years of experience, but from Shen Nan's experience, he was a senior analyst in Changjiang Securities from June 2009 to March 2011. He joined the Bank of China Schroder fund in 2011 and became a fund manager since May 2015.

That is to say, Shen Nan's ten years' experience is calculated from the work of his securities firm, and if he is acting as a fund manager, he will be less than 5 years old. It is obvious that there is confusion in its "ten years of experience".

In addition, the publicity material also referred to Shen Nan, "in the past, the management performance was more robust and the withdrawal control was excellent -- the bank's theme of management was nearly five years' total return of 157.86%". However, Shen Nan began managing the issue of Bank of communications in May 5, 2015, and the management time is less than five years. Choice data show that its return as of February 20th is 104.33%.

Similar to China's fund, in the recently released Huaxia Xiangyang two years set up hybrid fund publicity materials, the Huaxia Fund said Cai Xiangyang had 13 years of investment experience, and Cai Xiangyang joined the China Fund in October 2007, but he began to serve as a fund manager in May 2014, and the number of fund managers was less than six years.

Real star fund manager gimmicks

Another marketing method widely adopted by the industry is "packaging" star fund managers, making "gimmicks".

Just like the big bang Yuan Yuan far balanced value, the fund issued a notice nearly a month ago. In various promotional materials and news releases, the fund was molded to create a scarce product of "hard won", which superimposed "star of the fund" Chen Guangming's star utility.

In twenty-first Century, the economic news reporter found that the propaganda article published by the official WeChat account of Rui Yuan foundation said, "after nearly a year's waiting, the two fund of the yuan yuan fund finally broke its cocoon".

In addition, the 2019 public fund performance "three crown" Liu GSW, the recent GF new product promotion clockwise to Liu Gesong emphasized the ink and ink recommendation, for example, in the GF technology innovation poster highlighted the appointment of the fund manager for Liu GSE, in the WeChat article brief mention "please pay attention, Liu Gesong new products!" The GF technology pioneer hybrid fund will be on sale for 1 days in January 17th, and many times in the propaganda article, Liu's performance in 2019.

"Packaging star fund managers propaganda is actually quite common, star fund manager's effect is also very obvious." Referring to the recent hot and balanced value of more than three years and many other products, a large public offering fund told the twenty-first Century business reporter.

In addition, in the past performance publicity of fund managers, there are many fund companies' performance propaganda highlights are relatively prominent in the short term.

For example, Liu's performance in 2019 ranked first. If it takes a long time to look at it, Liu Gesong's performance in the past two years is not outstanding. The growth of its management and the development and upgrading of GAC were negative in 2018 and lost the same products.

In the recent publicity of the new fund, GF has highlighted the outstanding achievements of Liu Gesong in 2019 in many promotional materials.

Another example is the yongwin fund's recent promotion of the yongwin technology driven fund. "Fund manager Li Yongxing managed Yonghui Tili, yongwin intelligent leading and yongwin high-end manufacturing. When the Shanghai composite index was established, the Shanghai composite index was located near 3000, which helped investors get good investment returns, and the longer the product yield was, the higher the yield."

According to the twenty-first Century business reporter's enquiry, Yong win high-end manufacturing was established in November 1, 2019; Yong win intelligence was established in March 26, 2019, and only established in May 31, 2018.

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