A Controversial New Product Competition: Restraint In Public Offering Industry

After the opening of the new three board market in the beginning of the year, the market has injected infinite expectation to the arrival of this incremental fund.

According to the data of the national stock transfer companies, there are about 20 fund companies that are interested in issuing new third board fund products, and some fund companies have communicated with the regulatory authorities on the product design plan.

In twenty-first Century, the economic report combing reporters found that recently, a number of companies such as southern fund, Wells Fargo fund and China Merchants Fund mentioned the investment layout for the new three board market.

"The company has already issued more than three new board products through its subsidiaries. In response to the new three board reform, the company will actively prepare for the issuance of related products immediately after the relevant guidelines issued by the public fund for investment in listed company stock. In April 9th, southern fund related personages were interviewed.

The feedback from stock transfer companies pointed out that it will speed up the audit of new third board fund products and ensure that the new three board fund products can participate in the subscription of the first batch of listed company stock issuance.

Institutional layout differences

Since January this year, the securities and Futures Commission has issued "guidelines for the public offering of securities investment funds to invest in the stock transfer system of small and medium-sized enterprises nationwide", allowing stock funds, mixed funds and bond funds to invest in the new third board selected stock market for more than three months.

From the initial wait-and-see state, there are also a number of public funds that are clearly preparing for the related products.

"At present, the overall plan for the comprehensive deepening of the new three boards has dropped, and many related and specific measures are coming down one after another. The basic conditions for the public fund to enter the market are ripe. As a large-scale professional investment and research institution, the public offering fund can provide more accurate valuation and pricing for the new three board stocks and improve the pricing function of the new three boards. Zhou Yunnan, founder of Nanshan investment in Beijing, told the twenty-first Century business reporter.

Prior to this, the list of candidates for the first listing committee announced by the stock transfer company includes 10 public funds, including the Chinese fund, the Yi Fangda fund, the Boshi fund and the Harvest Fund. In terms of technical preparation, there are 12 fund companies participating in the public offering and continuous auction business technology system test of the stock transfer company.

In the view of Shen Wan Hongyuan securities, the public funds are allowed to invest in the new three boards, which is conducive to further fermentation of the new three board market. In the long run, it is conducive to enhancing the liquidity of the new three boards and enhancing the discovery function of market prices. In the short term, the public funds have been granted access to the market, and have played a positive role in enhancing the confidence of the new three board investors, which is conducive to the valuation restoration of the new three Board companies.

"Our product department is researching and tracking relevant policies and market trends, but the details of specific products have not yet come down." In April 9th, a public fund official in Southern China told the business reporter in twenty-first Century.

A large public fund worker in Beijing also said, "the company is studying and is still in the preparatory stage."

However, there are many public funds in response to the twenty-first Century economic report reporters said that there is no relevant planning.

"Our public offering has no relevant product plan, only the subsidiary has such business, our current attitude towards the new three board market is still more cautious." A public fund official in Shanghai said.

There are also many institutions that are cautious. "Now the attitude is still cautious, the company's previous three board team has long been removed, and the stock product is sinking into the team management of the subsidiary." A large public fund worker in Beijing told the twenty-first Century business reporter.

"It has always been through the participation of special account products, the accounts are relatively flexible, but also better able to adapt to the new three boards of different levels of investment. On the basis of past five years of experience, we are also actively preparing products and communication investors, hoping to introduce more mature products. As for public offerings, we need to pay close attention to the follow-up system rules and market changes. " Li Shiqiang, investment manager of science and technology innovation investment Ministry of Kowloon Thai fund, said.

In fact, the brokers also pointed out that although the active role of the public funds in the new three boards is obvious, there are four significant misjudgments in the market for the new three boards of the public offering investment. For example, a huge amount of misjudged stock funds will be entered into new three boards, new funds will be easy to intervene and the amount is not low. In fact, when the new third board selection layer is not running mature, and the public fund's liquidity and risk are difficult to grasp, it is difficult for the stock public fund to have the power to intervene.

Multi angle preparation for wind control

According to the layout of several public funds that have been preliminarily planned, many institutions have mentioned the investment in the new three board market through cross market funds.

"At present, the company tends to give priority to issuing cross market funds to invest in the new three board market and control the scale of the fund to be around 1 billion yuan, so as to ensure the liquidity of the public offering products and control investment risks." People from the Southern Fund said.

"At present, everyone tends to invest in cross market funds, and the proportion of investment in new three boards may not be particularly high." A public fund worker told the twenty-first Century business reporter.

"The key public fund investment guidelines for listed company stocks have not yet come to the ground, and it may not be realistic to invest in new three boards through stock products." The source said.

For the subsequent supporting policies, the South Fund believes that "priority should be raised in the strategic placement process of public funds, and the size of public fund shares will be allocated to meet the investment scale of public funds. At the same time, we should enhance the price stabilization mechanism in the two tier market, such as adjusting the pre sale shareholders' restrictions on sale, and limiting the shareholders who have less than the issue price of the shares for a certain period of time, so as to avoid centralized selling after the public offering.

Overall, for investment strategies, many agencies still need to pay attention to the relevant risks.

"Past investment practices have proved that there are some high-quality enterprises in the new three boards, which are worth tracking for a long time. We believe that after the layering and transfer board system has landed, for the above-mentioned enterprises, the effect of the new three boards as soil and nursery will be more obvious. This is the core investment opportunity for the new three board market in the future. Of course, the grasp of this opportunity requires more stringent texture and valuation criteria, and is more suitable for intensive cultivation. Li Shiqiang said.

A public fund worker in Southern China also pointed out that "the new three board selection investment should focus on liquidity and risk factors of small and medium-sized market capitalization companies. In addition, liquidity is also an important factor to consider when investing in new three boards.

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