The First Batch Of New Three Board Public Fund Is Being Negotiated And Sold At The Stage Behind The Stage.

Will the public offering fund pick up the layer and repeat the past few years' private fund's "mistakes"?

When the first 6 new three board public offering funds were approved, many industry insiders first talked about losses.

"Before, only private equity funds can invest in new three boards. They have developed poorly in the past few years, and we are all caught up." New Ding capital chairman Zhang Chi said frankly.

At that time, some public fund account products, fund subsidiary products, also in the "quilt" ranks.

According to the twenty-first Century economic report reporter, one of the three public offerings in 2015 has lost 56% of its products.

The new policy background is obviously different from before.

In twenty-first Century, the economic report reporters interviewed many fund companies that could get public funds to vote for the new three board approval, and many private equity funds that used to invest in new three boards.

Related sources said, the new three board public offering fund to invest in the new third board selection layer, just started or to fight the new main, after the two tier market layout key tendencies are good growth, head, large volume of the subject.

Survey of fund design rules

Only one and a half months after the declaration, 6 fund companies got the approval of the public offering fund that could invest in the new three boards.

In June 3rd, the 6 funds that received the approval were: Southern innovation selection, one year development, Wan Jiaxin power monthly purchase, one year rolling, holding and mixing, rich country's active growth, one year's opening and mixing, one year of innovation and growth of Hui Tianfu, one year's opening and mixing, business growth and selection, 2 years' closed operation, and China's growth selection, 6 months' regular open hybrid launching.

In April 20th, 6 fund companies, such as Boshi, southern, rich, Wanjia, huitianfu and merchants, first reported the public funds that could invest in the new three boards, and added new third board selection layers in the scope of product investment.

So far, more than 20 fund companies have reported such funds.

"It was too sudden to receive approval after work in June 3rd. Now that we are preparing materials, we have not yet issued a notice of sale, which is on sale in consultation channels. A fund company said.

"Wanjia fund first declared the new third board fund and was approved recently. Currently, it is actively preparing and conducting channel communication. Wanjia Xin power monthly purchase one month rolling holding hybrid fund will be launched in the near future." Wanjia Fund said.

According to Wanjia fund, the company set up a professional new three board research team earlier, covering the key industries of new three boards, including technology, medicine, advanced manufacturing, modern service industry and consumption. This paper studies and analyzes the company's operating conditions, governance structure, profit structure and its main profit growth drivers, the company's product innovation capability, market potential of its industry, and important risk factors.

The issuance of the new three board public offering fund is already in the firing line. What are the characteristics of such funds?

The reporter obtained an introduction of "huitianfu's innovative growth and one year's regular opening of mixed securities investment funds".

In terms of investment scope, the difference between the mixed fund with general stock and partial shares is that the fund has increased its investment scope in the "National SME share transfer system selection layer".

In the proportion of investment, the fund's investment portfolio ratio is: during the closed period, the proportion of funds invested in stock assets to fund assets is no less than 60%.

It is worth noting that the investment proportion of the fund in the selected layer is: "during the closed period, the market value of the fund's investment selection layer does not exceed 20% of the net asset value of the fund. During the open period, the market value of the selected investment layer is not more than 15% of the net asset value of the fund."

The cost of management and other general equity funds are the same. The fund management fee is 1.50%/. The fund custodian fee is 0.25%/, and the subscription rate is less than 1.20% within 1 million yuan.

According to the reporter, the first batch of 6 products that have received approval have been closed to varying degrees. The shortest 6 months, the longest 2 years.

Opportunity shifting theory

According to our reporter, 2015 and 2016 investment in the new three board private equity fund was once hot. But a few years later, almost all the new three board funds ended in a big crash. There are also serious losses in the new three boards, including the public fund companies' investment in new products. One of the three public offerings in 2015 has lost 56%.

This is a lesson from the new three board investment.

Since October 2019, the SFC has officially launched the new three board reform, launched the new third board selection layer, and launched a package reform plan covering public offering, trading system, lowering the threshold of investors, raising public funds into the market, and transferring directly to the board.

Under the catalysis of a series of reform measures, the new three board market is becoming more and more active. The three board market making index has been rising steadily since the start of the new three board reform, and its growth rate has exceeded 40%.

"The biggest problem of the original three board fund is liquidity. Now the public fund does not have this problem. The public fund can only be selected at the selected level, and the future liquidity of the selected layer will be changed." Zhu Weiyi, chairman of Hua Tuo capital.

"Now the new three board reform, such as layering, lowering the threshold of investors and transferring the board, will help to improve the activity of the new three boards, so the risk of investing in the new three boards is not as big as before. The public offering fund can get the approval of the new three boards, and it will actively produce products." Yang Delong, chief economist of Qianhai open source fund.

"Now the product is different from before. Before the public offering came into the new three boards through subsidiary companies, it is equity investment, and now the public offering products that invest in the new three boards are mainly based on the main board investment, and there is a certain proportion of investment in the three boards, mainly in the two level market transactions, so it is different from the nature of the products." Peng Hai, the head of new three board research, said.

Zhang pointed out that the new three board public offering fund can only be selected layer, which is much less risky than the previous private equity fund investment base and innovation level. Therefore, the selection of the public offering fund can avoid previous problems, because the market is going up. At the same time, there are continuous auction transactions, 1 million yuan threshold, public issuance, and A shares trading mechanism. From this point of view, I believe that the public offering fund selection layer will not repeat some problems of private equity fund investment in the past three years.

Then, how will the new three board public fund enter the new three boards to seize opportunities?

"Now the three boards of these public offerings, the first batch is definitely rushing to fight new, because in the short term, the new arbitrage space is large, the yield is high, in the medium and long term, it may be a more uniform configuration." Peng Hai said.

Zhu Yi Yi also believes that "the new three board public offering fund mainly invest in selected layers, and seek the opportunity to transfer to the future market through the new market, the strategic placement, and the two tier market."

Zhang pointed out that "the selection of the public offering fund is mainly based on the new strategy. The layout of the two tier market will probably focus on the good growth, the head and the large volume."

The methodology of public offering trader

Wanjia Fund said that its Wanjia Xin power monthly purchase and monthly purchase of a mixed fund's investment is, "in the selection layer, initially grasp the investment opportunities with certainty and so on." when the new third board selection layer is sufficiently supplied, the investment will grow from bottom to top. Based on the basic research of stocks, the blue chip stocks in the selected layer will be screened out. Share the growth revenue of innovative SMEs. "

"On the main board, we should continue to value growth style, pay attention to industry cycle rotation, left side layout, pay attention to the certainty and sustainability of industry growth, and focus on major financial, infrastructure, home appliances and other sectors, select stocks from bottom to top, and look for competitive companies in the industry." Wanjia Fund pointed out.

No doubt, playing new is the best.

"On the whole, we believe that the investment opportunities of the new three board mainly lie in the selection of new three boards and the selection of stocks at the selected level. From the perspective of new opportunities, the proportion of online issuance is high, and the proportion of public offering funds is high. Wanjia Fund said.

The sensitivity analysis from Anxin securities estimated by multi dimension shows that when the first day's gain is between 10%~60% and the matching ratio of the public offering fund is between 25%~40%, the public fund is involved in the first company's new rate of return or 9%-20%.

And in the selection of new third board selection layer, Wanjia Fund pointed out that the two tier market has no shortage of good performance in net profit growth, and good quality growth targets.

According to the financial indicators of the selected layer standard two, 562 listed company have achieved rapid growth and have a steady cash flow. The average operating income in 2018 was 471 million yuan, and the operating income growth and net profit growth rate were 62.58% and 73.78%, respectively, 46.50% and 134.47% higher than that of the gem. On R & D investment, the financial indicators of the selected level three were calculated, and 102 of them were R & D enterprises that had entered the income stage. In 2018, the total R & D investment was 5 billion 622 million yuan, accounting for 15.18% of business income.

As for the specific investment strategy, according to huitianfu fund, huitianfu's innovative growth is set at the new third board selection layer. The main line of investment is: the emerging industry enterprises with large market space and accelerated industrialization in the next 3-5 years. They already have a certain volume of revenue and profits, stable growth in the next 3 years, and reasonable valuation of enterprises. Family spirit, reasonable ownership structure and corporate governance.

According to the China Merchants Fund, the company mainly studies and tracks the new three boards to select stocks from the perspective of liquidity indicators, specific risk factors of small and medium market capitalization companies, industry, main business, business indicators and risk indicators, and reserves investment targets.

The Investment Fund believes that the investment in the selected stocks can give priority to the medium and large market capitalization enterprises, and focus on the selected stocks that are expected to be strongly restructured or expected to be acquired by the listed companies, and give priority to the enterprises that meet the higher level requirements or the transfer board requirements.

?