Noan Fund Presents A Turbulent Aspect Of Public Offering Personnel: Does The General Manager Concurrently Hold Three Posts? Does The Online Red Fund Continue To Deduce The Roller Coaster Market?

Recently, noan Fund Management Co., Ltd. (hereinafter referred to as: noan Fund) announced the change of senior management. Qin Weizhou, the former chairman of the company, left his post due to the change of the board of directors. Qi Bin, the general manager of noan fund, was replaced by Qi Bin, the general manager of noan fund. In addition, Qi Bin is now the chairman, general manager and chief inspector.

The inspector general of a fund company in South China believes that there is no violation of the three posts in terms of compliance and regulatory requirements.

"The current regulatory requirement is that the chairman of the board of directors concurrently serve as the general manager for no more than 90 days. If the chief inspector leaves office, he can only act as the chairman or the general manager, which shall not exceed six months. "However, he also said that there would be risks. First, there would be potential conflicts of interest. Second, it could not be too long. Otherwise, it would violate the regulatory provisions.

Founded in 2003, noan fund is a medium-sized fund company with a management scale of 121.1 billion yuan, ranking 41 in the industry.

However, the company can be called a "net star" in the equity fund market. In particular, the noan growth fund managed by Cai Songsong, its fund manager, has been on the hot search frequently due to its concentrated shareholding in the semiconductor industry and the "roller coaster" trend of net worth.

Despite the continuous criticism, the scale of noan Growth Fund has continued to grow. The scale of a single fund once exceeded 30 billion yuan, accounting for more than half of the total assets of noan equity funds. Recently, Cai Songsong officially took over the noan innovation driven fund. Does this mean that the previous roller coaster market will continue to perform on more products?

The change of high-level commander arouses attention

There have been many changes in the top management of noan fund in three months.

On April 23 this year, noan Fund announced that Yu Dongsheng was appointed as the new deputy general manager.

According to the announcement, Yu Dongsheng joined noan fund in October 2020. He has a working background in the oil industry and many years of experience in Securities and funds. He has successively served as technical development engineer of Shanghai Xijie Petroleum Company, deputy general manager of Southern Securities Department, assistant general manager of TEDA Manulife fund, deputy general manager of huitianfu fund, general manager of shenwanlingxin fund and general manager of Shanghai Shangyang Investment Management Co., Ltd.

On May 24, Ma Hong, the inspector general of noan fund, left his post for personal reasons, and Qi Bin, the general manager, acted as the inspector general. Just over a month later, noan fund ushered in the departure of chairman Qin Weizhou.

According to public information, Qin Weizhou has served successively as general manager of Beijing Zhonglian New Technology Co., Ltd., general manager of Hong Kong Changwei Development Co., Ltd., general manager of Hong Kong Pioneer Investment Co., Ltd., and vice president of China new era Co., Ltd. At present, Qi Bin, the general manager of the three posts, also has a rich resume. He joined noan fund on January 2, 2020. Previously, he served as secretary of Youth League Committee of Management Cadre College of the people's Bank of China, deputy general manager of Investment Department of Sinochem Group Corporation, deputy general manager of strategic planning department of Sinochem Group Corporation, and deputy general manager of China Foreign Economic and Trade Trust Co., Ltd.

Similar to Yu Dongsheng, the new deputy general manager, Qi Bin also has an oil industry background.

Qi Bin's new job comes at a time when the scale of noan fund has shrunk and the business situation is not ideal. By the end of 2019, the overall management scale was 85.19 billion yuan, down 12 places in the ranking of 140 funds. At the same time, its funds were doubted by the market, and the former general manager and deputy general manager were suspended and removed from office due to unsatisfactory operation, which can be described as internal and external troubles.

Qi Bin, the then major shareholder of noan fund, was appointed as the deputy general manager of China Foreign Economic and Trade Trust Co., Ltd.

Perhaps because of the significant risk control loopholes of noan fund in 2019, the next day after he took office, noan Fund issued "building a solid foundation of integrity and cultivating a compliance culture system", pointing out that different people, according to different investor preference characteristics, sell appropriate products to suitable investors, and build a risk evaluation index system for different investor preferences, The paper analyzes the risk bearing target of investors and takes the implementation of differentiated service as the development principle.

A fund source in South China analyzed that at that stage, the scale and profit need to be improved as soon as possible, so the controversial investment style can also be implemented.

Then, in 2021, after the change of senior management, Qi Bin and Yu Dongsheng, two new management partners with oil background, have attracted the attention of the industry on its future development direction.

Net red fund deduces roller coaster Market

Noan fund was established in 2003, headquartered in Shenzhen, with a registered capital of 150 million yuan. The shareholders are China Foreign Economic and Trade Trust Co., Ltd., 40%, Shenzhen Jielong Investment Co., Ltd., and Daheng Xinjiyuan Technology Co., Ltd. holding 20%.

By the end of the first quarter of 2021, the asset scale of public offering funds was 121.104 billion yuan, with 62 funds in total, of which 32 were hybrid funds, followed by 13 bond funds, 10 stock funds, 4 money market funds and 3 QDII funds.

Although the overall scale of noan fund is only medium-sized, it has become a hot online Red fund in recent two years because of its outstanding performance in the equity market.

In particular, since taking office in 2019, Cai Songsong, the fund manager of the star product noan growth fund, has drastically reformed the investment structure of noan growth fund, replacing the original heavy positions such as consumption stocks with a large number of stocks of semiconductors and related industries, making the net value of the fund soar.

However, with the same source of profit and loss, the trend of this fund has not always been smooth. In the third quarter of 2020 and the first quarter of 2021, the fund has fallen into a trough.

Taking the first quarter report of 2021 as an example, the top ten positions of the fund include North Huachuang, Zhuo Shengwei, Zhaoyi innovation, SMIC international, San'an optoelectronics, Weier, Changdian technology, Shengbang, Zhongwei and Shanghai silicon industry, almost all of which are semiconductor chip stocks.

In this regard, Cai Songsong believes that the core assets are going through the process of concussion and bottoming. With the maturity of China's capital market, the high-quality core assets of the high boom track are still the main tone in the future. Semiconductor continues to be short of stock. Under the influence of the earthquake in Japan and the snow disaster in Texas of the United States, wafer production capacity is becoming more and more scarce, and the shortage and price rise are becoming more and more intense. The supply side shortage of this round is unprecedented in history, and the time span of the business cycle is expected to exceed expectations. The scissors gap between the high prosperity of the industry and the stock price is becoming larger and larger, and the darkness before dawn is imminent.

Noan growth not only has a heavy position in semiconductor chip stocks, but also has a very high concentration of positions, accounting for 82.74% of the top ten positions. Therefore, the net value of the fund fluctuates greatly, and investors also enjoy the trend of enhanced roller coaster index fund.

For example, in the first quarter of this year, the average loss of similar funds was 2.02%, and the growth loss of noan was even higher, reaching 11.39%.

In the second quarter, the average profit of similar funds was 9.3%, while the growth profit of noan increased significantly to 39.49%.

The ups and downs of the trend to the noan fund has brought controversy, but more or return.

As of the end of the first quarter of 2021, the growth scale of noan has exceeded 27 billion yuan, and the scale of noan Hexin has exceeded 5.8 billion yuan.

In less than three years, Cai Songsong's management scale has reached 33 billion yuan.

At the same time, the net profit of noan fund also increased significantly. Daheng technology's 2020 annual report shows the operation of noan fund last year. The data shows that in 2020, the operating income of noan fund will reach 980 million yuan, an increase of 36.12%, and the net profit will reach 273.8 million yuan, an increase of 44.4% compared with that in 2019.

On May 22 this year, Cai Songsong took over noan innovation driven a, which became the third hybrid fund he managed.

Many market participants believe that this fund will usher in a major adjustment in the investment structure, or become a mini version of noan's growth. However, under the extreme investment style, there are potential risks, because once the plate falls sharply, investors' redemption will force the fund manager to sell their stocks, and if the fund scale is too large, it will lead to higher selling costs.

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