Taikang Fengying's Class C shares, which were established on September 5 this year, were redeemed in large amounts on October 23 and December 5.
Qi Wenjian, a researcher at the Investment Times.
Towards the end of the year, we saw that the bond type ** suffered a large redemption.
Recently, Taikang** announced that its Taikang Fengying Class C shares were redeemed in large amounts on December 5, 2023. In order to ensure that the interests of ** holders are not adversely affected by the accuracy of the retention of the decimal point of the net value of the shares, the company has decided to increase the accuracy of the ** net value of the shares to eight decimal places from December 5, 2023, and the ninth decimal place is rounded.
In addition, the scale of Taikang**'s management has also fluctuated. Wind data shows that the management scale of Taikang ** (formerly known as Taikang Asset Management Co., Ltd. Public Offering ** Business Division, hereinafter referred to as Taikang Asset Management Public Offering ** Division) reached 1015 at the end of the first quarter of 20223.7 billion yuan, which has continued to shrink since then, falling to 861 by the end of the second quarter of 20233.8 billion yuan. At the end of the third quarter of 2023, the scale rebounded slightly to 8949.8 billion yuan.
In response to the large redemption of Taikang Fengying's Class C shares and the fluctuation of the management scale, the Investment Times sent a communication letter to Taikang**, but did not receive any reply as of press time.
It was redeemed twice in three months after its establishment
Recently, Taikang ** issued an announcement on the improvement of the accuracy of the net value of its Taikang Fengying Class C shares. According to the announcement, a large redemption of the **Class C share will occur on December 5, 2023, and in order to protect the interests of the **Class C share holders, Taikang** decided to reserve eight decimal places for the **Class C share from that day.
The announcement also mentioned that Taikang Fengying's Class C shares will restore the accuracy of the net value agreed in the ** contract when the large-scale redemption no longer has a significant impact on the interests of ** share holders.
It is worth mentioning that this is not the first time that Taikang Fengying's Class C share has issued an announcement on adjusting the accuracy of the net value of ** shares this year. On October 23, a large redemption of the **Class C share also occurred, and Taikang ** decided to improve the accuracy of the net value of the **Class C share.
Researchers from the Investment Times noted that although it has undergone two huge redemptions, Taikang Fengying's Class C shares are still in the new category. The **Class C share was established on September 5 and opened daily subscription, redemption, conversion and regular quota subscription business on September 7.
According to wind data, as of the end of the third quarter of this year, the total management scale of Taikang Fengying was 39.7 billion yuan. Among them, the **class A share size is 39.7 billion yuan, and the scale of class C share is zero. It can be seen that there was no inflow of funds in the third quarter of this year. In the fourth quarter, although the **C share was subscribed for, it seemed that it was difficult to retain investors, but it experienced large redemptions twice.
Researchers from the Investment Times found that the manager who manages Taikang Fengying C is not a "newcomer". At present, the ** is jointly managed by ** managers Chen Yi and Ren Huijuan, both of whom have been in the industry for more than eight years and have rich experience in public offering management.
The scale of the debt base accounts for more than half of the total
According to the data, Taikang Asset Management's public offering ** Division was established in April 2015, and in September 2021, Taikang Asset Management was approved by the China Securities Regulatory Commission to establish Taikang**, and in October of the same year, Taikang ** completed industrial and commercial registration. In May 2022, Taikang** obtained the "Business License" issued by the China Securities Regulatory Commission, and in November of the same year, the managers of Taikang Asset Management's public offerings were all changed. So far, Taikang** has started the road of independent operation.
Wind data shows that at the end of the first quarter of 2022, Taikang**'s management scale reached a brief peak of 10153.7 billion yuan. Since then, the company has failed to achieve steady growth, but has declined for five consecutive quarters (Q2 2022 to Q2 2023), falling to 861. at the end of Q2 this year3.8 billion yuan. At the end of the third quarter of this year, the company's management scale rebounded to 8949.8 billion yuan, but it is still 120 percent lower than the aforementioned peak3.9 billion yuan.
In terms of product categories, as of the end of the third quarter of this year, the scale of Taikang's currency was 1096.8 billion yuan, and the scale of bond ** is 5096.6 billion yuan, and the scale of equity ** is 2756.4 billion yuan, accounting for respectively. 8%。In fact, from the end of the first quarter of last year to the end of the third quarter of this year, the company's bond products accounted for more than half of the company's total public offering**.
At the same time, the researchers of the "Investment Times" noticed that since the beginning of this year (as of December 8, the same below), the company has established six**, five of which are equity**, but these five products are all initiated**, and the initial offering scale is not ideal. Wind data shows that the average initial offering size of the above five equity categories** is 07.7 billion yuan, which is lower than the average size of the equity ** initial offering established in the market since the beginning of this year, which is 39.2 billion yuan.
According to the relevant regulations, the new ** needs to be issued within six months in principle after obtaining the approval for fundraising registration. Among the six ** established by Taikang ** this year, Taikang CSI 500 Index Enhanced, Taikang Pension Target Date 2040 Three-Year Holding, and Taikang CSI Science and Technology Innovation and Entrepreneurship 50 Index have "whistle issuance", these three products have obtained "birth permits" on February 21, 2023, December 19, 2022, and November 4, 2022 respectively, and the subscription start dates are August 1, 2023, June 5, 2023, and April 28, 2023 respectively.
In fact, the "unsatisfactory" scale of equity ** and new ** may be related to the performance of Taikang**'s stock equity products. According to wind data statistics, as of December 8, the company's equity ** that can be counted this year, the past year, the past two years, and the past three years have 36, 36, 29, and 20 respectively (only the main **, excluding the new ** established in 2023, the same below), and there are 34, 33, 28, and 19 products with negative yields respectively, and 15, 24, 27, and 16 products with a net value decline of more than 10%.
Taikang** has managed its scale in the past 12 quarters(100 million yuan).
Note: The data statistics period is from the end of the fourth quarter of 2020 to the end of the third quarter of 2023. Data**: wind