In recent years, in the context of the poor performance of active equity, the popularity of initiation has increased significantly.
Since the beginning of this year, more than 370 new initiators** have been established, which has reached a record high. At the same time, the pressure of initiating ** liquidation is also increasing, and 34 products have been liquidated during the year.
Industry insiders said that although the initiator has a low threshold for establishment, it does not mean that the pressure on the company to maintain the product must be less, because the initiator with unstable scale may face the risk of liquidation. Therefore, after the successful issuance of the initiator, the company still needs to take the product operation seriously and improve the competitiveness of the product.
Against the market layout, the number of new issuances reached a new high.
The A** market continued to adjust, and the ** issuance market fell into a trough. As of December 17, more than 1,100 new ones were issued in the public offering market during the year, with a total issuance scale of 105 trillion yuan, both in terms of quantity and scale, is a low level in recent years.
In contrast, the initiating companies are competing for layout. According to wind statistics, according to the statistics of the establishment date, as of now, there are 375 new initiators since the beginning of this year, accounting for 31% of the number of new ones established during the year. Judging from the development situation in recent years, the number of initiator establishments has shown an upward trend year by year, with 184, 194, 321, and 351 from 2019 to 2022, respectively.
Initiation, that is, the manager, senior executive or manager as the promoter subscribes for an amount of not less than 10 million yuan and the holding period is not less than three years, and the above conditions can be declared successful.
In 2012, the China Securities Regulatory Commission revised the relevant provisions of the "Measures for the Management of the Operation of **Investment**", and under the strong advocacy of "putting the interests of holders and the interests of **company**", the initiation type came into being.
In August of that year, the first initiator Tianhong bond initiation investment was established. In 2013, the restriction that the amount raised is not less than 50 million yuan and the number of subscribers is not less than 200 will be cancelled.
Today, the initiator has gone through more than 11 years, and the number and scale have achieved rapid development. Wind data shows that as of the end of the third quarter of this year, the total scale of initiation has exceeded 259 trillion yuan, a total of 1,846 initiators in the whole market (different shares are combined).
From the perspective of product types, initiators have spread across all types, of which equity accounts for the highest proportion, reaching 45%. Specifically, in the **type initiator**, the passive exponential type (ETF) is the absolute main force;Among the hybrid initiators**, the partial stock hybrid ** accounts for a large proportion;Bond-type initiators** are mainly medium- and long-term pure bonds**.
Tianxiang Investment Advisor** Evaluation Center said that in recent years, the main reason why **the company is keen to issue initiators** is that the starting point of the initiation ** is low, and **can be successfully issued when market participation is low**. When the market begins to warm up in the later stage, if the initiator performance is outstanding, the company can expand its scale and increase its market share and popularity.
In addition, the initiator can better bind the interests of investors, and the benefit sharing mechanism of the initiator enables the company to share risks and returns with investors, and stimulate the enthusiasm of investors to participate, which is also conducive to the smooth issuance of products.
Performance differentiation, heavy varieties become the key to success or defeat.
In recent years, the performance of the market and initiator has also been greatly differentiated.
Up to now, there are 30 initiators** with a yield of more than 100% since their establishment, and the best performer is ChinaAMC SSE Major Consumer ETF, which was established in 2013 and currently has a cumulative yield of 26888%。However, there are also some ** that have lost more than 50% since their issuance, and most of these initiators were established in the second half of 2021.
In terms of shortening the time, since the beginning of this year, the most outstanding performance is two game ETFs, namely Cathay CSI Animation and Game ETF Connection and ChinaAMC CSI Animation and Game ETF Connection, which have yielded more than 51% since the beginning of this year. Then there is the NASDAQ-related QDII**, such as Castrol Nasdaq 100 Connect A, Bosera Nasdaq 100 Connect A, etc., which have also achieved good results this year. From the perspective of active equity**, the performance of the initiator** of heavy positions on the Beijing Stock Exchange and artificial intelligence-related themes is leading.
At the same time, the income of the other part of the initiator** is not optimistic, with 20** losing more than 30% since the beginning of this year, and the vast majority of them are passive exponential ** tracking new energy-related themes. Judging from the year of establishment, many ** were established in 2021 and 2022.
As for the reasons for the differentiation of performance, some industry insiders said that initiation is only a way to issue, and the performance of the product is still affected to a large extent by the heavy position of the product. In the past year, the most prominent initiators**, many of which have heavy positions in artificial intelligence-related**, etc. The poorer ones are not playing well in the allocation of sectors, such as some of the ** heavy positions in new energy-related sectors.
The pressure of liquidation was high, and 34 ** exited during the year.
Although the threshold for the establishment of the initiator is relatively low, the initiation has strengthened the exit mechanism, that is, three years after the contract takes effect, if the net asset value is less than 200 million yuan, the contract will be automatically terminated, which is a product of "wide entry and strict exit".
With the three-year deadline of some products approaching and the impact of the decline in the market-making effect, the phenomenon of initiating ** liquidation has been frequent since the beginning of this year. According to the data, 34 of the more than 200 products liquidated this year are initiated**, and the pressure on liquidation has increased significantly.
On December 16, Xinghua announced that Xinghua Yongxing Hybrid Initiator had triggered the termination of the contract, and the last operation date of the ** was December 16, and it entered the liquidation procedure on December 17.
According to public information, Xinghua Yongxing Hybrid Initiator** was established on December 16, 2020, with an initial fundraising scale of 1226430,000 yuan, of which Xinghua ** subscribed 10 million yuan, accounting for 83 of the total share14%。As of the end of the third quarter of 2023, the scale of this ** is 2429540,000 yuan, with a loss of more than 20% since its establishment, and the performance loss may be related to the main allocation of the pharmaceutical sector.
There are also products that have good returns but are still difficult to make large-scale products. For example, many products such as Yongying Competitiveness Selection, Chuangjin Hexin Tongshun Growth Enterprise Market and other products have returned more than 15% since their establishment, but they still have to choose liquidation because the scale is less than 200 million yuan.
Tianxiang Investment Advisor ** Evaluation Center said that the threshold for initiating ** issuance is low, but it also faces the problem of unstable scale. Generally speaking, once a small-scale initiator is faced with a poor market, it is very likely to face a large number of redemptions from customers, thus becoming a "mini" or even liquidation, which is a kind of "reputational damage" for the manager and a risk faced by the establishment of an initiator.
Although the number of initiators has been increasing in recent years, many of the stock initiators have shrunk into mini products, and the liquidation pressure faced by initiators is also worth vigilance.
Editor-in-charge: Luo Xiaoxia.
Proofreading: Zhu Tianting.
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