Recently, the establishment of a number of initiators** has attracted much attention in the industry, not only because most of them belong to the equity category, but more importantly, the number of such ** new issuances has hit a new high during the year. Among them, the "insurance capital" public offering of China Life Security **4 **type initiators** have been established one after another. Wind statistics show that as of December 8, there were 369 newly established initiators** during the year (statistics of the initial share).
The reporter of "Daily Economic News" noticed that due to the subscription of ** managers and executives as ** initiators, such products are also regarded by the outside world as a product type that enhances investor confidence, but at the same time, it should also be noted that there have been some initiators in the near future to sound the liquidation alarm.
Data**: Reporter collated Visual China Map Yang Jing mapping.
Recently established 4 initiators**
Since the beginning of this year, it has been difficult for public offerings to raise new offerings, especially equity. However, judging from the issuance statistics of institutions during the year, among the new issuances, the number of initiators** has hit a new high in the year. This means that even if the market sentiment is sluggish, institutions still use practical actions to long the capital market.
Wind statistics show that as of December 8, a total of 369 (statistical initial shares) initiated ** have been established this year, which has exceeded the 351 in the whole of 2022 and has the largest number among all establishment years. Statistics show that at present, there are 1,885 public offerings, and the number of established ones has reached 19 this year58%。
Initiation refers to the fact that the manager, the shareholder of the manager, the senior management of the manager or the manager as the initiator promises to subscribe for a certain amount and hold it for a certain period of time. Compared with ordinary open-ended**, the first feature of the initiator** is that the promoter is required to participate in a certain number of subscriptions and hold it for a certain period of time, while the ordinary open** has no such restrictions.
Recently, China Life Security has established 4 types of initiators. According to the announcement, on December 7, China Life Security Quality Consumption Initiation Investment was formally established, and China Life Security contributed to subscribe for 10 million yuan, and the holding period of the first share of the initiation fund subscription was not less than 3 years from the effective date of the contract, sharing interests and risks with other holders.
Of course, the threshold for the establishment of a public offering is to raise at least 200 million yuan and at least 200 investors. In this way, in this kind of investor structure, it is easy to have a situation where all the insiders of the manager buy shares.
It should be pointed out that this form is also conducive to the "benefit" after all, after ordinary investors participate in the investment, the income and loss of the first class also directly affect the interests of institutional investors. Therefore, the design of such products also gives investors more confidence in long-term holding.
The performance of stock products is significantly differentiated
In addition to the above-mentioned advantages, another feature of this type of ** is that the exit mechanism is more stringent, and the general contract will specify the ** scale requirements within the specified time, and if the standard is not met, there is a risk of contract termination. Although this is a spur to the ** manager, from the actual situation, the differentiation of product performance is still very large, and some ** have sounded the liquidation alarm.
Wind statistics show that among the 1,885 above-mentioned stocks, 781 of them have a negative rate of return since their inception, and from the perspective of the difference between the beginning and end of the performance, the highest rate of return is 28364%, while the lowest gain was -66%.
From the perspective of the first type, the medium and long-term performance of passive products is relatively excellent, while some actively managed products, whether debt-based or equity-based, have fluctuated greatly in recent years.
It is worth noting that, judging from the recently established initiator**, it is obvious that active equity products account for the majority, including China Life Security Quality Consumption, Galaxy High-end Equipment, Huaan Vision Wisdom, Bosera Huize, Harvest Innovation Power, etc., which is very different from the situation that was generally concentrated in passive products in the past, especially ETF (exchange-traded open-ended index**) connection**.
Some analysts pointed out that the new offering of public offering ** encountered difficulties, many mainstream channels were weak in expansion, and the equity market is currently facing insufficient incremental funds and the core weight is difficult to see valuation repair, so the layout of some pro-cyclical varieties is optimistic, but limited by the strict exit mechanism of the initiator, some products with poor performance and long-term scale "mini" have to be passively withdrawn from the market.
On December 8, Minsheng Jiayin CSI 200 Index Enhanced Initiator** issued a suggestive announcement that may trigger** the termination of the contract. According to the relevant regulations, on the date of the effective date of the ** contract, if the net asset value of ** is less than 200 million yuan, the ** contract will be automatically terminated and liquidated in accordance with the procedures agreed in the contract, and the contract term shall not be extended by convening a general meeting of ** share holders.
In terms of the current stock of products, there are not a few initiators with a scale of less than 200 million yuan. Wind statistics show that as of December 8, there are 869 initiators** with a total scale of less than 200 million yuan, although some have not yet reached the assessment period, but the performance and scale of some products have been "double killed", and such ** may not escape the fate of liquidation in the future.
National Business Daily.