The number of initiators** has reached a new high in the past five years.
According to the statistics of wind information, as of December 12, a total of 370 initiators were established during the year, exceeding the number of years from 2019 to 2022.
Industry insiders believe that the number of initiators has a greater relationship with the performance of the capital market, and when the market is weaker, the number of initiators is more. On the one hand, the characteristics of initiator make it relatively easy to set upOn the other hand, the establishment of the initiator is also a manifestation of the manager's confidence in the future trend of the market, with the consideration of a low-level layout. However, in the context of "wide entry and strict exit", the initiator manager also needs to face a series of tests such as yield and scale.
The market heat has increased against the trend.
Initiation is initiated and established by managers and executives as a certain amount of sponsor subscription. Initiation** emphasizes the consistency of the interests of managers and investors, improves investor confidence and strengthens managers' sense of responsibility through interest sharing.
On December 7, China Life Security Quality Consumption Initiation Investment was officially established. China Life Security Co., Ltd. contributed to subscribe for the 10 million yuan, and the holding period of the first share of the initiating capital subscription was not less than 3 years from the effective date of the contract, sharing interests and risks with other holders.
This is the fourth **type initiator** recently established by China Life Security**. So far, the company has recently used 40 million yuan of its own funds to participate in the first investment. "Under the current circumstances, the establishment of 4 **type initiators** by China Life Security is based on confidence in the long-term healthy and stable development of China's capital market, and conveys confidence to the market with practical actions. China Life Security** said.
In fact, a total of 370 initiators** were established during the year, a record high in the past five years. According to the statistics of wind information, from 2019 to 2022, there will be 185, 192, 321 and 351 initiators established in each year.
In this regard, Dai Jingxia, a senior analyst at Morningstar (China) ** Research Center, told the reporter that generally speaking, the number of initiators has a greater relationship with the market, and in a relatively sluggish market environment, it is more difficult to issue new ones. On the one hand, the threshold for raising funds is lowered, which can ensure the smooth establishment of **On the other hand, choosing a low-point layout can also take the opportunity to accumulate long-term investment performance.
In the view of Chi Yunfei, a senior analyst at the Shanghai Evaluation Center, the increase in the number of initiating companies is mainly related to the importance of the company. Due to the advantages of low threshold, interest binding, and easy innovation, the initiation type has been paid more and more attention by the company in recent years, and the issuance volume has also increased steadily. However, due to the fact that the issuance of ordinary ** is more susceptible to the influence of the market, the issuance of ordinary ** has gradually cooled down since last year, and in comparison, the initiating ** market appears to be hotter.
Rise to the challenge of revenue and scale.
The initiator has the characteristics of "wide in and strict out", which also makes it relatively easy to establish, but during the holding period, the ** manager also faces some tests, and needs to increase the ** rate of return, and at the same time do large-scale to avoid forced liquidation after 3 years.
Dai Jingxia said that the "wide entry" means that the establishment threshold is low, and it is not subject to the minimum establishment threshold of 200 effective subscription households and 200 million yuan of raised funds, and only needs to meet the conditions that the first manager, senior executive or manager as the first initiator subscribes for an amount of not less than 10 million yuan and the holding period is not less than 3 years. "Strict" refers to the stricter requirements for holding business after the establishment of **, if the scale of the initiator is less than 200 million yuan after 3 years of establishment, it needs to automatically terminate the contract, compared with the ordinary ** may trigger the termination of the **contract conditions, the initiator ** faces greater challenges and the risk of liquidation is also greater. In addition, due to the small management scale, initiators often face higher operating costs, which will also erode revenue, which is not conducive to attracting funds to join, thus making it difficult to expand the scale.
Dai Jingxia said that the initiation should be large-scale through holding operations, and improving the performance of the first class is the key. Managers need to improve the stability and sustainability of excess returns through excellent investment capabilities, clear and stable investment strategies, and strengthen portfolio risk control, and maintain the stability of investment styles and risk-return characteristics, so as to enhance investors' investment experience and attract more funds to join. At the same time, the company can also consider reducing sales expenses, management expenses, etc., to improve the return rate of investors. In addition, companies can also attract investors and build closer relationships with them by providing differentiated services such as education and training, regular reporting, etc. It should be noted that the expansion of the scale and the increase of the rate of return of the initiator is a long-term process, which requires the continuous efforts of the company and the manager, and give full play to the professional investment ability.
Chi Yunfei believes that for some representative high-quality initiators, it is necessary to strengthen the publicity of holding the business to prevent forced liquidation due to lack of promotionFor some products that are not highly recognizable and have poor performance, it is necessary to enhance their competitiveness. At the same time, initiators cannot only be used as a laboratory for new products or a "channel" for institutional funds. Of course, for products with insufficient product competitiveness and low cost performance, you can also choose to liquidate to release the investment and research resources of the company.
In fact, with the arrival of the three-year period, there are indeed some initiators** who are forced to liquidate or face the risk of liquidation due to the scale not meeting the standard. For example, on December 8, a ** company issued a suggestive announcement on the possibility of triggering the termination of the contract by one of its initiators, as of December 16, if the net asset value of ** is less than 200 million yuan, the ** manager will perform the ** property liquidation procedure and terminate the ** contract in accordance with the provisions of the ** contract, without the need to convene a ** share holder meeting.
Reporter Wang Ning Leng Cuihua.