Recently, China Securities Journal reporters from e-commerce andfund companyI have learned that some e-commerce and third-party sales organizations are working with the upcoming Kechuang board.fundCompany communication to understand the science and technology boardHit newProducts, such as the new weapon "playing new treasure" and other products are brewing.
Participate in the science and technology board
A fund person told reporters that at present, more than one e-commerce company is communicating with its fund company about the new fund product dedicated to science and technology. Another e-commerce person also said that he is currently learning about the strategies of various fund companies on the new aspects of science and technology. "More than one of our e-commerce companies, there are two other peers who are also communicating with fund companies, some third-party sales organizations. There is also this kind of willingness."
The China Securities Journal reporter learned that the cooperation mode between the fund company and the e-commerce company is mainly that the e-commerce company will inject funds into the old fund products that are currently available for retreat, and then package them into new products specifically for the science and technology board. management.
Fund person Fan Wei (pseudonym) said: "At present, all public funds that invest in A shares can participate in the new board, but the new ratio is not high in a single fund, and the cooperation with e-commerce is mainly designed. It is a product based on the new board of science and technology. But unlike the institutional custom fund, the customized fund must be an initiating operation, and no new initiating customized fund is approved. Therefore, if the future science and technology board is approvedNew incomeThe higher the rate, the new fund is designed to be a new strategy product, rather than a customized product. ”
According to him, fund companies generally do not have a new mixed strategy fund. "On the one hand, in terms of playing new, its own income is limited and cannot completely cover the operation of a fund product. On the other hand, the new strategy cannot be used as a fund's strategy from beginning to end, that is, playing new is not the main strategy. Moreover, the new volume is not large. Therefore, in the future, fund companies will, in addition to playing new strategies, superimpose a certain proportion of other strategies to maintain the operation of the new fund.
When talking about the issue of e-commerce investment, the above-mentioned fund sources said, "Generally 200 million yuan is the optimal size for playing new funds. E-commerce investment will not reach so much, so the overall size of the new fund will not be large in the future."
Still have more uncertainty
For such cooperation with e-commerce and fund companies, some industry insiders believe that it has certain innovative significance for public funds. A senior fund person said: "For public funds, on the one hand, some of the mini-funds that are on the verge of liquidation are currently in a state of stagnation. Early fund companies also spent a certain amount of money on the issuance of products, so the willingness to choose to liquidate is not strong, if E-commerce capital injection can prevent some funds from being liquidated; on the other hand, public funds that invest in A shares can participate in the science and technology board, but other assets such as insurance and bank assets have not provided the same opportunities, so for public funds In the future, there is a lot of room for imagination."
Fan Wei also said: "With the advancement of the science and technology board, the cooperation between e-commerce and fund companies means the arrival of new market opportunities. However, as the specific rules have not yet been clarified, there are still many uncertainties in the development of the board. Therefore, there is no substantial progress in the current cooperation, and e-commerce is still in the observation stage of understanding the strategies of various fund companies."
It is worth noting that there are still some differences in the current forecast for the new revenue of the science and technology board. Some fund managers said that the company's board of directors to determine the issue price by means of institutional inquiry, the possibility of large-scale breaks in the future is unlikely. In the long run, the trend characteristics of the relevant targets of the Science and Technology Board will be closer to the Hong Kong stock market. According to statistics, the Hong Kong stock market in the past 4 yearsNew sharesThe probability of a rise of more than 0 on the first day was 60%, 77%, 75%, and 73%, respectively. Even in the case of poor market 2018, the average opening price of new shares in the Hong Kong stock market still exceeded 17%. However, some fund managers also said that there is a risk of breaking the stocks listed on the board of Science and Technology, and it is not absolutely safe to hit the board. In addition, the first five trading days of the company's board did not increase the limit, the multiple factors such as the price-earnings ratio of individual stocks and the market value of the issue will affect the new rate of return.
(Article source: China Securities Journal)