The first public offering product failed to be raised in the year of the tiger appeared, Boc International (China) Co.Ltd(601696) Guozheng new energy vehicle battery ETF announced that the fund contract could not take effect. At the same time, in terms of fund issuance scale, number of subscribers and other indicators, the issuance of new funds encountered a "cold wave".
In this regard, some fund institutions said that in the short term, it is difficult to judge when the market adjustment will end due to the superposition of a series of negative factors. However, in the long run, growth stocks represented by TMT, new energy and medicine represent the future development direction of China's economy.
"freezing time"
On February 12, BOC International Securities announced that Boc International (China) Co.Ltd(601696) national securities new energy vehicle battery ETF began to be raised on November 12, 2021. As of February 11, 2022, the fund raising period expired, and the fund failed to meet the conditions for fund filing specified in the fund contract, so the fund contract could not take effect. This became the first fund product that failed to raise funds since the lunar year of the tiger.
In addition, from the key indicators such as the issuance scale and the number of subscribers of new development funds since 2022, the issuance of new development funds has encountered a "cold current" and ushered in a "freezing point". According to datayes, a total of 148 new funds were established in the first month of 2022, with a total raising scale of only 118.820 billion yuan and an average issuance scale of only 802 million copies. In January 2021, a total of 122 new funds were established, with a total issuance scale of 490.14 billion yuan, and the average scale of a single fund reached 4.018 billion yuan. Compared with December 2021, it can also be observed that in January this year, the total amount of fund-raising in a single month decreased sharply, and the establishment scale of a single fund also decreased significantly.
From the subscription number of new development funds, we can also see the "chill" of fund issuance. Taking the China Merchants Yuhua hybrid fund established on February 11 as an example, the establishment scale of the fund is 214 million yuan, and the total number of subscribers is only 332. SDIC UBS Aetna hybrid, established on January 25, raised 227 million yuan for the first time, while the total number of subscribers was only 227.
The bleakness of new development funds has led some funds to extend the raising period. For example, e fund China Securities leading enterprise index securities investment fund has been raised since December 3, 2021, and the original deadline for raising was January 27, 2022. In order to meet the investment needs of investors, e fund decided to extend the fund raising period to February 18, 2022.
looking for opportunities
There is a saying in the fund industry that "it is easy to make money but not easy to make money". Most of the poor issuance of new funds appear at the bottom of the market adjustment.
However, in reality, the "low tide" of the fund issuance market brought by the market adjustment has brought great pressure to all parties. On the fund manager's side, the weakness of the new development fund has brought "negative feedback" to the investment in the popular track in the early stage. "In the absence of incremental funds, the overvalued value of popular tracks is difficult to maintain, which promotes more market funds to leave." Some fund managers said. On the side of fund companies and issuance channels, the weakening of market profit-making effect is bringing changes to the ecology of the whole industry. "The communication between investors has become difficult, and the mutual trust mechanism has been tested." The person in charge of South China regional channel of a fund company in Shanghai said.
However, the fund did not slow down the pace of looking for opportunities. Chen Ping, fund manager of HSBC Jinxin technology pioneer fund, believes that in the short term, it is difficult to judge when the adjustment will end due to the superposition of a series of negative factors. However, in the long run, growth stocks represented by TMT, new energy and medicine represent the future development direction of China's economy, and representative high-quality companies will continue to emerge in the process of China's economic transformation and upgrading.
"We mainly focus on two points: performance and valuation. Performance is the core anchor of the market. The growth of corporate profits and the improvement of quality are the most important and solid foundation for the long-term improvement of A-Shares in the future. The industries with dominant performance growth will still be the most important direction for the market to generate revenue in 2022." Zou Wei, deputy general manager and chief equity investment officer of Huian fund, said.
