The market profit-making effect is poor. Three funds failed to raise in eight days, including the theme ETF focusing on consumption and new energy vehicle track and the “fixed income +” fund with high popularity in the near future.
Public offering analysts pointed out that the current market is relatively depressed, and the cold of fund issuance is a more obvious phenomenon. However, when the market fluctuates, it is often a good opportunity for layout. With the increase of positive factors, the market is expected to gradually pick up in March.
failed to raise consumption themed ETF
According to the announcement on the ineffectiveness of the fund contract of Ping An China Securities Hong Kong stock connect consumption themed trading open-ended index securities investment fund issued by Ping An fund on February 19, Ping An China Securities Hong Kong stock connect consumption themed ETF began to be raised on November 18, 2021. As of the expiration of the fund raising period on February 17, 2022, the fund failed to meet the fund filing conditions, The fund contract cannot take effect.
Source: Fund announcement
According to the content of “fund raising” in part V of the consumption theme ETF fund contract of Ping An China Securities Hong Kong stock connect, if the fund fails to meet the conditions for fund filing at the expiration of the raising period, the fund manager shall bear the debts and expenses arising from the raising; The subscription funds paid in cash by investors shall be returned within 30 days after the expiration of the fund raising period, plus the interest on demand deposits in the same period; In addition, all expenses paid by the fund manager, custodian and sale agency for fund raising shall be borne by each party.
In addition to Ping An CSI Hong Kong stock connect consumption theme ETF, since the beginning of the year of the tiger, there have also been cases of fund raising failure in Tongtai fund and BOC International Securities.
On February 12, BOC International Securities announced that Boc International (China) Co.Ltd(601696) Guozheng new energy vehicle battery ETF began to be raised on November 12, 2021. However, as of February 11, 2022, the fund raising period expired and failed to meet the fund filing conditions, so the fund contract could not take effect.
According to the announcement of Tongtai fund on February 16, the company’s Tongtai Tongxiang hybrid securities investment fund began to be raised on November 15, 2021. As of February 15, 2022, the fund raising period has expired and the fund filing conditions have not been met, so the fund contract cannot take effect. Different from the above two ETFs, Tongtai Tongxiang hybrid fund is a partial debt hybrid active management product. The proportion of stock (including depositary receipts) assets in fund assets is 0-40%, which is the so-called “fixed income +” fund.
The tracking index fell significantly
According to the regulations, the establishment of a new fund shall, within three months from the date of the sale of fund units, raise not less than 200 million units, raise not less than 200 million yuan, and the number of effective subscribers of fund units shall not be less than 200.
An investment analyst in South China pointed out that since 2022, the performance of equity assets has been poor and the investor sentiment has been depressed, which has cooled the new development fund, and the theme fund focusing on the high boom track bears the brunt.
According to the index of battery and diaphragm materials of new energy vehicles listed in the country, there are 696 new energy vehicles and new energy vehicles, including the battery and diaphragm materials listed in the new energy chain, and the ETF} index of new energy vehicles. As of February 21, the index has fallen 11.30% since 2022.
The target tracked by Ping An CSI Hong Kong stock connect consumption theme ETF is the CSI Hong Kong stock connect consumption theme index, which selects 50 consumption theme related securities with good liquidity and large market value from the scope of Hong Kong stock connect securities as the index sample. The top ten heavyweights are Tencent holdings, meituan-w, Xiaomi group-w, Chuangke industry, Byd Company Limited(002594) shares, Li Ning, nongnongshanquan Anta sports, Kwai -W, Mengniu Dairy. As of February 21, the index fell by 33.08% in the past year and 5.63% since 2022.
Source: website of China Securities Index Corporation
It is worth mentioning that, in addition to Ping An China Securities Hong Kong stock connect consumption theme ETF, there are currently three ETF products tracking the index, namely Huaxia China Securities Hong Kong stock connect consumption theme ETF, Penghua China Securities Hong Kong stock connect consumption theme ETF and Yinhua China Securities Hong Kong stock connect consumption ETF established on January 12 this year So far this year, as of February 21, the net value of the three products fell by 3.9%, 5.81% and 5.47% respectively.
market sentiment is expected to gradually pick up
Zeng Peng, managing director of Boshi fund and director of equity investment and research integration, pointed out that in the short term, if the investment performance of the fund in the previous year is poor, it will be difficult to sell new funds in the next year. It is normal that the fund performance investment is poor in 2021 and the fund issuance is cold at the beginning of 2022. Coupled with the relative downturn of the current market, this phenomenon is more obvious.
But historically, every round of market volatility is a good investment opportunity for excellent asset management institutions. The trend of asset allocation of Chinese residents’ wealth to equity asset allocation will not change. With the gradual recovery of the market in the future, it is believed that excellent products will return to the track of “easy to do and easy to make”.
Jingshun Great Wall Fund pointed out that under the current background, “wide currency” will be gradually transmitted to “wide credit”, the economy is expected to stabilize and recover gradually, the market sentiment is also expected to gradually pick up, and investors can remain optimistic. In 2022, the growth track is still expected to maintain a high prosperity, and after the early correction of growth stocks, the cost performance has been significantly improved, and the sector market is expected to be gradually supported at the valuation level.
China Merchants Fund pointed out that in March, positive factors will increase and the market is expected to gradually pick up. As the high boom industries collectively enter the reasonable valuation range, the overall market valuation is reasonable, and the market adjustment momentum will be significantly weakened. Excluding the industries affected by the epidemic, industries with obvious development driving force and reasonable valuation may become the key to determine the investment performance in 2022.
