Recovery of debt base and suspension of public offering of stock base



As the market continues to fluctuate in recent days, the public offering fund’s subscription business is also in frequent condition. Beijing Business Daily reporter noted that since April, bond funds, stock funds, hybrid funds and other funds of several fund companies have frequently issued relevant announcements on suspending large amount subscription or resuming large amount subscription business. Among them, most bond funds have resumed large-scale subscription in the near future, and some of them have increased the quota of large-scale subscription. At the same time, equity funds are generally suspended large subscription, and set a relatively low subscription limit. In the view of industry insiders, behind this situation, the large amount purchase of debt funds may be mainly related to the recent dividend, while equity funds are more related to the market performance.

The debt base is frequent and large amount purchase is resumed

Recently, it is not uncommon for fund companies to adjust the large amount purchase business of different products, even more frequently. According to public statistics, on April 15 alone, as many as 30 announcements about the large amount of fund purchase were issued. Among them, GF alone issued 16 announcements, accounting for more than half. In addition, e-fonda, harvest, China Merchants and many other large public offerings have also made similar announcements. In terms of the types of products announced, 24 bond funds, accounting for 80% of the total, have become the “main force”, while the number of equity funds is relatively small, with a total of 6.

However, the Beijing Business Daily reporter noted that from the adjustment direction of various fund companies for different types of products, there are different attitudes. For example, for bond funds, the limit of large-scale subscription is usually increased to resume large-scale subscription and transfer in business, while for equity funds, the limit of large-scale subscription is generally reduced.

Specifically, GF king and short and medium term bonds announced that in order to meet the investment needs of investors, they decided to adjust the business limit of institutional investors’ single fund account subscription (including fixed and non fixed investment business) and transfer into the fund to 1 million yuan from April 16. It is worth mentioning that it was only on April 9 that the fund reduced the limit of large-scale subscription of institutional investors from 1 million yuan to 100000 yuan. At that time, the reason mentioned in the announcement was to protect the interests of fund share holders.

In fact, in addition to the fund, some bond funds of GF fund, Changsheng fund and Taiping fund also announced the resumption of large-scale subscription on April 15. According to the previous announcement, many funds also suspended large-scale subscription in the near future. So, why do many debt bases suspend large amount of purchase in the near future, and then quickly resume the limit?

For this situation, a large public offering practitioners admitted that this is mainly related to the recent fund dividends. According to its disclosure, there is no need to pay tax on the dividend income of the fund, and so are the institutional investors with large amount of funds. Usually, a notice will be issued before the fund dividends. If there is a large amount of purchase during this period, it is equivalent to helping the relevant institutions to avoid tax. Therefore, the large amount of purchase will be suspended before the dividend, and it will be released again after the dividend.

“It’s not only the problem of tax payment, but also the difficulty of fund manager’s operation in the short term due to the large amount of subscription funds. If the relevant funds are redeemed quickly after dividends, it will affect the operation of the product again and affect the interests of other holders.” The practitioner added. In this regard, the Beijing Business Daily reporter found that, as the above practitioners said, a number of related funds have indeed appeared in the recent dividend.

The main reason for the lack of profit-making effect of stock based “thank-you”

Compared with the debt based relaxation of the “threshold”, equity funds are generally “closed door”. For example, on April 15, harvest optimized dividend mix announced that in order to ensure the sound growth of fund performance and scale and provide better services to investors, it decided to adjust the subscription business limit of the fund to 10 million yuan from April 15. On the same day, e-fonda Yuru flexible configuration mix, GF Ruiyi leading mix, etc. also announced the adjustment of large subscription business limit, with the minimum limit as low as 800000 yuan.

Some analysts pointed out that the recent situation of large amount purchase of different types of funds is quite different, and to a certain extent, it is also affected by the market.

Guo Shiliang, a financial commentator, said that the majority of large-scale applications for the resumption of the debt base, while the majority of large-scale applications for the suspension of equity funds, was related to the overall market environment and investment sentiment. At present, equity assets are still in the stage of risk release, and fund managers dare not rashly release the restrictions on subscription. In contrast, bond funds are more able to avoid risks, the potential investment risk is not high, and the market demand for hedging is greater than the demand for value-added.

Yang Delong, chief economist of Qianhai open source fund, also pointed out that the performance of A-share market has been relatively low recently, with repeated shocks. In other words, the overall market has less opportunities to make money. Therefore, for equity funds, further restrictions on large-scale purchase are more likely to be related to the current market. Even if there is a large amount of capital purchase, it is not easy to obtain outstanding returns in operation.

Beijing Business Daily reporter Meng fanxia Liu Yuyang

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