Interface News Reporter | Zou Wenrong
Without a public offering license but not wanting to liquidate, recently, Donghai Securities for its large collection of public products to "continue the life" of the operation seems a little confusing.
On April 17, Donghai Securities (832970. NQ) released the announcement of its two large asset management products, "Donghai Hairui Zhiyuan (970048)" and "Donghai Hairui Ruiyi 3-month fixed opening (970050)".
According to the announcement, as of November 6, 2023, the net asset value of the collective plan has been less than 50 million yuan for 60 consecutive working days, and Donghai Securities has submitted a solution to the China Securities Regulatory Commission for continuous operation.
Donghai Securities decided to convene a general meeting of holders of the shares of the collective plan by means of communication to review the continuous operation plan of "Donghai Hairui Rui Rui Determined to Open in 3 months", and proposed that the holders authorize Donghai Securities to handle specific matters related to the continuous operation of the above-mentioned products.
On the one hand, it is preparing to convene a general meeting of holders to discuss the continuous operation of the product, and on the other hand, "Donghai Hairui Zhiyuan" announced the unsuccessful results of the first general meeting of holders on April 17.
The reason for the failure is that the votes of the share holders are not more than half.
However, according to the regulations, if the first general meeting of shareholders is not successfully held, Donghai Securities can still reconvene the general meeting of shareholders on the same proposal within 3 months and 6 months after the first general meeting of shareholders.
Industry insiders revealed to Jiemian News reporters that when managers want to continue to operate the product, most of the second meetings can be successfully convened by contacting the holders of the "key minority" and passing the corresponding resolution documents.
The above inference can also be corroborated from the past announcements of several large collection products of Donghai Securities.
Wind shows that as of now, Donghai Securities has a total of 11 large-scale public participation transformation products, and if the effective date of product transformation is the standard, only one of the 11 products was established in 2022, and the remaining 10 were all established in 2021.
In accordance with the three-year duration of the securities company's large-scale collection plan required by the China Securities Regulatory Commission, the above-mentioned 10 products of Donghai Securities will expire this year.
Up to now, among the above 10 products, "Donghai Securities Haiying 6 months holding (970083. OF)" has successfully held the second general meeting of holders on March 13, 2024, and in addition, "Donghai Securities Haiying 3-month holding (970080. OF)", Donghai Securities Haixin Zunli (970082. OF)" and "Donghai Securities Haixin Tianli Short-term Bond (970081. OF)" was successfully held.
This also means that the above four products will continue to operate after expiration.
It is worth noting that Donghai Securities mentioned in various announcements that it had submitted a product continuity operation plan to the CSRC, but did not explain how it would continue to operate.
At present, Donghai Securities does not hold a public offering license, nor has it applied for a brokerage asset management subsidiary, and only holds shares in Donghai Fund, which is the largest shareholder of the latter, holding 49.94% of the shares.
In 2018, the China Securities Regulatory Commission (CSRC) issued the Operational Guidelines for the Application of Large Collective Asset Management Business of Securities Companies, which stipulates that there are two ways to transform the large collection of asset management products of securities companies: 1) using "one card" to reasonably convert the large collection into the scale of public funds, and 2) using "one participation and one control" to transform the large collection into a public offering fund under the public offering manager of the subsidiary, otherwise it can only move from postponement to liquidation.
A staff member of a brokerage asset management institution told reporters that if in accordance with the above policy requirements, Donghai Securities may only have the operation idea of changing the product manager to Donghai Fund to continue the "life" of its large collection products.
However, for the above speculation, the vice president of asset management of a brokerage company in North China believes that although there is a possibility that Donghai Securities will change its large collection products to Donghai Fund, it is limited to large-scale products, and small and micro (fund size ≤ 50 million yuan) is meaningless.
In this regard, Donghai Securities told the interface news reporter that the company strictly follows the requirements of the new regulations on asset management for management operations, and the later recommendations are subject to the announcement.
According to the statistics of Jiemian News reporters, up to now, most managers have chosen to postpone the operation of large collection products under the premise of holding public offering licenses or asset management subsidiary licenses, but some products have also been directly "liquidated".
In August 2023, Founder Securities adjusted the manager of "Founder Securities Golden Cube Holding A for One Year" from Founder Securities to Founder Fubon Fund, a holding public offering subsidiary. This is the first time that the change manager of the collective products of the University of Participation has extended the duration of the program.
Huabao Securities' previous research report pointed out that the largest collection of public participation in the management scale of the top brokerage companies have public offering layout actions, Founder Securities' successful practice provides a reference for the transformation of large collection of securities products, and trying to revitalize the scale of large collection of public participation is also an important driving force for securities companies to make public offerings, and strive to achieve the steady development of asset management scale under the stock game.
As of the end of 2023, the total scale of Donghai Securities' 11 large collection products is 2.03 billion yuan, except for the "Donghai Securities Haixin Shuangyue 3-month rolling A" and "Donghai Securities Cash Steward" products, the rest of the products are less than 50 million yuan.
"At present, these small micro may be operating simply to protect the shell, but it is meaningless. Donghai Securities has not applied for a public offering license, and naturally it cannot operate until the day when it is transferred to a public offering fund, and it is likely to be liquidated. In the eyes of industry insiders.
It is understood that although the new regulations of "one participation, one control and one license" have broadened the track for the public offering business of securities companies' asset management, it is not easy for securities companies to directly obtain licenses.
In addition to the need to first approve the asset management subsidiary of the securities company, the asset management of the securities company must also meet the requirements of the average monthly securities asset equity management scale of 5 billion yuan in the past three years.
"The equity scale of 5 billion yuan is very difficult for the vast majority of brokerage asset management. A brokerage asset manager said.
Donghai Securities' 2023 semi-annual report shows that as of the end of the reporting period, the company's asset management scale (collective + single + special) totaled only 4.394 billion yuan.
According to the Economic Observer, recently, the regulator requires fund companies to independently bear various fixed fees such as information disclosure fees and audit fees involved in mini funds, and if fund companies do not bear the relevant costs of mini funds, they need to give solutions before the end of June this year, and change the status of the product mini or liquidate by the end of this year.
"Under the above-mentioned new regulations on mini fund supervision, there will be more and more large-scale public participation products that choose to be liquidated in the future. The analyst noted.
Wind shows that as of the end of December 2023, among the 215 large collection products of brokerages, 30 collective asset management plans have a scale (total) of less than 50 million yuan, accounting for 13.95%.