China Fund News reporter Fang Li and Lu Huijing
On the first working day after the Mid-Autumn Festival, the much-watched China Securities A500ETF issuance war came again.
On September 18, J.P. Morgan Fund announced that Morgan CSI A500ETF ended its fundraising ahead of schedule, which also means that the fund completed the fundraising target of 2 billion yuan in only 5 trading days. J.P. Morgan CSI A500ETF is also the second CSI A500ETF to announce early closing after Harvest CSI A500ETF closed its fundraising ahead of schedule.
According to sources, in addition to the two CSI A500ETF under Harvest and Morgan taking the lead in completing the issuance of 2 billion yuan, at present, the initial offering scale of Invesco Great Wall CSI A500ETF may have exceeded 1.7 billion yuan, the initial offering scale of CSI A500ETF under Fuguo and Huatai Berry may have exceeded 1 billion yuan, and the first batch of 10 CSI A500ETF has raised more than 10 billion yuan.
JPMorgan CSI A500ETF closed its fundraising ahead of schedule
On September 18, J.P. Morgan Fund announced that its J.P. Morgan CSI A500ETF would end its fundraising ahead of schedule on the same day.
According to the previous announcement, the fund's initial offering size is capped at 2 billion yuan. According to the latest announcement, the fund manager has decided to advance the deadline for the JPMorgan CSI A500ETF to September 18. It took only five trading days for the fund to start raising on September 10, and Wind data shows that JPMorgan CSI A500ETF is the first product to close its fundraising among the CSI A500ETF to be listed on the Shanghai Stock Exchange.
On September 13, Harvest CSI A500ETF announced that it had raised funds in advance and launched the doomsday proportional allotment, which also means that JPMorgan CSI A500ETF is the second fund in the first batch of CSI A500ETF to be closed ahead of schedule.
It is reported that J.P. Morgan Asset Management, as the only foreign public offering to participate in the first batch of issuance, has gathered again after receiving the approval, and is firmly optimistic and said that it will build a "series A" ETF for J.P. Morgan. In order to popularize and promote the CSI A500 Index, J.P. Morgan Asset Management organized a product launch conference and online live broadcast on the first day of issuance to professionally analyze the investment value of the index. During the issuance period, the retail channel service team carried out nearly 300 training roadshows for brokerage customers.
In addition, public data shows that J.P. Morgan Asset Management is the only company that has set up a mandatory dividend mechanism in both the CSI A50 ETF and the A500ETF.
Han Xiuyi, the proposed fund manager of JPMorgan CSI A500ETF, said that the CSI A500 Index, as a newly compiled broad-based index, can be described as a broad-based index with a high amount of "new", covering more leading companies in subdivided fields and representative companies of emerging industries. In the new wave of scientific and technological revolution, high-quality enterprises representing the development direction of new quality productivity are expected to bring more source of living water to the capital market and allow investors to better share the fruits of high-quality economic development.
The total fundraising scale in the first 5 working days may exceed 10 billion yuan
The China Securities A500ETF issuance war is still in full swing, the major brokerages are very active, participation enthusiasm is high, from the issuance of the situation, Guotai Junan, CITIC Securities, Galaxy Securities, Huatai Securities and other brokerages are actively participating in the publicity of the issuance.
According to sources, in addition to Harvest CSI A500ETF and JPMorgan CSI A500ETF taking the lead in completing the issuance target of 2 billion yuan, the CSI A500ETF under Invesco Great Wall may have raised more than 1.7 billion yuan, and the initial offering scale of CSI A500ETF under Fuguo and Huatai Barry has also exceeded 1 billion yuan, and the CSI A500ETF under the remaining fund companies also have an issuance of hundreds of millions of yuan. The total fundraising scale of these 10 CSI A500ETF may have exceeded 10 billion yuan.
"With the continuous development of major sales channels, the amount raised by the first batch of CSI A500ETF is expected to further increase in the next few days, and it is not excluded that CSI A500ETF will end the fundraising ahead of schedule." Analysis by a brokerage sales person.
Another industry insider also said that the offline stock offering can also bring a certain scale to the CSI A500ETF, and the successive entry of institutional funds is expected to further increase the fundraising scale of the CSI A500ETF.
As the first core broad-based index since the new "National Nine Measures", the CSI A500 Index selects 500 stocks with strong market capitalization and industry leaders, taking into account the large market capitalization and covering the core leading assets of various A-share industries in a balanced manner. Among the comparable core broad-based indices, the new quality productivity content is high, which can better reflect the changes in the microstructure of the A-share market in the process of China's high-quality economic development, and is expected to become a unique symbol of the development of China's modern industrial system, and also bring diversified choices and new opportunities for investors to index layout.
A few days ago, China Securities Index Company released the "CSI A500 Index Feature Analysis", and JPMorgan Fund explained that the CSI A500 Index has achieved the two-wheel drive of "core assets" and "new quality productivity". Through the full coverage of the industry, it comprehensively depicts the changes in the economic development structure and the transformation and upgrading of the industry; Not only the constituent stocks are selected based on market capitalization, but also avoid missing out the subdivision leaders with development potential.
Look at the investment value of CSI A500
In fact, many fund companies are also optimistic about the current investment value of CSI A500.
Gong Lili, the proposed fund manager of Invesco Great Wall CSI A500ETF, believes that the continued weak volatility of A-shares may also give birth to a better opportunity to lay out CSI A500ETF. At present, from the perspective of valuation, risk premium and trading activity, A-shares are in the historical bottom area.
At the same time, compared with the stock indexes of major overseas markets, the valuation advantage of A-shares is also very prominent. In addition, some indicators show that China's economy is already in the bottom zone and has structural resilience, considering that the Fed's interest rate cut cycle is expected to start in the second half of the year, global risk appetite is increasing, overseas liquidity margins are improving, and fiscal policy in the first half of the year is more prudent, accumulating more policy space for the second half of the year, investors do not need to be overly pessimistic about A-shares.
Tan Hongxiang, deputy director of the index investment department of Huatai Berry Fund and proposed fund manager of China Securities A500ETF Fund, believes that the mainland capital market as a whole has experienced a correction process in the past two years, and the current economy is expected to further recover, and the clearing of market risks may gradually come to an end. Looking at home and abroad, the Fed's interest rate cut expectations are expected to strengthen the global monetary cycle gradually from tightening to easing, a series of domestic deepening reform measures to promote high-quality development and the upgrading and transformation of traditional industries or continue to accumulate, new technologies, new industries, new models are accelerating, the pricing power of funds for growth assets is expected to be restored, in the short and medium term, some low-valuation large-cap blue-chip and sub-industry leaders are expected to become a strong starting point for finding market opportunities in the expected improvement.
"The release and productization of the CSI A500 Index is expected to provide differentiated allocation tools for the majority of investors to lay out the subdivision leaders in the emerging fields of A-shares and share the growth dividends of China's new era." Tan Hongxiang said, "The CSI A500 Index is more balanced in terms of industry and style, which is expected to enable it to achieve a longer cycle of excess returns in the future style evolution, among which the emerging industry leaders such as electronics, pharmaceuticals and military industry in the recovery of the inventory cycle and the start of the technology cycle may become the main force contributing to the income." ”
Editor: Captain
Review: Muyu