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China Fund News reporter Cao Wenjing and Lu Huijing

After failing to sell in May this year, today, JD.com's judicial auction platform showed that 22.60% of Donghai Fund's shares failed to sell for the second time. In addition, another small and medium-sized fund company, Qianhai United Fund, also encountered no bids in its recent second equity auction, and ultimately failed to sell.

Many industry insiders said that the Matthew effect in the fund industry is currently intensifying, small and medium-sized public funds are facing fierce competitive pressure, and the failure of equity transfers also reflects the current market's relatively conservative attitude towards taking over the equity of small and medium-sized fund companies.

Donghai Fund's 22.6% equity failed to be auctioned for the second time

The Shenzhen Intermediate People's Court of Guangdong Province (hereinafter referred to as the Shenzhen Intermediate Court) conducted a second public auction on the JD.com judicial auction platform from 10:00 on July 15, 2024 to 10:00 on July 16, 2024 for the 22.6% equity interest in Donghai Fund held by the debtor Shenzhen Pengbo Industrial Group Co., Ltd. (hereinafter referred to as Shenzhen Pengbo).

This time, the starting price for Donghai Fund's 22.6% equity is 30.18816 million yuan, and the appraisal value is 37.7352 million yuan.

The reporter noticed that the auction attracted 2,820 people, but no one bid. The auction has now ended and the auction result shows that it failed to sell.

Donghai Fund said that the above matters will not have a significant impact on the daily operations of Donghai Fund. The company will continue to pay attention to the progress of equity matters and will protect the legitimate rights and interests of fund unit holders through sound corporate governance, stable business operations and timely information disclosure. If there are matters that need to be disclosed, the company will disclose information in a timely manner and keep in touch with the media.

In January this year, the Shenzhen Intermediate People's Court issued an execution ruling involving a case involving notarized debt instruments between the applicant Shanghai Dongxing Investment Holding Development Co., Ltd. and the respondents Yang Xueping, Pengbo Industry, and Beijing Pengyun Century Capital Management Co., Ltd. Since the respondents did not fulfill the obligations determined by the effective legal documents, the Shenzhen Intermediate People's Court froze the 27.3053% equity of Donghai Fund held by Pengbo Industry in accordance with the law.

According to public information, Shenzhen Pengbo's 27.3053% stake in Donghai Fund was divided into two parts, 22.6027% and 4.7026%, for auction. In the first auction, Changzhou Transportation Construction Investment Development Co., Ltd. won 4.7026% of the shares in May 2024. After the industrial and commercial changes and regulatory filings are completed, the total shareholding of Donghai Fund's state-owned shareholders will exceed 50%.

Public information shows that Donghai Fund was approved by the China Securities Regulatory Commission in February 2013. Its registered capital was 150 million yuan at the beginning of its establishment. Donghai Securities, Pengbo Industrial, and Suzhou Xiangcheng District Jiangnan Chemical Fiber Group Co., Ltd. held 45%, 30%, and 25% of the shares respectively.

In November 2022, Donghai Securities increased its capital by 14.8031 million yuan, and the registered capital of Donghai Fund increased from 150 million yuan to 165 million yuan. At that time, Donghai Securities was the first shareholder, holding 49.94% of the shares; Pengbo Industry and Suzhou Xiangcheng District Jiangnan Chemical Fiber Group Co., Ltd. were the second and third largest shareholders, holding 27.3053% and 22.7544% of the shares respectively. As of December 31, 2023, the equity structure of Donghai Fund remained unchanged.

Wind data shows that as of the end of the first quarter of 2024, the scale of public funds under management of Donghai Fund is 23.221 billion yuan, an increase of 5.21% from 22.07 billion yuan at the end of 2023 and 105.44% from 11.303 billion yuan at the end of 2022. Among them, the scale of bond funds is 23.075 billion yuan.

Donghai Fund's ranking in the scale of public non-cash management has risen from 128th at the end of 2020 to 98th in the first quarter of 2024, up 30 places; the ranking of the growth rate of public non-cash management scale was 10th in 2021, 25th in 2022, 14th in 2023, and 38th in the first quarter of 2024.

Qianhai United Fund's 30% stake also failed to be sold

On July 12, 30% of Qianhai United Fund’s equity was auctioned for the second time. After the previous auction was withdrawn, the second auction also ended in failure.

Alibaba's judicial auction platform shows that this part of Qianhai United Fund's shares is held by the largest shareholder, Shenzhen Jushenghua Co., Ltd., and is now all being auctioned by the Beijing No. 3 Intermediate People's Court. Currently, this part of the shares has been frozen, and the listing price is 47.0778 million yuan, which is 30% off the assessed price of 67.254 million yuan.

Although the auction attracted 1,919 onlookers, on the official auction day on July 12, only one person signed up and no one participated, and the auction ultimately failed on July 13.

Tianyancha information shows that this part of the equity held by Shenzhen Jushenghua Co., Ltd. has been frozen by the Shanghai Financial Court, the Shenzhen Intermediate People's Court of Guangdong Province, and the Nanchang Intermediate People's Court of Jiangxi Province, and is still in a frozen state.

Public information shows that Qianhai United Fund was established on August 7, 2015 with a registered capital of RMB 200 million. It is the 99th fund management company in China approved by the China Securities Regulatory Commission, and obtained the A099 "Fund Management Qualification Certificate" issued by the China Securities Regulatory Commission on August 21, 2015.

Wind data shows that as of the end of the first quarter of 2024, the public funds managed by Qianhai United Fund were 10.147 billion yuan, and the non-cash scale was 9.612 billion yuan, ranking outside the top 100 in the industry.

From the perspective of product structure, the scale of equity funds (stock + mixed funds) managed by Qianhai United Fund is only over 1 billion yuan, and the company's scale is basically supported by bond funds. Affected by the stock market fluctuations in recent years, the scale of equity funds under Qianhai United Fund has shrunk compared with the previous period, and the scale of bond funds has not grown by relying on the bull market of bonds. Instead, the scale of bond funds has shrunk, dragging down the company's total non-cash scale compared with the peak of 39.279 billion yuan at the end of 2020, down by more than 70%.

Qianhai United Fund has also been at a standstill in the issuance of new funds. Since September 2021, the company has not established any new funds, and the reporting of new public offering products has also stopped in September 2021.

The previous equity auction information also disclosed the operating conditions of Qianhai United Fund. As of May 2023, Qianhai United Fund's cumulative operating income for the year was 32.5237 million yuan, and its cumulative net profit loss for the year was 6.6507 million yuan.

Editor: Captain

Review: Chen Mo

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