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Guangzhou has made new progress in improving the fund investment advisory ecosystem. Recently, Guangzhou Yuekai Investment Advisory Industry Chain Venture Capital Fund was established, jointly funded by Guangzhou Investment Advisory Industry Chain Investment Co., Ltd., E Fund Management Co., Ltd., and Yuekai Capital Investment Co., Ltd. This has become the latest example of Guangzhou's leading securities companies and public funds working together to incubate high-quality service institutions in the upstream and downstream of the fund investment advisory industry chain.

Guangzhou asset management companies "rush into" the fund investment advisory market

The National Enterprise Credit Information Publicity System shows that in mid-July, Guangzhou Yuekai Investment Consulting Industrial Chain Venture Capital Fund Partnership (Limited Partnership) was formally established.

Public information shows that the registered capital of Guangzhou Yuekai Investment Consulting Industrial Chain Venture Capital Fund is 71 million yuan, and its business scope includes equity investment, investment management, asset management and other activities through private equity funds (it must complete registration with the China Securities Investment Fund Association before it can engage in business activities).

Judging from the background of the investors, there are many Guangzhou local asset management companies behind the Guangzhou Yuekai Investment Consulting Industrial Chain Venture Capital Fund.

Among them, Guangzhou Investment Consulting Industrial Chain Investment Co., Ltd. (hereinafter referred to as "Guanggu Investment") invested 50 million yuan, E Fund invested 20 million yuan, and Guangdong Capital Investment Co., Ltd. invested 1 million yuan, holding 70.42%, 28.17% and 1.41% of the shares respectively.

Relevant personnel of Guangdong Securities told the reporter of Nanduwan Finance that Guanggutou, as the largest investor of Guangzhou Guangdong Investment Consulting Industrial Chain Venture Capital Fund, was jointly initiated and established by GF Securities, Guangdong Securities, Wanlian Securities and Yingmi Fund; Xiao Wen, CEO of Yingmi Fund, serves as the chairman of the company.

Tianyancha information shows that Guanggu Investment is held by GF Qianhe Investment Co., Ltd., Guangdong Kaixin Investment Co., Ltd., Wanlian Guangsheng Investment Co., Ltd., and Yingmi Information Technology (Zhuhai) Co., Ltd., with shares holding 40%, 40%, 16%, and 4% respectively. The first three are asset management subsidiaries of GF Securities, Guangdong Kaixin Securities, and Wanlian Securities; Yingmi Information Technology (Zhuhai) Co., Ltd. is a wholly-owned subsidiary of Zhuhai Yingmi Fund Sales Co., Ltd. In July 2022, the scale of Yingmi Fund Investment Consulting exceeded 30 billion yuan.

Yingmi Fund told reporters that Guangzhou Yuekai Investment Consulting Industry Chain Venture Capital Fund is a sub-fund of Guanggu Investment. It is understood that Guanggu Investment is the first mother fund in China that focuses on shaping the investment consulting ecosystem and is committed to becoming a "business incubator" for the cluster development of various service institutions upstream and downstream of the investment consulting industry chain.

According to reports, Guangdong Investment Consulting will work with Guangzhou Yuekai Investment Consulting Industry Chain Venture Capital Fund to focus on incubating and investing in high-quality independent investment consultants, investment consulting service institutions and financial technology companies upstream and downstream of the fund investment consulting industry chain.

To improve the fund investment advisory ecosystem, Guangzhou is building a fund investment advisory "highland"

In the view of industry insiders, Guangzhou Yuekai Investment Consulting Industry Chain Venture Capital Fund is an extension of Guangzhou's efforts to build a fund investment consulting industry chain and improve the fund investment consulting ecosystem.

Since the pilot of domestic fund investment consulting business was launched in October 2019, it has been more than 4 years since the pilot was launched in China. However, the scale of the domestic fund investment consulting industry is still small and still in the early stages of development. According to the statistics of the China Securities Regulatory Commission, as of March 2023, the total scale of service assets of the domestic investment consulting industry is only 146.4 billion yuan, which is still small compared with the public offering fund industry of 10 trillion yuan and the asset management industry of 100 trillion yuan; the scale of investment consulting business of domestic fund investment consulting institutions is still relatively small, and those with more than 10 billion yuan are already industry leaders.

Some investment advisory professionals pointed out that an important factor hindering the development of my country's fund investment advisory business is the lack of public awareness; the sluggish investment market has made it more difficult to popularize fund investment advisory products.

During the bottleneck period of the development of fund investment advisory business, Guangzhou officially issued "Several Measures for Guangzhou to Vigorously Develop the Investment Advisory Industry" (hereinafter referred to as "Ten Investment Advisory Measures") in April this year. This is the first local policy document officially released in China to support the development of the investment advisory industry.

The "Ten Articles on Investment Advisory" proposed: to promote the construction of Guangzhou's investment advisory industry in accordance with the "1+4+N" framework, to create a "Whampoa Military Academy" for investment advisory training (referring to Guangzhou Investment Advisory College), 4 types of benchmark investment advisory institutions (referring to 4 types of benchmark investment advisory industry institutions such as securities firms, asset management, independent types, and banks), and to gather N types of industry chain institutions (referring to independent investment advisory institutions, investment advisory service institutions, financial technology companies, etc.) to create and form Guangzhou's investment advisory industry chain.

As early as September last year, Guangdong securities and fund industries jointly initiated the establishment of Guangzhou Investment Consulting College, Guangzhou Investment Consulting Research Institute and Guangzhou Investment Consulting Industry Chain Investment Company, which were inaugurated and put into operation in November of the same year; this created three "firsts" in the history of the development of the domestic investment consulting industry, including the first specialized research institution in the investment consulting field, the first specialized training institution for investment consulting personnel, and the first mother fund focused on shaping the investment consulting ecosystem.

Some public fund professionals said that if Guangzhou can seize the development opportunities of investment advisory business by quickly implementing policies, it will have the hope of becoming the number one investment advisory city and a domestic benchmark.

Written by: Huang Shunwei, trainee reporter of Nandu Wancaishe