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Yesterday, BOC International Securities announced that BOC Securities ChiNext ETF held a second holder meeting to review the termination of the fund contract, but in the end only less than 2% of the shares voted, meaning that the holder meeting failed.

It is worth mentioning that the fund held a shareholders' meeting in the fourth quarter of last year, and the voting shares accounted for less than 1% at that time.

In addition to this fund, the reporter of "Daily Economic News" noticed that since July, more than 10 funds have failed to hold shareholders' meetings.

Held two shareholder meetings to liquidate the company but failed

BOC Securities ChiNext ETF disclosed the details of the second meeting of the holders' meeting yesterday. According to the notarized information, the meeting discussed the "Proposal on the Termination of the Fund Contract and Listing of BOC Securities ChiNext Exchange Traded Open-End Index Securities Investment Fund".

According to the statistical results, the fund unit holders who participated in this meeting received valid votes and held 354,800 fund units, accounting for 1.23% of the total units on the equity registration date, which is less than one-third of the total units on the equity registration date. This also means that the fund unit holder meeting failed.

The reporter noticed that this was not the first time the fund held a shareholders' meeting. In the fourth quarter of last year, the fund had already held a shareholders' meeting to discuss matters related to the termination of the fund contract, but the shares that ultimately participated in the voting accounted for less than 1% of the total shares on the equity registration date.

Data shows that the fund was established on September 29, 2020, less than 4 years ago. In 2021, with the continued rise of the ChiNext Index, the net value of the fund once exceeded 1.3 yuan, but later with the continuous correction of the index, as of August 1 this year, the net value has fallen back to 0.6195 yuan.

In terms of scale, the fund was established with a scale of about 220 million yuan, but by the end of 2020, the scale had quickly dropped to less than 50 million yuan. Although it has fluctuated since then, it has been below 50 million yuan most of the time. As of the end of the second quarter of this year, the scale of the fund has dropped to less than 10 million yuan.

It is worth mentioning that after the failure of the first shareholder meeting, the fund resumed subscription business, but from the end of last year to the end of the second quarter of this year, the fund size decreased instead of increasing. Yesterday, while announcing the failure of the second shareholder meeting, the fund announced the resumption of subscription business. However, for such a mini index fund, it is not easy to achieve a breakthrough in the current market conditions.

Many funds failed to hold shareholder meetings

The reporter also noticed that since July, more than 10 funds have failed when holding shareholders' meetings.

For example, Hang Seng Qianhai Fund announced on August 1 that Hang Seng Qianhai Consumer Upgrade Hybrid recently held a general meeting of fund shareholders by means of communication to review the "Proposal on the Continuous Operation of Hang Seng Qianhai Consumer Upgrade Hybrid Securities Investment Fund". However, according to statistics, the fund shares held by the fund shareholders who participated in the voting opinions totaled 4.999 million shares, accounting for 13.14% of the total fund shares on the equity registration date, which did not meet the statutory conditions for convening the meeting, and therefore the shareholders' meeting failed.

On July 30, Xingyin Fund announced that Xingyin Stable Benefit 30-Day Holding Period Bond would hold a general meeting of fund unitholders in the near future to review the "Proposal on Matters Concerning the Continuous Operation of Xingyin Stable Benefit 30-Day Holding Period Bond Securities Investment Fund", but ultimately the meeting failed due to insufficient votes.

In addition, the funds that announced the failure to hold the shareholders' meeting in July include Bosera Rongsheng Stable Profit 18-month Regular Open Mixed, Minsheng Jiayin Xinfu Flexible Allocation Mixed, ICBC Wanchuang 100 ETF Linked, Invesco Great Wall CSI 500 ETF Linked, Shangyin Value Growth 3-month Holding Period Mixed, Jiutai Yingtai Quantitative, Jiutai Keying Value Mixed and many other products.

From the perspective of the items under consideration, some are for the purpose of terminating the fund contract, but most are for the purpose of considering the continued operation of the fund. From the perspective of voting, most of the voting ratios are very low, and some even have no votes. For these funds, although they can hold a second meeting later, it is obviously not easy to achieve a vote by the shareholders' meeting with such a voting rate.

Investment is risky, independent judgment is important

This article is for reference only and does not constitute a basis for buying or selling. You should bear the risks of entering the market at your own risk.

Reporter Huang Xiaocong, editor Xiao Ruidong

Cover image source: Photo by Liu Guomei of Daily Economic News (file photo)

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