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On July 31, the Guangdong Provincial Communications Administration publicly named and reported a number of apps that had not completed rectification as required. It is reported that the Guangdong Provincial Communications Administration has continued to carry out special rectification actions on app privacy compliance and data security, issued a "Notice on the Handling of Illegal and Irregular Apps" to order app operators to rectify within a time limit, and notified relevant application stores to assist in urging app operators to rectify.

Qianhai Kaiyuan Fund’s app was prominently listed in the list of apps that had not completed rectification. Its main problem was that it illegally collected personal information. As a financial institution, the occurrence of such a problem is indeed disturbing.

In addition, Qianhai Kaiyuan's performance in recent years has also been declining across the board, with a significant decline in scale, especially the scale of equity products.

The scale has shrunk by 40% in two and a half years

Qianhai Kaiyuan Fund was established on January 23, 2013, 11 years ago. It is one of the fastest growing fund companies in the past five years.

After reaching a peak of 158.7 billion yuan at the end of 2021, the scale inevitably declined as the market style began to change after entering 2022. The returns of a large number of funds ranked last in the entire market, and the scale inevitably declined.

Wind data shows that as of the end of the second quarter of this year, the scale was only 94.901 billion yuan, a drop of about 40% in two and a half years.

Why is the scale of Qianhai Open Source continuing to decline?

In fact, by observing the situation of Qianhai Kaiyuan, we can find that its "rise" and "fall" are closely related to equity products. Previously, the substantial increase in the scale of equity products promoted the increase in the company's overall management scale, but now, the decline in the scale of equity products is the main reason for the reduction in the overall scale.

Wind data shows that in 2022, the scale of Qianhai Kaiyuan Fund's stock products decreased by 9.932 billion yuan, the scale of hybrid products decreased by 25.564 billion yuan, and the scale of equity products (stock and hybrid) decreased by 35.496 billion yuan. At the end of 2023, the scale of Qianhai Kaiyuan Fund's stock products was 19.126 billion yuan, a decrease of 4.367 billion yuan compared with the end of 2022; the scale of the company's hybrid products was 40.724 billion yuan, a decrease of 13.671 billion yuan compared with the end of 2022, and the scale of equity products (stock and hybrid) at the end of 2023 was 18.038 billion yuan compared with the end of 2022.

As of now, the total scale of equity products (stock and mixed funds) is 55.716 billion yuan.

The decline in the company's management scale is actually the result of the reduction in the management scale of star fund managers, which is ultimately due to poor performance.

"I boarded the Quyang boat by mistake, and my tears fell all over the ground"

Poor performance, but a positive attitude. Investors may understand the poor performance caused by the market environment, but if the performance declines and the attitude is perfunctory, it will be difficult for people to accept.

Qianhai Kaiyuan Fund has always had many well-known fund managers, among whom Cui Chenlong and Qu Yang are well-known equity fund managers, with management scale exceeding 10 billion.

Qu Yang became famous earlier than Cui Chenlong and has been a public fund manager for more than ten years. However, even such a "pillar" of Qianhai Kaiyuan has accumulated losses of 15.4 billion yuan in its managed products from 2022 to 2023.

Why has the once star fund manager fallen so far behind in the past two years? Is Qu Yang still trustworthy in the future?

If Qu Yang brought "the rose of time" to investors in the past few years, then the sharp decline in the past two years is the thorn on the rose. More importantly, judging from the changes in Qu Yang's scale, most investors entered the market after 2020. These people smelled the fragrance of the flowers on the list, but suffered losses as soon as they got on board.

In the second quarter of 2021, Qu Yang's management scale was as high as 60.041 billion yuan, but by the second quarter of 2024, the scale was only 18.790 billion yuan, a decrease of about 68%.

When opening the discussion section for any product managed by this star fund manager, investors can be said to be "angry at his inability and indignant at his lack of fighting spirit."

Netizens complained and questioned whether Qu Yang adjusted his portfolio to take over at a high price and defrauded investors for a long time.

What is even more worthy of complaints is that after reading Qu Yang's views on the second quarter report this year, except for the market review, the rest of the descriptions are similar to the previous ones. It is estimated that the previous investment style and strategy will be continued in the future. Compared with the "apologies" and "long speeches" of other star fund managers, he seems very tough.

It is easy to imagine that Qu Yang has put all the blame on the market!

At present, Qu Yang's situation is a typical example of "three years of no business, three years of profit after business". If you are just "blinded" by his previous outstanding performance, and the current pullback makes you sleepless and uneasy, it is better to withdraw early and give yourself peace of mind.

When it comes to APP violations, it can be seen that Qianhai Kaiyuan still has a "my own way" attitude. This is not only the case in dealing with investors, but also in the tasks assigned by state agencies.

Of course, it may also be that Qianhai Kaiyuan is already overwhelmed by the poor performance and has no time to take care of other things. But now the Guangdong Communications Department has given a deadline. If Qianhai Kaiyuan does not make corrections, the next step will be more than just a "verbal warning"!

Data source: Wind, fund announcement date as of August 2, 2024.

Disclaimer: This article is for reference only and does not constitute any investment advice.