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Recently, the Guangdong Provincial Communications Administration publicly reported that many apps had not completed rectification as required, including the financial app of Qianhai Kaiyuan Fund. The sponsor of Qianhai Kaiyuan Fund's app is Qianhai Kaiyuan Fund Management Co., Ltd., with the filing number of Guangdong ICP Bei No. 13018233-5A, and the source of the app is the Honor App Market. According to the report, the app was ordered to rectify within a time limit due to illegal collection of personal information, and the relevant app stores have been notified to assist in urging rectification.

The Guangdong Provincial Communications Administration stated that the notified APPs should complete rectification and feedback before August 7. If rectification is not made within the deadline, the Guangdong Provincial Communications Administration will take further disposal measures in accordance with the law.

Public information shows that Qianhai Kaiyuan Fund was established on January 23, 2013. As of the end of the second quarter of this year, its assets under management were 94.901 billion yuan, it managed 159 funds, and had 34 fund managers.

It is worth noting that Qianhai Kaiyuan Fund is one of the fund companies with the fastest growth in the past five years. However, after the company's management scale reached a peak of 158.7 billion yuan at the end of 2021, the scale of Qianhai Kaiyuan Fund began to decline continuously from 2022. According to iFinD data from Tonghuashun, as of the end of the second quarter of this year, the scale was only 94.901 billion yuan, a drop of nearly 40% in two and a half years.

Specifically, the scale of Qianhai Kaiyuan Fund's non-equity products, including money market funds and bond funds, has not changed much, while equity products (stock and hybrid funds) have declined more seriously. In the view of industry insiders, the decline in the scale of equity products may be the main reason for the overall reduction in scale. According to iFinD data from Tonghuashun, in 2022, the scale of Qianhai Kaiyuan Fund's stock funds decreased by 9.932 billion yuan, the scale of hybrid funds decreased by 25.564 billion yuan, and the equity products (stock and hybrid) decreased by 35.496 billion yuan in total. At the end of 2023, this trend has not been reversed. The scale of Qianhai Kaiyuan Fund's stock funds 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 funds was 40.724 billion yuan, a decrease of 13.671 billion yuan compared with the end of 2022, and equity products (stock and hybrid) decreased by 18.038 billion yuan compared with the end of the previous year. By the end of June 2024, the scale of Qianhai Kaiyuan Fund's equity funds will be 19.258 billion yuan, and the scale of mixed funds will be 36.458 billion yuan.

Some industry insiders pointed out that 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. Take Qu Yang, a star fund manager of Qianhai Kaiyuan Fund, as an example. According to iFinD data from Tonghuashun, 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%.

Judging from the fund products managed by Qu Yang, the cumulative losses of his managed products in 2022-2023 reached 15.4 billion. The tenure returns of Qianhai Kaiyuan High-quality Enterprise 6-month Holding Mixed C and Qianhai Kaiyuan High-quality Enterprise 6-month Holding Mixed A were -51.31% and -49.90% respectively, and the tenure return of Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Advantage Mixed C was 50.80%. Qu Yang has managed the above products for more than 3 years.

It is worth noting that although the company's equity product scale has declined sharply in the past two years and it has lost nearly 40 billion yuan, its management fee income has remained high, reaching 2.4 billion yuan in total. According to Tiantian Fund Network data, the fund company lost 27.57 billion yuan in 2022, but received more than 1.4 billion yuan in management fees. In 2023, the loss narrowed to 10.72 billion yuan, and its management fee income was still as high as 1.07 billion yuan.

Written by: Luo Manyu, a reporter from Nandu Wancaishe