2024-08-13
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【Introduction】Cinda Australia and Asia Fund transfers 60% equity of its subsidiary
China Fund News reporter Ruo Hui
While the total scale of the industry continues to hit historical lows, some fund companies have decided to shrink their business layout in special account subsidiaries.
Cinda Australia and Asia Fund
Transfer of 60% equity of subsidiary
On August 12, the Shanghai Stock Exchange website showed that Cinda Australia and Asia Fund officially listed its wholly-owned fund subsidiary for transfer.Cinda Emerging Wealth (Beijing) Asset Management Co., Ltd.(hereinafter referred to as Cinda Emerging Assets) with a 60% stake.
At present, the net assets of Xinda Emerging Assets are 328,900 yuan, the transfer price corresponding to 60% of the equity is 203,460 yuan, and the overall valuation of Xinda Emerging Assets is 339,100 yuan.
Public information shows that Cinda Emerging Assets was established on March 14, 2013 with a registered capital of RMB 80 million. It is a wholly-owned subsidiary of Cinda Australia and Asia Fund Management Co., Ltd. Its business scope includes asset management business for specific clients and other businesses permitted by the China Securities Regulatory Commission.
There is still an asset management plan
The Shanghai Stock Exchange website disclosed that Cinda Asset Management currently has one employee and one asset management plan, which has expired and has not been recovered. The final recovery period and recovery amount are uncertain. If a dispute arises from the project, Cinda Asset Management will handle it in accordance with the law.
Data from the Asset Management Association of China shows that since its establishment, China Cinda Emerging Asset Management has registered a total of 45 collective asset management plans and 16 single asset management plans, with a total of 61 registered products; the latest product was registered on March 30, 2022, and 60 products have been liquidated so far.
Overall size of fund subsidiaries
Sharp decline
In fact, in addition to the transfer of equity of Cinda Emerging Assets, some fund subsidiaries have entered a new stage of orderly liquidation.
As early as March 2022, Huatai-PineBridge Fund Management initiated the deregistration procedure for its fund subsidiary, PineBridge Aijian Asset Management (Shanghai) Co., Ltd., and the fund subsidiary was officially deregistered on November 8 of the same year. In mid-June this year, Shangteng Capital Management Co., Ltd., a fund subsidiary of Morgan Fund, also issued a liquidation group filing announcement.
In addition, Nuoan Fund was ordered to cancel its special account subsidiary. Nuoan Asset Management Co., Ltd., a special account subsidiary of Nuoan Fund, was established on September 10, 2013 and is wholly owned by Nuoan Fund.
The latest data from the China Securities Regulatory Commission shows that as of the end of June 2024, there were only 70 fund subsidiaries left in the list of subsidiaries of fund management companies engaged in specific client asset management business, and some fund subsidiaries have quietly withdrawn from the stage of history.
Wind data shows that as of the end of the first quarter of this year, the scale of fund special account subsidiaries was only 1.22 trillion yuan, a record low.
Judging from the average monthly scale data at the end of the second quarter of this year, only four bank-affiliated fund subsidiaries had a scale of over 100 billion yuan.
Professional subsidiaries open up new development directions
Talking about the current situation of fund special account subsidiaries, an industry insider said that currently only a small number of fund subsidiaries that are head or bank-affiliated and have certain resources are still operating normally. Many fund subsidiaries are in name only, and some companies may be dissolved in the future.
Some industry insiders also believe that after the license advantages of fund subsidiaries disappear, some fund subsidiaries that do not have active management capabilities will find it difficult to find sources of income, and achieving strategic contraction through equity transfer, dissolution, etc. is a feasible move.
Professional subsidiaries focusing on the main business have become the development direction encouraged by the regulators. In mid-March this year, the China Securities Regulatory Commission issued the "Opinions on Strengthening the Supervision of Securities Companies and Public Funds to Accelerate the Construction of First-Class Investment Banks and Investment Institutions (Trial)" and clearly pointed out that it supports the orderly establishment of professional subsidiaries focusing on the main business to better serve the real economy and residents' wealth management.
Editor: Joey
Review: Xu Wen
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