xingyin fund denied "buying low-rated bonds" and entered the ranks of 100 billion public offerings at the end of last year by relying on the sharp increase in the scale of money market funds
2024-09-08
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according to the red star capital bureau on september 8, recently, a short essay titled "hundreds of billions of public offering money market funds are crazily cutting investors' leeks" has put xingyin fund in the spotlight.
the 2024 mid-term report of its funds showed that on april 30 this year, xingyin fund and its executives were issued a warning letter by the shanghai securities regulatory bureau for failing to strictly implement the company's regulations. the essay said that the reason for the fine was that hong mumei, deputy general manager and money fund manager of xingyin fund, bought low-rated bonds that were strictly prohibited by regulators in order to increase scale.
on september 5, xingyin fund issued a statement saying that the relevant content was not true. in order to protect the company's legitimate rights and interests, the company reserves the right to further pursue the legal responsibility of those who publish and disseminate false information.
red star capital bureau noted that since september last year, the company's four money market funds have all been "monopolized" by deputy general manager hong mumei. among them, the three money market funds mentioned in the above essay have increased in total size from 25.721 billion yuan at the end of the third quarter of last year to 56.168 billion yuan at the end of the year. in fact, it was precisely relying on the surge in the size of money market funds that xingyin fund "rushed" into the ranks of public offerings with a value of 100 billion yuan by the end of 2023.
xingyin fund denies "buying low-rated bonds"
three were "roll callthe scale of money market funds has increased significantly in the past year.
on august 30, according to the 2024 interim report disclosed by products under xingyin fund, on april 30 this year, the manager and its senior management were issued a warning letter by the shanghai securities regulatory bureau for failing to strictly implement the company's systems. the manager has now completed the rectification.
with the disclosure of the fund's interim report, a short essay of several hundred words titled "hundreds of billions of public money market funds are madly cutting investors' leeks" has also been circulated in the industry. the essay said that the warning letter was directed at the company's deputy general manager and money market fund manager hong mumei, who reversed the purchase of low-rated aa bonds that were strictly prohibited by regulators when she managed the money market fund at the end of 2023.
the essay mentioned that in may last year, after wu ruoman, chairman of xingyin fund, took office, she personally took charge of expanding the size of the money market fund, and investing in low-rated bonds for high returns was an important means of expanding the size. the essay also mentioned that "the original fund manager left because he was unwilling to make illegal investments" and "forcing the previous inspector general to take the blame."
in response to the above content, on september 5, xingyin fund quickly issued a statement saying that the recent content published by some media that "our company's chairman wu ruoman was punished" and "our company's related products illegally bought low-rated bonds" are not true. the company abides by various laws and regulations, protects the rights and interests of investors, and operates in compliance with the law. xingyin fund said that in order to protect the company's legitimate rights and interests, the company reserves the right to further pursue the legal responsibilities of those who publish and disseminate false information.
the red star capital bureau noted that according to the "money market fund supervision and administration measures" implemented by the china securities regulatory commission in 2016, money market funds are not allowed to invest in bonds with a credit rating below aa+ and non-financial corporate debt financing instruments.
according to information, hong mumei is currently the deputy general manager of xingyin fund and concurrently the general manager of the fixed income department. as of the end of the second quarter of this year, hong mumei managed a total of 6 funds (only the initial funds are listed, the same below), with a total size of 61.573 billion yuan, almost accounting for half of xingyin fund. among the funds managed by hong mumei, 4 are money market funds, which are also all the money market funds of the company.
the three money market funds mentioned in the above essay, xingyin cash increase, xingyin cash increase a, and xingyin currency a, are products that hong mumei took over in august and september last year respectively. among them, hong mumei has been managing xingyin cash increase since august 1, 2023. one month later, on september 5, the original fund manager fu qiaoyu resigned for personal reasons and handled the cancellation procedures with the china securities association; fu qiaoyu also resigned from xingyin cash increase a at the same time, and hong mumei also took over on september 5 last year.
wind data shows that at the end of the second quarter and the third quarter of last year, the total scale of the three money market funds mentioned above was 24.065 billion yuan and 25.721 billion yuan respectively, with little difference. at the end of 2023, this figure expanded to 56.168 billion yuan, more than doubling from the previous quarter. at the end of the second quarter of this year, the latest scale of the three products totaled 57.080 billion yuan, an increase of 137.19% over the same period last year.
among them, xingyin cash profit growth fund is the largest of all the company's current funds. its scale was 24.974 billion yuan at the end of the third quarter last year, increasing to 47.524 billion yuan by the end of 2023, and 39.545 billion yuan by the end of the second quarter of this year.
in fact, it was thanks to the surge in the scale of money market funds that xingyin fund "rushed" into the ranks of public funds with a management scale of 100 billion yuan at the end of 2023, with a management scale of 125.236 billion yuan. previously, at the end of the third quarter of 2023, the management scale was 88.037 billion yuan. at the end of the third quarter of 2023, the scale of money market funds under xingyin fund was only 25.785 billion yuan, but by the end of 2023, it had reached 61.38 billion yuan.
the scale of xingyin fund's money market fund will rise sharply at the end of 2023. screenshot from wind
the company's net profit increased by 50% in the first half of the year
none of the four newly issued funds received subscription from external investors
the official website shows that xingyin fund was formerly known as huafu fund management co., ltd., which was established in october 2013 and was jointly funded by huafu securities and guomai technology (002093.sz), with each party holding 76% and 24% of the shares respectively. currently, xingyin fund has a registered capital of 143 million yuan, and its legal representative is wu ruoman. the company's registered address is in pingtan, fujian, and its office is in lujiazui, pudong new area, shanghai.
according to guomai technology's 2024 interim report, as of june 30, xingyin fund achieved operating income of 214 million yuan in the first half of the year, a year-on-year increase of 48.69%; and achieved net profit of 534.258 billion yuan in the first half of the year, a year-on-year increase of 51.67%.
wind data shows that as of the end of the second quarter of 2024, xingyin fund has 53 funds under management with a total scale of 128.476 billion yuan, of which money market funds have a scale of 57.271 billion yuan, accounting for 44.58%; bond funds have a scale of 68.675 billion yuan; and equity funds have a scale of less than 3 billion yuan.
the red star capital bureau noticed that behind the recovery of revenue and net profit, xingyin fund was also focusing on equity products. however, among the five new funds launched by the company this year, four had no subscriptions from external investors.
in terms of establishment time, xingyin fund has launched five new products this year, including xingyin chuangying one-year fixed-term open-end fund, xingyin value balance a, xingyin advanced manufacturing smart selection a, xingyin juyou smart selection a, and xingyin digital economy smart selection a. except for xingyin chuangying one-year fixed-term open-end fund, which is a bond fund, the last four are equity products.
in 2024, the company launched five new funds, four of which raised only rmb 10 million.
however, except for xingyin value balance a, which finally raised 513 million yuan, the other four newly issued funds only raised 10 million yuan, and all of them were purchased by fund managers themselves. taking xingyin chuangying one-year fixed open as an example, the fundraising period of this product is from december 6, 2023 to march 5, 2024, which is as long as three months, but xingyin fund only subscribed 10 million yuan with its own funds.
in addition, since may last year, the chairman and general manager of xingyin fund have changed. in may 2023, the former chairman and legal representative zhang guiyun left due to work transfer, and wu ruoman, the former chairman of xingye futures, took over as the chairman and legal representative of xingyin fund. the red star capital bureau noted that it was after wu ruoman took office that the company's management scale exceeded 100 billion for the first time.
in april 2024, the company's former chief inspector zheng ruijian resigned due to health reasons, and the new chief inspector was wu zhenzi. it is worth noting that wu zhenzi had served as the company's chief inspector as early as january 2022, but left the position after only 7 months due to job adjustments. in july this year, the former general manager and chief information officer zhao jianxing also resigned due to work transfer, and the position of general manager is currently performed by wu ruo.
red star news reporter jiang ziwen
editor: yang cheng
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