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since the beginning of the year, the net value of many products has fallen sharply before liquidation, with "5-cent base" frequently seen, and there are also "3-cent base" and "4-cent base". there are also many liquidated products that have been running for only more than a year, or even less than a year.

the announcement on the termination of the contract and liquidation of the fund assets of boc securities advantage growth fund was released on september 10. the announcement pointed out that as of september 9, the net asset value of the fund of this product had been less than 50 million yuan for 50 consecutive working days, which had triggered the termination of the fund contract. boc securities will liquidate the fund assets of this product without convening a general meeting of fund unit holders.

the semi-annual report indicates that the number of fund holders of this product did not fall below 200 or the net asset value of the fund fell below rmb 50 million for 20 consecutive working days during the reporting period. combined with the above liquidation announcement, this means that the net asset value of boc securities advantage growth has fallen below rmb 50 million since july 22.

as of now, boc securities advantage growth has been established for less than a year and a half, but its net asset value has shrunk by nearly 90% compared to the initial stage of its establishment, and its net value has almost been halved.

according to rough statistics, among the products that have been liquidated this year, nord preferred 30, zhejiang merchants smart home a, and china life security huafeng have all fallen to "50 cents". in addition, the net value of hengyue quality life had fallen to less than 30 cents before the liquidation on september 1, and the net value of hongyi yuanfang hong kong stock connect smart selection pilot before the liquidation was only more than 40 cents. it is worth mentioning that among these five products, three are initiator funds.

at the same time, there are still many liquidation products that have been running for less than a year, and some products have heavy positions in new energy. yuan xi of galaxy fund is well-known in the market for investing in new energy. his galaxy growth and sailing was liquidated in july. among the top ten heavily held stocks disclosed in the second quarter report, there are 7 new energy-related stocks. yuan xi's galaxy prosperous industry and galaxy value growth both indicated in the second quarter report that the net asset value has been less than 50 million yuan for many consecutive days. as of september 10, the net value of these two products was more than 60 cents. new energy stocks also account for a large proportion of the top ten heavily held stocks in the galaxy prosperous industry.

after more than a year of establishment, the net value has been nearly halved and the performance ranks last

boc securities advantage growth was established on may 17 last year. as of the end of the second quarter of this year, the combined size of class a/c shares was rmb 50 million.

since its establishment, the scale of boc securities' advantage growth asset management has been decreasing quarter by quarter. according to relevant announcements, the original fundraising period of the product was from march 24 to april 25 last year, and the fundraising deadline was later extended to may 15, and finally raised 432 million yuan.

as of the end of the third quarter of 2023, the scale of boc securities' advantage growth asset management was less than 100 million yuan, and the combined scale of class a and class c shares was 86 million yuan. just over four months after its establishment, the scale of class c shares of this product has shrunk by 91.65%.

compared with its initial establishment, as of the end of the second quarter of this year, the scale of boc securities advantage growth (a/c shares combined statistics) has shrunk by 88.43%.

in addition to the substantial reduction in asset management scale, the net value of boc securities advantage growth fund was almost halved. according to tiantian fund network, as of september 9, the cumulative net value of the a/c shares of the product was 0.5190 yuan/0.5165 yuan respectively.

wind data shows that as of september 9, the a/c shares of boc securities advantage growth fund have lost 48.1% and 48.35% since their establishment. according to tiantian fund network, the a/c shares have lost 34.55% and 34.71% this year, ranking 4047th and 4052nd among 4109 similar products.

after comparison, the top ten holdings of boc advantage growth fund have been adjusted significantly each quarter. in addition, the turnover rate of this product in the first half of this year and the whole of last year was 1073.94% and 131.39% respectively.

as of the end of the second quarter, the top ten holdings of boc securities were: shenghong technology, huahong technology, xinyisheng, cambrian-u, goertek, juchen, tongfu microelectronics, hengxuan technology, lens technology, and furui. according to the industry classification of wind, there are 9 stocks in the information industry and 1 stock in the healthcare industry.

among the top ten holdings disclosed in the first quarter report this year, there were 4, 3, 2 and 1 healthcare stocks, information technology stocks, industrial stocks and discretionary consumer stocks respectively; among the top ten holdings disclosed in last year's annual report, there were 5, 4 and 1 information technology stocks, industrial stocks and discretionary consumer stocks respectively; among the top ten holdings disclosed in the third quarter report of the same year, there were 3, 3, 2 and 2 industrial stocks, information technology stocks, discretionary consumer stocks and healthcare stocks respectively.

before the liquidation, the fund manager of boc securities advantage growth was lin bocheng. public information shows that lin bocheng joined boc securities in july 2021. he had previously worked as a banking analyst at china merchants securities and huatai securities, and later joined swm fund management as a fund manager.

according to tiantian fund network, the three products currently managed by lin bocheng, namely, boc technology innovation, boc selected industry stocks a/c, and boc value select, have lost 64.12%, 53.68%, 53.99%, and 46.85% respectively during his tenure. data at the end of the second quarter showed that the total scale of these three products managed by lin bocheng was 874 million yuan.

the net value of many products plummeted before liquidation, and the launch of

in addition to the growth advantages of boc securities, there are also many products whose net value was only 50 cents before entering the liquidation process this year.

nord preferred 30, zheshang smart home a/c, and china life security huafeng a/c terminated the fund contracts on june 12, march 20, and february 8 this year, respectively. before entering the liquidation procedure, the cumulative net value of these three products was 0.5160 yuan, 0.5740 yuan/0.5655 yuan, and 0.5133 yuan/0.5073 yuan, respectively.

nord preferred 30 has been running for more than 13 years, and zhejiang merchants smart home furnishing a/c and china life security huafeng a/c have been running for no less than 3 years. among them, the initiator product zhejiang merchants smart home furnishing a/c triggered the liquidation red line because the net asset value of the fund was less than 200 million yuan after 3 years of establishment.

since their establishment, the above three products have lost 48.4%, 42.6%/43.45%, and 48.67%/49.27% ​​respectively. according to tiantian fund network, these three products have lost 74.10%, 42.60%/43.45%, and 47.91%/48.49% respectively in the past three years, ranking last among similar products, among which nord preferred 30 ranks last among 1,985 similar products.

hengyue quality life and hongyi yuanfang hong kong stock connect smart selection pilot a/c, which were also liquidated this year, are both initiated products, and the net asset value of the funds is less than 200 million yuan after three years of establishment. after more than three years of operation, the net value of these two products before liquidation was only 0.2705 yuan, 0.4344 yuan/0.4279 yuan, respectively, and they have lost 72.95%, 56.56%/57.21% respectively since their establishment, and their investment returns are also ranked last among similar products.

among the launched products, tianhong consumption a/c, anxin consumption upgrade one year a/c, and zhejiang merchants smart food and beverage a/c were also liquidated this year. the cumulative net values ​​before liquidation were 0.6272 yuan/0.6196 yuan, 0.6906 yuan/0.6743 yuan, and 0.7277 yuan/0.7169 yuan, respectively.

after a rough review, among the products liquidated this year, the net value of products such as hongyi yuanfang automobile industry upgrading and boc securities growth pilot before liquidation was more than 60 cents; the net value of penghua zengxin, guoxin guozheng rongxing 6 months, hongta hongtu shengjin new power, boc innovation growth, and haitong huizeng one-year fixed open before liquidation was more than 70 cents.

many liquidation products were heavily invested in new energy

among the products that have been liquidated this year, many have been in operation for less than a year. a closer look reveals that some products have a heavy position in new energy.

the above-mentioned hongta hongtu shengjin new energy was liquidated in april this year. according to last year's annual report, there were four new energy-related stocks among the top ten holdings of this product, namely catl, eve energy, sungrow power supply, and victory giant technology.

yuan xi's galaxy growth and sailing entered liquidation on july 25 this year, less than a year after the product was launched. the semi-annual report pointed out that the net asset value of the product had been less than 50 million yuan for 60 consecutive working days during the reporting period. as of the end of the second quarter, there were 7 new energy-related stocks among the top ten holdings of galaxy growth and sailing, namely catl, deye shares, chint solar, byd, sungrow power supply, dianlian technology, and top group.

according to tiantian fund network, many products under yuan xi lost more than 30% during his tenure. among them, galaxy prosperous industry and galaxy value growth both indicated in their second quarter reports that the net asset value of the funds was less than 50 million yuan for many consecutive days during the reporting period. in addition, as of september 10, the net value of these two products was more than 60 cents. according to the second quarter report, new energy stocks also accounted for a large proportion of the top ten holdings of galaxy prosperous industry.

rongtong zhiyuan, established on november 7 last year, entered the liquidation procedure on may 31 this year, with a running time of less than 7 months. as of the end of the first quarter, 4 new energy-related stocks and 2 pharmaceutical stocks were among the top 10 holdings of the product. as of the end of the second quarter, wang di, the fund manager of the product, also had 4 new energy stocks among the top 10 holdings of the product under his management.

the morgan stanley premium select fund, which was established on june 20 last year, entered the property liquidation procedure on june 4 this year, and the product has been in operation for less than a year. the announcement pointed out that as of june 3, the net asset value of the fund had been less than 50 million yuan for 50 consecutive working days, triggering the liquidation red line.

before the liquidation, he xiaochun was in charge of morgan stanley's quality selection. wind data shows that as of the end of the second quarter, there were 6 new energy-related stocks among the top 10 holdings of he xiaochun's managed products, namely, yiwei lithium energy, sungrow power supply, canadian solar, wuzhou xinchun, top group, huichuangda, and pharmaceutical stock changhong technology.