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cailianshe news, september 25 (reporter shen shuhong)with the csrc's decision to cancel xi que fund's public offering sales license, another fund sales agency's sales journey has officially come to an end. in the past two years, most fund companies such as e fund and tianhong have announced their "breakup" with the company. currently, xi que wealth only sells more than 100 funds, involving more than a dozen fund companies, and ranks at the bottom among fund sales agencies.

in fact, institutions such as qingdao lehong, beijing hengyu tianze, chengdu huayi hengxin, and huarong rongda futures have also previously cancelled their fund sales licenses. moreover, since the beginning of this year, many sales agencies such as zhongmin wealth, zhongqi times, china international futures, haiyin fund, zhongzhi fund, zengcai fund, and jupai yumao fund have been intensively announced by fund companies to terminate their business cooperation. in addition, sales agencies such as bojia fund have been punished by regulators for violations.

it can be seen that the fate of a large number of third-party small and medium-sized sales institutions has taken a big turn in 2024. however, along with the reshuffle of the third-party sales industry, the development trend of leading fund agency sales institutions such as ant fund and tiantian fund is still good. the "industry backbones" with a high degree of marketization and strong agency sales capabilities such as jiyu fund and yingmi fund have also risen significantly in the ranking of non-cash public fund holdings this year. the fierce competition among third-party agency sales institutions may continue for quite some time.

magpie fund’s agency sales dream is shattered

recently, xi que wealth fund sales co., ltd. (hereinafter referred to as "xi que wealth") submitted an application to the china securities regulatory commission to cancel its public securities investment fund sales business license. according to the "administrative licensing law", "securities investment fund law", "supervision and administration measures for publicly offered securities investment fund sales institutions" and other relevant regulations, the china securities regulatory commission decided to cancel xi que fund's public securities investment fund sales business license.

in fact, two months ago, xi que wealth announced that due to business development and adjustment needs, the company decided to stop its fund sales business.

several fund companies also announced the termination of their fund sales business cooperation with the company, including e fund, tianhong fund, huashang fund, invesco great wall fund, etc.

this is not the first time that fund companies have terminated their business cooperation with xi que wealth so frequently. in late november 2023, caitong fund announced that xi que fund would stop acting as an agent to sell all public funds under the company. in 2022, guolian an fund, chuangjin hexin fund, xiangcai fund, guohai franklin fund and many other fund companies also successively terminated or suspended their business cooperation with the company.

as of now, the number of funds sold by xi que wealth is only over 100, involving more than ten fund companies, ranking at the bottom among fund sales agencies.

according to a regulatory letter issued by the tibet securities regulatory bureau in july 2022, xi que fund was ordered to suspend relevant business for 6 months due to issues such as business management, internal control, and information technology. the company's chairman and legal representative were also issued a warning letter.

public information shows that xi que wealth, founded in october 2015, obtained independent fund sales qualifications at the end of 2016. the company is wholly owned by rongwei tongda and is mainly engaged in real estate design and technical development, search optimization and operation of internet financial platforms. in september 2021, xi que wealth chairman wang jianzheng and deputy general manager sun baodong no longer held relevant positions in the company. based on this, it can be inferred that xi que wealth's fund agency business may have had operational problems three years ago.

third-party institutions struggle to survive

in reality, xi que wealth is not the first institution to have its fund sales license revoked this year. previously, qingdao lehong, beijing hengyu tianze, chengdu huayi hengxin, huarong rongda futures and other institutions had their fund sales licenses revoked.

not only that, since the beginning of this year, many sales agencies such as china minsheng wealth, citic times, china international futures, haiyin fund, zhongzhi fund, beijing zengcai fund, xinhua xintong fund, fu ji fund, and jupai yumao fund have been intensively announced by fund companies to terminate their fund sales business cooperation.

take zhongzhi fund as an example. in august, many public funds such as golden eagle fund, wanjia fund, ping an fund, boyuan fund, and noah fund announced that the sales agency of some of their funds will be changed from zhongzhi fund to huayuan securities. on july 22, zhongzhi fund was listed as the person subject to execution, with an execution target of 10 million yuan. according to public information, "zhongzhi" financial products were exposed to large-scale repayment defaults in 2023, and then the disposal of "zhongzhi" assets entered the substantive stage.

earlier in may, huayuan securities bid for zhongzhi fund, a subsidiary of zhongzhi group, through a tender. zhongzhi fund will transfer its standard business, related assets, employees, systems and institutions to huayuan securities, including standard assets with a remaining scale of more than 40 billion yuan. the two parties have previously signed a preliminary agreement and are awaiting approval from the regulatory authorities.

along with the reshuffle of third-party fund sales agencies, some agencies have also been punished by regulators. recently, wuhan bojia fund sales co., ltd. was suspended for one year due to violations, and its chairman jiang xiang was banned from the industry for three years.

it can be seen from this that in addition to the leading fund distribution institutions with good development trends such as ant fund and tiantian fund, and the "industry backbones" with a high degree of marketization and strong distribution capabilities such as jiyu fund and yingmi fund, the fate of a large number of third-party small and medium-sized sales institutions has already taken a big turn in 2024.