Competition For Public Offering License Of Securities Companies: Guotai Junan Asset Management Company Submitted Application For Application

Since the loosening of the "one participation and one control" policy, various institutions have started to apply for public offering licenses.

Guotai Junan asset management has submitted an application for examination and approval of public fund management qualification on August 14. This is less than half a month since the CSRC issued the measures for the supervision and administration of managers of public offering securities investment funds (Draft for Soliciting Opinions) on July 31.

Specifically, the draft optimized the public offering license system, appropriately relaxed the "one participation and one control" restriction, allowing the same subject to control a fund company and a public offering licensed institution at the same time. This also means that the application for public offering license of securities companies' asset management will be liberalized, and the market participants of public offering funds will be further diversified.

"The relaxation of" one participation and one control "has made it possible for more securities companies to obtain public fund licenses. However, under the original requirements, if the securities companies hold the original fund companies, the asset management of the securities companies can not apply for the public offering license. " On August 17, Yang Yuanchun, President of yingmi Foundation Research Institute, told the 21st century economic reporter.

Organizations actively prepare for war

At present, there are only 13 securities companies holding public offering license, including 6 securities companies and 7 asset management companies, which are Gaohua securities, Dongxing securities, Guodu securities, Huarong securities, Shanxi securities, BOC International Securities, Bohai Huijin asset management, CAITONG asset management, Huatai asset management, Dongfang asset management, Changjiang asset management, Zhejiang asset management and Zhongtai asset management. There are few head mechanisms.

With the loosening of "one participation and one control", it will be more convenient for large securities companies such as Guotai Junan Securities to carry out public offering business.

Data show that Guotai Junan asset management was established in 2010 and is a wholly-owned subsidiary of Guotai Junan Securities. At present, Guotai Junan Securities only shares in Hua'an fund and does not control other fund companies. In other words, under the "one participation and one control" requirement, Guotai Junan asset management also meets the requirements of applying for public offering license.

As a matter of fact, according to the 21st century economic report, in addition to Guotai Junan, many securities companies have revealed their intention of preparation after the "one participation and one control" policy was loosened.

"The new rules pave a way for us to apply for public offering licenses, which is a good opportunity. This means that we have a way to go in public offering. " Beijing a large securities company asset management department told the 21st century economic reporter.

A public fund broker also said, "after the new rules came out, the shareholders of the company have held a meeting to discuss and have the intention of preparation."

As a matter of fact, the public offering reform of securities companies has been started earlier, and under the requirements of the new asset management regulations, it is imperative for securities companies to apply for public offering license.

"Since 2013, China Securities Regulatory Commission (CSRC) has issued the notice on strengthening the supervision of asset management business of securities companies, which has opened the prelude to the public offering reform of securities companies and the standardized management of capital pools. Under the supervision of quasi public offering funds, some securities companies with good active management ability and strong brand appeal have better differentiation advantages. However, according to the regulatory requirements, only by applying for a public offering license can new public offering products be issued. Therefore, it is imperative for such securities companies to apply for public offering fund licenses. " Yang Yuanchun said.

Discussion on the pattern of competition and cooperation

"Securities companies, bank financing subsidiaries, etc. can do public offering, and the competitive pressure is still relatively large." The former public fund source told the 21st century economic reporter.

In fact, the asset management business of securities companies is also an important force in the whole asset management industry. According to the statistics of the fund industry association in the first quarter of this year, the scale of private asset management business of securities companies and their subsidiaries totaled 10.47 trillion yuan, compared with 53.75 trillion yuan of the whole securities industry in the same period.

"As far as the whole public offering industry is concerned, it mainly depends on the long-term investment performance, and now the industry development trend is more and more concentrated to the head. There are also some limitations for securities companies to apply for public offering licenses. In fact, apart from REITs business, securities companies themselves can not bring greater support to public offering business. " A medium-sized public fund in Beijing told the 21st century economic reporter.

In his view, "securities companies have transformed from traditional brokerage business to wealth management. Now it seems that some products may sell well, but their holdings will not increase too much. The main reason is that" the left hand turns the right hand. ". As a matter of fact, every securities company has such a large plate, and the performance of its public raised products is not as good as it can not sell out. "

According to the current data, CITIC Securities, Guotai Junan Securities, Orient Securities, CICC, GF Securities, Pacific Securities, Industrial Securities and other securities companies have launched public offering transformation products, and many institutions have achieved good results in issuing large-scale public offering transformation products.

Including the products of several leading securities companies, Guotai Jun'an jundeming hybrid asset management plan with a scale of 12.2 billion yuan raised on the first day, Dongfang hongqiyuan with the initial raised scale of more than 4 billion yuan, and the dividend value of CITIC, etc.

"At the beginning, the customers of several products transformed by public offering were mainly from the direct sales channels of the company. In the subsequent issuance of new products, we began to connect with banks and other channels to make new attempts." The asset management personnel of the above-mentioned large-scale securities companies told the reporter of the 21st century economic report.

In addition to competition, the group cooperation that may be produced in the future is also a new change concerned by various organizations under the draft.

"Our view is that the relationship between the two sides is competition and cooperation. We should strengthen the group cooperation with shareholders of securities companies to achieve win-win cooperation." South China, a background of securities companies, public funds sources interviewed pointed out.

Societe Generale Securities believes that the draft is to create a world-class asset management organization, allowing high-quality fund companies to focus on the main business and promote group operation. At present, among the 135 public fund management companies, 56 are securities companies, accounting for 41% of the total. In the future, group cooperation with major shareholders of securities companies may be further strengthened. At the same time, we should support high-quality fund companies to set up subsidiaries specialized in asset management and related business, which will help fund companies to integrate internal resources, improve business chain and facilitate the further development of high-quality companies.

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