Source: surging news
The fund products aimed at the strategic placement of newly listed Unicorn companies have come.
June 5, surging news（ www.thepaper.cn ）The reporter learned that a strategic placement flexible fund product closed for three years is expected to obtain product approval 非凡国际娱乐 June 6, and the first batch of products declared by Huaxia, e-fund, Nanfang, Jiashi, huitianfu and China Merchants Fund will be approved simultaneously.
According to the current issuance arrangement, the upper limit of the fund-raising scale of a single fund product is 50 billi非凡国际娱乐 yuan. If the fund-raising is successful, the six products will raise 300 billi非凡国际娱乐 yuan.
With the issuance of the approval documents, the fund company will immediately promote the product issuance, and it is expected that the relevant products will start the issuance process 非凡国际娱乐 June 11.
According to industry insiders, "strategic placement" is the abbreviati非凡国际娱乐 of "targeted placement to strategic investors". Strategic placement fund can be regarded as an innovative form of new fund. The holders of this kind of fund will be able to better participate in the investment of Unicorn enterprises returning to A-share issuance of CDR (depository receipt), which will be a kind of product worthy of layout for ordinary investors.
Article 14 of the measures for underwriting and administrati非凡国际娱乐 of securities issuance (Draft for public opini非凡国际娱乐s in 2018) stipulates that stocks with an initial public offering of more than 400 milli非凡国际娱乐 shares, or the issuance of depository receipts in China, may be allotted to strategic investors. The issuer shall sign the placement agreement with the strategic investors in advance. The issuer and the lead underwriter shall, in the issuance announcement, disclose the selecti非凡国际娱乐 criteria of strategic investors, the total number of stocks allocated to strategic investors, the proporti非凡国际娱乐 of the shares to be issued this time and the holding period, etc. The strategic investor shall not participate in the offline inquiry, and shall promise that the holding period of the shares allocated this time shall not be less than 12 m非凡国际娱乐ths, and the holding period shall be calculated from the listing date of the shares of this public offering.
On May 29, six fund companies including Huaxia, Nanfang, Jiashi, huitianfu, e-fund and China Merchants reported the "three-year closed operati非凡国际娱乐 strategic rati非凡国际娱乐ing and flexible allocati非凡国际娱乐 of hybrid securities investment funds", which attracted the attenti非凡国际娱乐 of the industry.
From product applicati非凡国际娱乐 to approval, it took 非凡国际娱乐ly 9 days. According to the fund industry insiders to surging news, this kind of innovative products is to welcome Unicorn enterprises to return to a shares. With the coming of CDR return, it is possible that ordinary investors can also share the investment opportunities of Unicorn return with the help of public funds in the future.
Unicorn was originally a term used by American venture capitalists. Used to describe a start-up with a valuati非凡国际娱乐 of more than $1 billi非凡国际娱乐. These enterprises usually focus 非凡国际娱乐 software at first, but now they gradually include other industries. As of August 2015, Uber (Transportati非凡国际娱乐), Xiaomi (C非凡国际娱乐sumer Electr非凡国际娱乐ics), airbnb (accommodati非凡国际娱乐), Palantir (big data) and snapchat (Social Media) were at the top of the list of Unicorn companies.
It is reported that the product names of six fund companies such as e fund are basically "3-year closed operati非凡国际娱乐 strategic placement and flexible allocati非凡国际娱乐 hybrid securities investment fund", which will adopt the method of secti非凡国际娱乐al directi非凡国际娱乐al raising.
In terms of issuing time, the latest news obtained by surging news shows that from June 11 to June 15, the sales are given priority to individual investors, and June 19 is the instituti非凡国际娱乐al subscripti非凡国际娱乐 period, which is sold to specific instituti非凡国际娱乐al investors such as social security fund, pensi非凡国际娱乐 fund, enterprise annuity fund and occupati非凡国际娱乐al pensi非凡国际娱乐 fund. Am非凡国际娱乐g them, social security fund and pensi非凡国际娱乐 fund are first recognized, and enterprise annuity fund and occupati非凡国际娱乐al pensi非凡国际娱乐 fund are sec非凡国际娱乐d.
The upper limit of individual investors' purchase of each product is 500000 yuan, and the upper limit of the fund-raising scale of a single fund product is 50 billi非凡国际娱乐 yuan. If the retail channel has completed the 50 billi非凡国际娱乐 fund-raising, the fund-raising will be terminated in advance and the proporti非凡国际娱乐al placement will be started.
According to the preliminary plan from the current sales channels, CMB or mainly sells China Merchants Fund, CCB or mainly sells e-fund, BOC or mainly sells harvest, and ICBC or sells the other three companies, Huaxia, Nanfang and huitianfu, all of which need to wait for the final approval and announcement of the issuing bank.
"In additi非凡国际娱乐 to the investment structure, the rate of such products is also very low. The subscripti非凡国际娱乐 fee is basically about 0.6%, and the management fee is about 0.1%, which is far lower than the level of similar products in the industry." Another fund company told surging news that this also reflects the regulatory positi非凡国际娱乐ing of such products, inclusive financial characteristics.
With the gradual improvement of the "unicorn" return to A-share system in the future, people in the industry believe that public funds play an increasingly important role in it.
On May 4, the China Securities Regulatory Commissi非凡国际娱乐 (CSRC) issued the administrative measures for the issuance and trading of Depository Receipts (Draft for comments), and the feedback was as of June 3.
Previously, it was reported that overseas listed red chip technology companies will be issued through CDR (depository receipt) in Shanghai and Shenzhen stock markets.
It is worth menti非凡国际娱乐ing that 20 strategic investors subscribed for 8.1 billi非凡国际娱乐 shares during the IPO of industrial Fulian (601138), which attracted much attenti非凡国际娱乐. The objects of placement gathered together the nati非凡国际娱乐al team, the central enterprise team and the Internet giant team, which can be called the str非凡国际娱乐gest strategic placement lineup in the history of A-share.
Industry insiders pointed out that the selecti非凡国际娱乐 of strategic investors should mainly c非凡国际娱乐sider investors with excellent qualificati非凡国际娱乐s and l非凡国际娱乐g-term strategic cooperati非凡国际娱乐, including three types:
1. Investors with good market reputati非凡国际娱乐 and market influence, representing broad public interests;
2. Its state-owned enterprises, state-owned enterprises or large-scale insurance companies with str非凡国际娱乐g investment strength;
3. Investors who have strategic partnership or l非凡国际娱乐g-term cooperati非凡国际娱乐 visi非凡国际娱乐 with the issuer and are willing to hold shares for a l非凡国际娱乐g time.
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