Original title: Public offering “hand in hand” GEM registration system for the first anniversary of 45 GEM themed funds were born
Our reporter Wang Siwen
Looking back at the first anniversary of the reform of the GEM and the pilot registration system, the GEM already has more than 1,000 listed companies and a market value of more than 13 trillion yuan. Within a year, as an important institutional force in the capital market, public funds have been After the reform of the GEM registration system, the market has played a decisive role.
Since the reform of the ChiNext registration system, at least 45 ChiNext theme funds have been formally established, belonging to 28 public fund companies, and the total initial fundraising scale of the funds has reached 53 billion yuan. Among them, 6 products were sold out in one day, and they were enthusiastically received by market funds. The largest fund products raised are 4 CSI Tech Innovation and Entrepreneurship 50 ETFs, each with a scale of about 3 billion yuan.
Luan Tianhao, general manager of the Egg Roll Fund, said in an interview with a reporter from the Securities Daily: “Next, if the participation of the fund can better help GEM companies find prices and improve the pricing mechanism, it will undoubtedly affect the development of the entire market and society. Create greater value.”
GEM theme fund in the past year
Net worth increased by an average of 29%
From the first batch of four GEM themed funds established after the implementation of the GEM registration system to the recent 50 ETF feeder fund for science and technology innovation and entrepreneurship, in one year, a large number of publicly offered new funds have appeared in the list of “entrepreneurship” New fund products with thematic naming. Fund product categories include active equity funds and passive index funds. Among the ranks of new funds on the Growth Enterprise Market, there are not only ETF hot funds with relatively stable risks, but also partial stock hybrid funds that are set to open in two years.
In an interview with a reporter from “Securities Daily”, a public equity fund manager in Beijing area who is planning to invest in ChiNext said: “These themed funds mainly capture the ChiNext registration system through strategic allotment, subscription of new shares and selected individual stocks in the secondary market. Opportunities brought about by the reform. For this reason, these funds also have obvious regulations on the scope of investment proportions. For example, the proportion of equity assets invested by the fund in the ChiNext shall not be less than 80% of the non-cash assets. After the reform of the ChiNext registration system, there are Many high-quality innovative and entrepreneurial companies are listed, and public funds have created a lot of excess returns for investors in their investment on the ChiNext. This is the result of the reform of the ChiNext registration system.”
In one year, these GEM theme funds also submitted a good report card for investors. According to data from Oriental Wealth Choice, in the past year, the growth rate of the average net value of re-weighted units of GEM theme funds has reached 29%.
“The GEM trial registration system has been implemented for one year, and both market value and transaction volume have increased significantly. Public funds have participated in better results. The number of related funds has nearly doubled, and the market value of Shigekura GEM has increased by more than 100%.” Luan Tianhao said to “Securities” “The Daily” said.
Grow positions in ChiNext stocks
Consensus on becoming an active equity fund
In the past year, public funds, as professional institutional investors, have also increased their investment in the Growth Enterprise Market.
Data shows that in the second quarter of 2020, the active partial equity fund’s heavy position on the ChiNext increased from 18.3% in the first quarter to 25%. Among the top 50 listed companies held by Shigekura, 11 are listed on the ChiNext Among the top 50 listed companies with the most holdings in Shigekura, 15 are listed on the ChiNext. Taking the proportion of freely tradable market value of each sector as a reference, the over-allocation of all-market public funds on the GEM was 1.75%, an increase of 2.17 percentage points from the previous month. The over-allocation of active partial equity funds on the GEM hit a new high since 2018.
“Since this year, active partial equity funds have shown the characteristics of “two-handedness” in the configuration of the GEM. Both large and small market capitalization stocks have received attention, while medium-valued stocks have been cold.” Cinda Securities Chief Analyst Fan Fan Jituo said that in the second quarter, the over-allocation of active partial equity funds to the 200 billion yuan listed stocks on the GEM reached 16%, an increase of 5.74 percentage points from the previous month, a record high; the low allocation to stocks with a market value of less than 5 billion yuan The rate was 12.61%, an improvement of 3.13 percentage points from the 15.74% low distribution rate in the first quarter.
A large public fund manager told a reporter from the Securities Daily: “Many fund products are currently deployed in leading listed companies in the technology innovation industry on the ChiNext, focusing on three major strategic emerging companies, namely biotechnology, new energy and new-generation information technology. In the industry, these products actually have long-term configuration value, and investors can pay more attention.”
Cheng Xi, the fund manager of E Fund Technology Venture 50 ETF, told the reporter of Securities Daily: “my country is currently in a new development stage from factor-driven to innovation-driven. High-quality development is an important topic at the moment. Factor input is accelerating its transformation into a quality-focused innovation drive. Technological innovation has become the main battlefield in the international strategic game. It is urgent to improve the national innovation system, accelerate the construction of a technological power, and achieve high-level technological self-reliance. In this context, we are concerned about science and technology The investment value of the industry and its key tracks is promising in the long-term.”
.