Because of its excellent performance, a Hong Kong stock fund will face liquidation soon after its establishment, which highlights the poor expectations of Christian Democrats and professional institutional investors for the Hong Kong stock market.
The Securities Times reporter found that almost after the release of less than 50 million for 48 consecutive working days, a new fund with excellent performance and a focus on Hong Kong stocks may have avoided the risk of being liquidated after 50 days.Industry insiders believe that this contrasting phenomenon shows that Christian Democrats' panic on Hong Kong stocks has reached the critical point of market reversal. band.
The Securities Times reporter noticed that almost all of the Hong Kong stock funds that performed well this year have adopted "time selection" in terms of product issuance and market entry time. The product approval has been obtained, and some Hong Kong stock fund products have waited patiently for 9 months after obtaining the approval.Fund companies take the initiative to "freeze" products and select the bottom of Hong Kong stocks for fund holders, which also shows that the strategic layout opportunities for Hong Kong stocks have emerged.
It's not because of poor performance
Just because stepping on the air, Christian "can't get on the bus"
On June 10, a large-scale public fund in South China may have breathed a sigh of relief. A Hong Kong stock themed fund under the company's newly established will prevent short-swingers from "not getting on the bus", which triggered the immediate liquidation of the new fund. Embarrassment and risk.
Just a few days ago, that is, on June 8, the fund company issued an announcement regarding the risk of liquidation of a Hong Kong stock themed fund, saying that as of June 7, 2022, the fund has been low for 48 consecutive working days. at 50 million yuan.This means that liquidation will depend on the size of the next two working days.
According to the provisions of the "Fund Contract", after the "Fund Contract" comes into effect, if the net asset value of the fund is less than 50 million yuan for 50 consecutive working days, the fund contract will be terminated, and there is no need to convene a general meeting of fund share holders.If as of the end of June 9, 2022, the fund's net asset value of the fund is less than 50 million yuan for 50 consecutive working days, the termination conditions stipulated in the above-mentioned "Fund Contract" will be triggered, the "Fund Contract" shall be terminated, and the Fund Manager shall The Fund will be liquidated in accordance with relevant laws and regulations, the Fund Contract and other provisions.
The above-mentioned Hong Kong stock funds are facing the risk of sluggishness and even liquidation. Is it because the fund's performance is too poor that the fund holders have insufficient confidence?
No also!The Securities Times reporter noticed that according to the latest net worth data as of June 10, 2022 after the close, the net worth return of the above-mentioned Hong Kong stock themed fund this year has been 14%, and the net worth of the fund has increased by as much as 23% in the last month.
If the scale is less than 50 million, there is an inside story
Jimin gets nearly 3 points and then runs away
Since the performance is very good, and the fund has been making money in this wave of turbulent market, why does the fund product have a fund NAV of less than 50 million yuan for 48 consecutive working days?
The Securities Times reporter noticed that the above-mentioned Hong Kong stock themed fund was established on March 3, 2022, with a capital scale of 226 million yuan when it was established.The fund’s announcement on June 8 shows that as of June 7, 2022, the fund’s net asset value has been below 50 million yuan for 48 consecutive working days.This means that this new fund with a scale of 226 million yuan has just been established for 16 working days, and there has been a large-scale redemption of funds, and the redemption ratio is as high as 78%.According to the announcement information, it can be speculated that the latest time for the fund to be less than 50 million yuan after the fund is redeemed is March 24 this year.
What information was hidden in the fund's performance at this point on March 24?According to the disclosed net worth data, the fund hit a small high point since the fund was established on March 22 and March 23. On March 22, the fund’s net worth rose by 2.8%, and on March 23, it rose by 2.25%. , After rising for two consecutive days, the net value of this Hong Kong stock theme fund as of March 23 was 1.0298 yuan, about 15 working days before the fund was established.
That is to say, when this Hong Kong stock themed fund has been in operation for 15 working days, as of the close of trading on March 23, its cumulative return of the fund was 2.98%.The Securities Times reporter also noticed that while the fund rose by 2.25% on March 23, the Hang Seng Technology Index closed on the same day but left a long upper shadow.According to the analysis of insiders, the positive returns of these nearly 3 points have not brought steady growth in the size of the fund, but may have stimulated the desire of funds to do short-term transactions.
In fact, on the second day of a positive gain of nearly 3%, the market began to move downward again.On March 24, the Hang Seng Technology Index plummeted by about 3%, and on March 25, the Hang Seng Technology Index fell by about 5%.Considering the high correlation between the above-mentioned Hong Kong stock themed fund and the Hang Seng Technology Index, after the fund was established on March 23, it achieved a positive return of nearly 3%. On March 24, the Hang Seng Technology Index fell by 3%. To a considerable extent, it has stimulated short-term investors to choose to stay in their pockets.
The longest "snow" up to 9 months
The fund actively chooses the time to wait for the bottom
It is obviously meaningless for Christian to do small-band operations at the big bottom.In fact, many Hong Kong stock themed funds established this year actually represent the fund's active "time selection" in terms of sentiment and index points.
Fund net worth data shows that under the cover of Christian Democrats' panic, many Hong Kong stock funds established this year have begun to reap positive returns in the near future.Debon Hong Kong Stock Connect Growth Select Fund and Essence Hong Kong Stock Connect Select Fund were established in March and April this year, and the cumulative yield has reached 7% so far; SPDB-AXA China Exchange Service Fund has been established since March this year. Yields also hit 8%.
The Securities Times reporter found that these Hong Kong stock funds that made a good start are actually the result of the fund companies' timing of Hong Kong stock positions and market sentiment.Although the above-mentioned Hong Kong stock themed funds are all new funds established in March and April this year, these funds are actually "old products".
According to the information disclosed by the fund, SPDB-AXA China Exchange Service Fund has obtained the approval of the regulatory license in June 2021, but the fund company still "patiently" waited for a full 5 months before taking the product out for sale. , and the real time to enter the Hong Kong stock market is 8 months after obtaining the product approval.
As a start-up fund tied to the interests of the fund company, about 61% of the funds in the Essence Hong Kong Stock Connect Select Fund come from Essence Fund Company's own funds. responsibility.The Essence Hong Kong Stock Connect Select Fund has obtained the product approval in July last year. The fund company took the initiative to "freeze" the product until mid-January this year, and the time when the Hong Kong stock-themed product really started to be established and entered the Hong Kong stock market was in mid-April this year. It also means that Essence Fund has patiently waited for nearly 9 months in order to choose a safe and effective investment time for this start-up fund with bundled interests.
"Funds don't like timing for individual stocks, but they will still take the initiative to choose timing in the face of macro levels and general trends." A person from the market department of a medium-sized fund company in Shenzhen told the Securities Times reporter bluntly that the market trend has become very obvious. Fund companies are reluctant to put new funds that have obtained approvals on the market, and fund companies also hope to provide fund managers with a better operating position.Fund companies "freeze" certain products and raise funds from the market at suitable market points and enter the stock market, which has the same operational logic as many funds restricting subscriptions at market highs and releasing subscriptions at market bottoms.
【Editor: Shao Wanyun】
