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Original title: What is the impact of Ant’s suspension of including participants in public funds?
Ant Group, which was originally scheduled to trade in A + H shares on November 5, was “stopped” by the Shanghai Stock Exchange and the Hong Kong Stock Exchange on the night of November 3. According to a Beijing Commercial Daily reporter observation, on November 4, there were still 4 fund companies that released the results of the initial public offering of A shares of some of their funds. As a result, the online and offline participation in Ant Group’s A-share public offering has become the focus of investors’ attention after it was announced that Ant Group would postpone its listing. In this sense, some people in the sector believe that this movement can have a great impact on the strategic placement fund, and does not even rule out the possibility of subsequent repayments by a large number of clients.
The progress of the monitoring of the suspension of the quotation is striking
On November 4, Invesco Great Wall Fund, GF Fund, Huabao Fund, SDIC UBS Fund, a total of 4 fund companies announced that some of their funds have successfully subscribed to the number and amount of the initial public offering of A shares by Ant Group. However, on the night of November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange temporarily suspended Ant Group’s listing plan originally scheduled for November 5, and announced that Ant Group will suspend listing. .
Today, the suspension of the Ant Group listing continues to ferment. In response to the sudden situation of the IPO suspension, on the morning of November 4, Ant Group issued an announcement stating that it would return the application funds for the Hong Kong public offering. At the same time, a reporter for Beijing Commercial Daily noted that some brokerage firms, including Futu Securities and Tianfeng International Securities, also announced that they decided to exempt all participating clients from Ant’s IPO subscription fee and all interests of Bank financing. All related costs are borne by the institution itself.
As a listed “broker”, the securities company has made a clear statement on the reimbursement of related fees and Ant Group has not yet announced the specific content of the reimbursement agreement for the new A-share funds. public information, strategic investors participating in Ant Group’s A-share listing plan involve fund companies as well as funds planning to strategically place Ant Group shares.
Previously, Ant Group issued an announcement on October 26, disclosing the results of the assignment to strategic investors, including China Merchants Fund, E Fund, China Southern Fund, China Universal Fund, Harvest Fund, China Asset Management and Penghua. A total of 11 strategic placement funds from 8 fund companies in the Fund and the China Europe Fund have become strategic placement investors for Ant Group, including 6 strategic placement funds closed for 3 years and 5 future innovators that can participate in the Ant Group’s strategic placement. Monthly closed operation thematic fund. In addition, some fund company products have participated in the offline launch of Ant Group’s A share issue, and the results of the purchase have been released in recent days.
So what impact will Ant Group’s suspension of listing have on the aforementioned fund companies and related products? In response to this, a reporter for the Beijing Commercial Daily aired an interview with Ant Financial, but as of press time, no response has been received. A member of a related fund company revealed to the reporter that the company’s innovative future themed fund is still functioning normally and that it will do a good job of active management.
At the same time, China Asset Management also stated in Alipay’s “China Asset Management Wealth Account” that due to Ant Group’s postponement of its A + H stock listing plan, China Asset Management Corporation originally planned to participate in the strategic placement and investing in Ant’s listing in the next 18 months of the hybrid fund of closed operation. Also suspended accordingly. Currently, the funds have been established and their operations will not be affected. If there are any updates in the future, the fund company and Ant Group will reveal them through an announcement. Additionally, Penghua Fund and others also issued similar tweets.
Strategic placement fund operations may be affected
Ant Group’s listing plan has been the focus of the market since its inception, and the five innovative future themed funds previously sold have created a grand opening of 60 billion yuan and subscriptions of more than 10 million people. Therefore, in this context, the impact of the suspension of listing of Ant Group on individual investors has become the most worrying content of this type of investors.
It is worth mentioning that in the comment section of the above-mentioned China Fund response, some investors raised questions. Some netizens asked: “Can this fund be allocated to the original 10% after the inclusion of the ants? If not, can I get a refund?” Some users asked: “In this case, will it be closed for 18 months?” As for the question, the fund company did not respond before the Beijing Commercial Daily reporter published the article. Regarding the impact of Ant Group’s suspension of listing on investors, the journalist published an interview with fund companies that have obtained Ant Group’s strategic placement ratings, but as of this writing, no response has been received .
In this regard, Gong Tao, chairman of China Capital Fund Management Co., Ltd., commented that the suspension of the Shanghai Stock Exchange and the return of the Hong Kong Stock Exchange of the application funds for the offer Hong Kong public will have little impact on the participants of public funds, but will have a large impact on strategic placement funds. Since public offering funds participate in online sales, as long as they are not purely new funds, they can generally buy stocks and other financial assets, which has little effect on product revenue. However, strategic allocation funds specify that offline stocks are strategically allocated. Inactivity will result in a substantial decrease in product revenue and may even cause a large number of customers to become dissatisfied and choose to redeem them at the end of the subsequent closed period.
Gui Haoming, the leading market expert at the Shenwan Research Institute, also mentioned that due to the suspension of Ant Group’s listing and the possibility of subscription invalidation, it will have a great impact on strategic placement and may be necessary adjust your expected income. However, due to the lock-in period in the strategic placement part, this move has no real impact on the fund’s short-term cash flow. If a refund is needed, considering that some funds are being sold by participating in the Ant Group subscription, in theory, the refunds should also be given to the fund holders. However, the specific operation requires joint consultation and requesting the opinion of the supervisory authorities.
At the same time, some industry experts analyzed the specific conditions of the five innovative future thematic funds. Senior fund research expert Wang Qunhang believes that “the average scale of the previous five funds is not high, and it is much less than 10,000 yuan. The highest is 6,372.08 yuan and the lowest is 3,819.61 yuan. Since the investment amount of citizens is not large, there is no need to worry too much. At the same time, since the investment in Ant Group shares only represents up to 10% of the assets of this type of fund, if the share falls into 1 Suspension, the net value of the aforementioned funds only loses 1% theoretically , and the impact is small. “
Price modification can be beneficial to citizens
In fact, in addition to the funds involved in the strategic placement of the Ant Group, as the center of the “vortex”, when the Ant Group can resume trading after the suspension of trading, it has also attracted a lot of attention and sparked heated discussions. According to market sources, Ant’s reinstatement is conservatively estimated to be delayed for about half a year, but Ant Group has not given a public response to this. Gong Tao believes that it is difficult to estimate the specific time for Ant Group to re-list. The key is that Ant Group may not have specific indicators or conditions to handle regulatory inquiries and public doubts. Only the supervisory authority does not agree on the only path for publication.
“Suspending is not canceling approval or denying it, so listing is a matter of time. First, we need to come up with a preliminary compliance plan, and second, we need to wait for the draft to see if the relevant business needs to adjust. after the draft is released, and again we need to get regulatory approval and adjust the business. Regarding compliance, it is necessary to reapply for the exchange and China Securities Regulatory Commission for issuance approval, and It is not ruled out to return to the meeting. Of course, the annual report and the prospectus should be updated in between, “added senior investment banker Wang Jiyue.
So does Ant Group’s suspension of listing necessarily do more harm than good? Wang Qunhang believes that the suspension of the listing may promote the subsequent increase in Ant Group’s investment value. The price of the shares rose after the listing, which benefits citizens. If the price is re-priced and reissued, the probability of the new price will be lower than before, which is also good.
Beijing Business Daily reporter Meng Fanxia Li Haiyuan
