IPO launches second round of reform of bond funds to play new or marginalized

Securities Times reporter Li Ying in Friday, the Securities and Futures Commission issued the "Guidance on deepening the reform of the IPO system" (draft), which marks the second stage of the reform of the new stock issue.　　Securities Times reporter from a number of fund companies to understand that "" in the opinion of the "" "system and the resulting large number of the allocation, or the Fund and other institutions to play a new way to change.　　Guess 1 Fund prudent pricing power increase the significant change brought about by the "opinion" is the system of placing "swing" under the network of institutions, and the pricing ability and responsibility of the Fund will be more tested based on the large number of allocation that may be produced by the lottery. "The incentive for prudent pricing of the Fund must be greatly increased, and investment in new listed companies will be strengthened." "said a person at a large Beijing fund company.　　It is understood that at present, the fund companies to participate in the new stock inquiry mostly go "simple process", if there is IPO, responsible for the industry's researchers to give "recommended price", by the fund manager to decide whether to participate and quote, usually because there is no time to delve into the newly listed companies, fund managers will refer to " Some investment bankers said that as a result of a single fund net received less than a few, some and underwriters close relationship between the fund companies are willing to "human" quotes, to engage in the transfer of benefits. "In the future, such random quotes are not likely, the illegal costs are too high, institutions will not be in order to a good turn themselves into." "The opinion" also requests the public placing target's concrete quotation, from the public opinion supervision and the public image angle constrains the fund price. "In the disclosure of public information, each investment portfolio in the new release of the specific price of a little bit of a foul will be the media and investors to find out, the fund company must be trying to avoid such a situation."　　"said the marketing department, a Shenzhen fund company.　　Speculation that the 2 bond fund hit a new or marginalized "lottery" system generated by the huge number of allocation, so many fund companies fixed income concern, the smaller bond funds can eat this big cake. "There is also the question of an operational level, whether it's in the agency or the portfolio, but in any way, the bond fund space is small." "The fixed income department of a Shanghai fund company explained that if the investment portfolio is based on the assumption that a new stock issue 40 million shares, 20% or 8 million shares under the net for placing, the price is 20 yuan per share, if the underwriter determines the number of placements is 10, once the number of the swing, The bond fund is allocated $16 million for new shares and, assuming the fund has assets of $800 million, the new shares account for 2% of the Fund's assets. "For bond funds, the ratio of single new shares to fund assets is generally under 1% per cent, more than 2% need to go to the investment manager to sign and other processes, if a weekly new shares on the 1-point position, one months down is 4 points, this is only 20% of the stock position of the bond fund, a bit difficult to digest.　　"He believes that even if bond funds are strictly selected, it is inevitable that they will be marginalized in the new fight." If it is a fund companyThe unit obtains each allotment the new shares, the fund company inside certainly will take the stock fund as the main. However, if the company is a unit, it is unfair to large companies with larger assets management and a larger number of products. In this respect, many fund industry Personage said, the operation level question still needs to promulgate the rule and "the opinion" matching.　　In addition, the special household product also has in the fight new The marginalization to be troubled.　　Guess 3 private or show up to play a new team "opinion" request to enlarge the scope of inquiry object, this also let the industry for private placement to get new qualifications full of anticipation. Brokerage fund researcher said that from the qualification, pricing capacity, asset Management scale, industry close to the degree of comprehensive consideration, private placement is most likely to be "enlarged" inquiry object. "Also should give private placement to enter the channel of the market, as the same type of products, the special account can already participate in playing new."　　"In addition, the main business and investment-related listed companies may also become a new object of inquiry." "The Fund law" to amend all the private placement in, is also the time to give new release to private placement, which is conducive to the development of the whole industry.　　"said the fund manager of a large Shenzhen fund company. Some people in the industry said that the overseas mature market generally gives the main underwriter placing right, to allow the main underwriter to choose their own investors to make placements, and there are many well-known private institutions, which not only provide the issuer with relatively long-term, high-quality shareholder groups, but also conducive to inquiry agencies and investment banks to form a stable strategic cooperative relationship.