A number of fund companies have changed their shareholder structure or further optimized their equity
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Since 2023, equity changes in fund companies have occurred frequently. A few days ago, another three institutions, Wanjia Fund, Morgan Stanley Huaxin Fund, and Xinhua Fund, disclosed their shareholding changes. In the past month, a total of 4 fund companies have changed their equity, of which two joint venture fund companies have been transformed into wholly foreign-owned fund companies. According to industry insiders, equity changes may help some small and medium-sized fund companies introduce more advanced management and operation models to achieve differentiated development.
The change of the actual controller of Wanjia Fund disclosed by the China Securities Regulatory Commission shows that it approved Shandong Energy Group Co., Ltd. as the actual controller of Wanjia Fund on January 31; (Accounting for 11% of registered capital) No objection. This also means that Zhongtai Securities’ shareholding in Wanjia Fund will increase from the previous 49% to 60%. According to the previous announcement of Zhongtai Securities, the increase in shareholding ratio will help enhance the control over Wanjia Fund, provide stronger support for Zhongtai Securities’ wealth management transformation and business synergy, and further enhance Zhongtai Securities’ core competitiveness.
Another fund company, Xinhua Fund, also changed its actual controller a few days ago. According to the information disclosed by the China Securities Regulatory Commission, Beijing Huarong Comprehensive Investment Co., Ltd. was approved to become the main shareholder of Hengtai Securities Co., Ltd., and Beijing Financial Street Investment (Group) Co., Ltd. was approved to become Hengtai Securities, Hengtai Changcai Securities Co., Ltd., Xinhua Securities Co., Ltd. The actual controller of the fund.
In addition, recently, foreign capital has successfully controlled its joint venture fund company. According to the announcement of the China Securities Regulatory Commission, Morgan Stanley was approved to become the actual controller of Morgan Stanley Huaxin Fund; Morgan Stanley International Holdings Company legally acquired the investment of 127.5 million yuan from Morgan Stanley Huaxin Fund (accounting for 51% of the registered capital). %) No objection. Morgan Stanley International Holdings’ shareholding in Morgan Stanley Huaxin Fund will increase from 49% to 100% after the completion of industrial and commercial registration and other related procedures for increasing shareholdings required by regulatory agencies. This also means that another wholly foreign-owned holding public offering has been settled.
Previously, on January 19, the China Securities Regulatory Commission approved JPMorgan Asset Management Holdings to become the major shareholder of China International Fund, and approved JP Morgan to become the actual controller of China International Fund. There is no objection to the capital contribution of 250 million yuan (accounting for 100% of the registered capital).
Regarding the reason for the equity change of the fund company, Xie Houqin, a senior investment consultant of Jufeng Investment Consulting, told the reporter of the Economic Information Daily that some shareholders will change their equity by replacing their equity when they need to improve cash flow due to tight cash flow. In addition, with the further optimization of the fund industry, some unqualified shareholders withdraw, and changes will also occur. Finally, the introduction of advanced managers by fund companies or equity participation and mergers and acquisitions of larger capital will trigger changes in shareholders or actual controllers.
In fact, since 2022, equity changes in fund companies have occurred frequently. In 2022, there will be changes in the equity of many fund companies such as TEDA Manulife, Huaan, China Life Security, Fuguo, Huaxia, and Huabao. According to the official website of the China Securities Regulatory Commission, there are still fund companies such as Galaxy Fund, Taixin Fund, Nord Fund and other fund companies applying to change more than 5% of the equity and actual controllers.
Xie Logistics said that from the perspective of impact, the change of small and medium shareholders of fund companies has little impact, while the change of major shareholders may affect the management model and operation mode of fund companies. Domestically speaking, leading fund companies will still maintain their valuation advantages, while small and medium-sized fund companies can use equity changes to introduce more advanced management and operation models to achieve differentiated development and gain higher market recognition.
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