Recently, after five rounds of auctions, the 30% equity of Xinjiang Qianhai United Fund held by the person subject to execution, Shenzhen Jushenghua, was acquired by Shanghai Securities for 37.6622 million yuan. In this regard, people in the public offering industry said that securities firms have professional investment research capabilities and asset management resource advantages, which may be able to provide assistance to the development of Qianhai United Fund.
Public information shows that Qianhai United Fund was established on August 7, 2015. It is the 99th fund management company established in China. The company has five shareholders: Shenzhen Jushenghua, Shenzhen Yueshang Logistics, Shenzhen Shenyue Holdings, Kaixinheng, and Qianhai Life Insurance. The shareholding ratios are 30%, 25%, 25%, 15.1%, and 4.9% respectively.
The auction process of the 30% stake in Qianhai United Fund held by Shenzhen Jushenghua can be described as twists and turns. In March 2024, the first auction was withdrawn because "a person outside the case raised a well-founded objection to the auctioned property"; in July of the same year, the second auction failed because no one bid. The third auction was held in August of the same year. Shenzhen Yueshang Logistics won the bid, but the auction failed because the balance was not paid. In October 2024, the fourth auction failed again. Subsequently, the equity was auctioned online again in February 2025. In the public bidding, Shanghai Securities won the highest bid of 37.6622 million yuan. If subsequent regulatory approvals go smoothly, Shanghai Securities will become the largest shareholder of Qianhai United Fund.
It is understood that this is not an isolated case. In recent years, the equity interests of many small and medium-sized fund companies such as Jiahe Fund, Donghai Fund, Baoying Fund, and Shanghai Banking Fund have been frequently listed for transfer. Qianhai United Fund's equity auction encountered difficulties, which to a certain extent reflects the difficulties faced by the development of small and medium-sized public funds.
Taking Qianhai United Fund as an example, small and medium-sized public funds face problems such as small scale of management and single product structure. Tiantian Fund data shows that 2020 is the golden period for the development of Qianhai United Fund, and its scale under management reached 49.627 billion yuan at the end of the year. Since then, the scale of the funds under management of Qianhai United Fund has continued to shrink. As of the end of last year, the scale was only 9.751 billion yuan, with 49 funds under management, and these funds are mainly fixed-income funds.
Data shows that since September 2021, Qianhai United Fund has not established any new fund products. In 2022, the Xinjiang Qianhai United China Bond 1-3 Years China Development Bank Index Fund and Qianhai United Xinxiang Value Fund issued by the company both encountered fundraising failures.
A person in the public fund industry in South China told reporters that the "Matthew Effect" is significant in the public fund industry. As the industry gradually develops in the direction of indexation, leading public funds have a greater first-mover advantage in the field of ETFs (traded open-end index funds). In terms of channels, marketing and fee rates, it is more difficult for small and medium-sized fund companies to compete with large fund companies. Therefore, if small and medium-sized funds want to achieve breakthroughs, they need to explore a unique and differentiated development path based on their own resource endowments.
"Shareholders' support for fund companies is extremely critical. If Shanghai Securities becomes the largest shareholder of Qianhai United Fund, it may be able to change the development status of Qianhai United Fund. After all, securities companies have resource advantages such as self-operation and asset management, and can provide sales support to fund companies to a certain extent, which can promote the expansion of small and medium-sized funds." The above-mentioned person said.
