Many Brokerages Financing Products Looming Crisis Of Liquidation

The expansion rate of new products is far less than that of old ones. Market downturn, small brokerages' collection of financial products unexpectedly eye-catching, and once the scenery of a number of large brokerages products suffered a decline in size and performance. Market participants believe that some brokerages' collective financial products may be forced to liquidate.

More than one product touches the winding line.

aggregate Conduct financial transactions The scale of the plan is less than 100 million yuan. It is not surprising that more products are facing liquidation risks in the second half of the year.

WIND statistics show that in the current 228 sets of financial planning projects, the Bank of China International new shares of China increased 1 and the state owned assets 50 of the company's assets were less than 100 million yuan. "Central enterprises 50" product investment organizers said that the entire two quarter, due to the impact of the central bank tightening policy, the market almost showed unilateral decline state, the largest decline of more than 15%; the collective financial planning had to face the large amount of purchase and redemption frequent passive situation. As a passive investment management product invested in Shanghai Central Enterprises Index, more than 80% of its positions are in central enterprises ETF, while the rest are holding Shenhua, CITIC Securities and some bank shares. The net value of 50 of central enterprises is currently 0.9084 yuan. From its performance, the trend is not optimistic. The industry is expected that more products may be involved in the liquidation line, but due to the announcement of updates and other issues have not yet been counted.

As of June 30th, the assets of 12 products were less than 110 million yuan. Among them, two Ping An Securities, two Guotai Junan, two Huatai Securities, and Everbright Securities. Negotiable securities Two, Changjiang Securities, CITIC Securities, Bank of China, Guoxin, Qilu, investment, first business and other 1 brokerages. In addition, the assets of the 49 products ranged from 110 million to 200 million yuan.

According to the analysis of the industry, centralized location and product design have suffered cold market this year. The above collection financial schemes are mostly hybrid and bond products. New products, QDII products and stock products are mostly rejected by the market. If the product design is out of date, every open day is a time of substantial redemption. For example, the two announcement of the huge withdrawal of the China silver international securities collection financial product "China red new stock enhancement No. 1" announced that the net exit application received by the managers on the open day was more than 10% of the aggregate total of the previous day, and the plan manager has paid the full refund of the day's application. After only two open days, the management scale of "China red new stock enhancement No. 1" has shrunk from 153201871 at the beginning of its establishment to 82291695.72, and its shrinkage has been as high as 46%. According to the unit net value of 1.0122 of the product in August 1st, the net asset value of "China red new stock enhancement No. 1" has been less than 90 million yuan, less than 100 million yuan's "winding up" red line.

Rely on hair New products It is difficult to continue on a large scale.

Insiders say that the scale and net value are always prosperous, and all of them are damaged. Managers want to scale up, but investors are not satisfied with net value performance will choose to redeem. Although large redemption took place this year, the number of new products issued by brokerages is increasing. However, the scale of new products has become increasingly impracticable.

From the perspective of management scale Assets The scale of the management plan increased from 13 billion 210 million yuan in 2005 to 135 billion 250 million yuan in 2010. From the initial scale, the new product share in 2005 was 13 billion 950 million, and the total share of new products was 78 billion 220 million in 2010, and the annual compound growth rate reached 41.2%. By the end of 2010, 48 securities companies had set up 179 sets of collective asset management schemes, and the total scale of raising (according to the scale of initial offer) exceeded 200 billion yuan. As of June 30th this year, the number of brokerages with customer equity management qualifications has reached 54, and the number of products has reached 223. The number of newly established products this year is 50, but according to WIND statistics, the latest collection financial plan is only 147 billion 600 million yuan. Among them, there are 105 sets of products set up since July 28, 2010, with a total scale of 75 billion 338 million yuan, accounting for 50.88%, which means that the scale of fund-raising in the past year has exceeded the sum of the past 5 years.

Since the beginning of this year, the once famous securities dealers have suffered a double blow in terms of scale and net value. In the past, asset management business, which has contributed to the quality brokerage business, has fallen sharply this year. The income of Huatai Securities Asset Management Business decreased 21.96% in the first half of the year, and the number of its management plan has reached 13, and the total management assets have been reduced to 6 billion 427 million yuan. Guoxin Securities set up 9 sets of financial products when the scale of the total sum of 9 billion 900 million yuan, but the current 9 products net assets shrink to 5 billion yuan, shrinking nearly 50%. Products set up in 2010 suffered a large shrinkage this year.

Behind the scale is bound to be a decline in the performance of brokerages. The performance of former stars has been similarly alarming this year. Last year, Zhejiang Merchants Securities, which won half a year's 37.26% earnings, earned 2 of its Zhejiang Jinhui 2 in the first half of this year. In addition, in 2009, the "Grand Slam" Guoxin system also reported a total loss of 9 financial products in the first half of this year, with an average decrease of 8.86%.

On the contrary, the collection financial products of some small and medium-sized brokerages are more resistant, such as the 4 financial products of Northeast Securities, which have won the market in all aspects since its establishment. According to WIND statistics, the first offer scale of Northeast Securities No. 3 has exceeded 2 billion 835 million yuan. Last year, the highest scale of the issue was set up by China Construction Bank. As of August 5th, with the exception of a few unannounced products, Northeast Securities No. 1, with the yield of 8.79% this year, ranks among the top of all public fund and brokerage portfolio products, with a yield of 24.18% in the latest year. In addition, Xingye securities's Jin Qilin and jade Unicorn products rank ahead of the list.