不香了？民商基金注销牌照，公募销售行业进入自我淘汰时代

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has decided to revoke the public fundraising sales license of Minshang Fund Sales (Shanghai) Co., Ltd., marking a trend of self-elimination in the industry as many fund companies terminate sales cooperation with it [1][2]. Group 1: License Revocation - The CSRC's Shanghai Regulatory Bureau announced the decision to revoke Minshang Fund's public fundraising sales license following its application for cancellation [2]. - Minshang Fund was established in 2016 and obtained its public sales license in 2017, initiated by professionals from the banking industry [4]. Group 2: Industry Trends - Since May, dozens of fund companies have announced the termination of sales cooperation with Minshang Fund, indicating a broader trend of license cancellations among various institutions in recent years [1][5]. - The value of public sales licenses has decreased significantly since 2018, with the introduction of stricter regulations leading to a decline in their desirability [6]. Group 3: Regulatory Environment - The new regulations require that public sales licenses have a validity of three years and focus on maintaining a minimum average daily holding of 500 million yuan in funds, leading to the cancellation of licenses for those failing to meet these criteria [6][8]. - The regulations also emphasize the establishment of internal assessment mechanisms for fund sales, prioritizing investor interests and long-term investment [6]. Group 4: Market Dynamics - Many smaller institutions lack the necessary brand influence, customer resources, and technological advantages to compete with larger financial institutions, resulting in a struggle to maintain required fund holdings [7]. - Fund companies conduct annual evaluations, and those with low scores may terminate cooperation with third-party institutions lacking substantial fund holdings [7]. Group 5: Future Outlook - The trend of license cancellations reflects a self-optimizing process within the industry, as the market adjusts to the new regulatory landscape and the realities of competition [9].