GF SECURITIES(SZ:000776) Sou Hu Cai Jing·2025-08-05 13:29Core Viewpoint - The withdrawal of GF Asset Management from the public fund management qualification approval list signifies the end of its nearly two-and-a-half-year application process, adding uncertainty to the competitive landscape of public fund transformation among brokerage asset management firms [1][2]. Group 1: Regulatory Changes and Market Context - In May 2022, the China Securities Regulatory Commission (CSRC) issued new regulations that relaxed the restrictions on the number of public fund licenses held by the same entity, creating new opportunities for brokerage asset management firms [1][2]. - 2023 has been characterized as a "breakout year" for brokerage asset management firms applying for public fund licenses, with six firms submitting applications, although only two, China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained approval [1][3]. Group 2: Challenges Faced by GF Asset Management - GF Asset Management submitted its application for public fund management qualifications on January 19, 2023, but its progress has been slow, remaining in the acceptance stage until its recent removal from the approval list [2][3]. - The reasons for GF Asset Management's withdrawal from the public fund management qualification list remain unclear, but industry insiders speculate it may relate to market conditions, review pace, or strategic adjustments within the company [2][3]. Group 3: Industry Trends and Transformations - The pursuit of public fund licenses is driven by the need for brokerage asset management firms to expand their asset management capabilities and enhance their market influence, especially as the deadline for transforming public collective products approaches at the end of 2025 [3][4]. - As of mid-2025, only 14 brokerage firms and their subsidiaries have obtained public fund licenses, highlighting the scarcity of such licenses in the industry [3][4]. Group 4: Product Management Adjustments - For brokerage asset management firms that have not obtained public fund licenses, transitioning public collective products has become increasingly challenging, with options including liquidation, conversion to private products, or transferring management to affiliated fund companies [4][5]. - GF Asset Management has begun transferring its products to its affiliated fund company, with plans to change the management of ten products, reflecting a broader trend among firms in the industry [5].