GF SECURITIES(SZ:000776) Sou Hu Cai Jing·2025-08-07 16:24Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [1][2]. Group 1: Company Actions - Guangfa Asset Management was previously among six brokerage asset management firms that submitted applications for public fund licenses, but it has now exited the approval list [1][5]. - The company submitted its application materials to the China Securities Regulatory Commission (CSRC) in January 2023, but only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals in 2023 [4][5]. Group 2: Industry Context - The public fund industry is experiencing a trend towards high-quality development, leading to a tightening of public fund license approvals [2]. - As of August 1, 2023, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [5]. Group 3: Regulatory Changes - In May 2022, the CSRC issued new regulations allowing brokerages to achieve "one participation, one control, one license" for public fund licenses, prompting several brokerage asset management firms to apply for licenses [4]. - The transition deadline for brokerage asset management firms to convert their public collective products is set for the end of 2025, with Guangfa Asset Management already beginning to transfer its products to Guangfa Fund [7]. Group 4: Product Management - As of the second quarter of 2025, Guangfa Asset Management's public collective product scale reached 32.539 billion yuan, with over 90% being money market products [8].