Xin Hua Wang·2025-08-12 06:26Core Viewpoint - The recent release of the "Supervision and Management Measures for Publicly Raised Securities Investment Fund Managers" by the China Securities Regulatory Commission (CSRC) marks the long-awaited implementation of the "one participation, one control, one license" policy, allowing the same entity to apply for a public fund license in addition to holding and controlling one fund each [1][2][3]. Group 1: Regulatory Changes - The new regulations primarily relax the previous restrictions on the number of public licenses held by the same entity, allowing for a more flexible application process for public fund licenses [2][3]. - The measures maintain the "one participation, one control" policy while permitting professional asset management institutions under the same group, such as securities, insurance, and bank wealth management subsidiaries, to apply for public licenses [2][3]. Group 2: Impact on Securities Firms - The new rules are expected to accelerate the application process for public licenses among securities asset management firms, providing new business growth opportunities [1][3]. - Major securities firms that control large public funds, such as CITIC Securities and Haitong Securities, are likely to benefit the most from these changes, enhancing their profitability [1][3]. Group 3: Market Dynamics - The introduction of the new regulations is anticipated to intensify competition in the public fund market, which could lead to improved service quality across the industry [3][4]. - Currently, there are 154 fund managers in total, with only 8 being securities asset management firms, indicating significant room for growth in this sector as firms prepare to transition to public fund operations [4][6]. Group 4: Challenges and Opportunities - While the new regulations present opportunities for securities asset management firms to enter the public fund space, they also face challenges due to the established presence and experience of existing large public funds [7]. - Securities asset management firms may need to enhance their research and investment capabilities to compete effectively in the public fund market, leveraging their experience in customized services from their private fund operations [7].