果然！注销牌照

Core Viewpoint - Minshang Fund Sales has officially withdrawn from the public fund distribution market as its sales license has been revoked by the China Securities Regulatory Commission (CSRC) [2][4]. Group 1: Company Overview - Minshang Fund Sales (Shanghai) Co., Ltd. was established on January 29, 2016, and obtained its fund sales license in October 2017 [4]. - The company was initiated by professionals from the banking industry and had been involved in distributing public funds until its recent exit [4]. Group 2: Market Dynamics - The fund sales market is undergoing a rapid transformation, with at least nine institutions, including Minshang Fund and Dahua Bank, exiting the fund distribution business since last year [8]. - The number of funds distributed by Minshang Fund decreased significantly from 2,753 public products and 72 fund companies as of May 26 to 828 funds and 23 companies by July 7 [4]. - Over 60% of public fund distribution institutions have fewer than 1,000 funds, indicating a concentration of distribution among a few large players [8]. Group 3: Regulatory Environment - The CSRC has been actively regulating the fund sales market, leading to both voluntary exits and penalties for non-compliance among third-party fund sales institutions [8]. - The ongoing reforms in public fund fee structures and stringent regulatory trends are expected to continue reshaping the fund sales landscape [8]. Group 4: New Entrants - Despite the exits, new players are entering the market, with the establishment of new fund sales subsidiaries, such as E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd. [9]. - As of the end of May, there were 395 fund sales institutions in total, reflecting a slight increase from the previous month [9].