Core Viewpoint - The approval of E Fund's wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., is expected to inject new vitality into the public fund sales industry and enhance service quality and professionalism among sales subsidiaries [1][3]. Summary by Sections Company Establishment - The China Securities Regulatory Commission (CSRC) has approved E Fund to establish a subsidiary with a registered capital of 100 million yuan, focusing on securities investment fund sales and buy-side investment advisory services [2][4]. - E Fund submitted the application for the subsidiary in May 2023, and after addressing feedback from the CSRC, the approval was granted two years later [2]. Industry Impact - The establishment of E Fund Wealth is seen as a response to policy guidance aimed at promoting high-quality development in the public fund industry, allowing fund management companies to set up subsidiaries for investment advisory services [3][4]. - The approval marks the expansion of the public fund sales subsidiary sector, which now includes nine approved subsidiaries, with E Fund being the latest addition [4][5]. Future Prospects - E Fund Wealth plans to apply for qualifications in fund sales and investment advisory services, aiming to build a comprehensive and intelligent advisory service system for wealth management [3][5]. - The industry is witnessing a surge in applications for public fund subsidiaries, with eight more currently awaiting approval, indicating a trend towards diversification and enhanced competitiveness among public funds [5].