Core Viewpoint - The latest approval list from the China Securities Regulatory Commission (CSRC) shows that Guojin Asset Management, the last brokerage asset management subsidiary applying for a public offering license, has quietly disappeared from the list, indicating that all four brokerage asset management subsidiaries that were in line for public offering licenses at the beginning of the year have withdrawn their applications, resulting in a "zero" approval queue [1] Group 1 - Guojin Asset Management is the last brokerage asset management subsidiary to withdraw its application for a public offering license [1] - All four brokerage asset management subsidiaries that were previously in line for public offering licenses have now completely withdrawn their applications [1] - The approval queue for public offering licenses has been cleared [1] Group 2 - A representative from Guojin Securities stated that the company will focus its resources on consolidating its existing asset management business's core competitiveness [1] - The company aims to deepen its efforts in niche areas to provide more precise asset management services for investors [1]

Core Viewpoint - The application for public fund licenses by securities asset management companies has significantly cooled down after a two-year policy relaxation, shifting from a rush to apply to a more rational withdrawal of applications [1][2]. Group 1: License Application Trends - Initially, four securities asset management subsidiaries, including GF Asset Management, Guangfa Asset Management, and Guozheng Asset Management, applied for public fund licenses, but by November, three of them had withdrawn their applications, leaving only Guojin Asset Management still in the queue [1][2]. - In 2023, six securities asset management companies submitted applications for public fund licenses, but only two, China Merchants Asset Management and Xingsheng Asset Management, were granted licenses. The approval of new licenses has nearly stagnated in 2024 [2][4]. Group 2: Regulatory Environment - The "One Participation, One Control" policy, which relaxed the restrictions on the number of public fund licenses, was implemented in May 2022, prompting many securities firms to seek additional licenses [2]. - Recent regulatory signals indicate that no new public fund licenses will be issued to securities asset management companies, leading to speculation that Guojin Asset Management may also withdraw its application [4]. Group 3: Transition to Public Fund Management - According to the asset management regulations established in 2018, securities firms must complete the public transformation of their "participating public collective" products by the end of 2025. Firms without public fund licenses must choose to liquidate, extend, or change management for their related products upon expiration [5][6]. - As the deadline approaches, the industry is entering a critical transition phase, with many firms opting to transfer management of their public collective products to affiliated public fund companies or to shift towards private asset management [6][7].

Core Viewpoint - The removal of Guangzheng Asset Management from the public fund management qualification approval list by the CSRC marks the end of a 2-year and 4-month application process for a public fund license, reflecting a significant shift in the regulatory landscape for asset management firms in China [1][4]. Group 1: Regulatory Changes and Market Dynamics - The exit of Guangzheng Asset Management is part of a broader trend where several asset management firms are facing challenges in obtaining public fund licenses, particularly after the introduction of the "one participation, one control, one license" policy in May 2022 [2][3]. - The approval process for public fund licenses has seen a stark contrast between firms, with some like CMB Asset Management and Xingzheng Asset Management successfully obtaining licenses, while Guangzheng and GF Asset Management have not progressed [4][7]. - The regulatory environment has shifted towards a focus on differentiated development among asset management firms, impacting the approval logic for public fund licenses [7][8]. Group 2: Impact on Guangzheng Asset Management - Guangzheng Asset Management's public fund license application was initiated with high expectations for business synergy with its existing fund management entities, but the process stagnated, leading to its eventual withdrawal [3][4]. - The firm has over 30 billion yuan in public products that now face a challenging transition path due to the termination of its public fund license application [2][5]. - In response to the regulatory challenges, Guangzheng Asset Management has shifted focus to its private fund business, which has shown strong performance, ranking among the top five in the industry [6][7].

Group 1 - The approval pace for public fund licenses is slowing, with some securities asset management firms "withdrawing" from the application queue [1] - Currently, only three firms remain in the public fund management qualification approval list: Shanghai Everbright Securities Asset Management, Anxin Securities Asset Management, and Guojin Securities Asset Management [1] - Guangfa Securities Asset Management, which submitted its application earlier, has "disappeared" from the approval list, raising questions about whether it voluntarily withdrew its application [2] Group 2 - Guangfa Asset Management's application for public fund management was received on January 19, 2023, and was supplemented on January 30, 2023, but has seen no substantial progress for over two years [2] - In contrast, other firms like CMB Asset Management and Xingsheng Asset Management have successfully obtained public fund licenses in 2023 [3] - The public fund license is considered crucial for the transformation of securities asset management businesses and is a hard requirement for maintaining certain collective asset management products [3] Group 3 - The transition of certain collective asset management products to public fund products is necessary due to regulatory requirements, with two main pathways: obtaining a public fund license or transferring management to a subsidiary fund company [3] - As the transition period nears its end, many securities asset management firms are opting to change the management of their collective products to their affiliated fund companies [3][4] - Guangfa Asset Management has submitted multiple applications to change the management of its asset management plans to Guangfa Fund, with several applications already accepted by regulators [4] Group 4 - The majority of the collective products seeking management changes are mixed and bond-type products, with most having scales below 500 million yuan [4] - For instance, Guangfa Asset Management's products, such as Guangfa Asset Management Shengshi Selected and Guangfa Asset Management Qianli One-Year Holding, have management scales of 0.88 million yuan, 2.57 million yuan, 1.34 million yuan, and 1.95 million yuan respectively [4] - The Guangfa Asset Management Shengshi Selected product has performed well, with a return rate of 25.99% since the beginning of the year, outperforming its benchmark return rate of 9.07% [4]

Core Viewpoint - Guangfa Asset Management has withdrawn from the public fund management qualification application list, indicating a pause in its pursuit of public fund licenses amid a challenging regulatory environment for brokerages [2][3]. Group 1: Application Status - In 2023, six brokerage asset management firms submitted applications for public fund licenses, but only two, China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained licenses [2][5]. - As of 2024, only three firms, including Guangfa Asset Management, are in the queue for public fund license applications, with Guangfa's withdrawal marking a significant development in the industry [3][5]. Group 2: Industry Context - The regulatory environment has become increasingly stringent, with no new public fund licenses granted since November 2023, leading to a stagnation in applications from brokerage asset management firms [5][6]. - The 2022 regulatory changes that relaxed the limits on the number of public fund licenses held by the same entity initially spurred a surge in applications, but the subsequent approval process has been slow [5][6]. Group 3: Strategic Adjustments - In light of the challenges in obtaining public fund licenses, many brokerage asset management firms are transitioning their collective asset management products to public fund management companies they control or hold stakes in [2][6]. - Guangfa Asset Management has begun transferring some of its products to Guangfa Fund Management, reflecting a broader trend among brokerages to adapt to regulatory requirements [2][7].

Core Viewpoint - The recent withdrawal of Guangfa Asset Management from the public fund management qualification application list indicates a slowdown in the approval process for public fund licenses among securities firms, with only two firms successfully obtaining licenses in 2023 [1][4][5]. Group 1: Guangfa Asset Management's License Application - Guangfa Asset Management has exited the public fund management qualification application list, which signifies a halt in its pursuit of a public fund license [3][4]. - In January 2023, Guangfa Asset Management submitted its application to the CSRC, becoming the second securities firm to do so that year, following招商资管 [3]. - Currently, only three institutions, including 光证资管 and 国证资管, are still in line for public fund license applications, while Guangfa has withdrawn [3][6]. Group 2: Industry Trends and Regulatory Environment - The approval process for public fund licenses has slowed down significantly, with only two out of six securities firms that applied in 2023 receiving approval [5][6]. - The CSRC's regulatory changes in May 2022, which relaxed the restrictions on the number of public fund licenses held by the same entity, initially encouraged many securities firms to apply for public fund licenses [5]. - As of now, only 14 securities firms and their subsidiaries have been approved to conduct public fund management business [6]. Group 3: Urgency for Transformation of Collective Investment Products - The delay in obtaining public fund licenses has made the transformation of collective investment products more urgent for securities firms, with a deadline set for the end of this year [7]. - There are several compliance options for transforming collective investment products, including obtaining a public fund license or changing the management to a public fund [7]. - As of the second quarter of 2025, Guangfa Asset Management's collective investment products totaled 32.539 billion yuan, with over 90% being money market products [7][8].