Core Insights - The recent announcement from the China Securities Regulatory Commission (CSRC) indicates that Guojin Securities Asset Management Co., Ltd. has withdrawn from the public fund management qualification approval list, marking the end of the public fund license application wave among securities firms in 2023 [1][2] Group 1: Regulatory Changes and Market Dynamics - The CSRC's disclosure shows that Guojin Asset Management submitted its public fund qualification application in October 2023 but received no regulatory feedback, leading to its decision to withdraw the application [1] - Guojin Asset Management is not the first securities firm to terminate its public fund license application in 2023, as three other institutions, including GF Asset Management and Guangfa Asset Management, had previously suspended their application processes [1] - The approval process for public fund licenses has significantly slowed down after an initial surge in applications, with only two firms, China Securities Asset Management and Xingsheng Asset Management, receiving approvals in 2023 [2] Group 2: Strategic Adjustments by Asset Management Firms - The prolonged approval delays have forced institutions to reassess the costs and benefits of applying for licenses, leading to a trend of voluntary withdrawals [3] - Analysts suggest that the collective retreat from public fund license applications does not undermine the value of such licenses but reflects a strategic contraction and cautious decision-making by securities firms in the current environment [3] - The tightening regulatory landscape and intensified competition in the public fund industry have prompted some asset management firms to prioritize compliance with existing business operations over pursuing new public fund licenses [3]