Core Viewpoint - The withdrawal of public fund license applications by Guojin Asset Management marks the end of the queue for securities asset management subsidiaries, indicating a significant shift in the industry landscape [1][5]. Group 1: License Application Trends - In 2023, there was a surge in applications for public fund licenses from securities asset management subsidiaries, driven by regulatory changes that eased restrictions [4]. - By the end of 2024, there were no approvals for public fund licenses, leading to a complete withdrawal of applications by various firms in 2025 [5]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is linked to the 2018 asset management regulations, which require securities firms to complete the public offering transformation of their products by the end of 2025 [6]. - Many firms are transferring their public fund products to affiliated fund management companies as a common strategy to comply with the new regulations [6]. Group 3: Differentiation in the Market - The withdrawal of public fund license applications has led to a clear differentiation in the development paths of securities asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [7]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [7]. - As of September 2025, the scale of private asset management products from securities firms reached 5.73 trillion yuan, reflecting a growth of approximately 270 billion yuan from the end of 2024 [7].

Core Viewpoint - The withdrawal of public fund license applications by brokerage asset management subsidiaries indicates a significant shift in the industry, with all applications now retracted, leading to a "clean slate" in the approval queue [2][3][7]. Group 1: License Application Trends - In 2023, a surge in applications for public fund licenses occurred, driven by regulatory changes that eased restrictions on the number of licenses [6]. - By the end of 2024, there was a complete halt in the approval of new public fund licenses, with several brokerage asset management firms withdrawing their applications in 2025 [7]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is closely linked to the 2018 asset management regulations, which require brokerages to complete the public offering transformation of their products by the end of 2025 [9]. - As the deadline approaches, many brokerage asset management firms are transferring their public fund products to affiliated fund management companies, a common strategy observed in the industry [9]. Group 3: Differentiation in Business Strategies - The withdrawal of public fund license applications has led to a clear divergence in the development paths of brokerage asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [11]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [11]. - The private asset management sector is experiencing a revival, with the scale of private asset management products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [11].

Core Viewpoint - The recent announcement from the China Securities Regulatory Commission (CSRC) indicates that there are currently no brokerage asset management subsidiaries in the queue for public fund management qualifications, as Guojin Asset Management has withdrawn its application [1][4]. Group 1: Regulatory Changes and Market Dynamics - The CSRC's new regulations have allowed for a slight relaxation in the number of public fund licenses, leading to a surge in applications from brokerage asset management subsidiaries in 2023, with six institutions applying [4]. - Only two out of the six institutions, namely China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained licenses, resulting in an approval rate of only one-third [4]. - As of late 2025, the approval pace has slowed, with several institutions, including Guojin Asset Management, withdrawing their applications, leading to a "zero" status for brokerage asset management subsidiaries in the application queue [4][8]. Group 2: Competitive Landscape - The public fund industry is experiencing intensified competition, with over 160 public fund management institutions currently operating in China, which has led to resource wastage [8]. - As of October 2025, the total net asset value of public funds managed by these institutions reached 36.96 trillion yuan, marking a historical high for seven consecutive months [8]. - The top ten institutions in the public fund industry account for nearly 40% of the market share, indicating a high concentration of management scale [8][9]. Group 3: Future Outlook - Guojin Asset Management has confirmed that the withdrawal of its public fund license application was a strategic decision based on current market conditions and future business planning, with the possibility of reapplying in the future [5][6]. - The barriers to entry for new applicants are high, particularly in areas like ETFs, where established firms dominate, making it challenging for new or smaller institutions to compete effectively [9].

Core Viewpoint - The once-booming competition among brokerage asset management firms for public fund licenses is clearly retreating, with several firms withdrawing their applications, indicating a shift in strategy and market conditions [1][2][5]. Group 1: Withdrawal of Applications - The recent trend shows a significant number of brokerage asset management firms, including Guotai Junan Asset Management, Guangfa Asset Management, and Guosen Asset Management, have suspended their applications for public fund licenses, leaving only Guojin Asset Management in the queue [1][2]. - Guosen Asset Management submitted its application in October 2023 but has not received any feedback, highlighting the uncertainty in the approval process [3]. Group 2: Market Environment and Strategic Choices - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [5]. - The tightening of regulations and intense competition in the public fund industry has led some asset management firms to reassess their cost-benefit ratios, opting to withdraw if they lack sufficient resources or competitive advantages [5][6]. Group 3: Regulatory Context and Future Implications - The approval process for public fund licenses has slowed significantly since the initial surge in applications in 2023, with only a few firms receiving approvals, indicating a potential "zero release" situation in 2024 [3][4]. - The impending deadline for brokerage firms to complete the transformation of their collective asset management products by the end of 2025 adds pressure, prompting some firms to seek alternative solutions to alleviate transformation stress [6][7].

Group 1 - The trend of brokerage asset management firms withdrawing applications for public fund licenses is evident, with several firms like Guotai Junan Asset Management and Guangfa Asset Management halting their applications, leaving only Guojin Asset Management in the queue [1][2][4] - The approval process for public fund licenses has significantly slowed down after a surge in applications in 2023, with only a few firms receiving approvals, indicating a stark contrast to the previous year's enthusiasm [4][5] - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [6][7] Group 2 - The tightening of regulations and intense competition in the public fund industry have led some asset management firms to reassess their cost-benefit ratios, resulting in a more rational decision to withdraw from applications [6][7] - The impending deadline for the transformation of brokerage collective asset management products into public offerings by the end of 2025 adds pressure on firms, prompting them to seek alternative solutions to alleviate transformation stress [7][8] - Some firms have begun transferring their collective asset management products to affiliated fund management companies as a strategy to comply with regulatory requirements while awaiting public fund license approvals [8]

Core Viewpoint - The withdrawal of public fund license applications by Guotou Securities Asset Management (Guozheng Zichan) reflects a tightening regulatory environment and a shift towards rational development and survival of the fittest in the asset management industry [2][4][11]. Group 1: License Withdrawal - Guotou Securities Asset Management has officially withdrawn its application for a public fund license, joining other firms like GF Securities Asset Management and Guangfa Securities Asset Management in this trend [2][9]. - The company had been waiting for over two years for the approval process, which began with its application submission on July 18, 2023, and included several rounds of feedback without significant progress [4][5]. Group 2: Industry Context - As of the end of Q3, there are only three securities firms and eleven securities asset management institutions that have been granted public fund licenses, managing a total of nearly 600 billion yuan in non-monetary fund assets [2]. - The tightening of public fund license approvals is seen as a response to the current industry landscape, where there are 165 fund management companies and qualified asset management institutions, leading to significant competition [10][11]. Group 3: Strategic Shifts - The withdrawal of applications indicates a new phase in the industry characterized by rational development, where larger securities firms can leverage the "one participation, one control, one license" policy for comprehensive business layouts [11]. - Smaller securities firms are encouraged to focus on niche areas such as ABS, quantitative strategies, and fixed income, adopting a specialized and high-quality approach to private asset management [11]. - Some firms are opting for full acquisitions of existing fund companies to enter the public fund business, as seen with Shanghai Securities' acquisition of Xinjiang Qianhai United Fund [11].

Core Insights - The public fund license, once highly sought after, is losing its appeal as evidenced by the recent withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. from the public fund management qualification approval list [1][2] - Guangda Securities Asset Management is not the only firm to withdraw; in August, GF Asset Management also exited the application process, leaving only two firms, Guozheng Asset Management and Guojin Asset Management, still awaiting approval [1][3] Summary by Sections License Withdrawal - Guangda Securities Asset Management has been removed from the list of institutions applying for public fund management qualifications, marking a significant shift in the industry [2] - The firm submitted its application in June 2023 but faced a stagnant approval process, leading to the decision to pause its application after over two years of waiting [2][4] Industry Context - 2023 was anticipated to be a peak year for public fund license applications, initiated by regulatory changes in May 2022 that allowed more firms to apply [2][4] - Despite the initial surge in applications, only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals, while the rest faced delays or withdrew their applications [2][3] Strategic Considerations - The withdrawals reflect a strategic shift among firms, as regulatory requirements mandate that collective asset management products must complete public transformation by the end of 2025 [4][5] - Firms like Guangda Securities Asset Management are opting for alternative strategies, such as transferring their products to affiliated public fund platforms, to mitigate transformation pressures [4][5] Market Dynamics - The competitive landscape for asset management firms is changing, with a focus on high-value services like private fund of funds and alternative investments becoming more attractive compared to the lengthy and costly public fund license application process [5] - Regulatory tightening, increased capital thresholds, and evolving governance structures present substantial challenges for firms seeking public fund licenses, leading to a more stable competitive environment where larger firms may solidify their positions [5]

Group 1 - The core viewpoint is that after Guangfa Asset Management and Guangzheng Asset Management withdrew from the public fund license application process, only two broker asset management firms remain awaiting approval for public fund licenses [1] - The China Securities Regulatory Commission (CSRC) has removed Guangzheng Asset Management from the list of institutions applying for public fund management qualifications, following Guangfa Asset Management's exit in August [1] - The remaining broker asset management firms still in the public fund license approval queue are Guozheng Asset Management and Guojin Asset Management [1] Group 2 - As of 2024, applications for public fund licenses by broker asset management institutions have nearly come to a halt, with a total of 14 firms having obtained the necessary licenses [2] - By the end of 2025 Q2, the asset management scale of broker asset management firms is approximately 8.51 trillion yuan, reflecting a slight increase of about 0.2 trillion yuan from the end of 2024 and an increase of 0.65 trillion yuan from the end of 2023 [2] - The end of 2023 marks the final deadline for the public offering transformation of large collective products managed by broker asset management firms, which can be achieved through various compliance methods [2]

Core Insights - Shanghai Everbright Securities Asset Management Co., Ltd. (Everbright Asset Management) has been removed from the list of institutions applying for public fund management qualifications by the China Securities Regulatory Commission (CSRC) [1][3] - This follows the withdrawal of Guangfa Asset Management from the qualification approval list in August, leaving only Anxin Asset Management (now Guozhen Asset Management) and Guojin Asset Management in the queue for public fund licenses [1][3] Company Developments - Everbright Asset Management submitted its application for a public fund license on June 19, 2023, and provided supplementary materials on June 27, 2023, but did not enter the formal review stage [3] - The company has transferred several public collective products to Everbright Baodexin Fund Management, which is 55% owned by Everbright Securities [3] - The company reported revenue of 675 million yuan and a net profit of 219 million yuan for the year 2024, with a total asset management scale of 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [4] Management Changes - Everbright Asset Management has experienced significant changes in its executive team, raising concerns about its future strategic direction [4] - Key management changes include the departure of former General Manager Wang Pei in January 2023, the appointment of Chang Song as General Manager in July 2023, and subsequent changes in leadership roles throughout 2024 [4] - In August 2023, the company announced the resignation of Chairman Xiong Guobing due to job adjustments, with General Manager Qiao Zhen temporarily assuming the chairman's responsibilities [4]

Core Viewpoint - The article discusses the withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. (Guangzheng Asset Management) from the public fund management license application process, highlighting a trend among securities asset management companies in China to pause their public fund license applications [2][6]. Group 1: License Application Status - Guangzheng Asset Management has been removed from the list of institutions applying for public fund management qualifications as per the latest announcement from the China Securities Regulatory Commission (CSRC) [6]. - In August 2023, another asset management company, GF Asset Management, also withdrew from the qualification approval list, leaving only Anxin Asset Management (now Guozheng Asset Management) and Guojin Asset Management still in the application queue [2][6]. Group 2: Historical Context and Regulatory Changes - Guangzheng Asset Management submitted its application for a public fund license on June 19, 2023, and provided supplementary materials on June 27, 2023. However, the application did not enter the formal review stage, and the company did not receive further inquiries from regulators [5][6]. - Since the implementation of new regulations in May 2022, which allow securities firms to hold one public fund license, there have been no new approvals for public fund licenses among securities asset management companies after the licenses were granted to招商资管 and 兴证资管 in 2023 [6]. Group 3: Company Performance and Management Changes - Guangzheng Asset Management reported a revenue of 675 million yuan and a net profit of 219 million yuan for the year 2024, with a total asset management scale of 3,114 billion yuan, reflecting a growth of 3.71% from the beginning of the year [8]. - The company has experienced significant changes in its executive team, raising concerns about its future strategic direction. Notable changes include the departure of the original general manager in January 2023 and subsequent appointments and adjustments within the management team throughout 2024 [8].