北京商报讯（记者 李海媛）12月24日，汇添富基金公告称，根据中国证监会《关于核准汇添富基金管 理股份有限公司设立子公司的批复》及《关于汇添富基金管理股份有限公司变更设立子公司有关事项的 批复》，汇添富基金获准设立全资子公司汇添富基金销售（上海）有限公司，子公司注册地为上海市， 注册资本为5000万元人民币，业务范围为证券投资基金销售。 汇添富基金表示，汇添富基金销售（上海）有限公司已完成工商注册登记，并取得营业执照及经营证券 期货业务许可证，将依法对外开展业务。 ...

Core Viewpoint - Guilin Bank is facing regulatory scrutiny from the Guangxi Securities Regulatory Bureau due to compliance issues in its fund sales operations, which may impact its ongoing IPO plans [1][2]. Regulatory Issues - The Guangxi Securities Regulatory Bureau issued a warning letter to Guilin Bank for two main issues: fund sales personnel lacking qualifications and non-compliance in promotional materials [2]. - The bank is required to address these issues and submit a written report within a specified timeframe [2]. Company Background - Established in 1997, Guilin Bank is a state-controlled bank and the largest financial institution in Guangxi, with a focus on local operations [2]. - As of September 2025, the bank has a total of 265 urban branches, 205 county branches, and 481 town branches, covering 100% of counties and 67% of towns in Guangxi [3]. IPO Plans - Guilin Bank is the first city commercial bank in Guangxi to pursue an A-share IPO, having initiated its IPO guidance in August 2023, with plans to complete the process by Q2 2025 [3]. - The bank has faced challenges, including unresolved legal issues and frequent changes in senior management, which may affect its IPO progress [3]. Financial Performance - As of September 2025, Guilin Bank reported total assets of 605.62 billion, a 5.06% increase from the previous year [3]. - The bank's non-performing loan ratio rose to 1.94%, an increase of 0.2 percentage points from the previous year, indicating a trend of deteriorating asset quality [3][4]. - For the first three quarters of the year, the bank's revenue was approximately 9.29 billion, a decline of 2.45% year-on-year, with net profit decreasing by 7.58% to 2.1 billion [4]. Capital Adequacy - As of September 2025, the bank's core Tier 1 capital adequacy ratio was 8.4%, with total capital adequacy at 11.46%, all showing a decline compared to the previous year [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved E Fund Management Co., Ltd. to establish a wholly-owned subsidiary focused on wealth management and investment advisory services, marking a significant step in the company's strategic expansion into the wealth management sector [1][2]. Group 1: Company Establishment and Structure - E Fund has received approval to set up a subsidiary named E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., with a registered capital of 100 million RMB, located in Guangzhou, Guangdong Province [1]. - The subsidiary will focus on securities investment fund sales and will commence operations after obtaining the necessary business licenses [1][3]. Group 2: Business Focus and Strategy - The new subsidiary will concentrate on buy-side investment advisory services, aligning with the regulatory push for asset management firms to transition towards comprehensive wealth management [2][4]. - E Fund aims to enhance customer experience by providing tailored investment goals and continuous service throughout the investment process, thereby improving client satisfaction [2][5]. Group 3: Regulatory Environment and Support - The establishment of the subsidiary is in response to the CSRC's policies aimed at promoting high-quality development in the public fund industry, encouraging differentiated growth among fund management companies [2][4]. - Recent government initiatives have emphasized the importance of investment advisory services, with specific measures introduced to support the development of this sector in Guangzhou [4][5]. Group 4: Performance and Future Plans - E Fund has built a robust team of over 100 professionals across various functions, including research, advisory, and compliance, to support its investment advisory services [3][5]. - The company has reported significant growth in its advisory services, with a client base exceeding 120,000 individuals and over 100 institutional clients, achieving a client profitability rate of approximately 70% since the launch of its advisory services [5][6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved E Fund Management Co., Ltd. to establish a wholly-owned subsidiary, marking a significant step in the wealth management transformation of the asset management industry [1][2]. Group 1: Company Developments - E Fund has established a new subsidiary named E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd. with a registered capital of 100 million RMB, focusing on securities investment fund sales [1]. - This approval makes E Fund the ninth public fund management company to set up a similar sales subsidiary, following others like Harvest Fund, GF Fund, and China Universal Asset Management [1]. - The establishment of this subsidiary aligns with the regulatory push for public fund companies to diversify their operations and enhance their wealth management capabilities [1][2]. Group 2: Industry Context - The approval of E Fund's subsidiary is part of a broader trend initiated by the CSRC to support the development of investment advisory services and wealth management within the asset management sector [2][3]. - The regulatory framework has evolved since the launch of the investment advisory business pilot in October 2019, with recent policies encouraging public fund companies to innovate and improve their comprehensive wealth management capabilities [2][3]. - The industry is witnessing a shift towards a more structured and multi-layered investment advisory service model, with a focus on client-centric wealth management solutions [4].

Core Insights - Multiple fund subsidiaries have recently been approved and are quickly launching their first business operations, indicating a trend towards differentiated development in the public fund industry [2][5] Group 1: Company Developments - E Fund announced the establishment of its wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., with a registered capital of 100 million RMB, focusing on securities investment fund sales [2][5] - The subsidiary aims to provide buy-side investment advisory services and has built a team of over 100 people to support its operations [5] - 华夏基金 has partnered with listed companies to establish the 华夏致远创业投资基金, with a total subscription amount of 35 million RMB, focusing on equity investments in the biopharmaceutical sector [6][8] Group 2: Industry Trends - The establishment of specialized subsidiaries is seen as a response to regulatory encouragement for public fund companies to enhance their core business while achieving differentiated development [5][9] - The trend of multiple fund subsidiaries being approved reflects a broader strategy to enhance comprehensive wealth management capabilities and better serve the wealth management needs of Chinese residents [9] - Other fund companies, such as 汇添富基金, are also exploring investments in the primary market through their subsidiaries, indicating a shift towards a more integrated investment approach [8][9]

Group 1 - The China Securities Regulatory Commission (CSRC) has approved E Fund Management Co., Ltd. to establish a wholly-owned subsidiary focused on buy-side investment advisory services, increasing the number of approved public fund sales subsidiaries in the industry to 9 [1] - E Fund submitted its application for the wealth management subsidiary in May 2023 and has spent nearly two years preparing based on regulatory feedback, building a team of over 100 people across various functions to enhance its advisory services [1] - The newly approved subsidiary, named E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., is registered in Nansha District, Guangzhou, with a registered capital of 100 million RMB, and aims to support financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - Wealth management subsidiaries are seen as an extension of fund companies, marking a transformation towards wealth management and providing high-quality services from the buy-side perspective [2] - The government has been actively supporting the development of investment advisory services, with recent policies aimed at accelerating wealth management transformation and establishing industry standards [2] - E Fund's investment advisory team plans to leverage the new subsidiary to create a systematic, multi-layered, and intelligent advisory service system, offering comprehensive wealth management solutions to clients [2]