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].

为响应和落实以上政策，实现高质量发展目标，易方达基金经过充分论证和准备，于2023年5月份 提交了设立财富管理子公司的申请。据易方达基金相关人士介绍，两年来，公司积极根据监管部门的反 馈完善相关准备工作，同时稳妥推进投顾业务，组建了涵盖投研、顾问、系统开发、金融科技、解决方 案、合规风控等100余人的团队，构建并不断完善多层次的服务体系和多元化的业务模式，依托多层次 顾问队伍，为客户提供持续、及时的顾问服务。 近年来，国家大力支持投顾业务发展，助力财富管理转型。今年年初发布的《关于资本市场做好金 融"五篇大文章"的实施意见》指出，"推动证券基金经营机构加快财富管理转型""完善投资顾问制度规 则，推动公募基金投顾业务试点转常规，探索构建行业执业标准，培育壮大人才队伍，有序扩大可投产 品范围"。近期发布的《推动公募基金高质量发展行动方案》提出，"出台《证券基金投资咨询业务管理 办法》《公开募集证券投资基金投资顾问业务管理规定》，促进基金投顾业务规范发展""支持优质头部 基金公司业务创新发展，促进资产管理和综合财富管理能力双提升"。 近日，中国证监会发布《关于核准易方达基金管理有限公司设立子公司的批复》，核准易方达 ...

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]