Group 1 - The announcement mentions that the term "fund" includes securities company collective products that have been modified in accordance with the operational guidelines of the "Guidance on Regulating Financial Institutions' Asset Management Business" [1] - The asset management company commits to managing and utilizing the collective plan assets with honesty and diligence, but does not guarantee profits or minimum returns for investors [1] - Investors are advised to carefully read the asset management contract, prospectus, and product summary before investing in the collective plan [1] Group 2 - The announcement is issued by Galaxy Jinhui Securities Asset Management Co., Ltd. on February 26, 2026 [2]

Core Viewpoint - The article discusses the impending expiration of the broker's large collective asset management products, which have significantly decreased in scale over the years, indicating a major shift in the asset management landscape in China [2][3][4]. Group 1: Overview of Broker's Large Collective Products - The broker's large collective asset management products, which were once a significant part of the financial landscape, are set to expire by December 31, 2025, with only 9 products remaining as of late December 2023 [2][4]. - The scale of these products has dramatically decreased from approximately 1 trillion yuan to near zero due to regulatory changes and market dynamics [2][5]. - The products were originally established under regulations that allowed for an unlimited number of investors, but changes in the law in 2013 restricted new issuances, leading to a gradual decline in their prevalence [4][5]. Group 2: Regulatory Changes and Their Impact - The China Securities Regulatory Commission (CSRC) initiated a reform process in 2018, which mandated that existing large collective products must transition to either private or public fund structures or face liquidation [6][8]. - Many products have opted to convert to public funds, with some notable examples of successful transitions, while others have been liquidated or converted to private funds [6][7]. - The regulatory framework has led to multiple extensions for certain products, indicating challenges in compliance and adaptation to the new rules [8]. Group 3: Current Status and Future Outlook - As of December 2023, the remaining products are primarily set to expire in 2025, with one product having received an extension into mid-2026 [4][8]. - The trend indicates a significant shift towards public fund structures, reflecting a broader move in the industry towards more regulated and transparent investment vehicles [6][7].

Core Viewpoint - The rectification of broker asset management large collective products is accelerating, with significant changes expected by the end of this year [1][10]. Group 1: Current Status of Broker Asset Management Products - The total scale of existing broker large collective products is 310.4 billion, with the top ten products accounting for 224.9 billion, representing 72.45% of the total [5][4]. - The largest existing large collective product is from Ping An Securities, which has announced a clear plan for liquidation after its extension [7]. Group 2: Product Extensions and Changes - The Galaxy Mercury Cash Added Benefit product, with a scale of 306.7 billion, has extended its duration to December 31, 2025, making it the latest among the top ten products [2][6]. - The extension of the Galaxy product was made to protect the interests of existing investors and will involve changing the management to Galaxy Fund after obtaining regulatory approval [3][8]. Group 3: Regulatory Background and Future Expectations - The rectification process has been ongoing for nearly seven years, with the original deadline set for December 31, 2020, for the public offering transformation [11][10]. - The current expectation is that the end of this year may serve as a final deadline for the rectification of these products [10].

Core Viewpoint - The restructuring of broker asset management large collective products is accelerating, with significant changes expected by the end of this year [1][11]. Group 1: Product Delays and Changes - A large collective product under Galaxy Jin Hui Asset Management, with a scale exceeding 30 billion, has announced an extension until the end of this year, after which it will transition to a public fund managed by Galaxy Fund [1][3]. - The largest existing large collective product, managed by Ping An Securities, has confirmed it will be liquidated after its extension to November 30, 2025 [8]. - The current total scale of existing broker large collective products is 310.4 billion, with the top ten products accounting for 72.45% of this total [6][5]. Group 2: Specific Product Details - The top ten large collective products have the following details regarding their scales and future actions: - Ping An Securities Cash Treasure: 30.9 billion, to be liquidated [7]. - Galaxy Mercury Cash Benefit: 30.7 billion, extended to December 31, 2025, to be managed by Galaxy Fund [7]. - Other products like Guangfa Asset Management Cash Increase and Everbright Sunshine Cash Treasure will also transition to public fund management upon expiration [8][9]. Group 3: Regulatory Context and Implications - The restructuring process has been ongoing for nearly seven years, with a deadline set for the end of this year for compliance with the regulatory framework established by the China Securities Regulatory Commission [11]. - The core regulation mandates that existing large collective products must complete their transition to public funds by December 31, 2020, with many products experiencing multiple delays [11][12]. - Only 13 brokerages currently hold public fund licenses, making it a scarce resource, and many are opting to change the management of their large collective products to affiliated fund companies [12].