Core Viewpoint - The transformation of broker asset management large collective products into public offerings is nearing completion, with many firms actively changing management to comply with regulatory requirements [1][2][6]. Group 1: Regulatory Background - The 2018 asset management regulations require brokers to complete the public offering transformation of their large collective products by the end of 2025 [2]. - Brokers without public offering licenses can choose to liquidate, extend, or change management for their related products upon expiration [2]. Group 2: Recent Developments - On December 1, Xinda Australia Fund announced the management change of the Galaxy Mercury Short-Debt Bond Collective Asset Management Plan from Galaxy Jinhui Securities to Xinda Australia Fund, marking a significant step in the public offering transformation [1][2]. - In November alone, multiple brokers, including Everbright Securities and Huazhong Securities, have completed management changes for at least 20 collective products [6]. Group 3: Cross-Group Management Changes - A new trend of cross-group management changes has emerged, where management is transferred to external public fund companies without direct equity ties [7][10]. - For instance, Wanlian Securities announced a management change to Ping An Fund for its Wanlian Tian Tian Li Money Management Plan, showcasing this cross-group approach [7][9]. Group 4: Industry Analysis - Analysts suggest that the urgency of regulatory compliance is driving brokers to seek external partnerships, as many lack the internal capacity for compliance [10]. - The cross-group transfer model is expected to become a significant supplementary direction for future transformations, although it will coexist with internal group transfers [10].

Core Viewpoint - The transformation of brokerage asset management collective products into public funds is accelerating as the deadline for regulatory compliance approaches, with an increasing number of products undergoing this transition [1][3]. Group 1: Regulatory Changes and Compliance - The management of the "Galaxy Mercury Juyi Short-term Bond Collective Asset Management Plan" has been transferred from Galaxy Jin Hui Securities Asset Management to Xinda Australia Fund, marking a significant step in the public fund transformation process [3]. - The deadline for the transformation of brokerage asset management collective products into public funds is set for the end of 2025, following regulatory requirements established in November 2018 [3][4]. - If the original management company does not obtain public fund qualifications, the products will be transferred to affiliated public fund companies or third-party public fund companies, or they may be terminated [3]. Group 2: Trends in Management Transfers - The first instance of a brokerage asset management product transitioning to public fund management occurred in August 2023, when the "Fangzheng Jin Lifang One-Year Holding Mixed Collective Asset Management Plan" was transferred to its affiliated public fund company [4]. - Several brokerage firms have transferred their collective products to affiliated public fund companies, such as CITIC Securities and GF Securities, while some firms are seeking public fund licenses to facilitate this transformation [4][6]. - Despite some firms withdrawing their applications for public fund licenses, the approval process for these applications has not been suspended [5][6]. Group 3: Benefits of Public Fund Transformation - The transformation of brokerage asset management collective products into public funds is expected to optimize resources and promote differentiated development within the industry [7]. - Public fund transformation will enhance the legal status and transparency of operations, allowing for more flexible and proactive performance marketing [7]. - The entry threshold for clients will significantly decrease post-transformation, potentially increasing the scale of assets under management and improving investment management standards [7].

Core Viewpoint - The transformation of brokerage asset management large collective products into public offerings is accelerating as the deadline for regulatory compliance approaches, with significant changes in management and structure occurring across various firms [1][5][8]. Group 1: Regulatory Changes and Compliance - The deadline for the public offering transformation of brokerage asset management large collective products is set for the end of 2025, following regulatory requirements established in November 2018 [5]. - Firms are required to complete the transformation of existing large collective products to comply with new asset management regulations, with options for management transfer depending on the public offering qualifications of the original managers [5][6]. Group 2: Management Changes - On December 1, 2023, the management of the Galaxy Mercury Juhua Medium and Short Bond Collective Asset Management Plan was transferred from Galaxy Jin Hui Securities Asset Management to Xinda Australia Fund, marking a significant management change [4]. - There is a trend of transferring management to non-affiliated public fund companies, as seen with Wanlian Securities' transfer of its money market fund to Ping An Fund [7]. Group 3: Industry Trends and Implications - The public offering transformation is expected to optimize resources and promote differentiated development within the industry, enhancing transparency and legal status for the products [8]. - The transformation is anticipated to lower entry barriers for clients, potentially increasing the scale of assets under management and improving the investment management standards of the products [8].