2024-03-05 01:57:38
Author: Han Songhui
A reporter from Shanghai Securities News learned from relevant channels on March 3 that Honghu Zhiyuan (hereinafter referred to as “Honghu Fund”), a 50 billion yuan private securities investment fund jointly funded by China Life and New China Insurance, has completed product registration and is eligible to enter the market. condition.
On the evening of November 29, 2023, New China Insurance issued an announcement stating that the company and China Life each invested 25 billion yuan to jointly establish a private securities investment fund Co., Ltd., with a fund size of 50 billion yuan.
People familiar with the matter told reporters that Honghu Fund had received part of the paid-in investment before product registration and was ready to enter the market.
“Investment is mainly biased towards stocks of high-quality listed companies with large market capitalization and good liquidity.” People familiar with the matter said that the investment pace of Honghu Fund is based on the conditions of the capital market and investment targets.
It is understood that Xinhua Asset and China Life Asset each contributed 5 million yuan to jointly establish Guofeng Xinghua (Beijing) Private Equity Fund Management Co., Ltd., which will serve as the manager of Honghu Fund.
Relevant announcements show that the company’s management team and investment research team members are all from China Life Asset and Xinhua Asset. The position of executive director is held by China Life Asset and Xinhua Asset in rotation; the investment research team has a total of six members for investment decision-making. The committee consists of 3 members each from China Life Asset Management and Xinhua Asset Management. People familiar with the matter said that Xinhua Asset and China Life Asset jointly make investment decisions and the fund will adhere to market-oriented operations.
Since the second half of last year, measures to encourage long-term allocation funds such as insurance funds to enter the market have been launched one after another.
In August 2023, the China Securities Regulatory Commission held a symposium on institutional investors and pointed out that it is time for medium and long-term funds such as pensions, insurance funds and bank wealth management funds to accelerate the development of equity investments; in September 2023, the State Administration of Financial Supervision issued a document stating that encouraging insurance The company will use more funds for long-term investment; in October 2023, the Ministry of Finance issued a document stating that it will clearly adjust the operating efficiency performance evaluation indicator “return on net assets” of state-owned commercial insurance companies from the current annual assessment to “3-year cycle + Assessment method that combines “current year”.
People familiar with the matter said that Honghu Fund is the first pilot fund for long-term stock investment reform of insurance funds.
China Life’s previous announcement showed that the fund period is 10+N years, and the fund’s initial filing period is 10 years. After the 10-year period expires, it can be extended by changing the filing method.
Based on this background, people familiar with the matter revealed that the fund period is 10+N years, which means that the entry time of this fund will also be 10 years or longer. The fund will lock in a more long-term and value-oriented investment strategy. The style and investment targets will have more long-term attributes, and some listed companies with high dividends and low volatility may be held for a long time.
People familiar with the matter believe that, in fact, long-term investment strategies are more consistent with the long-term attributes of life insurance funds and are better able to realize the long-term value-added demands of insurance funds.
(Editor: Xu Nannan)
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