The Securities Regulatory Commission recently issued the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds”, lowering the threshold for establishing stock funds and abolishing the “three-year” liquidation requirement for sponsored funds. This has brought a turning point for many fund products to solve the problem of “not growing up”. Statistics from the Securities Times reporter show that since 2023, the proportion of funds “stepped on the line” and the share of the number of initiated funds liquidated have increased significantly. In particular, since 2026, the percentage of stock ETFs “stepping on the line” has increased from less than 50% to more than 70%, and the proportion of initiated fund liquidations has increased from less than 20% to more than 45%. Interviewees said that easing restrictions provides the necessary conditions for solving the “not growing up” problem, but to grow on a large scale, fund companies still need to return to their own hematopoietic capacity, rationally assess market demand, strengthen countercyclical product layout, and make simultaneous efforts to maintain style stability. The “Draft for Solicitation of Comments” gave some active funds on the survival line a chance to take a break. When the liquidation threshold is relaxed and operating costs are transferred, “sheltering” is no longer the only purpose; strengthening performance and increasing scale is the only direction for “breakthrough.”

The Securities Regulatory Commission recently issued the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds”, lowering the threshold for establishing stock funds and abolishing the “three-year” liquidation requirement for sponsored funds. This has brought a turning point for many fund products to solve the problem of “not growing up”. Statistics from the Securities Times reporter show that since 2023, the proportion of funds “stepped on the line” and the share of the number of initiated funds liquidated have increased significantly. In particular, since 2026, the percentage of stock ETFs “stepping on the line” has increased from less than 50% to more than 70%, and the proportion of initiated fund liquidations has increased from less than 20% to more than 45%. Interviewees said that easing restrictions provides the necessary conditions for solving the “not growing up” problem, but to grow on a large scale, fund companies still need to return to their own hematopoietic capacity, rationally assess market demand, strengthen countercyclical product layout, and make simultaneous efforts to maintain style stability. The “Draft for Solicitation of Comments” gave some active funds on the survival line a chance to take a break. When the liquidation threshold is relaxed and operating costs are transferred, “sheltering” is no longer the only purpose; strengthening performance and increasing scale is the only direction for “breakthrough.”