Public Fund New Issuance Pace Slows, Hong Kong Stocks Become Layout Focus

According to data from the Public Offering Ranking Network, based on the subscription start date, a total of 24 new public funds are planned to be issued across the market this week (March 23 to March 29, 2026). This is the second consecutive week that the number of new fund issuances has been below 30.

Li Chunyu, FOF fund manager at Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., told Securities Daily, “Since mid-March, the public fund issuance market has cooled down, mainly because both supply and demand sides are becoming more rational. On one hand, as the A-share market experienced adjustments in mid-March, the profitability of equity assets weakened, investor risk appetite declined, and the willingness to actively subscribe to new funds decreased; on the other hand, fund managers have also slowed down issuance pace to wait for more favorable market windows.”

In terms of product types, equity funds remain the main focus of issuance this week. Data shows that among the 24 planned new funds, 20 are equity products, accounting for 83.33%, including 14 stock funds and 6 hybrid funds. Among the stock funds, passive index products dominate, with 11, accounting for 78.57% of all stock funds.

Additionally, two new products each will be launched in FOF (fund of funds) and bond fund categories.

Further observation of the upcoming new funds this week reveals that four products include the term “Hong Kong stocks” in their names, namely Huatai Hong Kong Stock Connect Cycle Select Hybrid, Huatai CSI Hong Kong Stock Connect Medical Theme ETF, Penghua CSI Hong Kong Stock Connect Information Technology ETF, and Penghua Hang Seng Hong Kong Stock Connect Auto Theme ETF. Li Chunyu believes this reflects the high level of attention from public fund institutions to the Hong Kong stock market’s future prospects, with forward-looking layout through product offerings.

Market outlook previously released by Guohai Franklin Fund indicates that the current phase is still an upward cycle centered on AI (artificial intelligence) technology. Meanwhile, the market generally expects the Federal Reserve to continue cutting interest rates this year. Over the next year, overseas liquidity conditions are expected to loosen, coupled with sustained southbound capital favoring core assets in Hong Kong stocks. The tech sector in Hong Kong stocks is supported by valuation recovery and earnings growth, and is expected to perform well.

Regarding investment opportunities in the new energy vehicle sector, a representative from Penghua Fund told Securities Daily that recently, the full lifecycle use cost advantages of new energy vehicles in overseas markets have become more prominent, further enhancing China’s new energy products’ global competitiveness. From January to February this year, China exported 1.174 million passenger cars, a year-on-year increase of 53.3%, with leading automakers showing strong “going global” momentum. Meanwhile, overseas business is accelerating from a single “product export” model to an upgraded “capacity and ecosystem export,” with high-margin export growth continuously opening profit margins for vehicle manufacturers.

From the perspective of issuing institutions, the 24 planned new funds this week come from 20 public fund organizations. Among them, Huatai Fund, Penghua Fund, Huabao Fund, and Bank of China Fund each have two new funds issued; 16 other institutions each launched one new product.

(Edited by: Xu Nannan)

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