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

Our reporter Chang Xiaoyu

According to data from Public Offering Pao Pao 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 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 have become 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 force 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 launch for FOF (fund of funds) and bond funds.

Further observation of this week’s upcoming funds reveals that four products include “Hong Kong stocks” in their names, namely Huatai-PineBridge Hong Kong Stock Connect Cycle Select Hybrid, Huatai-PineBridge CSI Hong Kong Stock Connect Healthcare Theme ETF (Exchange-Traded Fund), Penghua CSI Hong Kong Stock Connect Information Technology Composite ETF, and Penghua Hang Seng Hong Kong Stock Connect Automotive Theme ETF. Li Chunyu believes this reflects the high attention of public fund institutions to the Hong Kong stock market’s future prospects, actively making forward-looking layout through product offerings.

Market outlook previously released by Guohai Franklin Fund indicates that we are still in the rising phase of the AI (artificial intelligence)-centered technology cycle. Meanwhile, the market generally expects the Federal Reserve to cut interest rates this year, and the overseas liquidity environment is expected to become more relaxed in the coming year. Coupled with the continued preference of southbound funds for core Hong Kong stocks, the Hong Kong tech sector is supported by valuation recovery and earnings growth, and is expected to perform well.

Regarding investment opportunities in the new energy vehicle sector, a relevant person from Penghua Fund told Securities Daily: “Recently, the cost advantages of new energy vehicles throughout their entire lifecycle in overseas markets have become more prominent, and China’s new energy products’ global competitiveness has further strengthened. From January to February this year, China’s passenger car exports reached 1.174 million units, 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’ to an upgrade of ‘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-PineBridge Fund, Penghua Fund, Huabao Fund, and Bank of China Fund each have two new funds issued; 16 other institutions each launched one new product.

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Editor: Gao Jia

【Source: Securities Daily】