After Two Failed Auctions and Over Two Years of Holding at a Discount, Anxin Fund's 5.93% Stake Taken Over by Major Shareholder

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After more than two and a half years of listing delays and discounted holding, the 5.93% stake held by China General Nuclear Power Financial Services, a minor shareholder of Anxin Fund, was finally taken over by the major shareholder, Guotou Securities.

On March 19, Anxin Fund Management Co., Ltd. (hereinafter referred to as “Anxin Fund”) announced that its largest shareholder, Guotou Securities Co., Ltd. (hereinafter “Guotou Securities”), signed a share transfer agreement with the former fourth-largest shareholder, China General Nuclear Power Financial Services (hereinafter “CGN Financial”). Guotou Securities will acquire the 5.93% stake held by CGN Financial in Anxin Fund, with the ownership ratios of other shareholders remaining unchanged.

Looking back, the transfer of this 5.93% stake has not been smooth. The stake was first listed for sale in June 2023 with a minimum price of 85 million yuan but failed to find a buyer. In November of the same year, the asset was relisted at a 10% discount for 76.5 million yuan, initiating a second auction, but it also attracted no interest. Although the listing was later extended to June 2024, it ultimately ended in a failed auction. Now, with the current major shareholder Guotou Securities taking over, it marks CGN Financial’s official exit.

According to the latest announcement, after this share transfer, Anxin Fund’s ownership structure is: Guotou Securities (39.88%), Minmetals Capital Holdings Co., Ltd. (39.84%), and Shunde Xindi Trading Co., Ltd. (20.28%).

Official information shows that Anxin Fund was approved by the China Securities Regulatory Commission, established in December 2011, based in Shenzhen, with a registered capital of 506.25 million yuan. It is a “brokerage-affiliated” public fund. The company’s shareholders include Guotou Securities, Minmetals Capital Holdings, and Shunde Xindi Trading.

In terms of management scale, Anxin Fund reached its peak size of 136.491 billion yuan at the end of September 2022, since then shrinking. As of the end of December 2025, the management scale was 105.736 billion yuan, ranking 65th in the industry.

Regarding product structure, by the end of 2025, the non-cash assets under management totaled 81.688 billion yuan. Among these, hybrid funds dominate with a scale of 38.665 billion yuan; equity funds and bond funds amounted to 7.729 billion yuan and 35.098 billion yuan, respectively.

Overall, the equity auctions of small- and medium-sized public funds often face frequent failed sales and long-term stagnation. Industry insiders believe that under the intensifying Matthew effect in the public fund industry, small- and medium-sized funds lacking core barriers are facing market re-pricing. If platforms lack differentiation and auction prices deviate from actual valuations, long-term unsold or discounted equity sales are highly likely.

“Without relying on shareholder resources or establishing a moat in niche areas, discounted or failed equity sales may become the norm. Future industry consolidation and specialized transformation will be key breakthroughs,” an insider from a public fund said. Introducing high-quality, strategically significant shareholders could also bring advanced governance concepts and abundant resources, positively impacting the fund company.