China Securities Regulatory Commission Receives Filings for 63-Month Closed-End Bond Funds From 13 Fund

On September 11, 2026, filing materials for 63-month closed-end bond funds managed by 13 fund managers were received, including Huiquan Fund, Boyuan Fund, Orient Alpha Fund, Quanguo Fund, Yimin Fund, Taixin Fund, Huibaichuan Fund, Ruida Fund, Zhonghai Fund, Boda Fund, Hengyue Fund, Dongcai Fund and Suxin Fund. This is the second batch of small and medium-sized public fund managers to file amortized-cost bond funds, following filings by 15 fund managers on August 14, 2026. The amortized-cost bond funds filed in the previous batch are still in the approval process. Apart from amortized-cost bond funds, over-the-counter index funds tracking science and technology innovation bonds also saw filings on September 4, 2026, likewise involving a number of small and medium-sized public fund managers.

The fund companies filing amortized-cost bond funds this time had average public fund assets under management of no more than RMB 20 billion at the end of the second quarter of 2026. Among them, Dongcai Fund and Boda Fund each managed more than RMB 50 billion in public funds at the end of the second quarter of 2026, at RMB 57.466 billion and RMB 57.634 billion respectively; Taixin Fund stood at RMB 47.677 billion. Orient Alpha Fund and Suxin Fund each managed more than RMB 20 billion in public funds; Quanguo Fund managed more than RMB 10 billion. Of the remaining seven managers with less than RMB 10 billion, Huiquan Fund, Yimin Fund, Huibaichuan Fund and Ruida Fund each managed less than RMB 5 billion, with Ruida Fund managing only RMB 162 million in public funds at the end of the second quarter of 2026.

As for bond fund assets specifically, among these 13 managers, all except Dongcai Fund and Suxin Fund managed no more than RMB 10 billion in bond funds. Quanguo Fund and Orient Alpha Fund each managed less than RMB 100 million in bond funds, with product structures concentrated in active equity funds. In terms of shareholder background, individual-owned public fund managers accounted for the majority, involving seven companies including Huiquan Fund, Boda Fund and Quanguo Fund; the remainder included trust-affiliated, brokerage-affiliated, bank-affiliated and futures-affiliated public fund managers. By product name, all filings this time were 63-month closed-end bond funds. The list of custodians for these products has emerged, involving several banks including China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank and China CITIC Bank.

On August 14, 2026, 15 amortized-cost bond funds were filed, and acceptance notices from regulators were received on August 19, 2026. The management fee rate for amortized-cost bond funds is typically 0.15%, with a single fund of RMB 8 billion corresponding to annual management fees of about RMB 12 million. In the existing market, as of the end of the second quarter of 2026, the amortized-cost bond fund market reached RMB 1.55 trillion in size, with a total of 190 products. As of September 11, 2026, about 50 public fund managers in the industry had no amortized-cost bond funds established, mostly small and medium-sized public fund managers, including a number of wholly foreign-owned public fund managers established in recent years.