The first stage is the preliminary exploration stage 1992 to 1997, 10/4 years10 before the promulgation of the Interim Measures for the Administration of Securities Investment Funds.
1992165438+10, the first standardized investment fund in China-Zibo Investment Fund for Township Enterprises (hereinafter referred to as "Zibo Fund") was formally established. This fund is a corporate closed-end fund, which raised 1 100 million yuan and was listed on the Shanghai Stock Exchange in August, 1993. The establishment of Zibo Fund opened the prelude to the development of investment fund industry, and in the first half of 1993, it triggered a short-term upsurge of investment fund development in China. However, the accumulation problems such as irregularities in the development of funds are gradually exposed, and the asset status of most funds tends to deteriorate. Since the second half of 1993, the development of China's fund industry has been at a standstill.
The second stage is the closed-end fund development stage from the promulgation and implementation of the Interim Measures to 5438+0 in August 2006.
1997165438+1October14th, the State Council Securities Regulatory Commission promulgated the Interim Measures, which laid a legal foundation for the standardized development of China's fund industry. 1998 On March 27th, with the approval of China Securities Regulatory Commission, the newly established southern fund Management Company and cathay pacific fund Management Company initiated the establishment of two closed-end funds with the scale of "open source fund" and "golden fund" respectively, which started the pilot of China securities investment fund. By the beginning of 1999, 10 fund management companies had been established in China. By September of 20001year, there were 47 closed-end funds in China, with a scale of 68.9 billion.
The third stage is the development stage of open-end funds since September 20001year. On June 8, 2000, China Securities Regulatory Commission issued the Pilot Measures for Open-ended Securities Investment Funds.
In September, 20001year, Huaan Innovation, the first domestic open-end fund, was born, which made the development of China fund industry realize a historic leap from closed-end fund to open-end fund. Judging from the development of China's open-end funds in recent years, China's fund industry has the following characteristics in its development: First, the types of funds are increasingly rich, basically covering major international fund types. Second, joint venture fund management companies have developed rapidly and are in the ascendant. Third, marketing service innovation is active. Fourth, legal norms have been further improved. By the end of 2006, there were 58 fund management companies in China, managing 307 funds. Among them, there are 254 open-end funds and 53 closed-end funds. The assets of the fund are 856.505 billion yuan. Among them, the net asset value of open-end funds is 694 1.4 1 100 million yuan, accounting for 8 1% of the net asset value of China fund market.