The Shanghai Stock Exchange issued a regulatory decision letter on September 15, issuing a supervisory warning to ABC-CA Fund Management for irregularities in its offline inquiry process for initial public offerings. The decision letter highlighted that the company exhibited inadequate internal research and imprudent pricing decisions.

According to Wind statistics, as of September 17, products under ABC-CA Fund Management participated in offline subscriptions for 6 A-share IPO listings over the past year, with only 3 effective quotation entities, accounting for just 50%, compared to an average of approximately 86% among fund companies during the same period. Notably, during the IPO inquiry process for CXMT, 10 products under the company collectively submitted the highest price of 65.19 yuan across the board, corresponding to a valuation of approximately 4.36 trillion yuan, more than 7 times the final issuance market value, and the related quotations were ultimately excluded for being excessively high.

Regulatory Warning for Imprudent Offline IPO Quotations

The regulatory decision letter published by the Shanghai Stock Exchange on September 15 detailed the violations committed by ABC-CA Fund Management during the offline inquiry process for IPO securities. The investigation found that the company's internal institutional framework was incomplete and internal controls were not properly enforced. Regulations regarding A/B role assignments for critical operational steps such as quotation, subscription, and payment, as well as investment decision-making mechanisms, were not clearly defined. Controls over communication devices were inadequately implemented, and the review mechanism for quotation operations was incomplete.

Additionally, the decision letter stated that the company's internal research was insufficient and pricing decisions were not prudent. Specifically, the logic derivation process for valuation recommendation ranges in internal research reports was missing, and the approval mechanism for research reports was not strictly followed. The logical derivation process for final quotations was also absent, quotations were not carefully considered, and retained pricing justifications could not support the final quotation results.

These actions by ABC-CA Fund Management violated relevant regulations. The Shanghai Stock Exchange decided to issue a supervisory warning to the company and required it to submit a rectification report within one month, specifying concrete improvement measures and responsible individuals. The exchange also emphasized that the company should establish a comprehensive internal control process, ensuring independent quotation behavior, sufficient pricing rationale, and complete decision-making procedures.

Web data reveals that the quotation issues at ABC-CA Fund Management are not isolated incidents. By September 17, products under the company had participated in offline subscriptions for 6 A-share IPOs over the past year, including CXMT, China Uranium, Tianbo Intelligent, Makuang Co., Ligeance Resources, and CESI, yet only 3 quotations were effective—just 50%, while the industry average for fund companies stood at 85.71% during the same period.

Significant Shrinkage in Equity Fund Scale; Two Active Equity Fund Managers Depart This Year

Public information shows that ABC-CA Fund Management was established in 2008, jointly funded by Agricultural Bank of China (51.67% stake), Amundi Asset Management (33.33% stake), and Chinalco Capital Holdings Co., Ltd. (15% stake). Wind data indicates that as of the end of June 2026, the company managed public fund assets totaling 245.991 billion yuan, ranking 35th in the industry, up two places from the start of the year.

However, the scale structure is somewhat unbalanced. Bond and money market products collectively account for roughly 86% of total public fund assets, while equity and hybrid products stand at 4.303 billion yuan and 28.029 billion yuan respectively—declines of approximately 46% and 58% compared to the end of 2021. Equity-type products account for about 13% of the total.

In terms of performance, the company's net profit in 2025 was 275 million yuan, down approximately 58% from 2021, though it grew 10.89% year-on-year. The first half of 2026 continued the recovery trend, with net profit rising 15.91% year-on-year to 153 million yuan.

Despite improving profitability, talent attrition in the equity business persists. Wind data shows that since the start of 2026, at least three fund managers have departed from ABC-CA Fund Management, including fixed-income manager Wang Mingjun, as well as two active equity managers Zhang Yan and Yao Chenfei. Zhang Yan has since moved to GF Fund to serve as a fund manager. According to Wind statistics, since she began managing public fund products in 2017, Zhang Yan's equity-focused product index has achieved an annualized return of 9.57%, significantly outperforming the CSI 300 Index's 2.82% over the same period.