China’s Private Securities Product Filings Surge in February Amid Market Recovery

Private securities product filings in China rose significantly in February, with market issuance enthusiasm heating up rapidly. Latest statistics show that 722 private equity institutions across the market filed a total of 1,366 private securities products in February, including self-issued products and those where they acted as investment advisors. This represented a year-on-year increase of 151.57% and a month-on-month rise of 100.88%.

Against the backdrop of reduced working days due to the Spring Festival holiday, the sharp year-on-year and month-on-month growth in private securities product filings has attracted attention. An industry expert explained that the growth was driven by multiple factors: the continuous recovery of market confidence and the gradual emergence of structural market trends have made private equity institutions optimistic about future market opportunities, prompting them to accelerate the pace of product issuance and filing. At the same time, the filing mechanism has been continuously optimized, greatly improving process efficiency, with some products able to complete filing on the same day. In addition, increased investor demand for equity asset allocation has brought incremental funds to the industry, laying a solid foundation for private equity institutions to expand product issuance.

From the perspective of the strategy distribution of filed products, equity strategies dominated, becoming the core layout direction for private equity institutions. In February, the number of equity strategy products filed reached 900, accounting for 65.89% of the total filings, far exceeding other strategies. Multi-asset strategies ranked second with 200 filings, accounting for 14.64%, followed by futures and derivatives strategies with 154 filings, accounting for 11.27%. Combined funds, bond strategies and other strategies had relatively fewer filings, with 45, 35 and 32 products respectively.

In terms of filings by institutions of different sizes, a large number of small-scale private equity institutions formed the main force in the filing market, but large-scale institutions were more active in product filings. Among them, 456 small-scale institutions with under 1 billion yuan in management scale filed a total of 582 products, accounting for 42.61% of the total, with an average of only 1.28 products per institution. Medium-sized institutions with management scale between 1 billion and 5 billion yuan numbered 161, filing 290 products (21.23% of the total) with an average of 1.8 products per institution. Large-scale institutions with over 5 billion yuan in management scale, totaling 105, filed 494 products, accounting for 36.16% of the total, with an average of 4.7 products per institution.

Institutions with the highest number of filings in February included many 10-billion-yuan-level private equity firms. A total of 46 institutions filed no fewer than 5 products, including 27 10-billion-yuan-level private equity firms. Among them, a 10-billion-yuan-level private equity firm topped the list with 33 filings, followed by two others with 23 filings each. Several other 10-billion-yuan-level private equity firms also filed 10 or more products.

An industry researcher noted that the current private product filing situation reflects the industry’s development trend of "concentration in leading institutions, diverse ecology and sound differentiation". Under the regulatory orientation of "supporting high-quality institutions and restricting inferior ones", industry resources have continued to concentrate on compliant and steadily operating institutions. 10-billion-yuan-level private equity firms, with comprehensive advantages in investment research, fund-raising, compliance management and filing efficiency, have shown stronger single-institution filing capabilities. Small and medium-sized private equity firms, meanwhile, have actively seized structural market opportunities to accelerate their filing pace. Overall, China’s private equity industry is shifting from a stage of pure scale expansion to a high-quality development phase supported by core capabilities such as compliance and investment research, gradually forming an industry pattern of hierarchical competition and sound development among institutions of different sizes.