With the strong development of ETF and bond fund businesses, the development pattern of the public offering industry underwent profound changes in the past year of 2024. Although the disclosure of the quarterly reports has just begun, many public offerings have already estimated their size and ranking data for the year 2024. According to industry sources, more than half of the top ten non-monetary public fund companies at the end of the third quarter of 2024 saw a decrease in their non-monetary public fund size in the fourth quarter. Among the top public offerings, one company in South China and one company in North China saw an increase in their non-monetary public fund size, while two companies in East China saw a slight increase in their non-monetary public fund size. A top public offering revealed that the company's size increased by nearly 50 billion yuan over the past four quarters, with the growth mainly coming from bond funds. This growth in bond fund size is not only reflected in the holding of old products but also in new product launches. Changes in the non-monetary ETF business also affected the non-monetary management size of fund companies. The shuffling between broad-based funds led to periodic increases and decreases in size, which was particularly noticeable in the past four quarters and directly impacted the overall size and ranking of the top fund companies. A certain fund company that experienced a fast-growing size in the first three quarters of 2024 due to index business, may have seen a certain degree of decline in their non-monetary management size in the fourth quarter of 2024. Variable One: New Issuance and Holding of Bond Funds "In 2024, there were significant changes in the management size of fund companies, mostly driven by the increase or decrease in the sizes of monetary funds and ETF products," said a senior executive from a large fund company in South China. Certainly, bond funds have been the major source of incremental growth for many fund companies this year. Despite the redemption wave of bond funds at the end of September, many fund companies have forged ahead in the fourth quarter, aiming to capture the hearts of institutional clients and achieve growth in bond fund sizes. According to industry sources, a top fund company in South China saw an increase of nearly 50 billion yuan in size over the past four quarters, with the growth primarily coming from bond funds. This growth in bond fund size is not only reflected in the holding of old products but also in the launch of new products. "Obtaining approval for bond funds is still very difficult. Once approved for issuance, fund companies will see growth in size," said a mid-sized public offering professional from East China. Data shows that out of the total size of 1.18 trillion yuan for new funds established in 2024, 830.84 billion yuan belongs to bond funds, accounting for over 70%. In the fourth quarter of 2024 alone, the size of newly established bond funds reached 309.28 billion yuan, accounting for 81.72% of the total size of newly issued funds in that quarter. Overall, in the past four quarters, among the companies that established bond funds, only a few, such as Boshi and Jiashi, established four or more products, while most companies had only one or two products established, and some companies had no bond funds established in the fourth quarter. Some companies were able to achieve significant growth in size with just a few newly established bond funds, reaching nearly 100 billion yuan or more in incremental size. For example, Jiashi established four bond funds in the fourth quarter, with a total size of 12.31 billion yuan; Dacheng, Jingshun Changcheng, and others gained nearly 10 billion yuan in new size by issuing new bond funds; Boshi Fund established four bond funds with a total issuance size of 9.05 billion yuan; Fuguo, Huaguan, Morgan, Minsheng Jiayin, and other companies also gained over 8 billion yuan in size in the fourth quarter due to the issuance of new bond funds. "However, to achieve sustained and steady growth in size, holding is more critical than new issuance," said the aforementioned professional from a mid-sized public offering in East China. Variable Two: Shuffling of Broad-based ETFs Reporters learned that in the fourth quarter of 2024, the non-monetary management size of some top fund companies saw a certain degree of growth due to the increase in the size of their non-monetary ETF business. However, there were also several top public offerings that saw a decline in size in the fourth quarter, mainly due to a slight shrinkage in their non-monetary ETF business. For example, a certain fund company whose size grew rapidly in the first three quarters of 2024 due to the development of index business experienced a certain degree of decline in its non-monetary management size in the fourth quarter of 2024, possibly due to the shuffling between broad-based funds. Wind data shows that in the fourth quarter of 2024, more than 10 fund companies, including Boshi, Guangfa, Fuguo, Jingshun Changcheng, Merchants Fund, Jiashi Fund, Guotai Fund, Industrial Bank Ruixin, Huitongfu, and Haifutong, saw their non-monetary ETF management size increase by over 10 billion yuan. Among them, Boshi Fund's non-monetary ETF management size increased from 110.92 billion yuan to 134.96 billion yuan in the fourth quarter, with an increase of 24.4 billion yuan; Guangfa, Huaguan, and Fuguo saw their non-monetary ETF management size increase by 23 billion yuan, 21.9 billion yuan, and 20.9 billion yuan respectively; Jingshun Changcheng, Merchants, Jiashi, and Guotai also saw their non-monetary ETF management size increase by 18.1 billion yuan, 16.6 billion yuan, 15.4 billion yuan, and 15.2 billion yuan respectively. "Our company saw a slight increase in non-monetary management size in the fourth quarter of 2024, mainly relying on the development of our ETF business, especially the sharp growth in the size of our newly established A500 ETF, which offset the temporary decline in the size of other businesses," disclosed a senior executive from a top fund company. However, some fund companies saw a decrease in the size of their non-monetary ETFs in the fourth quarter, such as Huaxia Fund, whose non-monetary ETF management size decreased by 19.5 billion yuan from the end of the third quarter to 658.48 billion yuan; Nanfang Fund's non-monetary ETF management size decreased by 16.1 billion yuan from 258.99 billion yuan to 242.93 billion yuan; and Huatai Bairui's non-monetary ETF management size decreased by 8.8 billion yuan from 479.21 billion yuan to 470.40 billion yuan. The shuffling between broad-based funds led to periodic increases and decreases in size, which was particularly noticeable in the past four quarters and directly impacted the total size and corresponding rankings of fund companies. For example, the Huatai Bairui SSE 300 ETF, despite a size increase of 228.54 billion yuan to 359.63 billion yuan in 2024, saw a decline of 37.91 billion yuan in size in the fourth quarter. Similarly, the Nanfang CSI 500 ETF and Nanfang CSI 1000 ETF saw a growth of nearly 100 billion yuan in size in 2024, but saw reductions of 22 billion yuan respectively in the fourth quarter.63 billion yuan, 162.85 billion yuan, a total shrinkage of 384.48 billion yuan; Huaxia Fund's Huaxia SSE 50ETF, Huaxia CSI 1000ETF, and Huaxia CSI 300ETF collectively grew by 2187.54 billion yuan in 2024, but in the fourth quarter they shrank by 135.24 billion yuan, 95.02 billion yuan, 94.20 billion yuan, 32.22 billion yuan, and 30.66 billion yuan respectively, with a total shrinkage of 260.10 billion yuan for the three products. In addition, E Fund CSI 300ETF, although its size increased by 198.8 billion yuan in 2024, shrank by 157.33 billion yuan in the fourth quarter.On the contrary, the newly established 28 CSI A500 ETFs have raised nearly 240 billion yuan in the fourth quarter. By the end of 2024, 12 CSI A500 ETFs have exceeded 10 billion yuan in size, with Guotai CSI A500 ETF reaching 26.152 billion yuan, GF CSI A500 ETF and Southern CSI A500 ETF reaching 20.837 billion yuan and 20.642 billion yuan respectively. Huaxia CSI A500 ETF is close to 20 billion yuan, while Huatai Bairui CSI A500 ETF and E Fund CSI A500 ETF have also exceeded 15 billion yuan in size. This article is from "Cai Lian Society", GMTEight editor: Chen Xiaoyi.