The peak of FOF debut is rising again, the fund issuance market is really heating up

After the holiday, in addition to the frequent emergence of popular active equity funds, new popular funds have also appeared in the FOF (Fund of Funds) category.

On October 24, Huatai-PineBridge Fund announced that the Huatai-PineBridge Yingtai Stable 3-Month FOF would end its fundraising early. The original fundraising period was from October 23, 2025, to October 31, 2025. Huatai-PineBridge Fund and the fund's custodian, China Merchants Bank, agreed to end the fundraising early, with the cutoff date moved to October 23, 2025. Starting from October 24, 2025, no further subscription applications from investors will be accepted.

According to media reports, the Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF raised approximately 5.5 billion yuan in its initial fundraising.

Data from Wind statistics show that this is the fifth FOF fund this year to sell out in one day.

In addition to the one-day sell-out FOFs, several large-scale FOFs have been established this year, attracting significant attention.

In February, the Fortune Yihe Zhenxuan 3-Month Holding FOF made a remarkable debut with a total issuance scale of 6 billion yuan. Moreover, the upper limit for this fund's fundraising was exactly 6 billion yuan, and it was proportionally allocated at the end, with a subscription confirmation ratio of 36.75445%. This was akin to dropping a "bomb" in the then not-so-hot initial fundraising market.

In June, the Dongfanghong Yingfeng Stable Allocation 6-Month FOF set the record for the largest initial fundraising scale of FOFs this year, exceeding 6.57 billion yuan.

In August, the Morgan Yingyuan Stable 3-Month Holding FOF also had an initial fundraising scale of over 2.7 billion yuan, based on its "one-day sell-out" status.

Additionally, this year, there have been other FOFs such as the Southern Stable 3-Month Holding FOF, the China Merchants Stable Strategy Preferred 3-Month Holding FOF, the Ping An Yingxiang Diversified Allocation 6-Month Holding FOF, the Pudong Development Bank Ansheng Yingfeng Diversified Allocation 3-Month Holding FOF, the Huaxia Yingtai Stable 6-Month Holding FOF, and the Qianhai Kaiyuan Kangyue Stable Pension 1-Year Holding FOF, all with initial fundraising scales exceeding 2 billion yuan.

It is worth mentioning that, except for the China Merchants Stable Strategy Preferred 3-Month Holding FOF, which is custodied by China Construction Bank, the Qianhai Kaiyuan Kangyue Stable Pension 1-Year Holding FOF is custodied by Guangfa Bank.

The surge in initial fundraising for FOFs this year is often attributed to the market's recovery and is frequently considered related to China Merchants Bank's TREE Changying Plan.

The China Merchants Bank page indicates that the TREE Changying Plan is a one-stop asset allocation solution created by the wealth management team of China Merchants Bank in collaboration with public fund management institutions, providing wealth management solutions based on multi-asset allocation and full-process investment companionship services China Merchants Bank's Q&A also mentioned that the TREE Changying Plan selected product is a holding period FOF fund. Compared to general FOF funds, the TREE Changying Plan selected product has clear return and drawdown targets and is strictly managed and reviewed according to these targets. However, the target returns and drawdowns are management objectives and do not constitute performance commitments.

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