Brokerage asset management companies wake up from their dream of public offering, and navigate through the crossroads of development again.

"The company currently does not have large collective products anymore. What needs to be cleaned up, will be cleaned up, and what needs to be transformed, will be transformed. Profits mainly depend on small collective products," said a research analyst from a securities firm's asset management department to a reporter. "The number of fund managers in the company's public offering department has dropped from a peak of twenty people to seven or eight people now, with the remaining people still looking for opportunities, but it is also difficult to switch jobs now." Last month, the last securities firm asset management name "Guojin Asset Management" disappeared from the list of applicants for the China Securities Regulatory Commission's "qualification approval for asset management agencies to conduct public offering fund management business." In the view of many industry insiders, the grand wave of securities firm asset management entering the public offering market has come to a temporary end. At the same time, as the deadline for the "public offering of large collective products" approaches, a large number of existing large collective products under asset management companies are being transferred to the public offering funds held by their parent companies, or are being chosen for liquidation. "The liquidation or transformation of large collective products has caused unlicensed securities firms to lose a major profit sector," said a securities firm asset management professional. "The future competition in this industry will become even more intense." In his view, unlicensed institutions can focus on private equity, institutional business, and customized solutions, build a boutique brand in specific fields, continuously improve active management capabilities, be customer-oriented, and build differentiated core competencies.