On October 18th, topics related to JD Finance went viral on Weibo. Previously, some users reported that the redemption of "Everbright Wealth Management Sunshine Biluohuo 68D (consignment)" on the JD Financial App failed, causing concerns among investors. Many netizens have stated that they have redeemed their investment funds on the platform.
What the hell is going on here?
JD refutes rumors
On October 18, a netizen said on the Internet that "Everbright Financial Sunshine Bilehuo 68D (consignment sale)" on JD Financial App could not be redeemed due to triggering a huge redemption, so it needs to try again on the next redemption opening day.
Some netizens believe that in order to quickly redeem funds, "if there is still money inside, please withdraw it as soon as possible
Some netizens also expressed concern about this incident: "There are more and more discussions on this topic, and I feel that the situation is a bit difficult to contain
Some netizens believe that the reason why this incident caused great concern is related to JD's request for Yang Li to speak on behalf of the "Double 11". Because some of the words of the "talk show" actor have some controversy on the Internet, which has caused some netizens' dissatisfaction, and some users of JD have lost.
It is worth noting that when the reporter searched for "Guangda Wealth Management Sunshine Biluohuo 68D (consignment)" on the JD Financial App, it showed that this product was not available. The reporter consulted with the customer service of Everbright Bank and found that this product does have consignment cooperation in some external channels, but it cannot be purchased on the JD financial platform.
Regarding this, JD Finance stated to Shanghai Securities News that there is no online rumor circulating on JD Finance platform, and the relevant statements are completely untrue. Users' funds on JD Finance are managed by licensed financial institutions and are subject to legal supervision and protection. All types of wealth management products are operating normally. Posting provocative remarks online and maliciously inciting users is suspected of violating relevant national laws and regulations, disrupting financial market order, and affecting financial system stability. JD.com reserves the right to pursue legal responsibility.
Cash management products once caused market concerns
According to publicly available information, Everbright Wealth Management's Sunshine Bi Cash Management series includes multiple products such as "Sunshine Silver Cash A", "Sunshine Bi Institutional Profit", "Sunshine Bi Lehuo Series", "Sunshine Bi Flexible Series", "Sunshine Bi Yuehuo Series", and "Sunshine Bi No.1". The Guangda Wealth Management Sunshine Biluohuo 68 involved in this rumor is one of the "Sunshine Biluohuo Series" products.
The underlying investment of cash management products is generally bond assets. After the National Day holiday this year, the stock market rebounded strongly, and the bond market has experienced some correction. The redemption pressure of bond funds has also significantly increased, so the risks of cash management products have also attracted market attention, "said a trust industry insider in Shanghai.
According to estimated data from a securities firm, the redemption scale of fixed income products in the entire market on October 8th was about 500 billion yuan, with redemptions mainly concentrated in the morning of the day and slightly reduced in the afternoon. Among them, the redemption of bond funds in the entire market is about 200 billion yuan. On October 9th, the redemption pressure faced by non bank institutions continued, mainly due to the sale of trading platforms such as funds and securities firms, which were taken over by rural commercial banks, city commercial banks, and state-owned large banks.
However, according to the reporter's interview, with the cooling of the stock market from October 10th to October 11th, the redemption pressure in the bond market has eased, especially in the recent volatility of the stock market. This wave of volatility adjustment in the bond market may have ended.
A trust FOF insider said that on October 10th, both interest rate bonds and credit bonds stabilized, coupled with the cooling of the stock market heat, which significantly eased the current round of redemption waves and correspondingly eased institutional liquidity pressure. And according to feedback from large bank wealth management subsidiaries and public institutions, the net redemption of funds on October 11th has been converted to net subscription, temporarily ending the liquidity crisis in the bond market.
Multiple industry insiders have stated that according to institutional estimates, a 1000 point increase in the Shanghai Composite Index will lead to approximately 1.6 trillion yuan of funds entering the stock market from the bond market. From the perspective of fund diversion, mainstream investment funds in the bond market will not enter the stock market on a large scale in the short term. At the same time, this year's monetary policy is mainly driven by interest rate cuts and reserve requirement ratio cuts to ease liquidity, which is more likely to lead to a "double bull" market in stocks and bonds in the future.