The 2nd National Growth Fund target was not met... Total 86.6% sold

(Seoul = Yonhap News) Reporter Kang Ryu-na = Unlike the first round, which received great attention, the second National Participation Growth Fund failed to sell out.

According to the Financial Services Commission on the 15th, the 2nd National Participation Growth Fund sold a total of 519.8 billion won in 10 business days after its launch on September 30.

This is 86.6% of the target amount of 600 billion won.

334.5 billion won (66%) was sold to securities firms and 170.3 billion won (34%) to banks.

The proportion of ordinary people was 26.5% (banks 28.6%, securities companies 25.4%).

On the last day, daily sales were calculated to be 44 billion won.

At Mirae Asset, Samsung, Korea Investment, Kiwoom, NH, and KB Securities, the original allocation amount was exhausted early.

Overall, the weak stock market appears to be the background for the sluggish sales compared to the first round.

In particular, on this day, the KOSDAQ market, which is the target of funding for the National Participation Growth Fund, plunged more than 8% and was pushed down to the 760 level.

Due to the slow pace of sales, the Financial Services Commission distributed materials announcing the end of fund sales the day before.

Meanwhile, the Financial Services Commission allocated 339 billion won to banks and 261 billion won to securities companies, but when the bank's sales performance fell short of expectations, it reallocated a total of 146.9 billion won to securities companies on two occasions.

As controversy arose that the financial authorities were putting pressure on securities firms in the process of redistributing the allocation from commercial banks to securities firms, an explanation was launched through press releases.

In a press statement, the Financial Services Commission said, "The 2nd National Participation Growth Fund has been prepared additionally for those who were unable to sign up for the 1st fund. It is not appropriate to compare the sales rate and sales speed with the 1st fund on the same level. As it is a high-risk investment product with limited redemption, it is rather desirable for it to be sold in a calm atmosphere like now."

He then emphasized, “It is not appropriate to denigrate the readjustment of pre-allocation allocations between sales companies managed by public fund managers as ‘pushing out’ or ‘pulling away,’ and there is no fact that securities companies were instructed to ‘sell quickly.’”

The first fund, launched last May, was sold out within 5 business days of launch thanks to the strong stock market performance.

The National Participation Growth Fund is a policy-type public offering fund that collects funds from the general public and invests in high-tech strategic industries such as artificial intelligence (AI), semiconductors, and biotechnology.

An income tax deduction of up to 40% of the investment amount and a separate tax benefit of 9.9% on dividend income are applied. When a loss occurs, government finances, which are subordinate, first bear 18.8 to 23.3% of the loss.

The parent funds (3) of the 2nd National Participation Growth Fund will be established on the 16th, and investments will be made in each of the 10 sub-funds from the 19th.