Sou Hu Cai Jing·2026-01-13 03:09Core Viewpoint - Guolian Minsheng plans to jointly transfer its 33.409% stake in China Ocean Fund with France's Edmond de Rothschild Bank due to the fund's long-term underperformance and small scale [3][4][6]. Group 1: Stake Transfer Details - Guolian Minsheng and France's Rothschild Bank will publicly list their stakes in China Ocean Fund, requiring the buyer to acquire both parties' shares, totaling 58.409% [4][5]. - As of September 30, 2025, the assessed value of China Ocean Fund is 457 million yuan, with Guolian Minsheng's stake valued at 153 million yuan, reflecting a 92.87% increase from its book value [4][5]. - Previous attempts by Guolian Securities to exit its stake in China Ocean Fund were made in 2018 and 2020, indicating a long-standing intention to divest [4][5]. Group 2: Performance of China Ocean Fund - China Ocean Fund has struggled with a management scale of just over 10 billion yuan, peaking at 21.897 billion yuan in 2021, but has since declined significantly [6][7]. - The fund's net profit has been negative for four out of the last seven years, with a cumulative loss of 112 million yuan from 2018 to 2024 [7]. - The fund's equity products have underperformed, with returns of -8.80% for equity products and 0.44% for mixed products over the past three years, lagging behind industry peers [7]. Group 3: Guolian Fund's Performance - Guolian Fund, acquired by Guolian Minsheng, has shown better management performance compared to China Ocean Fund, with its scale growing from 94.494 billion yuan to 155.836 billion yuan in recent years [8]. - Despite a strong A-share market in 2025, Guolian Fund's management scale decreased to 147.776 billion yuan, indicating missed growth opportunities [8][9]. - The fund has a significant number of "mini products," with 19 out of 44 equity products having a management scale below 100 million yuan, reflecting challenges in attracting substantial investments [9].