| 关于创金合信景零录活配置混合型证券投资基金基金资产净值低于5000万元的提示性 | 目 | 其他公告 | 2025-06-14 | | --- | --- | --- | --- | | 公告 | | | | | 关于创令合信暑要灵活配置混合型证券投资基金基金资产,通值低于5000万元的提示件 | ם | 其他公告 | 2025-06-07 | | 公告 | | | | | 创金合信基金管理有限公司关于公司旗下基金估值调整情况的公告 | LE | 其他公告 | 2025-06-06 | | 创金合信基金管理有限公司关于终止民商基金销售(上海馆限公司办理旗下基金相关 | LE | 基金销售 | 2025-06-03 | | 销售业务的公告 | | | | | 关于创金含信景要灵活配置混合型证券投资基金基金资产,净值低于5000万元的提示件 | E | 其他公告 | 2025-05-23 | | 公告 | | | | 创金合信景雯混合基金已经在生死线上挣扎了45个工作日，距离被强制清盘只剩5个工作日！ 但问题是，为什么会出现这种情况？是市场环境不好，还是基金本身存在问题？从今年的市场表现来看，确实不 太理想， ...

Core Viewpoint - The article highlights the increasing number of mutual funds facing liquidation in June 2025, with 117 funds having exited the market year-to-date, primarily due to insufficient scale and performance issues [1][5]. Fund Liquidation Reasons - A total of 97 funds triggered contract termination clauses due to not meeting scale requirements, marking a 40% increase compared to the same period last year [1]. - Many funds are unable to grow in scale, leading to their closure, with some experiencing long-term poor performance while others saw capital withdrawal after outperforming benchmarks [1][3]. - Significant redemptions by single large investors have also contributed to the rapid decline in fund sizes, pushing them close to liquidation [1][7]. Performance vs. Scale - Some recently liquidated funds, such as the浦银安盛幸福回报定开债券, had stable returns but still could not maintain sufficient scale, with a net asset value below 50 million yuan [3]. - The金鹰品质 fund, which had a year-to-date increase of over 11%, also faced liquidation due to scale issues [3]. Current Market Landscape - As of June 16, 2025, there are 1,655 mutual funds with net asset values below 50 million yuan, with mixed funds being the most affected [7]. - The trend of increasing fund liquidations is attributed to market competition, poor performance, and the capabilities of fund managers and distribution channels [7]. ETF Liquidation Risks - Even in a strong market, some ETFs are facing liquidation risks, with 18 passive index funds having been liquidated this year [8]. - Specific ETFs, such as博时国证龙头家电ETF, are on the brink of liquidation due to consistently low asset values, despite temporary increases in scale [9][10].

Core Viewpoint - Several funds have announced liquidation despite rising net values, particularly in the strong-performing pharmaceutical sector, due to failure to meet the required scale after three years [1][2]. Group 1: Fund Performance and Liquidation - Many initiated funds have faced liquidation as they failed to pass the "scale test" after three years, even if they had strong performance [2]. - As of June 15, the market was led by sectors like "new consumption" and innovative pharmaceuticals, with related thematic funds showing significant gains [3]. - For example, the Huazhong Innovation Pharmaceutical Fund had a net value increase of 22% by April 1, but had to liquidate due to a total scale of only 11 million yuan, far from the 200 million yuan threshold [4]. Group 2: Challenges of Initiated Funds - Initiated funds face significant challenges due to their low starting point for fundraising, which makes them more susceptible to market fluctuations [5]. - The automatic termination clause for initiated funds means that even with good performance, they must achieve rapid scale growth within three years to avoid liquidation [5]. - In contrast, regular public funds only need to maintain a net asset value of at least 5 million yuan for 60 consecutive days to avoid liquidation risk [5]. Group 3: Market Dynamics and Fund Management - The market has seen accelerated rotation in recent years, leading to a cautious approach from investors regarding the sustainability of fund performance [6]. - High operational costs associated with smaller initiated funds can erode returns, making it difficult to attract new investments [7]. - Successful cases of initiated funds overcoming scale challenges highlight the necessity of strong performance and support from distribution channels [8][9]. Group 4: Success Stories - Some initiated funds have successfully scaled up, such as Yongying Advanced Manufacturing, which grew from 300 million yuan to 11.5 billion yuan due to strong performance in the robotics sector [8]. - Other successful examples include funds like China Europe Era Pioneer, which achieved a cumulative return of 112% since its inception [8]. - The competitive landscape for funds is intense, and achieving significant scale requires not only good performance but also strategic support and resources [9].

Group 1 - A wave of public fund liquidations continues, with 117 funds having exited the market this year as of June 16, 2023, marking a 40% increase from the same period last year [1][4] - The majority of the liquidated funds were due to insufficient scale, with 97 funds triggering termination clauses for this reason [1][4] - The trend is attributed to regulatory pressure on "mini funds," leading larger firms to eliminate inefficient products while smaller firms struggle with research and distribution capabilities [1][3] Group 2 - Despite some funds showing stable performance, many have seen a decline in scale as investors opt to take profits, leading to liquidations [2][3] - For instance, the recently liquidated fund,浦银安盛幸福回报定开债券, had a stable return of 66.21% since inception but still fell below the 50 million yuan threshold [2] - The market uncertainty has made smaller funds less competitive, resulting in a preference for larger, more stable investments [3][7] Group 3 - As of June 16, 2023, there are 1,655 public funds with asset values below 50 million yuan, with mixed funds being the most affected [5] - The largest number of liquidated funds this year comes from博时基金, which has seen six funds exit, followed by淳厚基金,华安基金, and南方基金, each with five [4][5] - The trend of liquidations is not limited to traditional funds; 18 passive index funds have also faced liquidation risks this year [7][8] Group 4 - The phenomenon of "helping funds" has been noted, where funds receive temporary inflows to avoid liquidation but then see those funds withdrawn shortly after [8] - Several ETFs, including博时国证龙头家电ETF, are on the brink of liquidation, with asset values hovering around the 50 million yuan threshold [7][8] - The overall market environment has led to increased scrutiny on fund performance and sustainability, emphasizing the need for long-term alignment between scale and performance [8]

Group 1 - The core point of the news is that Nord Fund announced that its Nord Anyuan Pure Bond Fund has had its net asset value below 50 million yuan for 40 consecutive working days as of June 10, 2025, indicating a potential liquidity issue [2][4] - The fund's contract stipulates that if the number of fund shareholders falls below 200 or the net asset value remains below 50 million yuan for 50 consecutive working days, the fund will enter liquidation without needing a shareholder meeting [4] - As of the first quarter of 2025, the fund's net asset value was approximately 522 million yuan, suggesting significant redemptions occurred in the second quarter [4] Group 2 - The fund has seen a net value growth of 10.03% since its inception and a 2.36% growth over the past year as of June 11, 2025 [5] - The fund's first-quarter report indicates that a single institution holds 97.55% of the fund's shares, which may have contributed to the liquidity crisis due to large redemptions in the second quarter [4] - The fund remains optimistic about the bond market, citing stable economic conditions and potential adjustments in bond yields, and plans to extend duration and consider leverage in its investment strategy [6]

Core Viewpoint - The article discusses the recent trend of mutual funds facing liquidation despite some having strong performance, highlighting a disconnect between fund performance and investor interest [1][4]. Group 1: Fund Performance and Liquidation - Several funds are at risk of liquidation due to low asset values, even as their net asset values reach new highs, indicating a paradox where strong performance does not attract sufficient investment [1][4]. - For instance, the Shenwan Lingxin Dividend Quantitative Stock Fund has seen its net asset value rise while its total assets fell below 50 million yuan, leading to liquidation warnings [4]. - Similarly, the Jiashi Ark One-Year Holding Fund has maintained a high net value but has also dropped below the 50 million yuan threshold for an extended period [4]. Group 2: Investor Behavior - Investors exhibit a "cash out" mentality, leading to a trend where they sell off shares even as fund values increase, resulting in a situation where funds experience "sell on the rise" behavior [2][6]. - The article notes that many investors prefer larger, well-known funds, which can lead to smaller funds struggling to attract capital despite good performance [6]. Group 3: Institutional Investors and Fund Dynamics - Some funds are facing liquidation due to significant redemptions by single large investors, which can drastically reduce fund size and push them below the liquidation threshold [3][7]. - The article highlights that certain funds, like the Nuode Anyuan Pure Bond Fund, have a high concentration of holdings by single investors, making them vulnerable to rapid outflows [7][8]. - Institutional investors often redeem their shares after achieving desired returns or reallocating their assets, which can lead to sudden drops in fund size [8].

Core Viewpoint - Three funds managed by Hai Futong Fund Management Co., Ltd. are set to be liquidated due to continuous decline in scale despite positive returns [2][3][4] Fund Performance and Liquidation - Hai Futong Xin Ying 6-Month Holding Period Mixed Fund, established in March 2024, saw its scale shrink by 84.39% to 32 million yuan by March 2025, despite a positive return [3][4] - Hai Futong ESG Leading Stock Fund, launched in March 2024, experienced a drastic reduction in net asset value, with A class dropping to 31.14 thousand yuan and C class to 10.27 thousand yuan by Q3 2024, leading to large-scale redemptions [4][6] - Hai Futong Quantitative Multi-Factor Mixed Fund, established in April 2018, had a cumulative return of 41.58% but faced a decline of 5.71% in 2025, with continuous outflows leading to a scale reduction to 1 million yuan [4][5][6] Common Issues Across Funds - All three funds faced challenges in attracting and retaining investors, leading to a persistent decline in scale, which hindered operational efficiency and profitability [6][7] - Over 30% of Hai Futong's 172 funds have scales below 50 million yuan, indicating potential liquidation risks for more products [7] Company Overview and Strategic Changes - Hai Futong Fund, established in 2003, is undergoing a significant transformation following the merger with Guotai Junan Securities, which may lead to a restructuring of its product offerings [10][12] - The company has a high proportion of bond funds, with 83.4% of total assets in bond and money market funds, while mixed fund scales have been declining [12][13] - The new leadership under Xie Lebin faces the challenge of balancing regulatory requirements and enhancing market competitiveness [10][20] ETF Performance - Hai Futong has seen significant growth in its ETF segment, with non-money market ETF assets increasing from 3.17 billion yuan to 54.08 billion yuan over four years, indicating a successful strategy in this area [19][20] - The company has established a competitive edge in specific sectors like short-term bonds and urban investment bonds, with individual products exceeding 10 billion yuan in scale [20]

Group 1 - The core point of the news is that the Jin Ying Quality Consumption Mixed Fund has automatically terminated its contract due to its net asset value falling below 200 million yuan as of May 19, 2025, triggering the automatic termination clause in the fund contract [1][5] - The fund had previously issued a warning about potential liquidation, indicating ongoing concerns regarding its performance and asset management [3] - As of the termination date, the fund had a total of 464 holders, reflecting a significant number of investors affected by this decision [3][5] Group 2 - Following the termination, the fund has suspended all subscription and redemption activities and has entered a liquidation phase, with a dedicated team set to manage the liquidation process within a timeframe of six months [7][8] - The liquidation process will prioritize the payment of expenses from the fund's assets, and remaining assets will be distributed to investors based on their shareholdings, ensuring investor rights are protected [7][8] - The termination of the fund highlights challenges within the current fund industry, particularly in the consumer investment sector, suggesting that fund managers need to enhance their operational and investment management capabilities to avoid similar outcomes [9]

Summary of Key Points Group 1: Company Listings - Company 001390 Guqi Fur Materials is set to announce its online subscription rate on May 20, 2025 [1] - Company 301590 Youyou Green Energy will begin its preliminary inquiry on May 20, 2025, with the inquiry period ending on the same day [1] - Company 603049 Zhongce Rubber will also start its preliminary inquiry on May 20, 2025, concluding on the same day [1] Group 2: Trading Suspension Announcements - The Invesco Great Wall S&P Consumer Select ETF (QDII) will be suspended from trading on May 20, 2025, until 10:30 AM to protect investor interests [2] - The Guotai S&P 500 ETF will also be suspended on May 20, 2025, until 10:30 AM for the same reason [2] - Company 000151 Zhongcheng Co., Ltd. is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [2] - Company 000584 *ST Gongzhi is suspended due to a risk warning regarding potential delisting, effective from April 28, 2025 [2] - Company 000622 *ST Hengli is suspended for failing to disclose periodic reports within the statutory deadline, effective from May 6, 2025 [2] - Company 000627 Tianmao Group is suspended for the same reason as *ST Hengli, effective from May 6, 2025 [2] - Company 000878 Yunnan Copper is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 13, 2025 [2] - Company 002336 *ST Renle is suspended due to a risk warning regarding potential delisting, effective from April 30, 2025 [2] - Company 002708 Guangyang Co., Ltd. is suspended due to plans for issuing shares and cash to acquire assets and raise matching funds, effective from May 19, 2025 [2] - Company 002750 *ST Longjin is suspended due to a risk warning regarding potential delisting, effective from April 25, 2025 [2]

Core Viewpoint - The West Asset Management's "Ji Ji Hong" three-month holding mixed fund of funds (FOF) has triggered the termination clause and officially started the liquidation process due to its net asset value falling below 200 million yuan by May 17, 2025, leading to the failure of the company's only FOF product [2][4][14]. Fund Overview - The "Ji Ji Hong" FOF was established on May 17, 2022, and was designed with an "internal credit enhancement" feature, where fund managers subscribed with at least 10 million yuan of their own funds and committed to holding it for at least three years [4][7]. - The fund's structure showed that institutional holdings consistently exceeded individual holdings, indicating a focus on aligning the interests of the management with investors [4][6]. Performance Metrics - As of the first quarter of 2025, the A-class net value of the fund had decreased by 14.31%, while the C-class fell by 15.38%, significantly underperforming the benchmark by 16.98% and 18.05% respectively [9][12]. - The fund's total scale dropped to 0.36 billion yuan by the end of 2024 and fell below 20 million yuan by the first quarter of 2025, well below the liquidation threshold [12][14]. Management Background - Fund managers Ji Chengxiang and Liu Muling had no prior public fund management experience, with Ji having 17 years in the securities industry and Liu being a rising star in asset management [7][9]. - The fund's management faced challenges, resulting in a loss of 1.9872 million yuan, leading to the eventual liquidation of the fund [9][12]. Company Context - West Asset Management's shareholder turmoil, including the freezing of shares held by its second-largest shareholder, has contributed to a decline in investor confidence, although it did not directly affect fund operations [12][13]. - The company has a long-standing "strong bond, weak stock" structure, with over 87% of its management scale in bond and money market funds, while equity products account for less than 7% [14].