Core Viewpoint - The announcement by Xingzheng Global Fund regarding the appointment of Cheng Jian as a co-manager for the Xingquan Light Asset Investment Mixed Fund (LOF) alongside the current manager Dong Li reflects significant changes in the management structure and raises questions about Dong Li's future in the company [1][18][20]. Group 1: Fund Management Changes - Cheng Jian has been appointed as a co-manager for the Xingquan Light Asset Investment Mixed Fund (LOF), effective December 22, 2025 [1][18]. - This appointment marks the second major change for Dong Li's funds in the second half of the year, following his resignation from the flagship Xingquan Trend Investment Mixed Fund (LOF) on September 1, 2025 [5][21]. - Dong Li's management scale has drastically decreased from over 100 billion yuan to approximately 26.66 billion yuan, leading to his exit from the "billion club" [4][25]. Group 2: Fund Performance and Historical Context - The Xingquan Light Asset Investment Mixed Fund (LOF) has shown a net value growth rate of 258.4% since its inception, with a five-year growth of 261.54% [9][25]. - Despite past accolades, Dong Li's performance during his tenure has been underwhelming, with a total return of 41.52% and an annualized return of 4.39% [26]. - The flagship Xingquan Trend Investment Mixed Fund (LOF) has seen a return of -21.31% during Dong Li's management, ranking 1513 out of 1908 similar products [24][25]. Group 3: Company Performance and Market Position - Xingzheng Global Fund has faced declining revenue, with figures of 43.17 billion yuan, 36.11 billion yuan, and 32.79 billion yuan from 2022 to 2024, indicating a downward trend [15][31]. - The company's public fund management scale reached 741.43 billion yuan as of the end of Q3 2025, ranking 18th in the market [31]. - The firm has struggled with a significant reduction in active equity product scale, dropping from 2029.78 billion yuan at the end of 2021 to 1174.05 billion yuan by the end of 2024, a decrease of over 42% [32].