Group 1 - Jiahe Fund announced the termination of its sales cooperation with Beijing Weidongli Fund Sales Co., effective November 28, 2025, to protect investor interests [2] - Weidongli has faced multiple legal issues since 2021, including service contract disputes and labor disputes, and was suspended from fund sales in 2022 due to six violations identified by the Beijing Securities Regulatory Bureau [5][10] - Other fund companies, including ICBC Credit Suisse, Minsheng, and Ping An, have also terminated their agreements with Weidongli since last year [4] Group 2 - China Merchants Fund will end its sales cooperation with Fangzheng Futures Co., effective November 27, 2025, following mutual agreement [6] - Fangzheng Futures, which obtained its fund sales license in November 2019, has seen several fund companies, including Hai Fu Tong and Tianhong, terminate their agreements this year [8] - The fund sales market is undergoing a significant reshuffle, with many small independent fund sales institutions, such as Fuxin Bank and Zhongmin Wealth, canceling their fund sales licenses due to intense competition and limited survival space [9]

Core Viewpoint - The article discusses the recent termination of sales agreements between several fund companies and independent fund sales institutions, indicating a trend of consolidation and risk management within the fund distribution market in China [2]. Group 1: Termination of Agreements - Jiahe Fund announced the termination of its sales cooperation with Beijing Weidongli Fund Sales Co., effective November 28, 2025, to protect investor interests [4]. - Similarly, China Merchants Fund ended its sales partnership with Fangzheng Zhongqi Futures Co., effective November 27, 2025 [9]. - Other fund companies, including ICBC Credit Suisse, Minsheng Zhiyin, and Ping An, have also terminated their agreements with Weidongli in the past year [6]. Group 2: Performance of Weidongli and Fangzheng Zhongqi - As of November 27, Weidongli had sold 377 fund products from 18 fund companies, ranking in the bottom 20% among 88 independent fund sales institutions [7]. - Fangzheng Zhongqi, which obtained its fund sales license in November 2019, had 140 fund products from 12 fund companies, placing it in the bottom 40% among 30 futures institutions [11]. - Fangzheng Zhongqi announced a halt to its fund sales business due to strategic adjustments [12]. Group 3: Industry Trends - The fund sales market is undergoing a rapid "reshuffling," with numerous independent fund sales institutions, such as Fuxin Bank and Zhongmin Wealth, having canceled their fund sales licenses [13]. - The competitive landscape has led to a significant "head effect," making it difficult for smaller institutions to survive [13]. - Fund companies are increasingly terminating relationships with sales channels that lack sales capabilities, viewing them as cost liabilities and potential reputational risks [13].

Core Viewpoint - China Ocean Fund has terminated its cooperation with Shanghai Jinggu Fund Sales Co., Ltd. to protect investor interests, marking a significant shift in the fund sales landscape as the market undergoes a "shuffle" due to increasing concentration among leading fund sales institutions [2][6][10]. Group 1: Termination of Cooperation - On August 15, China Ocean Fund announced the termination of its sales cooperation with Shanghai Jinggu Fund Sales Co., Ltd., effective from August 18, 2025 [6]. - This decision is part of a broader trend where fund companies are reassessing their partnerships with sales channels that lack sales capabilities, which are seen as cost burdens and potential reputational risks [11]. Group 2: Market Context - The fund sales market is experiencing a rapid "shuffle," with increasing market share concentration among top sales institutions [4][10]. - Recent regulatory actions include the cancellation of licenses for several fund sales companies, such as Shanghai Caifei Fund Sales Co., Ltd., which had been unresponsive to regulatory inquiries [10]. - A number of smaller fund sales institutions have also voluntarily surrendered their licenses, indicating a challenging environment for these entities [11]. Group 3: Company Status - Shanghai Jinggu Fund Sales Co., Ltd. is currently listed as "suspended," with its website also deactivated. It has only one fund company and a total of 31 funds under its sales, placing it at the bottom among 125 independent fund sales institutions [8]. - The company has faced multiple legal disputes, including labor disputes and registration changes, and its parent company has been restricted from high consumption by the court [8].