Core Viewpoint - The 22% equity stake of Donghai Fund is being re-offered for auction after multiple failed attempts last year, indicating ongoing challenges in the market for small and medium-sized fund companies [1][2][3] Group 1: Auction Details - The equity stake is being offered through Alibaba's asset auction platform, with the recruitment period set from June 3, 2025, to November 30, 2025 [1][3] - This stake was previously listed on JD's asset trading platform but failed to sell multiple times, with the last auction price dropping from 37.7352 million yuan to 30.18816 million yuan, yet still resulting in no buyers [2][3] Group 2: Company Background - Donghai Fund was established on February 25, 2013, with a registered capital of approximately 165 million yuan [3] - The major shareholders include Donghai Securities (49.9403%), Suzhou Xiangcheng Jiangnan Chemical Fiber (22.7544%), Shenzhen Pengbo Industrial Group (22.6027%), and Changzhou Transportation Construction Investment Development (4.7026%) [3] Group 3: Financial Performance and Projections - As of the first quarter of 2025, Donghai Fund's management scale is approximately 26.147 billion yuan, with bond funds making up the majority of its assets [3] - The company reported a revenue of 63.75 million yuan in 2024, with fund management service income accounting for 51.13 million yuan [3] - Future projections estimate that by 2029, revenue could reach around 150 million yuan, with a net profit of approximately 37 million yuan, indicating a compound annual growth rate of 29.86% for revenue and 10.69% for net profit over the next six years [3]