Core Insights - The public fund companies are increasingly diversifying their subsidiary structures, moving from rapid expansion to a more specialized and differentiated approach in response to regulatory changes [1][5] - Major public fund companies like E Fund and Huaxia Fund are establishing new subsidiaries to enhance their wealth management capabilities and service offerings [2][4] Group 1: Recent Developments - E Fund has established a new subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., focusing on buy-side advisory services, with over 100 team members [1][2] - Huaxia Fund has received approval to set up Beijing Huaxia Jinke Information Service Co., Ltd., which will provide operational services to commercial banks and wealth management companies [2][3] - Several public fund companies, including招商基金 and 中航基金, are awaiting approval for new subsidiary applications, indicating ongoing expansion efforts [3] Group 2: Market Trends - The number of public fund company subsidiaries has exceeded 100, with a significant presence of sales subsidiaries, such as E Fund Wealth and Huaxia Wealth [4] - The establishment of overseas subsidiaries is also a key strategy, with over twenty public fund companies having set up entities in markets like Hong Kong and Singapore [4][5] - Regulatory support for differentiated development is encouraging public fund companies to establish specialized subsidiaries for various services, including REITs and private equity investments [5]