Core Viewpoint - Zhuque Fund, a "private to public" fund company, is facing significant turmoil following the resignation of General Manager Liang Yuejun from all independently managed public funds, amid a backdrop of poor performance and a shrinking asset base [1][2][4]. Group 1: Management Changes - Liang Yuejun has resigned from managing all core products, with recent announcements indicating that he no longer independently manages any public funds [2]. - Liang has a rich industry background, having worked in various financial institutions before co-founding Zhuque Investment and later joining Zhuque Fund [2]. - The management changes have raised concerns, especially after a controversial board chairman transition last November that was not publicly announced [4]. Group 2: Performance Issues - Zhuque Fund has experienced a significant decline in performance, with its managed products losing over 14% in the past four years and its total assets shrinking from 29.4 billion to 10 billion [1][4]. - For instance, the Zhuque Hengxin One-Year Holding Fund has seen a return of -14.48% since Liang took over in March 2021, with its size dropping from 9 billion to 3.2 billion [3]. Group 3: Trust Crisis and Market Reaction - The fund's credibility has been further undermined by a "self-redeeming" incident in early 2024, where the company announced a self-purchase of 20 million while simultaneously redeeming over 24 million, leading to investor skepticism [4]. - The company has stated that the recent management changes are part of a strategic optimization to enhance research and investment capabilities [6]. Group 4: Industry Context - Zhuque Fund's struggles reflect broader challenges faced by small "private to public" fund companies, which are increasingly squeezed by larger firms that dominate the market [5][6]. - The transition from private to public requires significant restructuring of investment research systems and governance, which many firms have struggled to achieve [6].

Core Viewpoint - Zhuque Fund's General Manager Liang Yuejun no longer independently manages any public funds, but remains in a frontline investment position [1][2][3] Fund Management Changes - Liang Yuejun has appointed Wang Yihao as a co-manager for the Zhuque Hengxin One-Year Holding Fund, while he has stepped down from managing the Zhuque Enterprise Preferred Fund, which is now co-managed by Chen Fei and Guo Tao [1][3] - Currently, all funds under Liang's name are co-managed, with a total scale of approximately 5.995 billion [3] Fund Performance - As of the second quarter of 2025, Zhuque Fund's public fund management scale is 10.084 billion, with no new products launched since July 2023 [5] - Active equity funds (stock and mixed types) dominate the portfolio, totaling 9.863 billion, with Liang's managed products accounting for about 60% of this scale [6] - Five active equity funds have positive returns since inception, with the Zhuque Industry Zhenxuan Fund achieving a return of 67.87% since its establishment [7] - Three active equity funds have incurred losses, with the Zhuque Hengxin One-Year Holding Fund showing a decline of 14.28% since inception [8] Managerial Expertise - Zhuque Fund emphasizes the differentiation of products through the expertise of newly appointed co-managers, each specializing in specific industries [9] - Chen Fei, with 9 years of experience, has taken over several funds, including the Zhuque Enterprise Preferred Fund, which he manages independently [10] - Wang Yihao, previously in private equity, has been managing the Zhuque Industry Zhinxuan Fund since February 2021, focusing on sectors like technology, pharmaceuticals, and consumption [12]

Core Viewpoint - The recent "consumption restriction order" against Chen Jiwu, chairman of Kaishi Fund, highlights the survival difficulties faced by small fund companies in China [3][8]. Group 1: Legal Issues and Financial Constraints - The Shanghai Huangpu District People's Court issued consumption restrictions against Kaishi Fund and its affiliated companies due to unresolved financial obligations, with a total unpaid amount of approximately 63.34 million yuan [5][6]. - Chen Jiwu's equity in multiple companies, including Kaishi Fund and Kaishi Wealth, has been frozen, with the total amount exceeding 300 million yuan, with the freeze lasting until December 2027 [7][8]. Group 2: Company Background and Development Challenges - Kaishi Fund, established in May 2017, is the second domestic public fund approved for the "private to public" transition and the first fully natural person-held public fund [10][12]. - Despite initial optimism regarding its innovative "private to public" model, Kaishi Fund has faced significant challenges, with its assets under management shrinking to 117 million yuan by the first quarter of 2025, down from a peak of 1.348 billion yuan in 2019 [14]. - The company has seen a series of fund closures, with only three public funds remaining as of early 2025, and its recent fund offerings have failed to attract external investment [14][15].

Core Viewpoint - The chairman of Kaishi Fund, Chen Jiwu, has been issued a consumption restriction order by the Shanghai Huangpu District People's Court, highlighting significant legal and operational challenges faced by the company in the public fund industry [1][2]. Group 1: Legal Issues - The Shanghai Huangpu District People's Court issued a consumption restriction order due to the company's failure to fulfill its financial obligations as determined by a legal document [2][3]. - The restriction prohibits high consumption behaviors, including travel by first-class or higher, staying in star-rated hotels, and purchasing non-essential vehicles [3][4]. Group 2: Company Background - Kaishi Fund was established on May 10, 2017, and is recognized as the second public fund in China to transition from private to public, being fully owned by individuals [5]. - Chen Jiwu, a veteran in the public fund industry, has a history of working with notable firms such as Southern Fund and Fuqun Fund before founding Kaishi Fund [5]. Group 3: Financial Performance - Over the past eight years, Kaishi Fund has struggled to grow, with only three funds remaining under management as of the end of Q1 this year, down from eight funds in 2020 [7]. - The total non-monetary assets managed by Kaishi Fund are less than 200 million yuan, a significant decline of approximately 90% from the peak of 1.425 billion yuan in Q3 2019 [7].