Group 1 - The core issue revolves around the underperformance of the newly launched fund, Shenwan Lingshin Industry Selection, managed by Jia Chengdong, which has seen a cumulative decline of over 8% since its inception, contrasting with the gains of the Shanghai Composite Index and CSI 300, which rose by 8.59% and 6.89% respectively [1] - The fund's launch attracted attention due to Jia Chengdong's reputation, with a fundraising scale of 1.219 billion yuan and 10,477 effective subscription accounts, making it the fourth actively managed equity fund this year to exceed 1 billion yuan in fundraising [1] - Shenwan Lingshin Fund acknowledged the market's focus on the fund but urged investors to consider its long-term performance despite short-term underachievement [1] Group 2 - Jia Chengdong has a notable career history, having joined Guotai Fund in 2008 and later managing funds at招商基金, where he oversaw nearly 18 billion yuan at his peak in 2020 [2] - Since joining Shenwan Lingshin Fund in March 2024, Jia has also been managing another fund, Shenwan Lingshin New Power, which has reported a year-to-date loss of 7.43% as of August 8 [2] - The company is facing scrutiny due to the poor performance of its star fund manager and the potential liquidation of its public funds, raising questions about the effectiveness of the reforms initiated by Chairman Chen Xiaosheng [2] Group 3 - The company is experiencing a talent gap, with 7 out of 27 fund managers having less than 3 years of experience, and 8 others with 3-5 years, indicating a high proportion of newcomers [3] - There is a significant issue of fund managers handling multiple funds, with some managing as many as 17 products, which may impact performance [3] - As of June 2025, the company's public asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from 84.640 billion yuan at the end of 2024 and a significant drop from its peak of 102.492 billion yuan in June 2015 [3]