Core Viewpoint - The Eastern High-end Manufacturing Mixed Fund is facing severe performance issues, leading to attempts to modify contract termination clauses to avoid liquidation, which has been perceived as a "shell protection" strategy by the fund manager [2][3]. Fund Performance and Management - The fund was launched in November 2022 with a meager fundraising of 228 million yuan, and within three days of establishment, its net value fell below face value, marking a rare "opening black" record in the industry [3]. - As of May 21, 2025, the fund's net asset value has been below 50 million yuan for 45 consecutive working days, triggering the 13th warning for liquidation since its inception [3]. - The fund manager, Li Rui, has a strong academic background but has struggled to deliver positive results, with the fund's management scale shrinking from 22.44 billion yuan at its peak in 2021 to 8.065 billion yuan by the second quarter of 2025 [6]. Trading Strategy and Costs - The fund's trading strategy has been criticized for its high turnover rate of 2283% in 2024, resulting in 1.02 million yuan in trading commissions, which is nearly double the management fee, yet this strategy has not improved performance [5]. - Despite the poor performance, the fund manager launched the Eastern Low Carbon Economy Mixed Fund in March 2025, which has only seen a net value increase of 1.91% over three months, ranking 4405 out of 4642 in its category [9]. Recent Developments - In response to performance pressures, Li Rui increased his engagement with listed companies, participating in nine research activities between May and June 2025, compared to only five in the entire year of 2024 [11]. - The fund's scale has dropped below 50 million yuan, and despite a recent 0.22% rebound in one month, it remains insufficient for investors who are facing losses of 30% [11].

Core Viewpoint - The Oriental High-end Manufacturing Mixed Fund is facing a potential termination due to its net asset value being below 50 million yuan for 40 consecutive trading days, with only 10 trading days left before reaching the critical threshold [1][8]. Fund Performance and Management - The fund was established on March 1, 2023, with a meager fundraising of 228 million yuan, and has since experienced a significant decline in net asset value, with A and C class shares dropping to 0.764 yuan and 0.755 yuan respectively, resulting in annualized losses exceeding 10% [4][9]. - The fund manager, Li Rui, has a strong academic background and extensive experience, yet the fund's performance has been disappointing, with a total return of -23.6% for A shares and -24.47% for C shares, ranking low among peers [4][10]. Trading Activity - The fund exhibited an exceptionally high turnover rate of 2283%, with all top ten holdings being replaced quarterly. In 2024, it bought 314 stocks exceeding 2% of its initial asset value, totaling 924 million yuan, while selling 312 stocks for 941 million yuan, leading to commission costs surpassing management fees [6][8]. Market Reaction and Regulatory Challenges - The fund has been in a cycle of warnings and temporary recoveries, with its size falling below the regulatory threshold of 50 million yuan by the end of Q4 2023. Attempts to amend the fund contract to extend warning periods have not been successful in reversing the downward trend [8][11]. - As of May 15, 2025, 40% of the funds managed by Oriental Fund have net asset values below 50 million yuan, indicating a systemic issue within the company's equity investment strategy [11].