Core Viewpoint - The transition of management for the Wanlian Securities' public collective fund to Ping An Fund marks a significant step in the ongoing transformation of broker asset management products in China, as firms seek to comply with regulatory requirements by the end of 2025 [1][2]. Group 1: Management Transition - Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan will be managed by Ping An Fund, which will be renamed as "Ping An Tiantianli Money Market Fund" [1]. - The redemption period for existing holders of the collective plan shares is set from November 28 to December 5, allowing them to choose whether to redeem their shares [2]. Group 2: Industry Trends - Other securities firms, such as Northeast Securities and Caida Securities, have also begun similar transitions, indicating a broader trend in the industry towards public fund management [3]. - Northeast Securities' asset management plans, with a combined management scale of 9.244 billion, will be transferred to Dongcai Fund, which will exceed 40 billion in management scale post-transition [3]. Group 3: Regulatory Context - According to the 2018 asset management regulations, broker public collective funds must complete their transformation to public offerings by the end of 2025, leading to an accelerated pace of changes in the industry [3]. - As of November 30, nearly 100 large collective products have yet to complete their transformation, highlighting the urgency for compliance [4].

Group 1 - Ping An Fund has taken over the management of Wanlian Securities' public collective fund, which has been renamed "Ping An Tian Tian Li Money Market Fund" [2] - Wanlian Securities announced a redemption period from November 28 to December 5, allowing holders of the collective fund shares to redeem their shares [4] - Other securities firms, such as Northeast Securities and Caida Securities, have also announced similar transitions to public fund management [4][5] Group 2 - According to the 2018 asset management regulations, securities firms must complete the public offering transformation of their collective funds by the end of 2025, indicating an urgent need for compliance as the deadline approaches [6] - As of November 30, nearly one hundred large collective products have yet to complete their transformation [7]