Core Viewpoint - The imminent risk of liquidation for the Dongcai Value Start Mixed Fund is not an isolated case, as several other funds launched by Dongcai Fund in 2023 are also approaching their three-year evaluation period, facing similar risks of termination due to insufficient asset value [2][9]. Group 1: Fund Performance and Risks - The Dongcai Value Start Mixed Fund, established on March 30, 2023, will trigger contract termination if its net asset value remains below 200 million yuan by March 30, 2026 [5]. - As of December 31, 2025, the fund's scale was only 15 million yuan, significantly below the 200 million yuan threshold [6]. - The fund has recorded a cumulative loss of over 30% since its inception, with a year-to-date decline of 20.19% as of March 17, 2026, ranking second to last among all mixed equity funds [6][7]. - The fund's frequent changes in holdings have contributed to its poor performance, with significant shifts in investment focus throughout 2025, including sectors like digital economy, military, photovoltaic, and lithium resources [6][7]. Group 2: Broader Implications for Dongcai Fund - The liquidation risk of the Dongcai Value Start Mixed Fund reflects a broader issue within Dongcai Fund's active equity business, as multiple funds launched around the same time are also underperforming [9][10]. - By the end of 2025, all funds launched in 2023 had net asset values below 16 million yuan, indicating a potential wave of liquidations as the three-year evaluation period approaches [9]. - Dongcai Fund's public fund management scale was 57.6 billion yuan at the end of 2025, with 73% in bond funds, while the combined scale of equity and mixed funds was only 15.3 billion yuan [11]. - The company has shifted its focus towards actively managed equity funds since 2023, but many of these funds have not met performance expectations, with half of the ten mixed equity funds showing negative returns since inception [11][12].