Core Viewpoint - Vanguard Fund has appointed Wang Chongkun as the new chairman, marking a significant leadership change following the departure of the previous chairman nearly a month ago [1]. Group 1: Leadership Changes - Wang Chongkun has been appointed as the new chairman of Vanguard Fund, effective May 16, 2025 [3]. - The company has undergone a significant management overhaul, including the departure of the previous general manager, Long Yong, and the appointment of Zhang Fan as the new general manager [6]. - Wu Yue, the former deputy general manager and chief information officer, has also retired [6]. Group 2: Background of New Chairman - Wang Chongkun is a veteran in the asset management industry, previously serving as the general manager of Xinda Australia Fund for over three years [4]. - His career includes roles at China Construction Bank, Xinda Asset Management, and Hongyuan Securities, among others [4]. - Wang has been involved in various capacities in the investment sector, including as vice chairman of Lingsheng Agricultural Co. and as an investment manager at Fengtu Beikong [4]. Group 3: Shareholding and Capital Increase - Vanguard Fund has undergone a change in control, with Zhinan Group acquiring 95.01% of its shares through various means [1][7]. - Following the acquisition, Vanguard Fund's registered capital was increased from 150 million RMB to 200 million RMB [7]. - As of the end of the first quarter, Vanguard Fund managed a non-monetary fund scale of 2.691 billion RMB, showing little change from the previous year [7]. Group 4: Fund Performance - Vanguard Fund's management scale is primarily supported by two bond funds, Vanguard Huiying and Vanguard Boying, which account for 97% of the company's non-monetary fund scale [9]. - The total scale of these two bond funds is 1.354 billion RMB and 1.277 billion RMB, respectively [9].