Core Viewpoint - Kaishi Fund Management Co., Ltd., the first public fund company in China fully owned by natural persons, faces scrutiny due to a consumption restriction order against its chairman, Chen Jiwu, reflecting challenges in the development of "personal system" public funds in China [1][2]. Company Overview - Established in May 2017, Kaishi Fund is the second public fund approved for "private to public" transition and the first fully owned by natural persons [4]. - The fund currently manages only 117 million yuan, with just three funds available [1][5]. Recent Developments - Chen Jiwu, as the legal representative of Kaishi Wealth and Kaishi Yizheng, has been restricted from high consumption due to failure to fulfill financial obligations, with the involved amount being 509,700 yuan [2][3]. - The consumption restriction is linked to other companies owned by Chen Jiwu, not directly to Kaishi Fund's operations [2]. Performance and Challenges - Since its inception, Kaishi Fund's management scale peaked at 1.348 billion yuan at the end of 2019 but has since declined [5]. - The fund's recent product launch in March 2025 raised only 10.61 million yuan, with participation limited to four accounts, all from the fund management team [5][6]. - As of the first quarter of 2025, Kaishi Fund's scale is only 117 million yuan, with three public products, all underperforming [6][7]. Industry Context - The challenges faced by Kaishi Fund are indicative of broader issues within "personal system" public funds, which often lack institutional support and face difficulties in market competition [8][9]. - The absence of strong institutional backing limits their brand influence and operational capabilities, making it hard to attract talent and achieve scale [9].