Core Viewpoint - The article discusses the rise and fall of Chen Jiwu in the Chinese asset management industry, highlighting the challenges faced by small to medium-sized funds amid increasing competition and the limitations of individual heroism in the current market landscape [1][12]. Group 1: Chen Jiwu's Career and Achievements - Chen Jiwu was a prominent figure in the public fund industry, known for his strong performance and innovative approaches, transitioning from public to private fund management and back to public [1][12]. - He founded Kaishi Fund in 2017, which became one of the first public fund management companies fully owned by professionals, marking a significant milestone in the industry [12]. - His career began in 1999 at Southern Fund, and he later held key positions at Fortune Fund, where he gained recognition [12]. Group 2: Recent Challenges Faced by Kaishi Fund - Kaishi Fund's assets under management have significantly declined from a peak of over 1.4 billion yuan to approximately 106 million yuan by mid-2025 [1][14]. - The fund has faced difficulties in product issuance, with many products failing to launch successfully and some being liquidated due to low asset values [14]. - As of the end of 2024, only two products remained operational, down from a peak of eight [14]. Group 3: Legal and Financial Issues - Chen Jiwu's companies, including Kaishi Wealth, have faced multiple legal actions, including a recent court execution for 1.2041 million yuan [3][5]. - Kaishi Wealth was previously ordered to pay 509,700 yuan for unpaid wages to employees, indicating financial distress [8][10]. - Chen Jiwu himself has been restricted from high consumption due to these legal issues, reflecting the broader challenges faced by his firms [5][11]. Group 4: Market Dynamics and Future Outlook - The article emphasizes the increasing competition in the asset management industry, where larger firms benefit from brand strength and collaborative teams, making it difficult for smaller firms to compete [15][16]. - Analysts suggest that the era of individual heroism in fund management is waning, and success now relies more on team collaboration and strategic focus [13][16]. - Kaishi Fund aims to adapt by refining existing products and responding to market demands, but faces significant hurdles in regaining its former stature [16].

Core Insights - Chen Jiwu, a prominent figure in China's asset management industry, has faced significant challenges in recent years, transitioning from a successful public fund manager to struggling with debt issues and restrictions on consumption [1][3][5] Group 1: Company Overview - Chen Jiwu founded Kaishi Wealth in 2013, which received its independent fund sales license in 2015, aiming to provide professional fund product research services [3] - Kaishi Fund, established in 2017, was one of the first public fund management companies fully owned by professionals, marking a significant shift from private to public fund management [12] Group 2: Recent Challenges - In 2025, Kaishi Wealth was executed for 1.2041 million yuan due to undisclosed legal issues, adding to a series of financial troubles faced by the company [3][5] - The company has been subject to multiple consumption restrictions, with Chen Jiwu himself facing limitations on high expenditures due to ongoing legal disputes [5][10] Group 3: Financial Performance - Kaishi Fund's assets under management peaked at 1.425 billion yuan in 2019 but have since plummeted to approximately 106 million yuan by mid-2025, indicating a severe decline in its market position [14] - The number of products managed by Kaishi Fund has also decreased significantly, with only two products remaining operational by the end of 2024, down from a peak of eight [14] Group 4: Market Position and Competition - The competitive landscape in the asset management industry has intensified, with larger firms leveraging their brand and resources to dominate the market, making it increasingly difficult for smaller firms like Kaishi Fund to compete [15][16] - Analysts suggest that the decline in Kaishi Fund's performance is primarily due to poor product performance leading to investor redemptions, highlighting the challenges faced by smaller institutions in a market favoring larger players [15][16]