Core Viewpoint - The recent "consumption restriction order" against Chen Jiwu, chairman of Kaishi Fund, highlights the survival difficulties faced by small fund companies in China [3][8]. Group 1: Legal Issues and Financial Constraints - The Shanghai Huangpu District People's Court issued consumption restrictions against Kaishi Fund and its affiliated companies due to unresolved financial obligations, with a total unpaid amount of approximately 63.34 million yuan [5][6]. - Chen Jiwu's equity in multiple companies, including Kaishi Fund and Kaishi Wealth, has been frozen, with the total amount exceeding 300 million yuan, with the freeze lasting until December 2027 [7][8]. Group 2: Company Background and Development Challenges - Kaishi Fund, established in May 2017, is the second domestic public fund approved for the "private to public" transition and the first fully natural person-held public fund [10][12]. - Despite initial optimism regarding its innovative "private to public" model, Kaishi Fund has faced significant challenges, with its assets under management shrinking to 117 million yuan by the first quarter of 2025, down from a peak of 1.348 billion yuan in 2019 [14]. - The company has seen a series of fund closures, with only three public funds remaining as of early 2025, and its recent fund offerings have failed to attract external investment [14][15].