Core Viewpoint - The initiation funds are facing unprecedented survival challenges, with 279 funds entering liquidation this year, of which 61 are initiation funds [1] Group 1: Fund Liquidation Cases - Shenwan Hongyuan Fund has become a typical case in this wave of liquidation, with two of its products, Shenwan Hongyuan Carbon Neutrality and Shenwan Hongyuan Target Date 2040, officially liquidated on August 2, having only 8.33 million and 25.26 million yuan in assets, respectively, far below the 200 million yuan survival standard [3] - Shenwan Hongyuan Fund has already seen multiple products exit the market this year, including Shenwan Hongyuan Shuangxi Mixed Initiation and Shenwan Hongyuan Xinxiang Stable Mixed Initiation [3] - The Shenwan Hongyuan Tianli Six-Month Holding Mixed Fund entered liquidation due to its net asset value being below 50 million yuan for 50 consecutive working days [3] Group 2: Causes of Liquidation - The establishment of initiation funds aimed to create a mechanism of shared interests through the fund manager's own capital participation, requiring managers and executives to subscribe for at least 10 million yuan and hold for no less than three years [4] - However, many initiation funds have encountered significant setbacks, such as the Shenwan Hongyuan Carbon Neutrality product, which has dropped nearly 42% since inception, underperforming its benchmark by 11 percentage points [4] - The Shangyin New Energy Industry Selected Fund experienced a 53.43% loss by the time of its liquidation in May, with a remaining net asset value of only 26.7 million yuan [4] Group 3: Industry Challenges - Over 800 initiation funds are facing the three-year assessment with insufficient scale of 200 million yuan, with about 80 funds reaching critical points this year [5] - Shenwan Hongyuan Fund has several initiation products in jeopardy, including the Shenwan Hongyuan Green Pure Bond Fund, which will face assessment at the end of the month [5] - The phenomenon of initiation fund liquidation reflects deeper challenges in the fund industry, with some companies viewing initiation products as tools for rapid expansion, lacking in research and team development [5]