Group 1 - The China Securities Investment Fund Industry Association has revised the "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)", which states that active equity fund managers with poor performance for three consecutive years may face a salary reduction of 30% [1] - Tongtai Fund, a personal public fund company, has several active equity funds that have underperformed their benchmarks over the past three years, leading to potential salary reductions for fund managers [1] - According to Tonghuashun data, most of Tongtai Fund's active equity funds have achieved positive returns this year, with many surpassing the benchmark return rates [1] Group 2 - Tongtai Fund was established in October 2018 and is the 14th personal public fund company in China, with three natural person shareholders among its main stakeholders [2] - As of the end of Q3 2025, Tongtai Fund manages a total of 22 products with an overall management scale of 4.728 billion yuan, ranking 143rd among public institutions [2] - The fund has five stock funds with a scale of 458 million yuan and nine mixed funds with a scale of 1.043 billion yuan, accounting for over 30% of its total management scale [2]

Core Viewpoint - A nearly defunct "shell fund" experienced an unexpected net value surge of 68.73% in a single day due to large institutional redemptions, misleading investors and raising concerns about the fund company's marketing practices [1][3][4] Fund Performance and Redemption - The fund's scale increased by over 10,000 times in the second quarter, successfully avoiding liquidation [1][14] - On March 31, the fund's net value surged due to a large redemption of 0.76 million shares, resulting in a -100% asset change rate and leaving a net asset of less than 10,000 yuan [3][14] - Following the redemption, the fund reopened to individual investors after previously restricting access [3][4] Marketing and Communication Practices - The fund company provided vague explanations for the net value surge, failing to clarify the true cause and instead promoting the fund's performance [4][5] - The fund's real return rate for the second quarter was -0.29%, ranking in the bottom third among mixed equity funds, while the first half of the year showed a return of 20.38%, placing it in the top 9% [4][14] - The fund's marketing emphasized its past year net value growth of 117.64%, without addressing the abnormal net value fluctuations [4][5] Industry Trends and Practices - The fund's marketing strategy included "packaging" the fund with attractive labels related to trending sectors, such as humanoid robots, to attract investors [16][18] - Many small funds are adopting similar strategies to boost visibility and attract investments, especially in a competitive market [18][19] - The China Securities Regulatory Commission emphasizes the need for transparency and prioritizing investor interests, criticizing practices that mislead investors for the sake of growth [19]