Group 1 - The core point of the announcement is that the "Jia Shi Value Discovery Three-Month Regular Open Mixed Fund" has triggered the termination clause in its fund contract and will undergo liquidation as per relevant laws and regulations [1][2][3] Group 2 - Basic information about the fund includes its name, abbreviation, code, operation method, effective date of the fund contract, fund manager, and custodian [1] - The fund contract stipulates that if the net asset value falls below 200 million yuan three years after the contract's effective date, the contract will automatically terminate without the need for a meeting of fund shareholders [1][2] - The fund's net asset value fell below 50 million yuan for 50 consecutive working days, leading to the decision to liquidate the fund without a shareholder meeting [2][3] Group 3 - The fund will enter a closed period starting from November 26, 2025, during which no subscription, redemption, or conversion will be processed [3] - The fund management fees and custodian fees will cease once the fund enters the liquidation process [3][4] Group 4 - A liquidation team will be established within 30 working days after the termination event, and it will be responsible for managing the fund's assets during the liquidation process [4][5] - The liquidation process includes asset verification, valuation, and distribution of remaining assets to shareholders based on their shareholding ratio after deducting liquidation costs and taxes [5][7] Group 5 - The liquidation report will be audited by a certified public accountant and will require legal opinions before being submitted to the China Securities Regulatory Commission for record-keeping and public announcement [6][8]

Core Viewpoint - The announcement highlights the termination of liquidity services for the Jiashi National Communication ETF and the potential termination of the Jiashi Pension Target Date 2055 Fund if its net asset value falls below 200 million RMB by November 21, 2025 [1][3][6]. Group 1: Fund Termination and Liquidity Services - Jiashi Securities will cease providing liquidity services for the Jiashi National Communication ETF (code: 159695) starting November 20, 2025 [1]. - The Jiashi Pension Target Date 2055 Fund may trigger contract termination if its net asset value is below 200 million RMB by November 21, 2025, as per the fund contract [5][6]. - The fund's contract became effective on November 21, 2022, and has a five-year lock-up period for subscriptions [4][5]. Group 2: Fund Management and Operations - The fund management company is Jiashi Fund Management Co., Ltd., with the custodian being Bank of Communications Co., Ltd. [5]. - The fund has suspended subscription and regular investment services since November 14, 2025, and will enter liquidation if the termination condition is met [6][7]. - Investors will not be able to redeem or subscribe to the fund once it enters the liquidation process [7]. Group 3: Market Conditions and Risks - The Jiashi Nasdaq 100 ETF has been trading at a significant premium over its net asset value, prompting the fund management to warn investors about potential risks [11]. - The fund management emphasizes that market supply and demand, systemic risks, and liquidity risks can affect the trading price of the fund [11].