Core Viewpoint - The announcement from Fuanda Fund indicates that the Fuanda Advanced Manufacturing Mixed Fund may trigger a termination of its contract if its net asset value falls below 200 million yuan by June 28, 2025 [2][4]. Fund Contract Details - The fund contract states that if the net asset value is below 200 million yuan three years after the contract takes effect, the contract will automatically terminate without the need for a shareholder meeting [4]. - The fund was established on June 28, 2022, and the critical date for potential termination is June 28, 2025 [4]. - If the termination condition is met, the fund will cease all redemption and conversion activities starting June 29, 2025 [4]. Fund Performance and Holdings - The initial net subscription amount for the fund was approximately 11.34 million yuan, with a total of about 11.35 million shares issued, of which Fuanda Fund subscribed for about 10.01 million shares, accounting for 88.23% [4]. - As of the end of Q1 2025, the fund's net asset value was approximately 8.03 million yuan, with 79.96% of its holdings in stocks and no bonds [4]. - The top ten holdings include companies such as Luxshare Precision, Haiguang Information, and Great Wall Military Industry [4]. Fund Performance Metrics - As of June 26, 2025, the unit net value of the fund's A class shares has decreased by 24.71% since inception, while it has increased by 14.70% over the past year [5]. - The fund's scale was reported at 0.08 billion yuan as of March 31, 2025 [5]. Investment Strategy - The fund's Q1 report indicates a primary focus on technology investments, with a balanced allocation considering market uncertainties and potential performance volatility [6]. - The fund has reduced exposure to certain technology and robotics sectors while increasing allocations in military and cyclical sectors as the market has continued to rise [6].

Core Viewpoint - The fund "Fuan Da Advanced Manufacturing Mixed Initiation Fund" is at risk of termination due to its net asset value falling below 200 million yuan by June 28, 2025, leading to the suspension of subscription and investment activities to mitigate potential impacts on investors [1][3]. Fund Performance and Status - The fund was established on June 28, 2022, during a peak interest in advanced manufacturing sectors like new energy and semiconductors, but has since experienced a decline in scale and performance [3][7]. - As of March 31, 2025, the fund's net asset value was only 80 million yuan, with a net asset change rate of 2.14% [5]. - The fund has consistently shown a downward trend in net asset value since its inception, with significant declines noted in various reporting periods [5][6]. Regulatory and Market Context - The fund's potential termination reflects a broader issue with initiation funds, where poor performance and shrinking scale ultimately harm retail investors more than fund companies [7][12]. - The 200 million yuan liquidation threshold is seen as a reasonable regulatory measure to ensure operational efficiency and fairness to remaining investors, although it poses challenges for those who may be forced to redeem at unfavorable times [11][12].