Core Viewpoint - The report from Furong Fund indicates that the Furong Medical Health Mixed Fund will enter liquidation if its total fund size is below 200 million yuan by June 28, 2025, which is the end of its last operation day [1][3]. Fund Performance Summary - As of the last operation day, the total fund shares amount to 12,369,681.57 shares, with A-class shares valued at 0.7920 yuan and C-class shares at 0.7825 yuan, reflecting cumulative losses of 20.8% and 21.75% respectively since inception [3]. - The fund has been managed by Li Huanghai since its establishment, who has extensive experience in various investment roles across multiple firms [3][4]. Management Performance - Li Huanghai currently manages three other funds: Furong Fuqian Bond, Furong Fuyou Mixed, and Furong Value Selection Mixed. Except for Furong Fuyou Mixed, which slightly outperformed its peers, the other two funds have shown poor performance, particularly Furong Value Selection Mixed, which has declined over 38% in the past two years under his management [4][5].

Core Viewpoint - The report from Furong Fund indicates that the Furong Medical Health Mixed Fund will enter liquidation due to its total fund size falling below 200 million RMB by June 28, 2025, which triggers the termination clause in the fund contract [1] Fund Performance Summary - The fund was established on June 28, 2022, and will cease operations on June 28, 2025, with a total fund size of 12,369,681.57 shares at the end of its operation [1] - The net asset value for Class A shares is 0.7920 RMB, with a total of 11,555,608.85 shares, while Class C shares have a net asset value of 0.7825 RMB and a total of 814,072.72 shares [1] - The fund has experienced cumulative losses of 20.8% for Class A and 21.75% for Class C over its three-year lifespan [1] Management Background - The fund has been managed by Li Huanghai since its inception, who has extensive experience in various investment roles across multiple firms [2] - Currently, Li Huanghai also manages three other funds, with only one, Furong Fuyue Mixed Fund, slightly outperforming its peers, while the other two, including Furong Value Selection Mixed Fund, have seen significant declines, with the latter down over 38% in nearly two years [2]