Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced that GF Securities Asset Management (Guangdong) Co., Ltd. has withdrawn from the public fund management qualification approval list, indicating a slowdown in the approval process for public fund licenses for securities firms since 2024 [2][5]. Group 1: Regulatory Changes and Approval Status - As of August 1, 2023, GF Asset Management has exited the qualification approval list for public fund management, while other firms like Everbright Asset Management, Anxin Asset Management (now Guozheng Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [2][5]. - Since 2024, no securities firms or their asset management subsidiaries have received approval for public fund licenses, marking a significant regulatory shift [5][7]. - The CSRC's new regulations allow securities firms to apply for public fund management qualifications under the "one participation, one control, one license" framework, which limits the number of fund management companies a single entity can control [5][6]. Group 2: Market Dynamics and Company Strategies - In 2023, several securities firms, including GF Asset Management, submitted applications for public fund licenses, but the approval process has stalled [5][7]. - The management of large collective asset management plans, which do not have a cap on the number of investors, has been a strategy for securities firms to continue operations despite regulatory challenges [5][7]. - As of December 2024, GF Asset Management reported a net asset value growth of 30.11% for collective asset management plans compared to the end of 2023, indicating a shift in focus towards managing existing products rather than acquiring new licenses [7].

Core Viewpoint - The announcement details the conversion of the "Guangfa Asset Management Zhihui Guangyi Six-Month Holding Period Mixed Fund of Funds" into the "Guangfa Zhihui Diversified Allocation Six-Month Holding Period Mixed Fund of Funds," including the share conversion results and new unit net values for A and C class shares [1][3]. Group 1 - The fund's share conversion was executed on July 10, 2025, with the A class share net value before conversion at 1.0182 and C class share net value at 1.0055 [1]. - After the conversion, the unit net values for both A and C class shares were adjusted to 1.0000, with each A class share converting to approximately 1.0182 shares and each C class share converting to approximately 1.0055 shares [2]. - The conversion ratio was calculated based on the net asset value of the fund on the conversion date divided by the total number of registered shares prior to conversion [2]. Group 2 - Holders can check their converted fund shares starting July 14, 2025, through various promotional outlets [3]. - The formal change of the fund was executed following a resolution from the shareholders' meeting effective June 24, 2025, with further details on the reopening of subscriptions and redemptions to be announced by Guangfa Fund [3]. - For inquiries, stakeholders can contact the management company or visit the respective websites for more information [4].