Core Viewpoint - The A-share market is gradually recovering, leading to increased activity in new fund issuance, highlighted by the launch of the Huisheng Balanced Return Mixed Fund, marking a significant step for Huisheng Fund Management in equity investment and a test of fund manager Qian Ruinan's investment capabilities [2][4]. Fund Launch and Performance - Huisheng Fund's new product, the Huisheng Balanced Return Mixed Fund, officially started fundraising on November 17, 2023, with a target fundraising cap of 2 billion yuan and a fundraising period from November 17 to December 5, 2023 [4]. - The fund aims to invest 60%-95% of its assets in stocks and depositary receipts, with up to 50% allocated to Hong Kong Stock Connect stocks, under the management of Qian Ruinan [4]. Existing Fund Challenges - Concurrently, Huisheng Fund faces potential liquidation risks for another mixed fund, the Huisheng Huiyi Mixed Fund, due to its net asset value falling below 50 million yuan for 40 consecutive working days, with a warning that liquidation procedures may be initiated if this continues for 50 days [3][4]. Management Background - Qian Ruinan, with 16 years of experience, has previously held significant positions in well-known fund companies and managed various funds, although his past performance includes negative returns for several actively managed equity funds [5][7]. - His management of the Huisheng Huiwei Flexible Allocation Mixed Fund has shown promising results, achieving returns of 27.34% and 27.06% for A and C shares, respectively, within 138 days of his involvement [7]. Company Structure and Strategy - Huisheng Fund, established in 2018, has seen its total management scale exceed 55 billion yuan, but it heavily relies on bond funds, which account for over 90% of its assets, with mixed funds totaling less than 4.3 billion yuan [7][8]. - The company has been actively recruiting equity investment talent, hiring at least six new active equity fund managers in 2024, indicating a strategic shift towards diversifying its product offerings and reducing reliance on bond funds [8].