Core Viewpoint - The recent disappearance of "Bond Queen" Zhai Chenxi has raised concerns in the financial industry, particularly regarding her influence and the future of Xinhua Fund, which she previously led to significant growth [2][12]. Group 1: Background of Zhai Chenxi - Zhai Chenxi, born in 1979, has had a remarkable career in finance, transitioning from vice president to a leading figure in the bond market, and has been recognized for her significant contributions to the industry [4][5]. - During her tenure at Xinhua Fund, the company's assets under management surged from 35.2 billion to 86.8 billion, nearing her ambitious target of 100 billion within three years [5][20]. - Zhai's educational background includes a master's degree in finance and a CFA qualification, showcasing her strong academic credentials [5][6]. Group 2: Xinhua Fund's Performance - Under Zhai's leadership, Xinhua Fund's management scale reached a peak of 86.8 billion by mid-2022, driven largely by the success of money market and bond funds [20][22]. - However, following her departure in February 2023, the fund's assets have significantly declined, dropping to 50.4 billion by the first quarter of 2023, and further to approximately 54.2 billion by the third quarter of 2025 [22][23]. - The fund's focus on fixed income has resulted in a high proportion of its assets (87%) being allocated to bond and money market funds, while equity funds account for only 13% [22][23]. Group 3: Changes in Leadership and Ownership - Since the change in actual control of Xinhua Fund in February 2023, there have been significant leadership changes, with seven executives leaving and seven new appointments within a short period [17][19]. - The fund's ownership has shifted to state-owned entities, with Beijing Financial Street Investment Group becoming the actual controller, marking a significant transition in its governance structure [14][15]. - The rapid turnover in leadership positions has raised questions about the stability and strategic direction of Xinhua Fund moving forward [17][19].