Core Viewpoint - The article discusses the challenges faced by brokerage asset management plans in China, particularly regarding their survival and transformation into public funds, highlighting the factors influencing their extension or liquidation [1][2][3]. Group 1: Current Status of Asset Management Plans - A number of brokerage asset management plans are at a critical juncture, with some successfully extending their duration while others face liquidation due to failed applications for extension [1][2]. - The survival of these plans largely depends on three core factors: qualification conditions, quality of underlying assets, and the composition of clients [1][3]. Group 2: Extension and Liquidation - Many asset management plans are unable to extend their duration, leading to inevitable liquidation, as seen in the case of the "Fangzheng Securities Xinxiang" plan, which will enter liquidation on May 26, 2025 [2]. - Even when extension applications are approved, the time granted is often limited, with recent extensions typically lasting only six months or less [3]. Group 3: Transformation to Public Funds - Finding a public fund manager has become a key strategy for many institutions unable to obtain public fund licenses, as demonstrated by recent announcements from Donghai Fund and Haitong Asset Management [3][4]. - The transition to public fund status is more favorable for bond-type asset management plans, which are more likely to attract public fund managers [4]. Group 4: Challenges in the Transformation Process - The public fund transformation process is seen as a means to standardize operations and enhance market transparency, but it also presents significant challenges, including high licensing barriers and practical difficulties in the transformation process [4][5]. - The overall process reflects a trend towards the normalization of the asset management industry, with institutions actively adapting to new regulatory requirements [5].

Group 1 - The company, Founder Securities, announced the suspension of new client sign-ups for the Cash Port Money Market Collective Asset Management Plan starting from May 21, 2025, while existing clients can continue to process subscriptions and redemptions normally [1] - The company issued a fourth reminder regarding the potential triggering of contract termination for the Xinxiang Three-Month Rolling Bond Collective Asset Management Plan, which has a maximum duration of three years, set to expire on May 25, 2025 [3][4] - Upon termination of the Xinxiang plan, there will be no open periods for subscriptions or redemptions, and no further income distribution will occur, with the plan entering a liquidation process [4] Group 2 - The company emphasizes the importance of investors understanding the risks associated with the asset management plans, including the fact that past performance does not guarantee future results [2][5] - Investors are advised to carefully read the asset management contracts and related documents to fully comprehend the risk-return characteristics of the investment products [5][6]