Core Viewpoint - Huiquan Fund has completed a capital increase of 4.68 million yuan, raising its registered capital from 100 million yuan to 104.68 million yuan, which may support its investment research capabilities and product structure optimization [1][3]. Shareholding Structure - Before the capital increase, the shareholding ratios were: Yang Yu (55.3%), Liang Yongqiang (30%), and three limited partnerships each holding 4.9% [1]. - Post-capital increase, the shareholding structure is as follows: Yang Yu (52.83%), Liang Yongqiang (29.61%), Meng Zhaoxia (2.01%), and Chai Le (1.51%), with three limited partnerships each holding 4.68% [1][3]. Company Background - Huiquan Fund was established in June 2020 and this capital increase marks its first registered capital increase [3]. - The fund primarily focuses on equity products managed by its founder Liang Yongqiang, who has a notable background in the industry [3][4]. Performance Overview - Liang Yongqiang's managed funds have shown poor performance, with losses exceeding 45% for two of the funds and a third fund showing a loss of over 25% [4]. - As of the end of Q2, the total scale of the three funds managed by Liang Yongqiang was 990 million yuan, with unit net values around 0.5 yuan for the first two funds and below 0.75 yuan for the third [4]. Comparative Performance - Huiquan Fund's equity funds have underperformed significantly, with a three-year return of -41.13%, ranking 153 out of 156 fund managers [5]. - The fund's performance over the past two years and one year was -26.28% and 8.83%, ranking 157 out of 160 and 140 out of 166, respectively [5]. Fixed Income Performance - The fixed income funds of Huiquan Fund have also lagged, with returns of 5.27% and 1.96% over the past two years and one year, ranking 134 out of 163 and 151 out of 170 [7]. Management Transition - In June, Huiquan Fund appointed Chen Hongbin as the new general manager, who has extensive experience in the financial industry [7][8]. - Chen's previous role was at a large-scale personal fund, and his diverse background may provide new perspectives for Huiquan Fund [8].

Core Viewpoint - The recent management changes at Huiquan Fund, including the departure of General Manager Liang Yongqiang and the appointment of Chen Hongbin, are seen as a strategic move to address the company's underperformance and improve its investment strategies [1][9]. Management Changes - Liang Yongqiang officially left his position as General Manager due to "work adjustments," with his departure effective on June 20, 2025 [4]. - Chen Hongbin has been appointed as the new General Manager, effective June 20, 2025, bringing over 20 years of financial industry experience [3][9]. - Chai Gong has been appointed as the new Deputy General Manager, also effective June 20, 2025 [3][10]. Performance Context - Under Liang Yongqiang's leadership, the fund's performance has been poor, with a return of -40.52% over the past three years, significantly underperforming the benchmark [5][6]. - Specific funds managed by Liang, such as Huiquan Strategy Preferred A and Huiquan Zhenxin Zhiyuan A, reported returns of -51.25% and -56.59%, respectively, also underperforming their benchmarks [6]. Strategic Implications - Chen Hongbin's expertise in macroeconomic research and absolute return strategies is expected to help address the fund's weaknesses and improve its investment performance [9]. - The management change is viewed as both a response to current performance challenges and a proactive strategy to reshape the company's future [10]. - The collaboration between Chen Hongbin and Chai Gong is anticipated to enhance the fund's market positioning and operational effectiveness, particularly in fixed income and absolute return investments [10].