Core Viewpoint - The South Korean government is forming a special task force to address the depreciation of the Korean won, which is currently trading at around 1,466.9 won per dollar, close to its lowest level since 2009 [1][3]. Group 1: Task Force Formation and Objectives - The Ministry of Finance is collaborating with exporters, securities firms, and relevant departments to establish a special task force aimed at developing measures to counter the depreciation of the won [1][4]. - The task force will regularly monitor exporters' currency exchange behaviors and overseas investment positions, while considering incentives for companies converting foreign currency income into won [1][4]. Group 2: Market Analysis and Investor Behavior - The depreciation of the won is partly attributed to domestic investors purchasing foreign securities and foreign investors selling Korean securities following a significant rise in the stock market [1][4]. - Experts suggest that recent concerns among exporters about further depreciation of the won have led them to hold onto dollar earnings instead of selling immediately, contributing to the won's weakness [1][4]. Group 3: Tax Incentives and Regulatory Oversight - The South Korean government is exploring tax incentives, such as expanding the tax exemption range for dividends from overseas subsidiaries [2][5]. - The task force plans to enhance supervision of securities firms regarding their obligations to explain overseas investment products to clients and to prevent excessive leveraged investments [2][6]. Group 4: Collaborative Framework for Market Stability - A four-party consultative body, including the Ministry of Finance, the Bank of Korea, the National Pension Service (NPS), and the Ministry of Welfare, will design a "new framework" to align the investment returns of the national pension with market stability and mitigate fluctuations in the foreign exchange market [2][6].

Group 1 - The recent leadership change at Huabao Fund marks a significant shift in the public fund industry, with Huang Kongwei stepping down as chairman due to age-related reasons, and Xia Xuesong, former chairman of Baoxin Software, taking over [1][4][3] - Huang Kongwei served as chairman of Huabao Fund for over three years, during which the company managed 153 public fund products with a total asset management scale of 355.7 billion yuan, positioning it in the upper-middle tier of the industry [2][3] - Under Huang's leadership, Huabao Fund achieved notable growth in its ETP business, with its equity ETFs surpassing 100 billion yuan in total assets by July 2025, entering the "100 billion equity ETF club" [2] Group 2 - The public fund industry has seen a high frequency of executive changes this year, with 109 fund companies experiencing management changes, including 31 chairperson transitions [6][8] - The trend of executive turnover is attributed to factors such as mandatory retirement, strategic adjustments by shareholders, and administrative reshuffles within the industry [8]

Core Viewpoint - The public fund industry is experiencing frequent changes in senior management, with another major fund company undergoing a chairman transition [1][7]. Group 1: Chairman Transition - Huang Kongwei has resigned as chairman of Huabao Fund due to "age-related reasons," with Xia Xuesong, former chairman of Baoxin Software, taking over [2][5]. - Huang Kongwei served as chairman for over three years, during which Huabao Fund managed 153 public fund products with a total asset management scale of 355.7 billion yuan, maintaining a strong position in the industry [3][4]. - Under Huang's leadership, Huabao Fund achieved significant growth in its ETP business, with its equity ETFs surpassing 100 billion yuan in total assets by July 2025 [3]. Group 2: New Leadership Direction - Xia Xuesong aims to enhance the operational efficiency of Huabao Fund by implementing performance-driven strategies and optimizing management processes [6]. - The company plans to balance innovation with compliance, focusing on expanding its existing product lines while introducing new offerings such as thematic ETFs and fixed-income products [6]. Group 3: Industry Trends - In 2023, there have been 109 changes in senior management across the public fund industry, with 31 chairmen changing positions [7][9]. - The high turnover is attributed to factors such as mandatory retirement, strategic adjustments by shareholders, and administrative changes [9].