Group 1: Core Insights - The arrival of star fund manager Jia Chengdong at Shenwan Hongyuan Fund has garnered significant attention, especially given his previous management of nearly 900 billion yuan at China Merchants Fund [1][3] - Shenwan Hongyuan Fund has high expectations for Jia, promoting him to deputy general manager shortly after his arrival and launching a new equity product, the "Shenwan Hongyuan Industry Select Mixed Fund," which raised 1.219 billion yuan, the largest fundraising for the firm in the year [1][3] - However, the performance of the "Shenwan Hongyuan Industry Select Mixed Fund" has been disappointing, with a return of -8.23% since inception, significantly underperforming the Shanghai Composite Index, which rose nearly 10% during the same period [3][14] Group 2: Historical Context - Shenwan Hongyuan Fund, established in January 2004, is one of the earliest Sino-foreign joint venture fund companies in China, initially co-owned by Shenwan Hongyuan and Paris Asset Management [4][5] - The firm struggled to grow its assets under management (AUM) initially, with AUM not exceeding 15 billion yuan even during the 6124-point bull market by 2010 [5][6] - The introduction of structured funds, particularly leveraged funds, became a key strategy for Shenwan Hongyuan to capture market opportunities, leading to a peak AUM of 102.492 billion yuan in Q2 2015 [7][8] Group 3: Challenges and Current Status - The firm faced significant challenges during the 2015 stock market crash, leading to substantial losses and exposing design flaws in its structured funds, which ultimately led to a ban on new structured fund products [8][9] - Since then, Shenwan Hongyuan has struggled to find a successful growth strategy, with AUM stagnating at approximately 82.607 billion yuan as of mid-2023, failing to achieve further growth after reaching 80 billion yuan in 2024 [9][10] - The firm has not established a competitive advantage in either equity or fixed income products, resulting in a lack of clear direction for future growth [9][10] Group 4: Talent and Research Issues - A critical issue for Shenwan Hongyuan is the lack of a robust investment research and talent system, which has hindered its ability to adapt and thrive in the competitive market [11][15] - The average tenure of fund managers at Shenwan Hongyuan is lower than the industry average, indicating a potential instability in talent retention [11][12] - The firm has seen multiple fund manager departures, exacerbating its talent shortage, and leading to a reliance on external hires like Jia Chengdong, which has not yielded the desired results [12][14]

Core Viewpoint - The news highlights allegations from a whistleblower claiming that employees of Shenwan Hongyuan Securities were coerced into purchasing the Shenwan Lingshin Industry Select Mixed Fund, resulting in significant losses within a short period. The fund's performance has been notably poor compared to market indices, raising concerns about management practices and potential regulatory violations. Group 1: Allegations and Fund Performance - A Shenwan Hongyuan employee reported being forced to invest 1.5 million yuan in the Shenwan Lingshin Industry Select Mixed Fund, which lost 85,400 yuan in just two months [1][2] - The fund, managed by star fund manager Jia Chengdong, was established on June 3, 2025, and has seen its A-class shares decline by 8.23%, ranking 4672 out of 4673 similar funds, while the Shanghai Composite Index rose by 8.96% during the same period [3][5] - The fund's strategy promised high dividends and a gradual investment approach, but it reportedly built a 60% position within three days and made aggressive trades that led to losses [3][5] Group 2: Company Response and Implications - Shenwan Lingshin denied the allegations of forcing employees to buy the fund, stating that there was no coercion and that the management personnel's subscription volume was zero [5] - The company acknowledged that the fund's short-term performance has not met expectations but encouraged investors to focus on long-term results [5] - If the allegations are proven true, they could violate regulations regarding investor suitability and prohibition of forced purchases, indicating potential governance issues within the company [5][6]

Core Viewpoint - The newly launched fund managed by star fund manager Jia Chengdong has experienced a significant decline of 8.2%, ranking second to last among similar products, despite the overall A-share market rising nearly 10% [3][4]. Fund Performance - The fund "Shenwan Lingxin Industry Selected Mixed A" has a year-to-date return of -8.23% and an annualized return of -37.81% since its inception [4]. - In comparison, the benchmark index "CSI 300" has shown a year-to-date return of 5.28% and an annualized return of 40.51% over five years [4]. Fundraising and Management - The fund raised a total of 1.219 billion yuan, with 10,477 effective subscriptions, making it the fourth actively managed equity fund this year to exceed 1 billion yuan in initial fundraising [6][8]. - Jia Chengdong, previously managing assets of up to 18 billion yuan, was appointed as the deputy general manager of Shenwan Lingxin Fund in March 2025 [8][12]. Employee Complaints - Employees of Shenwan Hongyuan Securities have reported being pressured to purchase their own products, leading to dissatisfaction among investors [4][19]. - The fund's management has denied allegations of forcing employees to invest, stating that such rumors are untrue [21]. Market Context and Challenges - The fund's poor performance comes amid a favorable market environment, raising concerns about the fund manager's market timing abilities [20][22]. - The situation highlights ongoing issues within the public fund industry, such as prioritizing sales over management and the potential risks associated with aggressive investment strategies [22].

Core Viewpoint - The performance of the newly launched fund managed by star fund manager Jia Chengdong has raised significant concerns, as it has underperformed the market shortly after its inception, leading to investor dissatisfaction and criticism of the fund's management strategy [2][4]. Fund Performance - The fund, Shenwan Lingshin Industry Select Mixed A, was established on June 3 and has seen a net value drop of 8.23% within two months, while the Shanghai Composite Index rose by 8.2% during the same period [2][5]. - As of August 8, the fund's net value was reported at 0.9177 yuan, ranking 4773 out of 4776 similar funds, indicating a poor performance relative to peers [2][5]. Management Strategy - Jia Chengdong's investment strategy involved quickly building a 60% position in high-flying "new consumption" stocks shortly after the fund's launch, which led to significant losses as the sector corrected [5][6]. - Following the losses in the new consumption sector, Jia shifted focus to bank stocks, which also faced a downturn, resulting in further declines in the fund's net value [5][6]. Internal Discontent - An employee from Shenwan Hongyuan Securities expressed dissatisfaction with the company's pressure to invest in the fund, labeling it a "political task" and criticizing the fund's operational style as reckless [3][4]. - The company has denied claims of coercion regarding investments and emphasized the importance of long-term performance over short-term results [4][6]. Comparison with Other Funds - In contrast to Jia Chengdong's underperforming fund, another fund managed by a different manager, Fu Juan, achieved a remarkable one-year return of 100.59%, highlighting a stark performance disparity within the company [6][8]. - Historical data shows that Shenwan Lingshin has had successful funds in the past, with one fund achieving a 279.62% increase since its inception, significantly outperforming its benchmark [8].

Core Viewpoint - The article discusses the performance and management issues of the Shenwan Hongyuan Fund, particularly the Shenwan Lingshin Industry Selected Mixed Fund, which has seen a decline of over 8% since its establishment, raising concerns about the fund manager's investment strategy and the company's practices [2][5][10]. Fund Performance - The Shenwan Lingshin Industry Selected Mixed Fund was established on June 3, 2023, and as of August 8, 2023, its unit net value was 0.9177 yuan, reflecting a decline of over 8% since inception [5]. - The fund raised 1.219 billion yuan during its fundraising period, making it one of the larger mixed equity funds established in recent months [5]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300 Index, 10% Hang Seng Index (adjusted for exchange rates), and 25% China Bond Index [5]. Management and Strategy - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records, including a 192.09% increase in net value for one fund during his tenure [9][10]. - Concerns have been raised regarding the fund manager's strategy, which appears to deviate from the advertised high-dividend approach, leading to accusations of "gambling" on stock selections [2][5]. Company Background - Shenwan Lingshin Fund, established in 2004, is one of the earliest Sino-foreign joint venture fund companies in China, but it has faced challenges in performance and scale compared to competitors like Tianhong Fund [13]. - The company has seen multiple fund liquidations and failures in recent years, indicating potential issues with its product offerings and management strategies [12][13]. Recent Developments - The company has attempted to improve its performance by hiring well-known fund managers, but the results have not yet been evident [13]. - The fund's recent performance and management controversies have led to increased scrutiny and skepticism from investors [2][10].

Core Viewpoint - The article discusses internal complaints from a grassroots employee of Shenwan Hongyuan Securities regarding poor performance of a newly launched fund managed by a recently hired star fund manager, raising concerns about the company's management practices and investment strategies [3][10][25]. Group 1: Fund Performance and Management - The employee reported significant losses from the Shenwan Lingshin Industry Select Mixed Fund, which was launched on June 3, 2025, and has since lost 8.23% [9][10]. - The fund's performance is notably poor, ranking 4672 out of 4673 similar funds, indicating a severe underperformance compared to peers [9][10]. - The fund manager, Jia Chengdong, was accused of reckless investment strategies, including high exposure to new consumer stocks and subsequent losses in the banking sector [10][13]. Group 2: Company Structure and Leadership - Shenwan Hongyuan Securities holds a 67% stake in Shenwan Lingshin, indicating a close relationship between the two entities [3]. - Jia Chengdong, the fund manager, was previously recognized for his successful management of other funds, achieving returns of 192.09% and 140.27% in the past [14]. - The current leadership, including Chairman Chen Xiaosheng, has faced criticism for failing to establish a robust investment research framework, leading to disappointing fund performance [25]. Group 3: Market Trends and Fund Launches - Shenwan Lingshin has seen a decline in the number and scale of new fund launches, with only 5 new products in the first half of 2025, totaling 23.02 billion [19]. - The company's total assets under management peaked at 851.8 billion but have since declined, raising concerns about its growth trajectory [16][19]. - The management fees have decreased over the past three years, but marketing service fees have increased, indicating a shift in cost structure [22].

Core Viewpoint - The article highlights allegations from employees of Shenwan Hongyuan Securities regarding forced "co-investment" practices, revealing issues of transparency and management within the company [1][9]. Group 1: Fund Performance and Management - Shenwan Lingshin Fund, under Shenwan Hongyuan, launched the "Shenwan Lingshin Industry Select Mixed Fund" in June 2023, which was marketed as a stable product with a focus on high dividends and a slow build-up strategy [2][7]. - The fund has experienced a decline of 6.04% in the past month and a further drop of 1.07% in the past week, with a total net value decrease of 8.29% since its inception, contrasting sharply with the nearly 10% rise in the A-share market during the same period [2][7]. - Fund manager Jia Chengdong's strategy has been criticized for high-risk behavior, including rapid asset allocation into high-priced sectors and subsequent losses, leading to speculation about his management approach [7][9]. Group 2: Employee Concerns and Company Culture - Employees have expressed frustration over being forced to invest in underperforming funds, with complaints about a lack of response from management regarding their grievances [7][9]. - The situation reflects broader industry issues, such as prioritizing sales over risk management and accountability, raising concerns about the treatment and respect of employees within the company [9].

Group 1 - Significant inflow of incremental funds into the equity market, with net subscriptions for equity ETFs exceeding 17 billion yuan in the first four trading days of the week [1][2] - Wide-base ETFs are the main attraction for investors, with notable net subscriptions including 1.864 billion yuan for Huaxia SSE Sci-Tech Innovation Board 50 ETF and 1.559 billion yuan for Huaxia SSE 50 ETF [2] - New equity funds are being launched rapidly, with several funds exceeding 500 million yuan in issuance scale, indicating strong market confidence [3] Group 2 - Fund managers are actively increasing their positions, with some newly established funds already reaching high equity investment ratios shortly after inception [4] - The median equity position of ordinary stock funds is reported at 88.84%, reflecting a significant increase in investment activity [4] - There is a positive outlook for investment opportunities in sectors such as AI, consumer goods, and innovative pharmaceuticals, as the Chinese market remains undervalued compared to global standards [5]