Core Viewpoint - The recent labor dispute involving Zhu Jianrong, a vice president of Lianbo Fund, highlights underlying issues within the company, including fund performance, compensation, and team stability [1][4][15]. Group 1: Company Background - Lianbo Fund, established in September 2021, is a wholly foreign-owned subsidiary of Lianbo Hong Kong, operating as a foreign public fund in mainland China [4][15]. - The fund's assets under management (AUM) have seen significant fluctuations, dropping from 11.1 billion to 5.55 billion, effectively halving its size, before recovering to 9.84 billion, placing it among the bottom 20 in the industry [6][17]. Group 2: Management Changes - Zhu Jianrong's departure on September 4, 2025, was officially attributed to personal reasons, but it is speculated to be linked to the fund's poor performance and potential unfulfilled incentive commitments [12][22]. - The fund has experienced notable management turnover, with the general manager Qian Feng also leaving for personal reasons on September 30, 2024, and being replaced by Luo Dengpan [8][21]. Group 3: Fund Performance - Most of Lianbo Fund's products have been established for less than a year, with the longest-standing product, Lianbo Zhixuan, achieving a year-to-date return of 25% [6][18]. - The core product managed by Zhu Liang, Lianbo Zhiyuan, saw its AUM plummet from 4 billion to 1.49 billion due to significant redemptions [19].

Group 1 - AllianceBernstein, known as 联博 in Chinese, is a major asset management firm formed from the merger of Alliance Capital and Bernstein in 2000, with a current asset management total of $860 billion (over 6 trillion RMB) as of September 30, 2025 [4][5][6] - The firm has recently established 联博基金管理有限公司 and started issuing public products, indicating a strategic entry into the Chinese market [6][7] - The firm has developed a unique investment strategy called "quantitative fundamentals," which combines quantitative data processing with in-depth fundamental research for stock selection [10][11] Group 2 - The performance of their funds, such as "联博智远," shows a year-to-date return of 28.32% with a maximum drawdown of only 3.82%, demonstrating effective risk control and validating their investment strategy [17][20] - 联博 has launched its first index-enhanced product, the 联博中证500指数增强基金, targeting the 中证500 index, which includes high-tech sectors like chips and pharmaceuticals, aligning with national development goals [23][25] - The firm aims to leverage its global technology platform and multi-asset quantitative models to enhance investment efficiency and identify opportunities while controlling risks [26][29] Group 3 - The firm emphasizes the importance of steady performance and risk management, which is crucial for investor confidence and long-term investment success [31][34] - The new index-enhanced fund is seen as a suitable core investment for ordinary investors, particularly due to its focus on high-tech sectors and alignment with national policies [34][35] - The fund managers have extensive experience, with one being a veteran in quantitative research and the other specializing in machine learning strategies, which adds credibility to the new product [35]