Core Viewpoint - The departure of Fan Kun from Rongtong Fund has raised concerns about the stability of its products and the ability of new managers to maintain performance [6][11]. Group 1: Manager Departure - On April 30, 2024, Fan Kun announced her departure from 8 funds due to maternity leave, effective until April 30, 2025, following an 11-month transition period [3][10]. - The announcement of her departure used "internal adjustment" as the reason, leading to speculation about her future [3]. - Fan Kun's tenure included managing the Rongtong Nixu Driven Mixed A fund, which had a return of 108.22% over her management period [9]. Group 2: Fund Performance - The largest fund managed by Fan Kun, Rongtong Enhanced Income Bond A, had a scale of 2.199 billion, with a return of 10.02% over her 2-year tenure [5]. - The Rongtong Nixu Driven Mixed A fund, her representative work, has shown mediocre performance recently, with a near 1-year performance ranking as "average" or "poor" [7]. - The fund's scale decreased from 2.351 billion at the end of June 2024 to 846 million by the end of March 2025, indicating a significant drop in investor confidence [8]. Group 3: Market Context - As of April 24, 2024, Rongtong Fund had a total management scale of 148.875 billion across 167 funds, with 38 fund managers [9]. - In the past year, only 19% of mixed funds managed by Rongtong Fund had returns exceeding 5%, while 58% of funds experienced negative returns [9].

Group 1 - Jiangsu Henghui Security Co., Ltd. is a global leader in safety protection brands, providing a one-stop professional hand protection solution across various applications such as cut resistance, cold protection, oil resistance, waterproofing, thermal insulation, and corrosion resistance [1] - Henghui Security's stock hit the daily limit down on April 7, indicating a significant decline in market confidence [1] - The financial report shows that Rongtong Fund's Rongtong Domestic Demand Driven Mixed A is among the top ten shareholders of Henghui Security, maintaining a holding ratio of 0.57% since last year's fourth quarter, with a year-to-date return of -4.28%, ranking 4348 out of 4592 in its category [1] Group 2 - The fund managers of Rongtong Domestic Demand Driven Mixed A are Fan Kun and Liu Ankun, both with extensive backgrounds in finance and investment [3][5] - Fan Kun has been with Rongtong Fund since July 2012, holding various positions including industry researcher and fund manager, currently serving as the deputy director of the research department [3][4] - Liu Ankun joined Rongtong Fund in June 2015, previously working as an analyst at Changjiang Securities, and currently manages multiple funds with a focus on flexible allocation strategies [5]