Core Viewpoint - The departure of Shen Yufei, the Chief Equity Investment Officer of BlackRock Fund, is significant for the company, especially as it comes amid ongoing challenges in its operations in China [2][5]. Group 1: Fund Manager Changes - Shen Yufei has left BlackRock Fund, with the announcement made on September 20, 2023, citing "personal reasons" for his departure [2][3]. - The management of the funds previously overseen by Shen will now be handled by Dan Xiuli and Wang Xiaojing [2]. Group 2: Fund Performance - Under Shen's management, the BlackRock China New Horizons A fund achieved a return of 22.18% over one and a half years, while the BlackRock Industry Preferred A fund had a return of -1.34% over two and a half years [3][4]. - Shen Yufei's previous performance at Galaxy Fund was notably better, with four out of five funds he managed achieving annualized returns exceeding 10% [4]. Group 3: Company Background and Challenges - BlackRock Fund, fully owned by BlackRock Financial Management, has struggled since its establishment in 2020, currently managing a total of 6.861 billion yuan across various fund types [5][6]. - The company has faced frequent personnel changes, including the recent departures of its chairman and general manager, highlighting the need for stability in a competitive public fund market [6].