Core Viewpoint - The Jin Ying Quality Consumption Mixed Initiation Fund is set to be liquidated due to its net asset value falling below 200 million yuan, triggering an automatic termination clause in its fund contract [2][4]. Fund Overview - The Jin Ying Quality Consumption Mixed Initiation Fund was established on May 19, 2022, after receiving approval from the China Securities Regulatory Commission [1][2]. - The fund's contract stipulates that if the net asset value is below 200 million yuan three years after the contract's effective date, it will automatically terminate [2]. Performance Metrics - As of the last disclosure on May 19, 2025, the cumulative unit net values for the A and C shares were 0.7383 yuan and 0.7205 yuan, respectively, with cumulative returns of -26.17% and -27.95% [4]. - Year-to-date performance shows a return of 10.81%, with a one-year return of -15.16% [7]. Fund Management - The fund has had two managers: Pan Lijian and Li Heng. Pan Lijian's management resulted in a -30.33% return, while Li Heng's management has yielded a modest 5.28% return over 222 days [9][11]. - Li Heng currently manages four funds, all of which have underperformed compared to their peers [11].

Group 1 - The core point of the news is that the Jin Ying Quality Consumption Mixed Fund has automatically terminated its contract due to its net asset value falling below 200 million yuan as of May 19, 2025, triggering the automatic termination clause in the fund contract [1][5] - The fund had previously issued a warning about potential liquidation, indicating ongoing concerns regarding its performance and asset management [3] - As of the termination date, the fund had a total of 464 holders, reflecting a significant number of investors affected by this decision [3][5] Group 2 - Following the termination, the fund has suspended all subscription and redemption activities and has entered a liquidation phase, with a dedicated team set to manage the liquidation process within a timeframe of six months [7][8] - The liquidation process will prioritize the payment of expenses from the fund's assets, and remaining assets will be distributed to investors based on their shareholdings, ensuring investor rights are protected [7][8] - The termination of the fund highlights challenges within the current fund industry, particularly in the consumer investment sector, suggesting that fund managers need to enhance their operational and investment management capabilities to avoid similar outcomes [9]