Core Viewpoint - The "Dongxu System," led by Li Zhaoting, has faced severe penalties for multiple violations, including fraudulent issuance of stocks and bonds, resulting in a total fine exceeding 1.66 billion yuan, marking a record in A-share market regulatory penalties [2][3][5]. Summary by Relevant Sections Regulatory Actions - On June 6, the Hebei Securities Regulatory Bureau issued an administrative penalty decision against Dongxu Group and Li Zhaoting, imposing fines totaling over 1.24 billion yuan for various violations, including fraudulent bond issuance and misleading disclosures [3][5]. - Li Zhaoting and several executives received lifetime bans from the securities market, while Dongxu Group's total penalties reached 1.66 billion yuan [5][6]. Financial Misconduct - From 2015 to 2019, Dongxu Group inflated revenues by 645.85 billion yuan and profits by 207.83 billion yuan, leading to the delisting of Dongxu Optoelectronics and Dongxu Lantian [2][5]. - Dongxu Group's financial misconduct included the misappropriation of funds, with a total of 169.59 billion yuan still occupied by Dongxu Optoelectronics and Dongxu Lantian as of the end of 2023 [5][6]. Impact on Affiliates - Dongxu Group is the largest shareholder of Jinying Fund, holding a 66.2% stake, but the shares are frozen, affecting over 340 million yuan for a duration of four years [2][8]. - Li Zhaoting's lifetime ban raises questions about his continued role at Jinying Fund, where he serves as a director [8][11]. Historical Context - Li Zhaoting, once a prominent figure in the photovoltaic industry, saw his wealth peak at 23.5 billion yuan in 2019 before the financial crisis of Dongxu Group began [6][7]. - The crisis escalated in late 2019 when Dongxu Optoelectronics failed to meet bond payment obligations, leading to a series of financial troubles [7][8]. Current Status - As of June 6, 2023, the only remaining listed company under Dongxu Group is Jialinjie, which has seen a significant drop in net profit from 93.16 million yuan in 2022 to 19.11 million yuan in 2024 [7][8]. - Jinying Fund has faced challenges, with its asset management scale declining and a significant number of its funds underperforming against benchmarks [12][20].

Core Viewpoint - Yang Fan has resigned from the management of Jin Ying Transformation Power Mixed Fund and Jin Ying Smart Life Mixed Fund, indicating a significant change in the management team of Jin Ying Fund Management Co., Ltd [1][2]. Group 1: Fund Manager Changes - Yang Fan served as a fund manager for Jin Ying Transformation Power Mixed Fund and Jin Ying Smart Life Mixed Fund, with a career spanning various roles in different financial institutions since 2011 [1]. - The resignation of Yang Fan from both funds is officially announced by Jin Ying Fund Management Co., Ltd, following the guidelines of relevant regulatory frameworks [3]. - Other fund managers will continue to manage these funds, with Li Longjie overseeing Jin Ying Transformation Power Mixed Fund and Zhang Zhanchuan managing Jin Ying Smart Life Mixed Fund [3]. Group 2: Fund Performance - Jin Ying Transformation Power Mixed Fund has recorded a year-to-date return of -11.99% and a cumulative return of -58.76% since its inception, with a net asset value of 0.4124 yuan as of June 3, 2025 [1]. - Jin Ying Smart Life Mixed Fund A has a year-to-date return of -12.12% and a cumulative return of -33.86% since its inception, while Jin Ying Smart Life Mixed Fund C has a year-to-date return of -12.33% and a cumulative return of -26.09%, with respective net asset values of 1.0311 yuan and 0.4280 yuan [2].

Group 1 - Jin Ying Fund Management Co., Ltd. announced the resignation of fund manager Yang Fan for personal reasons, effective June 2025 [1] - Yang Fan's management record includes three funds at Jin Ying, with the latest fund, Jin Ying Cycle Preferred Mixed A, showing a return of -43.90% [1] - The two funds managed by Yang Fan, Jin Ying Transformation Power Mixed and Jin Ying Smart Life Mixed, reported returns of -46.35% and -50.33% respectively, ranking at the bottom of the market [1] Group 2 - Zhang Zhanhua, who joined Jin Ying in June 2023, has managed three products, with returns of 22.09% and 5.33% for Jin Ying Small and Medium Cap Selected Mixed A and Jin Ying Dividend Value Mixed A, respectively [2] - The fund managed by Zhang Zhanhua, Jin Ying Smart Life Mixed A, has a return of -10.35% since January 2025 [2] Group 3 - Li Longjie, who has been with Jin Ying since June 2017, manages two funds, both of which have negative returns, with Jin Ying Transformation Power Mixed showing -10.17% and Jin Ying Research Driven Mixed A showing -1.85% [3] Group 4 - As of June 3, 2025, Jin Ying Fund has a total of 67 active products, with 44 underperforming their benchmarks over the past three years [4] - Among these, 28 funds have underperformed by over 10%, and 10 funds have underperformed by over 40% [4] Group 5 - The fund Jin Ying Multi-Strategy Mixed A, managed by Ouyang Juan, has underperformed its benchmark by 66.22% over the past three years [5] - Ouyang Juan's products have all shown negative returns, with the latest fund under her management, Jin Ying Multi-Strategy Mixed A, underperforming by 39.36% since she took over at the end of 2023 [6]

Group 1 - In April 2025, eight funds under Jinying Fund Company experienced a decline of over 8% [1] - The worst-performing fund was Jinying Transformation Dynamic Mixed, with a drop of -11.86%, managed by Yang Fan and Li Longjie [1] - Jinying Smart Life Mixed C and A followed closely with declines of 11.82% and 11.78%, respectively, both managed by Yang Fan and Zhang Zhanhua [1] Group 2 - Yang Fan has over 6 years of management experience, having previously worked at various financial institutions before joining Jinying Fund in August 2022 [1] - Li Longjie is a newcomer with less than 1 year of management experience, while Zhang Zhanhua has just over 1 year [1] - Despite not managing these funds from inception, Yang Fan's management period has seen significant underperformance compared to peers, with Jinying Smart Life Mixed C showing a return of -26.02% against a peer average increase of 6% [1][3] Group 3 - Jinying Smart Life Mixed A has a return of -50.31% over its management period of less than 3 years [3] - Other funds managed by different managers, such as Hongli Transformation Opportunity Stocks C and A, also saw declines of 9.35% and 9.29% respectively [5] - Jinying Era Navigation One-Year Holding Mixed C and A, managed by star manager Han Guangzhe, experienced declines of 8.83% and 8.79% [5]