Core Viewpoint - Changxin Fund's Changxin Lishang One-Year Open Mixed Fund is set to be liquidated after 7.5 years of operation due to a significant decline in fund size, which fell by 96.8% from its peak [4][6]. Fund Performance and Management - The fund was launched on November 17, 2017, and has undergone seven fund managers during its lifetime, achieving a cumulative return of 31.95% [4][6]. - The fund's size decreased from a peak of 789 million to only 25 million by the time of liquidation, failing to meet regulatory requirements [4][6]. - The current fund manager, He Zenghua, has a return rate of 9.46% since taking over on December 8, 2022, with an annualized return of 3.75% [4][6]. Industry Context - Changxin Fund has faced challenges in growing its assets compared to competitors, with total management scale at 179.03 billion as of Q1 2025, while the public fund industry surpassed 33 trillion [8][9]. - The company has seen a decline in its bond fund management scale, which dropped by 21.74 billion from the previous year [8][9]. - Changxin Fund has experienced three fund liquidations in 2025 alone, indicating ongoing struggles within its product lineup [4][7]. Fund Manager Dynamics - Newer fund managers at Changxin Fund have rapidly increased their asset management scale, while veteran managers have seen their scales shrink, highlighting a disparity in talent development [10][11]. - The fund's performance under various managers has varied, with some achieving positive returns while others have struggled, reflecting the challenges in maintaining consistent performance across the board [6][10].

Group 1 - The core decision of the fund holders' meeting was to terminate the fund contract for the Changxin Lishang One-Year Regular Open Mixed Securities Investment Fund [1][2][3] - The meeting was conducted via communication methods, with voting taking place from April 11, 2025, to May 11, 2025, and the resolution was passed on May 12, 2025 [1][2][11] - A total of 13,008,713.68 fund shares participated in the voting, representing 51.73% of the total fund shares as of the record date [2][11] Group 2 - The decision made during the fund holders' meeting will take effect from May 12, 2025, the day it was passed [3][4] - Following the resolution, the fund management will arrange a redemption period from May 15, 2025, to May 21, 2025, during which investors can only redeem their shares [5][14] - After the redemption period, the fund will enter liquidation on May 22, 2025, and will cease to accept any redemption requests [5][15] Group 3 - The fund management will establish a liquidation team to carry out the asset liquidation process and will announce the results in a timely manner [6] - The costs associated with the fund holders' meeting will be borne by the fund management company [3]