Shan Zheng Asset Management Yuxin 180-Day Holding Period Bond Liquidation

China Economic Net, Beijing, April 3 (China Economic Net) — Yesterday, Shan Securities (Shanghai) Asset Management Co., Ltd. released the liquidation report for the Shan Securities Asset Management YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund.

The report states that the Shan Securities Asset Management YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund was changed from the Shanxi Securities YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund. The Shanxi Securities YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund was publicly offered from February 20, 2023, to March 6, 2023, and the 《Shanxi Securities YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund Fund Contract》 came into effect on March 8, 2023.

Pursuant to the “Part XIX Fund Contract Amendments, Termination, and Liquidation of Fund Property” in the “Fund Contract,” specifically the stipulations in “II. Circumstances for the termination of the Fund Contract”: “In any of the following circumstances, the Fund Contract shall be terminated: 1. On the day three years after the Fund Contract takes effect, if the net value of the fund assets is below 200 million yuan;”; and pursuant to the stipulations in “Part V Filing of the Fund” in “III. Number of fund units holders and asset scale during the fund’s duration”: “‘On the corresponding date three years after the Fund Contract takes effect, if the net value of the fund assets is below 200 million yuan, the Fund Contract shall be automatically terminated, and the term of the Fund Contract may not be extended by convening a meeting of fund unit holders. If, at that time, the relevant laws and regulations or the provisions of the China Securities Regulatory Commission have changed, and the above termination provisions are canceled, amended, or supplemented, then after carrying out the appropriate procedures, the Fund may execute in accordance with the laws and regulations or the provisions of the China Securities Regulatory Commission then in effect.”

The fund contract effective date was March 8, 2023; and the corresponding date three years after the fund contract effective date was March 8, 2026. As of the end of day on March 8, 2026, the fund triggered the above circumstance for terminating the fund contract (i.e., the fund assets’ net value was below 200 million yuan). The fund manager will, in accordance with the fund contract, carry out the liquidation procedures for the fund property and terminate the fund contract.

According to the announcement published by the fund manager on March 9, 2026, titled 《Shan Securities (Shanghai) Asset Management Co., Ltd. Announcement on the Termination of the Fund Contract and the Liquidation of Fund Property for the Shan Securities Asset Management YuXin 180-Day Holding Period Bond-Type Initiated Securities Investment Fund》, the fund’s last operating day was March 8, 2026, and it entered the liquidation process on March 9, 2026.

As of March 6, 2026, the last disclosed NAV date, the cumulative unit net values of Shan Securities Asset Management YuXin 180-Day Holding Period Bond Initiated A/C were 1.0850 yuan and 1.0720 yuan, respectively, and the cumulative yield rates were 8.17% and 6.87%, respectively.

Shan Securities Asset Management YuXin 180-Day Holding Period Bond Initiated A cumulative yield rate

Shan Securities Asset Management YuXin 180-Day Holding Period Bond Initiated C cumulative yield rate

Source: Tian Tian Fund Network

This fund was previously managed by Li Xuesong. From April 2018 to February 2020, he served as a macro research analyst at Shanghai Zhongqi Futures Research Institute. From March 2020 to August 2025, he served as a macro research analyst in the Shan Securities Asset Management research department. Since August 2025, he has served as assistant to the fund manager of the Shan Securities Asset Management absolute return department. Starting November 12, 2025, he has served as fund manager.

Currently, Li Xuesong manages 3 funds; however, based on his performance after taking office, they have all incurred losses, and they have significantly underperformed the average of comparable products.

Li Xuesong’s list of funds under management

Source: Tian Tian Fund Network

(Editor: Guo Jiandong)

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