Major shareholders frequently increase capital to "infuse blood" and list "clearance". Small and medium-sized public funds face a survival crisis.

Recently, Hongyi Yuanfang Fund Management Co., Ltd. announced that its shareholder Hongyi Investment Co., Ltd. once again "infused capital" by increasing its investment by 29 million yuan, becoming the first public offering fund to implement capital increase this year; Meanwhile, Huachen Future Fund Management Co., Ltd., whose major shareholder had previously listed its equity for "clearance", released the liquidation report of its fund Huachen Future Value Vanguard. Whether it is increasing capital "infusion" or listing equity for "clearance", it highlights the survival crisis of small and medium-sized fund management institutions. According to data from Tonghuashun iFinD, as of the end of 2025, among 167 public offering fund management institutions in the market, 101 have a fund management scale of less than 100 billion yuan, accounting for over 60%, with a total scale of 2.75 trillion yuan, accounting for about 7.60% of the total market scale.