Public offering fund welcomes milestone reforms, with multiple top institutions speaking out.

The public offering fund industry has ushered in a milestone transformation. On May 7, the China Securities Regulatory Commission issued the "Action Plan for Promoting the High-Quality Development of Public Offering Funds", proposing to vigorously promote the floating management fee collection model for newly established actively managed equity funds, promote the industry's transition from focusing on scale to focusing on investor returns, and urge the industry to return to its original mission of "acting on behalf of others, managing assets for clients". At the same time, the "Action Plan" requires the comprehensive establishment of a performance evaluation system with fund investment returns as the core, and strengthening the evaluation of long-term returns exceeding three years. Since the release of the "Action Plan", many fund companies including E Fund, Huaxia, Southern, Fuguo, CCB Global, Invesco Great Wall, and HuaTai Bairui have expressed their opinions. Experts interviewed pointed out that the "Action Plan" breaks the traditional model of "guaranteeing returns in both good and bad times" in the public offering fund industry, which is beneficial for fund companies to reshape the underlying logic of value investment, prompting fund managers and fund companies to pay more attention to investors' long-term returns.