Reasons for Tian Hong's debt base collapse: In 2022, because the investment direction of bond funds is national debt, financial debt and corporate debt, if enterprises can't pay in the debt crisis, there will be losses and bond funds will fall.

Secondly, some bond foundations invest in stocks, and the risk of investing in the stock market will be greater. When the stock market is bad, the stocks invested by bond funds will fall, so bond funds will also fall.