Fund change refers to major changes in the fund itself or its operation process due to some special circumstances and reasons.

1. For some special reasons, it is necessary to separate the fund or merge the fund with other funds;

2. For some reason, it is necessary to change the nature of funds, such as changing closed-end funds into open-end funds. Under any of the following circumstances, a closed-end fund may be changed into an open-end fund with the approval of the the State Council Securities Regulatory Authority:

(1) Any circumstance stipulated in the fund contract or articles of association occurs;

(2) The resolution adopted by the fund holders' meeting;

(3) closed-end fund raising or renewal, that is, increase the fund size or extend the duration of the fund.

(2) Termination of the Fund

The termination of an investment fund means that the investment fund will no longer operate for various reasons and will be liquidated and dissolved. The termination of this fund must be approved by the fund holders' meeting and reported to the CSRC for approval in accordance with relevant laws and regulations and the provisions of the fund contract (corporate funds are the articles of association of the fund company). In any of the following circumstances, the fund shall be terminated:

1. Closed-end funds are not allowed to renew when they expire;

2. The fund holders' meeting decides to terminate;

3. The duties of the original fund manager and fund custodian are terminated, and no new fund manager or fund custodian is responsible;

4. The circumstances stipulated in the fund contract or the fund articles of association.

(3) capital settlement

Upon termination of the fund, a liquidation group shall be established to liquidate the fund property. The liquidation report made by the liquidation group must be audited by a certified public accountant, confirmed in writing by a lawyer, and reported to the the State Council Securities Regulatory Authority for the record before it can be published.

1. Fund liquidation team.

(1) A liquidation group shall be established within three working days from the date of termination of the fund, and the fund liquidation group shall conduct fund liquidation under the supervision of the China Securities Regulatory Commission;

(2) The members of the fund liquidation group are fund promoters, fund managers, fund custodians, certified public accountants with securities-related business qualifications, lawyers with securities legal business qualifications and personnel designated by the China Securities Regulatory Commission, and the fund liquidation group may employ necessary staff;

(3) The fund liquidation group is responsible for the custody, liquidation, valuation, realization and distribution of the fund property, and the fund liquidation group can conduct necessary civil activities according to law.

2. Liquidation procedures.

(1) After the termination of the fund, the fund liquidation team will take over the assets of the fund;

(2) Clearing and confirming fund assets;

(3) Valuation of fund assets;

(4) Distribution of fund assets.

3. Liquidation expenses.

Liquidation expenses refer to all reasonable expenses incurred by the fund liquidation team in the process of fund liquidation, which are paid by the fund liquidation team from the fund assets.

4. Distribution of the remaining assets of the fund.

After deducting the fund liquidation expenses, the remaining assets after fund liquidation are all distributed according to the proportion of fund shares held by fund holders.

5. Fund liquidation announcement.

Within 5 working days after the termination of the fund, it shall be announced by the fund liquidation group and reported to the China Securities Regulatory Commission for the record; Major issues in the liquidation process will be announced in a timely manner; After the fund liquidation results are approved by the China Securities Regulatory Commission, the fund liquidation team will announce them within 3 working days.

6. Preservation of liquidation books and documents.

The fund clearing account books and related documents shall be kept by the fund custodian 15 days.