Strictly speaking, a fund is a group of stocks, representing the company's equity. If the corresponding company has a large-scale loss, the actual value of the stock will be less than 0. However, the company law stipulates that shareholders are not liable, so the face value of the stock will not be lower than 0.

The fund also stipulates that when the number of fund shares * net value is lower than a certain value (generally 50 million), it will be forced to close its position and return the remaining money to the people. But this doesn't seem to have happened yet.

Take the small-scale fund of 654.38 billion+0 billion as an example, reaching the liquidation line of 50 million, and the net value of each fund should be less than 0.05.