In May 2023, the registration procedures for industrial and commercial change of equity change of Zhongrong Fund have been completed. Guolian Securities Co., Ltd. legally acquired 75.5% equity of Zhongrong Fund and became a major shareholder.

On August 1 2023, the name of Zhongrong Fund Management Co., Ltd. was changed to "Guolian Fund Management Co., Ltd.".

At this point, Zhongrong Fund was renamed as "Guolian Fund" and became a subsidiary of Guolian Securities Holdings.

Let's talk about Guolian Securities, the controlling shareholder of Guolian Fund-

Official website showed that Guolian Securities Co., Ltd. was established in June 1992 1 1, formerly known as Wuxi Securities Company. In May 2008, it was renamed Guolian Securities Co., Ltd. through restructuring, and now the controlling party is Guolian Group.

Guolian Group is a wholly state-owned enterprise group funded by Wuxi Municipal Government, which has the qualification of state-owned assets investment.

That is, Guolian Fund → Guolian Securities → Guolian Group, which is a state-owned enterprise and Guolian Fund is a state-owned holding company.