The foundation shall be liquidated under the following circumstances: 1. The number of fund share holders within 60 consecutive days is below 100; 2. Within 60 days, the total net assets of the fund continue to approach or have fallen below 50 million yuan; 3. Without liquidation protection, when the fund is below 0.3 yuan, it will automatically enter the liquidation procedure.

Fund liquidation refers to the realization of all fund assets and the distribution of income to holders.

According to the relevant laws and regulations of China Fund, liquidation matters are stipulated in the fund contract when the fund is established. The holders' meeting may amend the fund contract and decide the liquidation time of the fund. The fund manager has the right to announce the termination of the fund after obtaining the approval of the China Securities Regulatory Commission.