Steady progress leads to greater achievements | Caitong Fengyue Bond successfully completes fundraising

Steady progress, leading to meaningful achievement. We extend our sincere gratitude to every investor for your trust and entrusted commitment. Today, CaiTong FengYue Return Bond has completed its fund-raising successfully. CaiTong Fixed Income is strengthening again with the “Seek Stability” series—adding a new member! Faced with the ups and downs of the equity market and the continued narrowing of returns available in pure bond strategies, this product is committed to finding a better balance between risk and return. Led jointly by Fund Managers Luo Xiaoqian and Kuang Heng, with fixed income as our shield and equities as our sword, we strive to protect your value and seize opportunities amid market changes.

We would like to thank you again for your trust and choice. Let us wait for good news together and embark on this journey with composure.

Luo Xiaoqian’s profile: Master’s degree in Investment Economics from Fudan University. She has previously worked at Ping An Insurance Company of China, Ltd. in risk control roles, at Guohua Life Insurance Co., Ltd. as a trader, at Harvest Fund Management Co., Ltd. as a bond research analyst and trader, at Huafu Fund Management Co., Ltd. as a bond research analyst and trader, and as an assistant to the Chief Investment Officer at Soochow Securities Co., Ltd. She joined CaiTong Fund Management Co., Ltd. in May 2016. She previously served as an assistant fund manager in the fixed income investment department, and is currently the deputy general manager of the fixed income investment department and a fund manager. Kuang Heng’s profile: Master’s degree in Finance from City University of Hong Kong, and Chartered Financial Analyst (CFA). He has previously served as a trader, researcher, and investment manager at Zhongtai Securities Co., Ltd., as an investment manager and senior investment manager at Debon Securities Co., Ltd., and as a senior investment manager at Huatai Asset Management Co., Ltd. He joined CaiTong Fund Management Co., Ltd. in September 2022 and is currently a fund manager in the fixed income investment department.

Risk Disclosure Document: Dear investors: Funds involve risk, and you should invest prudently. A publicly offered securities investment fund (hereinafter referred to as the “fund”) is a long-term investment tool. Its primary function is to diversify investments and reduce the individual risks brought by investing in a single security. A fund differs from financial instruments such as bank deposits that can provide fixed-income return expectations. When you buy a fund product, you may both share in the returns generated by the fund’s investments in proportion to your held units and also bear losses resulting from the fund’s investments. Before making an investment decision, please read carefully the fund contract, the fund prospectus, and other product legal documents and risk disclosure documents such as the fund product summary, fully understand the fund’s risk-return profile and product characteristics, seriously consider various risk factors that may exist for the fund, and, based on factors such as your investment objectives, investment horizon, investment experience, and asset situation, give full consideration to your own risk tolerance. After understanding the product information and the sales suitability opinions, make a rational judgment and make an investment decision cautiously.

In accordance with relevant laws and regulations, CaiTong Fund Management Co., Ltd. makes the following risk disclosures:

1. Based on differences in the investment targets, funds are divided into different types such as equity funds, balanced funds, bond funds, money market funds, fund-of-funds, commodity funds, etc. If you invest in different types of funds, you will receive different return expectations and will assume risks to varying degrees. Generally, the higher the return expectation of a fund, the greater the risk you bear.

2. During the investment and operation of funds, various risks may arise, including market risk as well as risks related to the fund’s own management, technical risks, and compliance risks. Large redemption risk is a risk unique to open-ended funds: when, on a single open day, the net redemption applications of the fund exceed a certain proportion of the fund’s total units (for open-ended funds, 10%; for periodically open funds, 20%; excluding special products as stipulated by the China Securities Regulatory Commission), you may be unable to redeem all the fund units requested in a timely manner, or the redemption proceeds you receive may be delayed in payment.

3. You should fully understand the differences between savings methods such as regular periodic fixed-amount investment and zero-sum installment savings. Regular periodic fixed-amount investment is a simple and convenient way of guiding investors to make long-term investments and average investment costs, but it cannot eliminate the risks inherent in fund investing; it cannot guarantee that investors will receive returns, nor is it an equivalent wealth-management method that replaces savings.

4. Specific risk disclosure of this fund:

1. CaiTong FengYue Return Bond is a bond fund. The proportion of investments in bonds will not be less than 80% of the fund’s assets. The combined proportion of investments in equity-related assets such as stocks (including depositary receipts), equity funds, and balanced funds included in equity-type assets, as well as in convertible bonds (including separated convertible bonds) and exchangeable bonds, will be 5%-20% of the fund’s assets. Among them, the proportion of investments in domestic stock assets will not be less than 5% of the fund’s assets. The proportion of stock investments under the Hong Kong Stock Connect program will not exceed 50% of all stock assets (including depositary receipts). The specific risks faced by investors mainly include fixed-income product investment risk, asset allocation risk, stock investment risk, and other securities investment risks. The specific risk of bonds is the specific investment risk that this fund and investors mainly face. The investment returns from bonds will be affected by factors such as the macroeconomic environment, government industry policies, monetary policy, changes in market demand, and industry fluctuations. In addition, because this fund may also invest in stocks and other instruments, the stocks invested by this fund may, over a certain period, perform differently from other stocks not held by this fund, resulting in this fund’s returns being lower than those of other funds. Furthermore, the prices of other instruments invested in by this fund may fluctuate to a certain extent due to various changes in the market, leading to specific risks and affecting the fund’s overall investment returns.

2. Risks of investing in stocks via the Stock Connect program: This fund may invest in stocks that are eligible under Hong Kong Stock Connect. Investors will bear exchange rate risk and the risks of overseas markets arising from differences in the investment environment, investment targets, market institutions, trading rules, etc. Fund assets are not necessarily invested in Hong Kong stocks.

3. Risks of investing in the STAR Market: This fund may invest in STAR Market stocks and will face specific risks under the STAR Market mechanism arising from differences in the underlying investment targets, market institutions, and trading rules, including risks such as liquidity risk, delisting risk, and concentration risk of investments, among others. Fund assets are not necessarily invested in the STAR Market.

4. This fund’s investment scope includes depositary receipts, and it faces risks including significant price volatility of depositary receipts and even the possibility of substantial losses, as well as risks related to the issuance mechanism of depositary receipts, etc.

5. This fund may invest in publicly offered securities investment funds that have been approved or registered by the China Securities Regulatory Commission according to law (including equity ETFs across the whole market, equity funds under this fund manager’s management, and balanced funds included in equity-type assets; excluding QDII funds, Hong Kong mutual recognition funds, fund-of-funds, other non-fund-of-funds that are investable public funds, money market funds, and funds not managed by this fund manager (excluding equity ETFs)), which may bring the following risks: (1) Because this fund can invest in other publicly offered securities investment funds, factors such as the performance of the funds held by this fund and the level of the fund managers of the funds held will affect the performance of this fund. (2) Under circumstances such as rejection or suspension of subscriptions/redemptions of the invested or held fund units, suspension of listings, or suspension of trading in the secondary market, there is a possibility that this fund may face liquidity risk due to an inability to liquidate the held fund units. (3) Except that no management fee is charged for parts of other funds managed by the fund manager of this fund, and no custody fee is charged for parts of other funds that are held in custody by the custodian of this fund; and except that for other funds subscribed by this fund manager, no subscription fee, redemption fee (excluding the portion that should be allocated to fund assets under the fund contract), selling service fee, etc. are charged, the relevant fund expenses borne by this fund may be higher than those of ordinary open-ended funds. (4) When this fund invests in funds with restricted liquidity, for closed-end funds, when selling the fund, it may face risks such as being unable to sell at a certain price and having to sell at a discounted price. For funds with restricted liquidity, due to the non-tradable nature of the restricted liquidity funds, after this fund participates in the investment, it will be unable to trade within a certain period. In the event of large-scale redemptions by the fund, there is a possibility that liquidity risk may arise due to an inability to liquidate.

6. This fund may invest in convertible bonds and exchangeable bonds, and therefore must bear risks including liquidity risk in the markets for convertible bonds and exchangeable bonds, the risk that bond prices will fluctuate due to fluctuations in the corresponding stock prices, and risks that during the conversion period or exchange period, conversion or exchange may not be possible, etc.

7. Investment risk of asset-backed securities: The investment scope of this fund includes asset-backed securities. The main risks of asset-backed securities are primarily related to the quality of the underlying assets, such as the likelihood of default by the debtors, the likelihood that debtors will exercise set-off rights, the extent to which asset returns are affected by natural disasters, wars, and strikes, and the correlation between asset returns and changes in the external economic environment. If the asset-backed securities are affected to a low extent by the above factors, the asset risk is small; conversely, the risk is high.

8. Investment risk of treasury bond futures: This fund may invest in treasury bond futures. Investment in treasury bond futures may face market risk, basis risk, and liquidity risk. Market risk refers to the risk that changes in the price of the futures market cause the value of the futures contracts held to change. Basis risk is one of the risks unique to the futures market. It refers to the risk of unexpected gains or losses arising from fluctuations in the price spread between futures and spot that affect the effectiveness of hedging or arbitrage. Liquidity risk can be divided into two categories: one is liquidity shortage risk, meaning the risk that futures contracts cannot be established or closed positions in a timely manner at the desired price. Such risk often results from a lack of market breadth or depth. The other is fund size risk, meaning the risk that the amount of funds is insufficient to meet margin requirements, causing the positions held to be subject to forced liquidation.

5. The fund manager undertakes to manage and use fund assets in accordance with the principles of honesty and creditworthiness and diligence and responsibility, but does not guarantee that the fund will definitely be profitable, nor does it guarantee a minimum level of returns. Past performance and the level of net asset value do not predict future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund’s performance. CaiTong Fund Management Co., Ltd. reminds you of the “the buyer bears responsibility” principle for fund investments. After you make an investment decision, the investment risks arising from fund operating conditions and changes in the fund’s net asset value shall be borne by you. The fund manager, the fund custodian, fund sales institutions, and related entities make no promises or guarantees regarding fund investment returns.

6. 【CaiTong FengYue Return Bond】 is proposed to be raised by 【CaiTong Fund Management Co., Ltd.】 in accordance with relevant laws and regulations and the agreed terms, and has been filed with and permitted for registration by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”). The fund contract, fund prospectus, and fund product summary have been published and disclosed through the CSRC’s fund electronic disclosure website 【

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