On July 21st, Zhonggeng Fund announced that Qiu Dongrong would resign as the fund manager of five funds, including Zhonggeng Value Navigation Hybrid Fund, Zhonggeng Xiaopan Value Stock Fund, Zhonggeng Value Dynamic Flexible Allocation Hybrid Fund, Zhonggeng Hong Kong Stock Connect Value Stock Fund, and Zhonggeng Value Quality One-Year Holding Period Hybrid Fund, starting from July 19, 2024, due to personal reasons. He would also no longer hold the position of deputy general manager at Zhonggeng Fund. According to the announcement, the fund manager team trained by Zhonggeng Fund will continue to leverage their professional capabilities and collectively manage the undervalued value strategy product line. After Qiu Dongrong's departure, fund managers Liu Sheng, Chen Tao, Wu Chenggen, and Sun Xiao will take over the management of the five products previously managed by Qiu Dongrong. Qiu Dongrong is known as a representative of the "undervalued value school" in the industry. He believes that investment returns come from the profit or cash flow of the assets themselves, and strives to achieve excess returns by purchasing assets at a low cost. Under the undervalued value strategy, Qiu Dongrong has been able to generate good returns for investors while ensuring a positive holding experience. In May, Zhonggeng Fund announced that two funds managed by Qiu Dongrong - Zhonggeng Value Navigation and Zhonggeng Value Quality - would be jointly managed by Liu Sheng and Wu Chenggen. Qiu Dongrong was left to manage only two funds: Zhonggeng Xiaopan Value and Zhonggeng Hong Kong Stock Connect Value. Based on the latest second-quarter report of Qiu Dongrong's five funds, the assets under management in the second quarter shrank by 51.46 billion yuan compared to the end of the first quarter, dropping to 198.54 billion yuan. Prior to the official announcement of his departure, a large number of investors had already exited. Zhonggeng Value Navigation, Zhonggeng Xiaopan Value, and Zhonggeng Value Quality One-Year Holding had the highest net redemptions since their establishment, with net redemptions of 1.036 billion shares, 907 million shares, and 642 million shares respectively. Additionally, Zhonggeng Value Dynamic Flexible Allocation also experienced net redemptions of 210 million shares in the second quarter. In total, these four funds experienced net redemptions of 2.795 billion shares. According to the second quarter report disclosed by Zhonggeng Fund, all five products managed by Qiu Dongrong, except Zhonggeng Hong Kong Stock Connect Value (which was in a closed period), experienced significant net redemptions of over 18%. On July 11th, the 18-month closed period of Zhonggeng Hong Kong Stock Value, managed by Qiu Dongrong, ended. Less than 10 days after the end of the closed period, Qiu Dongrong announced his departure. According to the arrangement in the announcement, the funds managed by Qiu Dongrong will be taken over by other fund managers within Zhonggeng Fund. Liu Sheng will serve as the fund manager of Zhonggeng Value Navigation. Liu Sheng holds a Ph.D. in chemistry from Nanjing University and has nearly 9 years of experience in the securities industry, previously working as a researcher at Taiping Asset Research Department and HSBC Jintrust Fund Investment Department. In July 2018, Liu Sheng joined Zhonggeng Fund and currently serves as the director of the research department and fund manager. Chen Tao, who previously managed the Zhonggeng Value Pioneer Fund, will now serve as the fund manager of the Zhonggeng Xiaopan Value Fund. Chen Tao holds a master's degree in engineering and has previously worked as a researcher at Taikang Asset, a senior analyst at Huachuang Securities, a senior researcher at Zheshang Fund, and an investment manager at HSBC Jintrust Fund. He currently serves as a fund manager at Zhonggeng Fund. It is worth noting that prior to this personnel change, Chen Tao was the only fund manager at Zhonggeng Fund, apart from Qiu Dongrong, to independently manage products. Since 2021, he has managed the Zhonggeng Value Pioneer Fund, which currently has assets under management of 4.264 billion yuan. Wu Chenggen will serve as the fund manager for Zhonggeng Value Dynamic and Zhonggeng Value Quality funds. He has been involved in securities investment management since 2012, previously serving as an assistant, junior manager, manager, and investment manager at China Aviation Trust. In January 2019, he joined Zhonggeng Fund and currently serves as a fund manager in the investment department. Sun Xiao will serve as the fund manager for Zhonggeng Hong Kong Stock Connect Value. It is mentioned that Sun Xiao has rich experience in Hong Kong and overseas investment research with a diversified investment perspective. Zhonggeng Fund stated that the new fund managers will continue to adhere to the underlying unified undervalued value investment strategy and combine the product's own style positioning to ensure strategy consistency and style stability.