Despite outperforming peers, Invesco Great Wall Fund is grappling with a wave of mini-fund liquidations, exposing industry challenges. By December 2025, the firm has shuttered seven funds, including products previously managed by star portfolio managers overseeing over RMB 10 billion.

On December 13, Invesco Great Wall Fund warned that its Invesco Great Wall Xinjing Industrial Select One-Year Holding Mixed Fund’s net assets had remained below RMB 50 million for 45 consecutive working days—just five days shy of the 50-day liquidation threshold. Launched in 2022 with RMB 255 million, the fund now holds under RMB 50 million despite delivering a 30.39% return over the past year, outpacing its category average.

Managed solely by Zhan Cheng since inception, this fund mirrors the fate of his Invesco Great Wall Industrial Select One-Year Holding Mixed Fund, liquidated in November, highlighting the pressure on mini-funds to avoid delisting.

This year, Invesco has liquidated seven equity products uniformly due to sub-RMB 50 million AUM or failing to meet the RMB 200 million three-year benchmark. The casualties include pension FOFs and thematic funds like new energy, some led by star managers Zhang Xiaonan and Gong Lili, each overseeing tens of billions.

Multiple products under Zhang and Gong have shrunk to mini-fund status. While the firm’s total AUM grew by over RMB 110 billion H2 2025, mixed-fund assets have plunged 40% since 2021’s peak, signaling stark equity contraction. The liquidation pace is set to hit a three-year high.

**Liquidation Alerts** The December 13 warning noted Invesco Great Wall Xinjing Industrial Select’s net assets had stayed below RMB 50 million for 45 days, nearing the 50-day termination trigger. Similar alerts were issued on December 6 (40 days) and November 22 (30 days).

As of December 12, the fund’s NAV stood at RMB 1.21, with AUM at RMB 48 million (September 30). It outperformed peers over one year (30.39% vs. 26.26%) but lagged slightly over two years (30.97% vs. 34.08%). Top holdings include Alibaba, CATL, and Tencent.

Zhan Cheng, managing since 2015, saw his Invesco Great Wall Industrial Select One-Year Holding Mixed Fund liquidated in November after 50 days below RMB 50 million. Another fund, Invesco Great Wall ESG Quant Equity, also faces liquidation risks after 30 days under the threshold (December 5).

**Mini-Fund Cluster** November saw multiple liquidation announcements: - Invesco Great Wall Junfa Balanced Pension Target Three-Year Holding FOF terminated on November 16 after failing the RMB 200 million three-year test. - Invesco Great Wall Shunxin Return Mixed was liquidated on October 31 after 50 days below RMB 50 million.

Year-to-date, seven funds have been liquidated, matching 2023–2024’s annual totals. With more warnings active, 2025’s tally will likely exceed prior years. Notably, all liquidated funds are equity products, showing concentrated vulnerability.

Among them: - Three funds (including pension FOF and new energy ETF) fell short of RMB 200 million at three years. - Two MSCI China ETFs dipped below RMB 50 million for 60 days. - Three others (including Zhan’s fund) breached the 50-day RMB 50 million rule.

Star managers like Zhang Xiaonan (RMB 37.7 billion AUM) and Gong Lili (RMB 21.7 billion AUM) saw their products liquidated or shrunk to mini-size. Zhang’s Invesco Great Wall CSI NEV Battery ETF联接 posted -39% returns during his tenure, while his other funds now hold as little as RMB 10 million. Gong’s科创板ETF联接 and CSI 500 ETF联接 also hover near liquidation thresholds.

Despite overall AUM growth to RMB 755.4 billion (from RMB 644.3 billion mid-2025), mixed-fund assets have collapsed 40% since 2021’s RMB 216.2 billion peak, underscoring equity segment struggles.