On December 31, 2025, the China Securities Regulatory Commission revised and issued the “Regulations on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds”, which will take effect from January 1, 2026. This is an important milestone in implementing the new “National Nine Rules” and promoting the high-quality development of the public fund industry. It marks the full implementation of the rate reform in the public fund industry after more than two years. Huaxia Fund said that the introduction of the “Regulations” is the “last critical step” in rate reform, marking the smooth implementation of rate reform in China's public fund industry. The far-reaching significance of this reform, which is centered on investors' interests, is not only “reducing fees,” but also “optimizing mechanisms” and “reshaping the ecosystem” to effectively enhance investors' experience and sense of acquisition.

On December 31, 2025, the China Securities Regulatory Commission revised and issued the “Regulations on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds”, which will take effect from January 1, 2026. This is an important milestone in implementing the new “National Nine Rules” and promoting the high-quality development of the public fund industry. It marks the full implementation of the rate reform in the public fund industry after more than two years. Huaxia Fund said that the introduction of the “Regulations” is the “last critical step” in rate reform, marking the smooth implementation of rate reform in China's public fund industry. The far-reaching significance of this reform, which is centered on investors' interests, is not only “reducing fees,” but also “optimizing mechanisms” and “reshaping the ecosystem” to effectively enhance investors' experience and sense of acquisition.