Recently, the basic shares of the index-grade securities investment fund of Changsheng CSI All-Index Securities Company (on-market abbreviation: brokerage rating, in-market code:), and B shares (on-market abbreviation: brokerage B, trading code:) of the secondary market trading prices have fluctuated continuously. On June 20, 2019, the closing price of the graded basic shares of Changsheng CSI Securities Company in the secondary market was 1.05 yuan, which was 18.64% relative to the reference net value of the fund shares of 0.885 yuan on the same day; the closing price of the graded Class B shares of Changsheng CSI Securities Company in the secondary market was 1.107 yuan, which was 49.19% relative to the reference net value of the fund shares of 0.742 yuan on the same day. As of June 21, 2019, the closing price of the secondary market of Changsheng CSI Securities Company's hierarchical basic shares was 1.054 yuan, significantly higher than the reference net value of its fund shares; the closing price of the secondary market of Changsheng CSI Securities Company's hierarchical Class B shares was 1.115 yuan, significantly higher than the reference net value of its fund shares. Investors may suffer significant losses if they invest blindly.

To this end, the fund manager reminds the following:

1. According to the requirements of the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (hereinafter referred to as the "New Asset Management Regulations"), public offerings shall not be classified in share and should be rectified and regulated before the end of the transition period stipulated in the "New Asset Management Regulations". Investors are asked to pay attention to relevant risks, such as buying at a premium may cause significant losses.

2. The CSI Securities Company’s classification Class B shares are characterized by high risk and high returns. Since Changsheng CSI Securities Company's Class B shares include a leverage mechanism design, the change in the reference net value of Changsheng CSI Securities Company's Class B shares will be greater than the reference net value of Changsheng CSI Securities Company's Class B shares and the reference net value of Changsheng CSI All-Indicator Securities Company's Class A shares (on-market abbreviation: Securities A, on-site code:) reference net value, that is, the volatility of Changsheng CSI Securities Company's Class B shares is higher than the other two types of shares, and the risks they bear are also higher. Holders of the Class B shares of Changsheng CSI Securities Company will bear different degrees of investment risks due to changes in the leverage multiple.

3. The trading prices of Changsheng CSI Securities Company's hierarchical basic shares and Changsheng CSI Securities Company's hierarchical Class B shares are not only at risk of changes in the share reference net value, but also affected by other risks such as systemic risks and liquidity risks in the market, which may cause investors to face losses.

4. As of the date of disclosure of this announcement, Changsheng CSI All-Indices Securities Company Index Graded Securities Investment Fund is operating normally. The fund manager will continue to conduct investment operations in strict accordance with laws and regulations and fund contracts.

5. As of the date of disclosure of this announcement, Changsheng CSI All-Indices Securities Company Index Graded Securities Investment Fund has no other significant information that should be disclosed but has not been disclosed. The fund manager will continue to strictly follow relevant regulations and requirements and promptly carry out information disclosure work.

6. The fund manager promises to manage and use fund assets with the principles of honesty, trustworthiness, diligence and responsibility, but does not guarantee the fund's profits or the minimum return. Sales institutions divide investor categories, risk tolerance and fund risk levels according to regulations, and put forward appropriateness matching opinions. Before investing in a fund, investors should carefully read fund legal documents such as the "Fund Contract" and "Recruitment Prospectus" to fully understand the risk-return characteristics of fund products. On the basis of understanding the product situation and listening to the appropriate opinions of sales institutions, make independent decisions on fund investment and choose appropriate fund products based on their own risk tolerance, investment period and investment goals. The fund manager reminds investors of the principle of "buyers are responsible for" in fund investment. After investors make investment decisions, the investment risks caused by changes in the fund's operating status and the fund's net value shall be the responsibility of the investors themselves.

Investors are advised to pay attention to investment risks.

Hereby announce.

Changsheng Fund Management Co., Ltd.

June 24, 2019

Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund Class B Share Trading Price Volatility Announcement

Recently, the trading prices of Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund (intra-market abbreviation: Belt and B, trading code:) under Changsheng Fund Management Co., Ltd. (hereinafter referred to as "the fund manager") have continuously fluctuated in the secondary market. On June 20, 2019, the closing price of the CSI Shenwan Belt and Road Index Class B shares in the secondary market was 1.49 yuan, which was 19.01% compared with the reference net value of the fund shares of 1.252 yuan that day. As of June 21, 2019, the closing price of the secondary market of Changsheng CSI Shenwan Belt and Road Index Class B shares was 1.639 yuan, which is significantly higher than the reference net value of fund shares. If investors blindly invest, they may suffer significant losses.

2. The CSI Shenwan Belt and Road Index Class B shares are characterized by high risk and high returns. Since the design of the Class B shares of Changsheng CSI Shenwan Belt and Road Index Class B shares included in the leverage mechanism, the change in the reference net value of the Class B shares of Changsheng CSI Shenwan Belt and Road Index Class B shares will be greater than the basic share of the Class B shares of Changsheng CSI Shenwan Belt and Road Theme Index Class B shares (on-site abbreviation: Belt and Road, on-site code:) reference net value and the Class A shares of Changsheng CSI Shenwan Belt and Road (on-site abbreviation: Belt and Road, on-site code:) reference net value, that is, the volatility of the Class B shares of Changsheng CSI Shenwan Belt and Road Index Class B shares will be higher than the other two types of shares, and the risks they bear are also higher. Holders of the CSI Shenwan Belt and Road Index Class B shares will bear different degrees of investment risks due to changes in the leverage multiple.

3. The trading prices of the basic share of Changsheng CSI Shenwan Belt and Road Index grading and the Class B share of Changsheng CSI Shenwan Belt and Road Index grading are not only the risk of changes in the share reference net value, but also affected by other risks such as systemic risks and liquidity risks in the market, which may cause investors to face losses.

4. As of the date of disclosure of this announcement, Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund is operating normally. The fund manager will continue to conduct investment operations in strict accordance with laws and regulations and fund contracts.

5. As of the date of disclosure of this announcement, Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund has no other significant information that should be disclosed but has not been disclosed. The fund manager will continue to strictly follow relevant regulations and requirements and promptly carry out information disclosure work.

Changsheng CSI Financial Real Estate Index Graded Securities Investment Fund Class B Share Premium Risk Warning Announcement

Recently, the B shares of Changsheng CSI Financial Real Estate Index Graded Securities Investment Fund (hereinafter referred to as "the fund manager"), a subsidiary of Changsheng Fund Management Co., Ltd. (hereinafter referred to as "the fund manager"), continued to deviate from the reference net value. On June 20, 2019, the closing price of Financial Real Estate B in the secondary market was 0.852 yuan, which was a premium of 20.68% compared with the reference net value of the fund shares of 0.706 yuan on the same day. As of June 21, 2019, the closing price of the secondary market of B in the financial region was 0.852 yuan, which is significantly higher than the reference net value of the fund shares. Investors may suffer significant losses if they invest blindly.

To this end, the fund manager reminds the following:

1. Financial Land B is characterized by high risk and high returns. Due to the design of the leverage mechanism in which the financial place B contains, the change in the reference net value of the financial place B fund shares will be greater than the hierarchical shares of Changsheng CSI Financial Real Estate Index (on-market abbreviation: Financial Real Estate, on-site code:) reference net value and Changsheng CSI Financial Real Estate A share (on-market abbreviation: Financial Real Estate A, on-site code:) reference net value, that is, the volatility of the financial place B is higher than the other two types of shares, and the risks it bears are also higher. Holders of financial place B will bear different degrees of investment risks due to changes in leverage multiples.

2. In addition to the risk of changes in the share reference net value, the transaction price of financial place B will also be affected by other risks such as systemic risks and liquidity risks in the market, which may cause investors to face losses.

3. As of the date of disclosure of this announcement, Changsheng CSI Financial Real Estate Index Graded Securities Investment Fund is operating normally. The fund manager will continue to conduct investment operations in strict accordance with laws and regulations and fund contracts.

4. As of the date of disclosure of this announcement, Changsheng CSI Financial Real Estate Index Graded Securities Investment Fund has no other significant information that should be disclosed but has not been disclosed. The fund manager will continue to strictly follow relevant regulations and requirements and promptly carry out information disclosure work.

5. The fund manager promises to manage and use fund assets with the principles of honesty, trustworthiness, diligence and responsibility, but does not guarantee the fund's profits or the minimum return. Before investing in this fund, investors should carefully read the fund contract and prospectus (update) and other relevant legal documents of this fund.