According to the relevant provisions on the conversion of irregular shares in the Changsheng CSI All-Index Securities Company Index Graded Securities Investment Fund Fund Contract (hereinafter referred to as the "Fund Contract"), when the reference net value of Changsheng CSI Securities Company's share B falls below 0.250 yuan (including 0.250 yuan), the share of Changsheng CSI Securities Company (on-market abbreviation: brokerage grading, fund code:), Changsheng CSI Securities Company A share (on-market abbreviation: brokerage A, fund code:), and Changsheng CSI Securities Company B share (on-market abbreviation: brokerage B, fund code:) will be converted into irregular shares.

Due to the recent fluctuations in the A-share market, as of July 24, 2018, the reference net value of the fund shares of Changsheng CSI Securities Company B is close to the irregular share conversion conditions stipulated in the "Fund Contract". Therefore, the fund manager is asking investors to pay close attention to the recent fluctuations of the fund shares of Changsheng CSI Securities Company B and beware of possible risks.

Regarding the risks brought about by irregular conversion, this fund manager specifically reminds you as follows:

1. Since there may be discount and premium trading before the conversion of Changsheng CSI Securities Company A shares and Changsheng CSI Securities Company B shares, after the conversion of irregular shares, the discount and premium ratios of Changsheng CSI Securities Company A shares and Changsheng CSI Securities Company B shares may change significantly. Investors participating in secondary market transactions are specifically reminded to pay attention to the risks brought by high premium exchanges.

2. Changsheng CSI Securities Company's B share is characterized by high risk and high returns. After the irregular share is converted, its leverage will return to the initial leverage level.

3. Since the reference net value of the share B of Changsheng CSI Securities Company may be lower than the threshold on the day of the trigger conversion threshold, the reference net value of the share B of Changsheng CSI Securities Company may be lower than the threshold on the conversion basis, and the conversion base date can only be determined after the trigger threshold on the conversion date. Therefore, the reference net value of the share B of Changsheng CSI Securities Company may be different from the conversion threshold of 0.250 yuan.

4. Changsheng CSI Securities Company A's share is characterized by low risk and relatively stable returns, but after the irregular share conversion, the risk-return characteristics of the A-share holders of Changsheng CSI Securities Company will undergo a significant change, from Changsheng CSI Securities Company A's share holding a single lower risk-return characteristic to Changsheng CSI Securities Company A's share holding a lower risk-return characteristic and Changsheng CSI Securities Company with a higher risk-return characteristic. Therefore, the uncertainty of the expected return realization of the A-share holders of Changsheng CSI Securities Company A's share will increase.

5. Securities companies that can trade in the secondary market do not all have the fund sales qualifications issued by the China Securities Regulatory Commission, and investors can only redeem fund shares through securities companies that have fund sales qualifications. Therefore, if an investor purchases the A share of Changsheng CSI Securities Company through a securities company that does not have fund sales qualifications, after the irregular share is converted, the newly converted share of Changsheng CSI Securities Company cannot be redeemed. Investors can choose to sell the A share of Changsheng CSI Securities Company before conversion, or after conversion, transfer the newly added Changsheng CSI Securities Company shares to a securities company with fund sales qualification and redeem it.

Other important tips from the fund manager:

1. According to the relevant business rules of the Shanghai Stock Exchange, the number of shares converted from the over-the-counter shares remains at 2 decimal places, and the income or losses generated by this error is included in the fund property; the number of shares converted from the on-the-counter shares will be rounded (the minimum unit is 1 part). The fragmented shares of less than 1 part shall be arranged in the order of the number of investors' fragmented shares. If the number of fragmented shares is the same, it shall be arranged randomly and registered as 1 part in the order of the arrangement until all conversion is completed.

2. In order to ensure the smooth operation of this fund during the conversion period, the fund manager may suspend the listing and trading of Changsheng CSI Securities Company shares, Changsheng CSI Securities Company A shares and Changsheng CSI Securities Company B shares and the subscription and redemption of Changsheng CSI Securities Company shares in accordance with the relevant business regulations of the Shanghai Stock Exchange and China Securities Company Depository and Clearing Co., Ltd. At that time, the fund manager will announce the relevant matters and investors are advised to pay attention.

If investors want to know the details of the fund's irregular share conversion business, please refer to the Fund Contract and the "Changsheng CSI All-Indices Securities Company Index Graded Securities Investment Fund Recruitment Guide" or consult through the fund manager's website () and customer service telephone (or).

Risk warning: 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. Investors should carefully read the fund contract and prospectus of this fund before investing in this fund. Investors are advised to pay attention to investment risks.

Hereby announce.

Changsheng Fund Management Co., Ltd.

July 25, 2018

The 25th risk warning announcement of Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund may undergo irregular share conversion

According to the relevant provisions on the conversion of irregular shares in the "Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund Fund Fund Contract" (hereinafter referred to as the "Fund Contract"), when the reference net value of Changsheng CSI Shenwan Belt and Road B shares fell below 0.250 yuan (including 0.250 yuan), Changsheng CSI Shenwan Belt and Road Share (on-market abbreviation: Belt and Road, Fund Code:), Changsheng CSI Shenwan Belt and Road A shares (on-market abbreviation: Belt and Road, Fund Code:), Changsheng CSI Shenwan Belt and Road A shares (on-market abbreviation: Belt and Road, Fund Code:), Changsheng CSI Shenwan Belt and Road B shares (on-market abbreviation: Belt and Road, Fund Code:) will be converted into irregular shares.

Due to the recent fluctuations in the A-share market, as of July 24, 2018, the reference net value of the fund shares of Changsheng CSI Shenwan Belt and Road B shares was close to the irregular share conversion conditions stipulated in the Fund Contract. Therefore, the fund managers are asking investors to pay close attention to the recent fluctuations of the fund shares of Changsheng CSI Shenwan Belt and Road B shares, and beware of possible risks.

Regarding the risks brought about by irregular conversion, this fund manager specifically reminds you as follows:

1. Since there may be discount and premium trading before the conversion of Changsheng CSI Shenwan Belt and Road A shares and Changsheng CSI Shenwan Belt and Road B shares, after the conversion of irregular shares, the discount and premium ratios of Changsheng CSI Shenwan Belt and Road A shares and Changsheng CSI Shenwan Belt and Road B shares may change significantly. Investors participating in secondary market transactions are specifically reminded to pay attention to the risks brought by high premium exchanges.

2. Changsheng CSI Shenwan Belt and Road B shares are characterized by high risk and high returns. After the irregular share is converted, its leverage will return to the initial leverage level.

3. Since the reference net value of Changsheng CSI Shenwan Belt and Road B share may be lower than the threshold on the day of triggering the threshold, and the conversion base date can only be determined after the trigger threshold date. Therefore, the reference net value of Changsheng CSI Shenwan Belt and Road B share may be different from the conversion threshold of 0.250 yuan.

4. The share of Changsheng CSI Shenwan Belt and Road A is characterized by low risk and relatively stable returns. However, after the irregular share conversion, the risk-return characteristics of the holders of Changsheng CSI Shenwan Belt and Road A will undergo a significant change, from the share of Changsheng CSI Shenwan Belt and Road A with a single low risk-return characteristics to the share of Changsheng CSI Shenwan Belt and Road A with a low risk-return characteristics and the share of Changsheng CSI Shenwan Belt and Road A with a high risk-return characteristics. Therefore, the uncertainty of the expected returns of the holders of Changsheng CSI Shenwan Belt and Road A will increase.

5. Securities companies that can trade in the secondary market do not all have the fund sales qualifications issued by the China Securities Regulatory Commission, and investors can only redeem fund shares through securities companies that have fund sales qualifications. Therefore, if an investor purchases the Changsheng CSI Shenwan Belt and Road A shares through a securities company that does not have fund sales qualifications, after the irregular share is converted, the newly converted Changsheng CSI Shenwan Belt and Road share cannot be redeemed. Investors can choose to sell Changsheng CSI Shenwan Belt and Road A shares before conversion, or after conversion, transfer the newly added Changsheng CSI Shenwan Belt and Road shares to securities companies with fund sales qualifications before redeeming.

2. In order to ensure the smooth operation of this fund during the conversion period, the fund manager may suspend the listing and trading of Changsheng CSI Shenwan Belt and Road Shares, Changsheng CSI Shenwan Belt and Road A shares and Changsheng CSI Shenwan Belt and Road B shares in accordance with the relevant business regulations of the Shanghai Stock Exchange and China Securities Depository and Clearing Co., Ltd. and other related businesses. At that time, the fund manager will announce the relevant matters and investors are advised to pay attention.

If investors want to know the details of the fund's irregular share conversion business, please refer to the Fund Contract and the "Changsheng CSI Shenwan Belt and Road Theme Index Graded Securities Investment Fund Recruitment Guide" or consult through the fund manager's website () and customer service telephone (or).