Pulong Fund Sales Co., Ltd., a Chinese third-party fund distribution agency, announced that due to business strategic adjustments, it will officially cease all public fund sales services after August 31, 2026. Since June 2026, more than 20 public fund companies, including Invesco Great Wall, Harvest Fund, China Asset Management, and Pramerica Fund, have successively issued announcements to terminate their fund sales business cooperation with Pulong Fund. Pulong Fund was once a medium-sized distribution agency in China, but its business scale has continued to shrink in recent years, with the number of insured employees decreasing from 592 in 2016 to 8 in 2024. Industry experts believe that the "consolidation" trend in the fund distribution industry is accelerating, driven by multiple factors such as the development of leading platforms, shrinking market share, fee reforms, and increased compliance thresholds. Since 2024, more than a dozen institutions have canceled their fund sales licenses.