先锋基金核心层“双换”落地！王重昆上任董事长，市场静待改革成效！

Core Viewpoint - The recent management changes at Vanguard Fund, including the appointment of Wang Chongkun as the new chairman effective May 16, 2025, reflect a significant restructuring within the company, driven by ownership changes and strategic shifts in the asset management industry [1][4][6]. Group 1: Management Changes - Wang Chongkun has been appointed as the chairman of Vanguard Fund, with a tenure starting on May 16, 2025 [1][3]. - The board of directors has been restructured to include Wang Chongkun, Zhang Fan, Sun Ming, Gao Haina, Deng Feng, Fei Anling, and Yang Ya, with the latter three serving as independent directors [1][4]. - The management shake-up has seen the departure of key figures, including the former chairman Wong Leah Kuen and the former general manager Long Yong, within a two-month period [4][5]. Group 2: Company Background and Financials - Vanguard Fund was established on May 16, 2016, and has a current registered capital of 200 million yuan, increased from 150 million yuan [6][8]. - As of the end of the first quarter, Vanguard Fund's public fund management scale was only 2.72 billion yuan, with a historical peak of 5 billion yuan briefly reached in late 2017 and mid-2021 [6][8]. - The company aims to diversify its product line to address structural imbalances and is exploring a "fixed income + technology" strategy, leveraging its fintech background [8]. Group 3: Strategic Direction - The management changes are part of a broader strategic transformation, with a focus on integrating financial technology into its offerings, such as smart investment advisory and index tools [4][8]. - The involvement of the controlling shareholder, Guiding Compass Group, indicates a commitment to reshaping Vanguard Fund's position in the competitive asset management industry [8].