Mei Ri Jing Ji Xin Wen·2025-06-20 06:28Core Viewpoint - The appointment of Feng Xun as the new Deputy General Manager of Shanghai Securities marks a significant leadership change, reflecting the company's ongoing efforts to optimize its asset management business and expand its product offerings [1][2][3]. Company Overview - Feng Xun has a long history in the securities asset management industry, having held various senior positions in multiple firms, including Dongwu Securities and Guolian Securities, before transitioning to local financial governance for a year [2]. - After serving as General Manager at Yongzheng Asset Management for three years, Feng Xun has now joined Shanghai Securities, indicating a strategic move back to the securities sector [3]. Business Performance - Shanghai Securities has been actively restructuring its asset management team and enhancing its service offerings, leading to a 35.76% year-on-year increase in net income from asset management fees, reaching 0.68 billion yuan [3]. - The company successfully acquired a 30% stake in Qianhai United Fund Management for 37.66 million yuan, pending regulatory approval, which will strengthen its public fund business and enhance its competitive position in the asset management sector [3]. Leadership Transition - Xu Yu has taken over as the new General Manager of Yongzheng Asset Management following Feng Xun's departure, bringing a diverse background from banking, securities, and trust industries [4]. - Yongzheng Asset Management has shown impressive growth, with a reported 80.48% increase in revenue to 0.72 billion yuan and a staggering 1629.76% rise in net profit to 0.3 billion yuan in 2024 [4]. Regulatory Issues - Despite the strong performance, Yongzheng Asset Management has faced scrutiny for regulatory compliance, with the Shanghai Securities Regulatory Bureau citing issues related to the management of private asset management plans [5].