明亚基金：总经理、副总经理同日离职；管理规模已连续两个季度下滑，跌逾70%

Core Viewpoint - Mingya Fund Management Co., Ltd. is experiencing significant management upheaval with the simultaneous resignation of its General Manager Ding Yue and Deputy General Manager Tu Jianzhong, and the appointment of Wang Jing as the new General Manager, highlighting ongoing challenges within the company since its establishment six years ago [1][5]. Group 1: Management Changes - The management changes took effect on July 15, with both Ding Yue and Tu Jianzhong leaving for personal reasons, while Wang Jing was appointed as the new General Manager [1][2]. - Wang Jing has over 15 years of experience in fixed income investment, having held key management positions in various financial institutions, including Huaron Securities and Guosheng Securities [4][3]. - The recent turnover in management is notable, with over 50% of the board changing in the last 12 months, indicating instability within the company's leadership [5]. Group 2: Company Performance - Since its establishment in February 2019, Mingya Fund has struggled to grow its management scale, which has never exceeded 1 billion yuan, and as of the first quarter of 2025, it stood at only 158 million yuan, a decline of over 77% from its peak of 700 million yuan in the fourth quarter of 2023 [4][5]. - Among its four public products, three have scales below the 50 million yuan liquidation threshold, with the largest product, Mingya Value Evergreen, having a current scale of only 15 million yuan [4]. Group 3: Compliance Issues - The company faced regulatory scrutiny from the Shenzhen Securities Regulatory Bureau in April 2024, which mandated corrections and suspended the registration of new private asset management products for three months due to compliance violations [6]. - Issues included investment directives from clients, failure to verify the source of related party funds, and untimely reporting of management changes, revealing deficiencies in risk control and corporate governance [6]. Group 4: Industry Context - Mingya Fund's challenges reflect the broader survival difficulties faced by small and micro institutions in the asset management industry amid a prevailing "Matthew Effect," where larger firms dominate the market [6].