2 1 Shi Ji Jing Ji Bao Dao·2025-08-29 15:25Core Viewpoint - The recent leadership change at Huaan Fund, with Xu Yong replacing Zhu Xuehua as chairman, is seen as a pivotal moment for the company amid ongoing industry restructuring and integration challenges following the merger of Guotai Junan Securities and Haitong Securities [1][2][3]. Company Overview - Xu Yong officially took over as chairman of Huaan Fund on August 28, 2025, after Zhu Xuehua's retirement on August 26, 2025 [3]. - Xu Yong has a diverse background, including experience in various sectors such as industry, government, insurance, and public funds, and previously served as the general manager of招商基金 (Zhaoshang Fund) [3][4]. - Under Xu's leadership at招商基金, the fund's management scale increased from 792.1 billion to 933.2 billion yuan from July 2022 to May 2025 [3]. Industry Context - Huaan Fund, established in 1998, is one of the first "old ten" fund companies in China but has faced challenges in total assets and profitability compared to招商基金 [4]. - As of the end of 2024, Huaan Fund reported total assets of 7.767 billion yuan and net assets of 5.687 billion yuan, with a revenue decline of 9.56% year-on-year [4]. - The leadership change is viewed as a strategic move by Guotai Haitong Securities to integrate its public fund resources and enhance business collaboration, particularly with Haitong Fund [4][6]. Integration and Restructuring - The integration of Guotai Junan Securities and Haitong Securities is a significant event in the Chinese securities industry, with the merger completed in March 2025 [6]. - Following the merger, Guotai Haitong Securities must consolidate its public fund resources to comply with regulatory requirements, with a specific integration plan due by February 2026 [6][7]. - The integration process has already begun with Haitong Fund, which has seen significant growth in its ETF offerings, surpassing 100 billion yuan in total scale as of August 21, 2025 [5][6].