TF Securities(SH:601162) Xin Lang Cai Jing·2025-12-08 03:09Core Viewpoint - The sudden departure of Zhai Chenxi, former executive vice president of Tianfeng Securities, has raised concerns in the financial industry, particularly due to her significant contributions to Xinhua Fund and her reputation in the fixed income sector [2][17]. Group 1: Background and Career - Zhai Chenxi, known as the "Queen of Bonds," began her career at the National Development Bank, where she was part of the pioneering team in asset securitization [6][21]. - After ten years at the National Development Bank, she joined Tianfeng Securities during a critical expansion phase, significantly enhancing the firm's bond issuance capabilities [6][22]. - Zhai's leadership at Tianfeng Securities led to a transformation in the company's fixed income business, increasing bond issuance from 500 million to several billion [6][22]. Group 2: Impact on Xinhua Fund - Under Zhai's leadership, Xinhua Fund's total assets under management surged from approximately 540 billion to a peak of 868 billion by 2022, primarily driven by money market and short-term bond funds [8][23]. - Zhai implemented a strategy that involved building strong relationships, enhancing liquidity products, and securing institutional investments, which contributed to the fund's rapid growth [9][24]. - Despite the growth in assets, Xinhua Fund struggled to develop its equity products, which remained stagnant during her tenure [9][24]. Group 3: Challenges and Departure - The fixed income market faced significant volatility in late 2022, leading to a decline in the sustainability of Xinhua Fund's growth model, which heavily relied on fixed income products [10][25]. - Following a debt crisis involving Tianfeng Securities' major shareholder, Zhai officially stepped down as chairman of Xinhua Fund in early 2023, marking the end of her impactful tenure [10][25]. - Zhai's departure left a void in Xinhua Fund, raising questions about the future direction and growth strategies of the firm in the absence of her leadership [12][29]. Group 4: Post-Departure Developments - By the third quarter of 2025, Xinhua Fund's total assets had declined to approximately 541.94 billion, a drop of over 300 billion from its peak [12][27]. - The fund's equity products remained underperforming, with only 68 billion in assets, indicating a struggle to regain market position [12][27]. - The launch of Xinhua's ETF products faced challenges, with the Xinhua CSI A50 ETF triggering a liquidation warning shortly after its inception, reflecting difficulties in the fund's management transition [13][28].