Core Viewpoint - Xinjiang Qianhai United Fund has undergone a significant ownership change, with Shanghai Securities becoming the wholly-owned controlling shareholder, and the company appointing He Guoling as the new general manager and acting chairman, marking its transition into a "brokerage-backed" fund company [1][2][3]. Company Overview - Xinjiang Qianhai United Fund was established on August 7, 2015, and is the 99th fund management company approved by the CSRC, headquartered in Shenzhen with a registered capital of 200 million yuan [2]. - Prior to the ownership change, the shareholder structure included Shenzhen Jushenghua Co., Ltd. (30%), Shenzhen Yue Shang Logistics Co., Ltd. (25%), Shenzhen Deep Yue Holdings Co., Ltd. (25%), and Kaixin Heng Co., Ltd. (20%) [2]. - Shanghai Securities acquired the 30% stake from Shenzhen Jushenghua for 37.66 million yuan, with the CSRC officially approving the change in September [2]. Management Changes - He Guoling has been appointed as the new general manager and is also serving as the acting chairman [3]. - The previous general manager, Wu Yucun, has officially left the position after a three-year interim by Zou Wenqing, and the former chairman Huang Wei has also stepped down due to board restructuring [3]. Fund Performance and Challenges - As of June 30, 2025, Xinjiang Qianhai United Fund's public offering scale was less than 9 billion yuan, with over 8 billion yuan in bond funds, primarily supported by the Qianhai United Chunfeng 87-month open-end bond fund, which alone accounted for 8.02 billion yuan [4]. - The fund's performance has been underwhelming over the past decade, particularly after the shareholders faced a liquidity crisis, leading to a continuous decline in management scale since August 2021 [4]. - The company has not launched any new public products in recent years, indicating a stagnation in product line updates [4]. Industry Context - The challenges faced by Xinjiang Qianhai United Fund are reflective of broader issues within the industry, as several other struggling fund companies may look to its development path for potential strategies to overcome difficulties [5].

Core Viewpoint - Western Leading Fund announced the resignation of General Manager He Yanping due to "age retirement" on October 4, which is unrelated to the previous gambling incident involving fund manager Xie Wenzeng [1][2] Group 1: Management Changes - He Yanping's retirement was predetermined and not connected to the gambling incident involving Xie Wenzeng, who was caught gambling in Shanghai [2][4] - He Yanping had previously stepped down as Chief Information Officer on August 27, 2023, before her retirement as General Manager [2][4] - He Yanping has been with Western Leading Fund since November 16, 2015, when the company's asset management scale was under 10 billion RMB [4] Group 2: Company Background - Western Leading Fund is a state-controlled fund management company, with shareholders including Western Securities (51%) and Lide Technology Co., Ltd. (49%), and a registered capital of 370 million RMB [3] - The company was established on July 20, 2010, and is the 60th public fund approved in the industry [3] Group 3: Product Structure and Performance - The company has a strong "brokerage system" background, with a high proportion of fixed-income products, which is common among brokerage-affiliated fund companies [4] - As of the latest statistics, the total net asset value of all funds managed by Western Leading Fund is 116.95 billion RMB, with money market funds at 23.61 billion RMB and bond funds at 78.90 billion RMB [4] - The company has launched 16 new funds since 2025, with only 3 being pure bond funds, indicating a shift towards index funds [5] Group 4: Challenges and Opportunities - There is significant room for improvement in managing equity funds, as some products have faced liquidation, such as the Western Leading Quarterly Hong Fund, which did not meet the asset threshold for continuation [6] - The liquidation of smaller funds has minimal impact on the overall company, but it highlights challenges in product innovation and equity investment [6]