Core Viewpoint - Huang Deliang has been appointed as the new chairman of Xingyin Fund, with the expectation that his extensive experience in the financial industry will enhance collaboration between the fund company and its shareholders, while the current general manager, Yi Yong, will no longer serve as acting chairman [1][3]. Company Overview - Xingyin Fund, formerly known as Huafu Fund Management Co., Ltd., was established in October 2013 with a registered capital of 143 million yuan [8]. - As of June 30, 2025, Xingyin Fund's public fund management scale reached 109.685 billion yuan, with a significant increase of nearly 10 billion yuan in non-monetary fund scale since the beginning of the year [8]. Leadership Background - Huang Deliang has nearly 30 years of experience in various financial sectors, including banking, trust, and securities, and currently serves as the chairman and president of Huafu Securities [6]. - His appointment reflects a common industry practice where experienced individuals from controlling shareholders take leadership roles in fund companies, indicating the shareholders' emphasis on asset management [6]. Fund Performance - Xingyin Fund has shown strong mid-to-long-term performance rankings, with its fixed income products ranking 13th out of 99 over the past five years and 10th out of 70 over the past seven years [8]. - The fund's equity products have also performed well, ranking 33rd out of 120 in the past year and over three years [8]. Product Development - Since 2025, Xingyin Fund has successfully launched several fund products, including the Xingyin Xinyu Feng six-month holding period bond fund, which raised over 2 billion yuan, and the Xingyin Zhongdai Preferred Investment Grade Credit Bond Index Fund, which raised nearly 6 billion yuan [9]. - The company aims to focus on "precise product breakthroughs" and "deep customer operations" to enhance its competitive edge and provide diverse financial solutions [9].

Group 1 - The core point of the article is the management change at Beixin Ruifeng Fund, with Liu Xiaoling resigning as general manager and Xuan Xuezhhu taking over the position due to work-related reasons [1][2][4] - The company has faced numerous challenges in recent years, including labor disputes, layoffs, and significant losses from subsidiaries, leading to a decline in public fund scale from over 100 billion yuan at its peak to less than 3 billion yuan by the end of the second quarter [1][6] - The new general manager, Xuan Xuezhhu, has extensive banking experience, having worked in various roles at China Merchants Bank and Huaxia Bank since starting his career in July 2012 [3][4] Group 2 - The company has experienced frequent changes in senior management, with Liu Xiaoling serving as general manager for less than two years, and her predecessor, Zhao Yuanfeng, holding the position for just over a year [4] - The current chairman of Beixin Ruifeng Fund is Liu Yanlei, who joined the company in May 2025, following the departure of former chairman Xia Bin, who was reportedly deemed an inappropriate candidate by regulators [5] - As of the end of the second quarter, Beixin Ruifeng Fund managed only 2.706 billion yuan in public fund assets, ranking low in the industry, compared to a peak of over 13.3 billion yuan in the first quarter of 2020 [6][9]

Core Viewpoint - The recent management changes at Beixin Ruifeng Fund, including the departure of General Manager Liu Xiaoling and the appointment of Xuan Xuezh柱, highlight ongoing challenges within the company, including significant declines in fund size and management issues [1][2][5]. Management Changes - Liu Xiaoling officially announced her departure as General Manager due to work-related reasons, with Xuan Xuezh柱 taking over the role [2][3]. - Xuan Xuezh柱 has extensive banking experience, having worked in various roles at China Merchants Bank and Huaxia Bank since 2012 [4][5]. - Liu Xiaoling's tenure lasted less than two years, following a pattern of frequent executive turnover at Beixin Ruifeng [6]. Company Performance - Beixin Ruifeng Fund has faced numerous challenges in recent years, including labor disputes, layoffs, and significant losses at its subsidiary, with reported losses exceeding 1 billion [9]. - The company's public fund size has drastically decreased from over 13.3 billion at the end of Q1 2020 to 2.706 billion by the end of Q2 this year, ranking it among the lowest in the industry [9][11]. - The only fund with a substantial size is the Beixin Ruifeng Stable Income Fund, which has over 2.2 billion, primarily supported by a single institutional investor [11]. Governance Issues - The current chairman has changed to Liu Yanlei, who joined the company in May 2025, but this change has not been formally announced, which is unusual in the industry [7]. - The previous chairman, Xia Bin, was reportedly deemed an inappropriate candidate by regulators, contributing to the governance challenges faced by the company [7].

Core Viewpoint - The recent management changes at Beixin Ruifeng Fund, including the departure of General Manager Liu Xiaoling and the appointment of Xuan Xuezhhu, highlight ongoing challenges within the company, including significant declines in fund size and governance issues [2][3][10]. Management Changes - On August 8, Beixin Ruifeng Fund announced the departure of General Manager Liu Xiaoling due to work-related reasons, with Xuan Xuezhhu, former Deputy General Manager of Huaxia Bank's Financial Market Department, appointed as the new General Manager [3][6]. - Liu Xiaoling's tenure lasted less than two years, following a pattern of frequent executive turnover, as her predecessor Zhao Yuanfeng also served for just over a year [9]. Company Performance - Beixin Ruifeng Fund has faced numerous challenges in recent years, including labor disputes, layoffs, and significant losses at its subsidiary, with reported losses exceeding 1 billion yuan [13]. - The company's public fund size has drastically decreased from over 13.3 billion yuan at its peak in Q1 2020 to just 2.706 billion yuan by the end of Q2 this year, ranking it among the lowest in the industry [13][14]. - The only fund with a substantial size is the Beixin Ruifeng Stable Income Fund, which has over 2.2 billion yuan, primarily supported by a single institutional investor, while other funds are significantly smaller, with many below 50 million yuan [14]. Governance Issues - The current chairman, Liu Yanlei, replaced former chairman Xia Bin, who was reportedly deemed unsuitable by regulators, although this change has not been formally announced, which is unusual in the fund industry [10].