Core Viewpoint - The resignation of Zhang Yan, the chairman of Bank of China Fund, marks a significant leadership change after nearly eight years, with Zhang Jiwen, the current CEO, taking over interim responsibilities until a new chairman is appointed [1][3]. Company Overview - Bank of China Fund, established in July 2004, has grown to manage over 651 billion yuan in assets, ranking 18th in the market as of June 17 [1]. - The fund's total assets reached 64.82 billion yuan by the end of 2024, with a net profit of 7.9 billion yuan, reflecting a 12.54% increase from 2023 [3]. Leadership Transition - Zhang Yan, who has been the longest-serving chairman since her appointment in August 2017, is expected to return to Bank of China as the executive vice president of the Shanghai RMB Trading Business Headquarters [1][3]. - Zhang Jiwen, with over ten years at the company, is currently acting as chairman [1][8]. Asset Management Growth - Under Zhang Yan's leadership, the fund's asset management scale increased from approximately 326.43 billion yuan in Q3 2017 to over 650 billion yuan by Q1 2025 [3][4]. - The growth has been primarily driven by fixed-income products, which saw an increase from 288.11 billion yuan to 620.07 billion yuan, while equity products decreased from 37.59 billion yuan to 26.49 billion yuan [4][5]. Product Structure Challenges - As of June 18, 2025, fixed-income products accounted for over 95% of the fund's total assets, highlighting a significant imbalance in product offerings [5]. - The fund has faced challenges with "mini funds," with 24 out of 75 active equity products having less than 50 million yuan in assets [7]. Future Considerations - The new leadership will need to address the imbalance in product offerings and enhance the equity investment capabilities to achieve more balanced growth [9].

Core Viewpoint - The announcement of the leadership transition at Guohai Franklin Fund, with Wu Xianling retiring and Liu Jun taking over as chairman, highlights a significant change in the company's management structure and raises questions about future performance under new leadership [1][13]. Group 1: Leadership Transition - Wu Xianling retired as chairman on March 20, 2025, after a notable tenure, and Liu Jun has been appointed as the new chairman [1][3]. - The company expressed high regard for Wu Xianling's contributions, noting her pivotal role in the establishment and strategic development of Guohai Franklin Fund since its inception [6][7]. Group 2: Performance Under Wu Xianling - Under Wu Xianling's leadership, the fund's management scale grew from 14.159 billion to 84.484 billion, marking a 496% increase [6]. - The fund adopted a differentiated competition strategy, with active equity funds and international business (QDII) being key growth drivers, achieving a QDII scale of 5.429 billion by the end of 2024 [6][7]. Group 3: Liu Jun's Background - Liu Jun's previous roles include positions at Guohai Securities and Guohai Innovation Capital, but he lacks extensive experience in the public fund industry [13][14]. - His past involvement in the "carrot stamp" incident at Guohai Securities raises concerns about his ability to lead effectively [13][15]. Group 4: Market Position and Investor Confidence - Guohai Franklin Fund has a strong reputation among institutional investors, with 44 out of 52 funds favored by them, indicating a solid market position [10][11]. - The average tenure of senior management at the fund is 15.9 years, suggesting stability in leadership, which may be challenged by the new appointment [8].