Core Viewpoint - Allianz Asset Management has undergone a management change with the resignation of General Manager Cao Lei and the appointment of Zhang Guang as the new General Manager, indicating a strategic shift in leadership for the first wholly foreign-owned insurance asset management company in China [2][3][4]. Management Changes - Cao Lei resigned due to personal and family reasons, and the board approved her resignation [2]. - Zhang Guang, previously the Deputy General Manager and Chief Investment Officer, has been appointed as the new General Manager, pending regulatory approval [2][4]. - Zhen Qingzhe, the current Chairman, will serve as the interim General Manager until Zhang Guang's appointment is confirmed [2][5]. Company Background - Allianz Asset Management was established with a registered capital of 500 million yuan and is based in Beijing, having received its operating approval on July 27, 2021 [3]. - It is the first wholly foreign-owned insurance asset management company approved to operate in China [3]. Performance Overview - The company has shown steady growth in revenue from 0.1 million yuan in 2021 to an expected 2.67 million yuan in 2024, with a projected turnaround to profitability in 2024 [6]. - As of the first quarter of 2025, the company reported a revenue of 67.49 million yuan, a year-on-year increase of 38.7%, and a net profit of 4.29 million yuan [6]. - By the end of 2023, Allianz Asset Management managed assets exceeding 300 billion yuan, with over 80% coming from portfolio insurance asset management products [6]. Strategic Developments - The company is focusing on cross-border investment business in collaboration with Allianz Life, aiming to innovate through private fund pilot models [7]. - The insurance asset management industry is experiencing a significant headwind effect, making it challenging for smaller firms to grow [7].