Core Insights - The departure of Dong Li, a once-prominent fund manager at Xingzheng Global Fund, marks a significant decline for the firm, which has seen its actively managed equity fund size shrink by over 40% from 2021 to 2025 [2][9] - Dong Li's management of two major funds resulted in cumulative losses exceeding 131 billion yuan, while generating over 10 billion yuan in management fees for the company, highlighting a stark contrast between fund performance and investor returns [3][4] Group 1: Fund Performance and Management Changes - Dong Li's management of the Xingquan Social Responsibility fund resulted in a return of -15.41% during his tenure, and his largest fund, Xingquan Trend Investment, suffered cumulative losses of 106.48 billion yuan from 2022 to mid-2025 [3][4] - The overall size of Dong Li's managed funds dropped from a peak of 386.31 billion yuan to 151.39 billion yuan by Q3 2025 [3] - The performance of other prominent fund managers at Xingzheng Global, such as Xie Zhiyu, has also deteriorated, with his managed fund size shrinking nearly 60% from its peak, and cumulative losses reaching 61.3 billion yuan from 2022 to 2025 [5][6] Group 2: Strategic Challenges and Market Position - Xingzheng Global Fund's actively managed equity fund size decreased from 2029.78 billion yuan at the end of 2021 to 1195.39 billion yuan by the end of 2025, reflecting a loss of over 800 billion yuan in four years [9] - The firm has struggled to adapt to changing market conditions, with significant losses in stock investments totaling 478.78 billion yuan from 2022 to mid-2025 [9] - The company's late entry into the ETF market, with its first product launched in December 2025, indicates a lag in strategic positioning compared to competitors [10] Group 3: Leadership Changes and Financial Performance - Leadership changes at Xingzheng Global Fund, including the departure of the former chairman and the appointment of new executives with research backgrounds, suggest an attempt to revitalize the firm's investment strategy [11] - The firm's management fee income has declined from 46.89 billion yuan in 2021 to 14.07 billion yuan in 2024, reflecting the impact of poor fund performance on revenue [11] - The company's overall revenue dropped from 65.68 billion yuan in 2021 to 32.79 billion yuan in 2024, with net profit also decreasing significantly during the same period [11] Group 4: Industry Context and Future Outlook - The challenges faced by Xingzheng Global Fund are indicative of broader issues within the public fund industry, including over-reliance on star fund managers and mismatches between performance and fees [12] - The decline of Xingzheng Global Fund's reputation as a leading equity fund provider raises concerns about its future viability in a competitive market [13]

Core Viewpoint - Multiple well-known fund managers have resigned from their managed funds at the beginning of 2026, indicating a significant trend in the public fund industry [1]. Group 1: Resignations of Fund Managers - Chen Qiming has resigned from most of his fund manager positions as of January 26, 2026, due to personal reasons, following his previous resignation as Deputy General Manager of Huafu Fund [2][4]. - Other notable fund managers, including Jiang Xu from Huazheng Fund and Dong Li from Xingzheng Global Fund, have also recently stepped down from their managed funds [3][8]. - Dong Li resigned from his position as the manager of Xingquan Light Asset Mixed Fund on January 20, 2026, after having appointed a co-manager just a month prior [8][9]. Group 2: Performance and Background of Resigned Managers - Chen Qiming joined Huafu Fund in 2010 and has held various positions, including Assistant General Manager and Director of Equity Investment. His long-term management of the Huafu Value Growth Mixed Fund has yielded a return of 417.98% since September 26, 2014, significantly outperforming the industry average [7]. - Dong Li, who joined Xingzheng Global Fund in August 2017, was known for managing flagship products with substantial assets, including the Xingquan Trend Investment Mixed Fund, which had an annualized return exceeding 16% [9]. - Jiang Xu, with over 10 years of experience and an annualized return exceeding 10%, has resigned from all nine funds he managed, with reports suggesting he may transition to private equity [9]. Group 3: Industry Trends - The public fund industry has seen a record high in personnel changes, with numerous fund managers, including notable figures like Bao Wuke and Zhou Haidong, leaving their positions in 2025 [10].