Group 1 - Rongtong Fund Management Co., Ltd. announced the departure of Deputy General Manager Zou Xi due to personal reasons, marking a significant change in the company's leadership [1][4] - Zou Xi has been a core figure in the equity investment sector and has witnessed the evolution of China's public fund industry over 24 years, making his departure noteworthy [1][5] - The company has undergone a strategic transformation following changes in its shareholding structure, which has influenced its management team [1][8] Group 2 - Zou Xi's exit was preceded by a gradual withdrawal from managing funds, having stepped down from all four funds he managed by September 6, 2025, leading to speculation about his departure from the public fund industry [4][5] - His career at Rongtong Fund began in 2001, and he has held various positions, culminating in his role as Deputy General Manager in 2020, where he was recognized for his expertise in cyclical stock investments [5][6] - Zou Xi's management experience includes overseeing funds that reached a peak size of approximately 15 billion yuan in 2020, but this has since decreased by over 70% due to market pressures [6][7] Group 3 - The departure of Zou Xi is part of a broader trend in the public fund industry, with 292 fund managers leaving their positions in the first three quarters of 2025, indicating a shift away from reliance on "star fund managers" towards a more team-oriented approach [9] - The restructuring of Rongtong Fund's management team began after a change in its controlling shareholder in 2022, leading to a series of high-level adjustments [8][9] - As of mid-2025, Rongtong Fund managed assets totaling 339.8 billion yuan, with public fund assets amounting to 154.2 billion yuan [8]

Core Viewpoint - The resignation of Zou Xi as the Deputy General Manager of Rongtong Fund on October 11, 2025, is not unexpected, as he had already stepped down from managing all four of his funds on September 6, 2025 [2][4]. Group 1: Management Changes - Zou Xi has worked at Rongtong Fund for 24 years, starting as an industry researcher in May 2001 and eventually becoming the Deputy General Manager [4]. - His resignation is attributed to personal reasons, and he has not been assigned to another position within the company [4]. - The company has experienced significant management changes, with two long-serving fund managers leaving within six months [8]. Group 2: Fund Management Performance - Zou Xi managed a total of eight funds, with mixed performance; five of these funds reported negative returns exceeding 10%, including two funds with losses over 30% [5][6]. - Among the four funds with positive returns, "Rongtong Industry Prosperity A" and "Rongtong Leading Growth A" achieved returns of 161.31% and 77.95%, respectively, with annualized returns of 7.56% and 6.97% [6]. - At his peak in 2020, Zou Xi managed assets worth 15 billion, but this figure had decreased to 4 billion by the time of his resignation [7].