Another celebrity manager "liquidates" and steps down, Xingzheng Global Fund relies on the "master-apprentice system" to forge a new path!

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Author | Fu Ying
Source | Jugu Finance
A notice issued by Xingzheng Global Fund Management Co., Ltd. (hereafter “Xingzheng Global Fund”), which manages assets exceeding 740 billion yuan, puts an end to market speculation that several weeks of departures by mid-generation fund managers Ren Xiangdong would continue. On March 27, for personal reasons, Ren Xiangdong stepped down from the two funds he managed—Xingquanhetai Hybrid and Xingquanheheng Three-Year Holding Hybrid—after adjusting his responsibilities. After the adjustment, there are no longer any products under Ren Xiangdong’s management. Previously, Ren Xiangdong’s two managed funds had already arranged handovers in advance. In November 2025, Xingquanhetai added Zhang Chuanjie; in March 2026, Xingquanheheng added Xie Shuying. And this unusually dense wave of “bringing in new talent with old hands” in fact lays the groundwork for a fund manager’s departure. With this announcement now effective, the two funds are jointly managed by Xie Shuying and Zhang Chuanjie, and Xingquanhetai is jointly managed, while Zhang Chuanjie manages separately.

Ren Xiangdong’s departure is the third departure of a core equities fund manager at Xingzheng Global Fund in the past half year. Before that, Dong Li and Wang Pin also gradually faded out of the first line in similar fashion. The one-year reshuffling in the research and investment (投研) team of “3 entering and 7 exiting” also reflects that after the departure of star managers, the company is in a stage of adjustment and transition within its投研 team.

1

Ren Xiangdong’s “Xingquan Years”

Ren Xiangdong is a representative mid-generation figure in public funds. From 2015 to 2018, he managed Jiao Yin Schroder Jiao Yin Advanced Manufacturing. Over more than three years, he achieved a 95.81% return, ranking among the top 5% in its peer group. He also won the Star Fund award for three consecutive years. He is also known as “one of the fund managers at Jiao Yin who earns money the best,” and therefore is dubbed the “New Gold Generation.”

In October 2019, when he just joined Xingzheng Global Fund, it happened to be a golden era for the fund industry. Xingquanhetai, which was tailor-made for him, became a “limit-up day fund” that was crazily chased across the entire internet—so much so that it sold out directly. The subscription size exceeded 40 billion yuan. Ultimately, after launching proportional allocation, it was unrivaled in momentum for a time.

As of March 27 before his departure, Ren Xiangdong’s total employment return for Xingquanhetai was 64.02%, with an annualized return of 7.98%. While it was a positive-return period overall, during 2022–2023 it suffered a 40% drawdown. The net asset value did not return to the high point at the end of 2021. Its size fell from 5.476 billion yuan at the end of 2024 to 4.893 billion yuan at the end of 2025.

Chart source: wind

But the performance of the other product, Xingquanheheng, fell short of expectations. This product was established in mid-January 2022. Over its four years, as of March 27, its total return was -3.74%. Among 2,518 similar-category products, it ranked 1,110th.

Chart source: wind

From 2022 to 2024, the total profit amounts of Xingquanheheng were -532 million yuan, -1.004 billion yuan, and 295 million yuan, respectively. In the first half of 2025, profit was 231 million yuan. Judging from the quarterly reports in the third and fourth quarters of 2025, profits in those two quarters were 922 million yuan and -321 million yuan, respectively.

What can be confirmed is that Xingquanheheng has been profitable for two consecutive years, with combined profits exceeding 1.1 billion yuan. However, losses in the first two years after its establishment were severe, which means that even after four years, it remains loss-making. And from the end of 2022 to the first half of 2025, the product collected 282 million yuan in management fees.

From the perspective of size, from the start of 2022 through the end of 2024, the product kept its size above 60 billion yuan. In 2025, the size declined sharply—from 5.073 billion yuan at the beginning of the year to 3.498 billion yuan at year-end.

Chart source: wind

After this resignation, there are no longer any products under Ren Xiangdong’s management. He has officially exited Xingzheng Global’s front-line research and investment team. As of the end of 2025, Ren Xiangdong’s managed fund size was 8.391 billion yuan, down 2.159 billion yuan compared with the end of 2024. He fell out of the “billion-yuan-plus” fund manager tier. His managed scale—1.6048 billion yuan at its peak in 2022—is close to a “halving.”

Chart source: Can Toutu (canned pictures) library

After Ren Xiangdong’s departure, Xingquanhetai is co-managed by Xie Shuying and Zhang Chuanjie, while Xingquanheheng is managed solely by Zhang Chuanjie.

Xie Shuying has 17 years of industry experience and 11 years of fund management experience. From 2009 to early 2022, she worked at Penghua Fund, serving as a research analyst and fund manager over the years. She joined Xingzheng Global Fund in January 2022. In September 2022, she became fund manager of Xingquanhe Current? (Xingquanhe Rui) Fund. Together with Zhang Chuanjie as co-managers of Xingquanhetai, she currently manages two equity-tilted funds with a total managed size of 7.32 billion yuan.

She adheres to a balanced style, selecting stocks from the bottom up, with a particular focus on ROE and free cash flow indicators. This makes her more defensive amid market volatility, which aligns with the value attributed to the free cash flow strategy currently favored by the market. The annualized return of her managed products is 7.29%. Over the past one year, two years, and three years, the returns are 26.57%, 56.47%, and 21.58%, respectively—each significantly outperforming the CSI 300 and CSI 1000? (沪深300).

Chart source: wind

The other fund manager who took over Ren Xiangdong’s products is Zhang Chuanjie, with 8 years of experience. From December 2017 to December 2019, Zhang Chuanjie worked at Yongjin Asset Management as an analyst. From January 2020 to January 2023, he served as a senior analyst at Zhonggeng Fund. In January 2023, Zhang Chuanjie joined Xingzheng Global Fund. He is part of the company’s internally cultivated new-generation representative—moving from research analyst to assistant to fund manager. Since November 2025, he has co-managed Xingquanhetai with Ren Xiangdong, and currently manages that product alone. Zhang Chuanjie took over both of Ren Xiangdong’s two products, which shows how much Xingzheng Global Fund values him.

Ren Xiangdong’s Xingquan career began with a spotlight. The “limit-up” fund established his position. But later, performance of the products he managed diverged clearly. Xingquanheheng suffered long-term losses and shrinking scale, and his own managed scale also fell significantly. In the end, he chose to step down and exit. His departure is not an isolated case. Before that, Wang Pin, the director of private fund operations, and Dong Li, the “billion-yuan manager,” also successively exited the front line.

In January 2026, for personal reasons, Dong Li stepped down from the only product he managed—Xingquan Qing (Qingshiman?) Asset-Light Hybrid. Before that, in December 2025, the product welcomed a co-managed fund manager, Cheng Jian. As early as September 2025, after Dong Li stepped down from the fund core product Xingquan Trend Investment, there were already reports in the market that he had begun to develop intentions to withdraw.

It is worth noting that Dong Li’s investment ability has long been questioned. During his tenure, multiple of his products recorded losses exceeding 15%. In particular, Xingquan Trend Investment had a total return of -22.74% over his tenure, with an annualized return of -6.46%.

The former assistant director of Xingquan’s private fund investment department and fund manager at Xingzheng Global Fund, Wang Pin, suddenly stepped down from the only fund product she managed in December 2025. By February, there was already a fund manager co-managing with her. By March, she had stepped down from her core product.

2

“3 entering and 7 exiting” in the research and investment team within one year

As one of the leading fund companies, Xingzheng Global Fund has “contributed” many star fund managers to the market.

In the era of Xingquan funds, there was an all-star lineup called the “Xingquan Five Jue” taken from Jin Yong’s novels. They were “East Evil” Wang Xiaoming, “West Poison” Dong Chengfei, “South Emperor” Fu Pengbo, “North Beggar” Du Changyong, and “Central Divine Scholar” Yang Dong.

Led by Yang Dong, Chen Guangming, Wang Xiaoming, Fu Pengbo, and Dong Chengfei, from 2012 to 2016, Xingzheng Global Fund’s weighted average returns for equity products reached 179.13%, ranking first in the industry.

After Dong Chengfei’s departure in October 2021, the “Xingquan Five Jue” officially came to an end. Among them, after Fu Pengbo left, he moved to public funds at Ruiyuan Fund; the other four each went private. Du Changyong, Wang Xiaoming, and Dong Chengfei all joined Shanghai Ruiyuan Asset Management Co., Ltd., holding 30%, 20%, and 20% stakes, respectively.

Dong Chengfei, the last member of the five to leave, joined Xingzheng Global Fund when it was founded in 2003. He served for 19 years straight. At the time of his departure, he was still serving as vice president. The market considered him to be the “soul figure” of Xingzheng Global Fund.

With the departure of the five, Xingzheng Global Fund also lost its former glory.

Chart source: Can Toutu (canned pictures) library

The former star product Xingquan Trend Investment Hybrid (LOF), established in 2005, was once the industry’s “marathon champion.” It was especially outstanding during Dong Chengfei’s management tenure. From October 2013 to October 2021, over eight years, it generated a tenure return of 325.05% and an annualized return of 19.87%. At one point, the market even called it a “bull fund.”

Chart source: wind

After Dong Chengfei left, this product was successively taken over by Tong Lan, Xie Zhiyu, Dong Li, Xie Changyan, Yang Shijin, and others. Its performance went through a long period of a “roller coaster.”

Data show that Tong Lan’s total return during her tenure was -1.36%, Xie Zhiyu’s total return was -27.81%, and Dong Li’s total return was -22.74%. After Dong Li stepped down on September 1, 2025, the product has been managed jointly by the newly appointed fund manager Xie Changyan and Yang Shijin, a veteran with five years of experience.

Judging by performance, from the end of 2022 to the end of 2024, the profit of this product was -7.592 billion yuan, -2.836 billion yuan, and 1.216 billion yuan, respectively. It accumulated losses of 9.212 billion yuan over three years. By the end of the first half of 2025 it lost another 1.436 billion yuan, but in the second half profits improved significantly. Profits in the third and fourth quarters reached 4.034 billion yuan, and the full year achieved total profit of 2.598 billion yuan.

Chart source: wind

3

Old-hand plus new talent co-management becomes mainstream

Facing the successive departures of multiple “soul figures,” Xingzheng Global Fund did not choose to spend heavily to poach top-tier talent, but instead clearly proposed a transformation path of “platforming and systematization.”

Xingzheng Global Fund has publicly stated that it adheres to a “dual-track system” for talent acquisition. It focuses on cultivating internally while also proactively bringing in excellent external talent. At present, in the company’s research and investment team, there are many externally hired talents, accounting for 30% of the team. Relying on a mature research and investment platform, the company strengthens its systematized research and investment capabilities through mechanisms such as specialized division of labor, coordinated sharing, and old-hand plus new talent co-management. It has already cultivated a batch of high-quality new-generation fund managers, forming a complete lineup and an orderly talent layout with transmission.

Over the past year or so, Xingzheng Global Fund has hired 7 fund managers: Zhang Jimin, Sui Yi, Zhu Kefeng, Xie Changyan, Zhang Chuanjie, Huang Zhiyuan, and Jiang Hanjin. Only Zhang Chuanjie manages two products; the other newly hired fund managers each manage one product, and all of them co-manage with experienced veteran managers.

Among them, Xie Changyan and Yang Shijin, who joined the company in 2014, co-manage Xingquan Trend Investment Hybrid with the largest scale of 14.012 billion yuan. Xie Changyan’s annualized return for the managed product is also the best among the newly hired managers over nearly the past year. As of March 27, it reached 58.36%. Zhu Kefeng co-manages Xingquan Hefeng Three-Year Holding with Yang Shijin; the managed scale is 4.072 billion yuan, ranking second among the newly hired fund managers. Zhu Kefeng’s annualized return is 40.66%. Sui Yi co-manages Xingquan Hexing Hybrid with Chen Yu, a 10-year fund manager; the scale is 3.033 billion yuan, ranking third, with an annualized return of 49.82%.

Chart source: Can Toutu (canned pictures) library

In addition, Jiang Hanjin co-manages Xingquan Youxuan Active Three-Month Holding with Ding Kailin, who joined the company 5 years ago. Jiang Hanjin has only been in the role for three months, with an annualized return of 3.13%; Ding Kailin’s annualized return is currently relatively stable. Huang Zhiyuan co-manages Xingquan Huiji One-Year Holding with Liu Qi, whose annualized return exceeds 11%. Among them, Huang Zhiyuan has been in the role for less than three months, and the annualized return is negative. Zhang Jimin has been with the company for more than 8 and a half years. Starting in June 2025, he manages Xingquan Active Allocation Hybrid (FOF). His annualized return is 24.99%.

Xingquan Active Allocation Hybrid (FOF) is co-managed by three fund managers; the other two are Lin Guohai and Liu Shuiqing. Lin Guohai joined the company in 2017 and has served as assistant general manager, director of multi-asset allocation, and director of the pension management department. Liu Shuiqing joined Xingzheng Global Fund just over one year ago.

From this, it can be seen that all the newly hired fund managers at Xingzheng Global Fund do not manage products independently. Instead, they serve as “deputies” and co-manage products with senior managers. This mechanism can both smooth out the net value volatility risk caused by less experience among newcomers, and provide a buffer for senior managers to gradually step out, avoiding a dramatic impact on the fund scale.

For this company, the real test in the post-star era has only just begun. Although new-generation managers represented by Xie Changyan and Yang Shijin have delivered stage-by-stage performance repair under the co-management model, after losing the “Five Jue” halo—and with the successive departures of former star fund managers such as Ren Xiangdong and Dong Li—whether Xingzheng Global Fund can rebuild the former marathon-champion image relying only on old-hand plus new talent and the platform-based team approach still needs more time to be validated.

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