China Investment Securities Becomes Largest Shareholder! Anxin Fund Equity Settled, Equity Product Performance Under Pressure

This article is sourced from Time Weekly, authored by Li Qiannan and Lu Yongzhi.

(Source: TuChong Creative)

Anxin Fund’s equity restructuring has been implemented.

On March 19, Anxin Fund Management Co., Ltd. (referred to as “Anxin Fund”) announced that its shareholder, Guotou Securities Co., Ltd. (“Guotou Securities”), signed an equity transfer agreement with China General Nuclear Finance Co., Ltd. (“CGN Finance”), whereby Guotou Securities will acquire 5.93% of Anxin Fund held by CGN Finance.

After the transfer, Guotou Securities’ stake in Anxin Fund increased from 33.95% to 39.88%, making it the largest shareholder. CGN Finance no longer holds any shares in Anxin Fund and has exited the shareholder list.

In terms of performance, over the past month, Anxin Fund’s equity products underperformed the market, while hybrid funds showed relatively steadier results. Recently, the scale of Anxin Fund’s equity products has shrunk significantly, with many funds at risk of reaching liquidation thresholds.

In response to the changes in shareholding structure and the pressure on fund performance, Time Weekly reporters sent an interview request to Anxin Fund. As of press time, the company has not responded.

Guotou Securities becomes the largest shareholder

Following the equity transfer, the shareholding structure of Anxin Fund is as follows: Guotou Securities holds 39.88%, making it the largest shareholder; Minmetals Capital Holdings Co., Ltd. holds 39.84%, as the second-largest shareholder; and Foshan Shunde Xinbi Trading Co., Ltd. holds 20.28%, as the third-largest shareholder.

The announcement indicates that this transfer does not affect other shareholders’ proportions. Minmetals Capital Holdings and Foshan Shunde Xinbi Trading continue to hold their original stakes. The business registration for this change has been completed, marking the official implementation of the transaction and an important optimization of Anxin Fund’s shareholder structure.

As the core entity in this transaction, Guotou Securities’ increased stake is seen industry-wide as part of its strategic plan to deepen financial layout and strengthen integration of finance and industry. Formerly known as Anxin Securities, Guotou Securities officially renamed in December 2023. Founded in August 2006, it is now a fully licensed comprehensive brokerage under Guotou Capital, with a large client base, a professional research team, and extensive channel advantages.

As a “broker-dealer” public fund, Anxin Fund has mature management experience and a product system. By the end of 2025, its public fund management scale exceeded 100 billion yuan, with several funds performing well. The deep collaboration between the two is expected to complement each other’s strengths and promote breakthroughs in product innovation, channel expansion, and research capabilities.

This equity change also reflects industry trends in the public fund sector. Currently, the industry is in a stage of high-quality development, with leading firms increasingly prominent. Small and medium-sized fund companies face pressures in product innovation, scale expansion, and research upgrades.

In Q3 2022, Anxin Fund’s management scale peaked at 136.491 billion yuan. Since then, the scale has declined, and recent years have seen frequent personnel adjustments in management and research teams.

Notably, the 5.93% stake held by CGN Finance had previously experienced two failed auctions. The stake was first listed for transfer in June 2023 with a minimum price of 85 million yuan, then relisted at a 10% discount for 76.5 million yuan, both ending in failure. Ultimately, Guotou Securities, the current major shareholder, took over and completed the transfer.

Fund scale “shrinks,” performance lags the market

Founded in December 2011, Anxin Fund is a nationwide public fund management company approved by the national financial regulatory authorities, registered in Shenzhen, Guangdong Province.

According to Tiantian Fund, as of December 31, 2025, Anxin Fund’s management scale was 107.583 billion yuan, with 220 funds and 40 fund managers. By fund type, hybrid funds totaled 40.076 billion yuan, bond funds 35.49 billion yuan, money market funds 24.048 billion yuan, equity funds 4.287 billion yuan, index funds 3.538 billion yuan, and FOF funds only 143 million yuan.

From these figures, it is clear that the largest fund types are mainly hybrid and bond funds, which are also the company’s main focus. Even so, the ability of equity fund managers to select stocks and time the market still reflects the company’s overall strength, and their performance better demonstrates the company’s capabilities.

According to Wind data on March 19, Anxin’s equity funds (20 in total, counted separately by share class) had an average return of -5.66% over the past month, -1.57% over three months, -8.16% over six months, and an average of 16.94% over the past year. These figures show that while the one-year return is relatively good, the recent half-year and one-month returns are negative, with the latest month showing notable losses.

Looking at the stock market, the A-share market declined overall in the past month, with the Shanghai Composite down 3.76% and the CSI 300 down 2.70%. Market activity remains decent but under pressure, and Anxin’s equity funds underperformed the market.

Wind data as of March 19 shows that among Anxin’s equity funds, only the Anxin Dividend Quantitative Stock Selection A and C classes posted positive returns in the past month, at 2.41% and 2.37%, respectively. The other 18 funds posted negative returns, with resources-focused funds like Anxin Resources Rui Xuan A and C classes dropping over 10%, at -11.37% and -11.41%. Overall, the one-year return of the company’s equity funds remains positive, with double-digit maximum returns.

By the end of 2025, the scale of Anxin’s equity funds had shrunk by 55% compared to three years earlier. Notably, more than half of its equity products have scales below 50 million yuan, approaching liquidation thresholds.

Even more concerning is the loss of core talent. On July 17, 2025, star fund manager Zhang Yifei officially stepped down from managing all nine of his funds, citing “personal reasons.” He had been with Anxin Fund for over 13 years, managing a peak scale of over 30 billion yuan. Early 2026 saw the departure of another top-performing manager, Chen Zhenyu.

Financial commentator Gu Shiliang told Time Weekly that the shrinking fund scale is related to weaker asset management and investment returns, leading to reduced holdings and redemption pressures, creating a negative feedback loop. The loss of core talent may be linked to compensation, career development prospects, and performance pressures. If other firms offer more attractive pay and promotion opportunities, it could accelerate talent outflow.