Added to the team for 9 days before immediately resigning; Xingzheng Global Fund star manager Ren Xiangdong departs with a complete liquidation.

Recently, Xingzheng Global Fund Management Co., Ltd. issued an announcement stating that its fund manager Ren Xiangdong has formally stepped down from all two fund products he managed—Xingquan Tai Hybrid and Xingquan Heng Three-Year Holding Hybrid—due to personal reasons. This resignation is a “full liquidation-style” departure. After leaving, Ren Xiangdong will no longer hold any position at the company.

Notably, only 9 days have passed since Xingzheng Global Fund added co-managing fund managers for these two products, and this rapid handover action has drawn market attention to talent mobility in the public fund industry as well as the company’s talent management mechanisms.

Ren Xiangdong: From a “blockbuster-maker” to a “full liquidation-style” resignation

Public information shows that Ren Xiangdong was born in 1983 and holds a master’s degree in finance from Shanghai Jiao Tong University. He has 14 years of cumulative experience in the securities industry. His career began at Industrial Bank Schroders Fund. Since January 2015, he has managed the Industrial Bank Advanced Manufacturing Hybrid Fund. Over more than 3 years in the role, he achieved a cumulative return of 95.81%, ranking in the top 5% among funds in the same category. Therefore, industry insiders regard him as a “new golden generation” fund manager cultivated by Industrial Bank Schroders Fund.

In March 2019, Ren Xiangdong officially joined Xingzheng Global Fund. In the same year, in October, it launched his company’s first product, Xingquan Tai Hybrid, making it a “sunlight fund” that was directly and aggressively snapped up across the internet, with subscription size exceeding 40 billion yuan, and it ultimately initiated proportionate allocation.

In January 2022, Ren Xiangdong began managing the Xingquan Heng Three-Year Holding Hybrid Fund.

In terms of his tenure returns, Ren Xiangdong’s performance at Xingzheng Global Fund shows clear differentiation. Among them, Xingquan Tai A achieved a tenure return of 64.02%, while Xingquan Tai C achieved a tenure return of 57.81%. However, Xingquan Heng Three-Year Holding A and C recorded negative returns of -3.74% and -4.94%, respectively, during his management.

After this resignation, Ren Xiangdong has no funds under management under his name and has officially exited the frontline of Xingzheng Global Fund’s investment research and operations. By the end of 2025, Ren Xiangdong’s funds under management totaled 8.391 billion yuan, down 2.159 billion yuan from the end of 2024. He fell out of the hundred-billion yuan fund manager tier, and his managed scale—8.391 billion yuan—was close to being cut roughly in half compared with the 16.048 billion yuan peak in 2022.

Resigning just 9 days after adding a hire—“old-to-new co-management” becomes a standard transition path

Notably, 9 days before Ren Xiangdong’s resignation, the company had already taken the lead to revise the arrangements by adding co-managing fund managers for the two funds he managed. On March 18, Xingzheng Global Fund issued an announcement stating that Xingquan Tai Hybrid added Xie Shuying as a fund manager, who would co-manage the product together with Ren Xiangdong and Zhang Chuanzhe; Xingquan Heng Three-Year Holding Hybrid added Zhang Chuanzhe as a fund manager, who would co-manage the product together with Ren Xiangdong.

According to the latest announcements, after Ren Xiangdong officially left, Xingquan Tai Hybrid would be co-managed by Xie Shuying and Zhang Chuanzhe, while Xingquan Heng Three-Year Holding Hybrid would be managed solely by Zhang Chuanzhe.

Both Xie Shuying and Zhang Chuanzhe appointed for this transition are existing fund managers at Xingzheng Global Fund. Public information shows that Xie Shuying has more than 10 years of fund management experience. From April 2009 to January 2022, she worked at Penghua Fund Management Co., Ltd., serving as a research analyst and later as a fund manager. Zhang Chuanzhe joined Xingzheng Global Fund in 2023, serving as an industry research analyst in the research department, fund manager assistant, and fund manager. This appointment represents his first time independently or jointly managing a fund product with core responsibilities. Their pairing reflects Xingzheng Global Fund’s “old-to-new co-management” approach promoted in recent years.

Reviewing recent personnel adjustments of fund managers at Xingzheng Global Fund shows that “old-to-new co-management” has become the company’s mainstream method for building its talent pipeline. In January 2026, another fund manager of the company, Dong Li, left the company using a “full liquidation-style” resignation. The product he managed also adopted the same model of “adding a hire for co-management—smooth handover.” Over the past year, among the seven newly hired fund managers at Xingzheng Global Fund—Zhang Jimin, Sui Yi, Zukef, Xie Changyan, Zhang Chuanzhe, Huang Zhiyuan, and Jiang Hanjin—each has conducted work using a co-management approach with senior fund managers. Taking Xie Changyan as an example, she co-manages Xingquan Trend Investment Hybrid with Yang Shijin, who joined the company in 2014. Yang Shijin currently manages 3 funds (A and C shares are combined for calculation). As of the end of the second quarter of 2025, his total managed scale reached 23.346 billion yuan.

The company’s net profit last year was 1.59 billion yuan, up more than 12% year over year

Public information shows that Xingzheng Global Fund Management Co., Ltd. was established on September 30, 2003, jointly invested by Industrial Securities Co., Ltd. (51% stake) and Global Life Insurance International Co. (49% stake). It is one of the first batches of publicly offered fund management companies established in China.

Data shows that as of the end of 2025, Xingzheng Global Fund’s total assets under management were 749.057 billion yuan, of which non-currency asset scale was 303.250 billion yuan. Among 164 licensed public fund companies, it ranked 20th. In terms of asset structure, the scale of equity funds of the company has continued to decline since the peak of 245.974 billion yuan at the end of 2021. By the end of 2025, it rebounded to 135.796 billion yuan, with scale growth mainly relying on money market funds and bond funds.

According to the latest disclosed operating data from Industrial Securities, as of December 31, 2025, the total assets of Xingquan Fund were 11.465 billion yuan, and net assets were 7.734 billion yuan. During the reporting period, it achieved operating revenue of 3.968 billion yuan, up 21.3% year over year; net profit was 1.590 billion yuan, up 12.51% year over year.

Written and reported by: Nandu · Bay Finance and Society reporter Luo Yanyu