200 billion public offering changes leadership! Former Vice President of Changjiang Securities, Xiao Jian, takes over from Liu Yuanrui

Ask AI · Do recent executive changes at public funds signal that industry transformation is accelerating?

On March 21, 长信基金 (Changxin Fund) released an announcement formally appointing Xiao Jian as the new chairman. The former chairman, Liu Yuanrui, stepped down due to a work adjustment, but he will continue to serve as a director of the company. Meanwhile, there were also important changes in the company’s board of directors: four new directors were added.

This is the first time Changxin Fund has replaced its chairman in the past five years, and it is also a significant personnel arrangement by its shareholder, 长江证券 (Yangtze Securities), for the asset management sector. With this “veteran” who has been deeply involved in the securities industry for nearly 30 years and is familiar with the Shanghai market taking office, this long-established public fund manager with management scale of nearly 200 billion yuan (about RMB 200 billion) may be entering a new development stage.

It is also worth noting that an insider close to Yangtze Securities told the reporter from 21st Century Business Herald that after stepping down as chairman of Changxin Fund, Liu Yuanrui will still take charge of Changxin Fund and 长江资管 (Yangtze Asset Management), which is also under Yangtze Securities, in his capacity as president of Yangtze Securities. This means that Liu Yuanrui’s management responsibilities for the asset management business may not be weakened; instead, his role may shift from directly serving as the subsidiary’s chairman to coordinating and managing at the group level.

Xiao Jian previously served as deputy general manager of Yangtze Securities, with deep experience in the securities industry and a long-time veteran in wealth management. His career began in a finance role at a real-economy company, after which he moved into the financial sector. He has worked at multiple financial institutions, including China Construction Bank, 大鹏证券 (Dapeng Securities), 华夏证券 (Huaxia Securities), and 金元证券 (Jinyuan Securities).

In September 2006, Xiao Jian joined Yangtze Securities, and he has been there for nearly 20 years. Before being promoted to deputy general manager, he served as general manager of the Shanghai branch of Yangtze Securities and also general manager of the wealth management center. Starting in February 2022, he has served as deputy general manager of Yangtze Securities, overseeing brokerage business and the wealth management transformation.

Xiao Jian has extensive hands-on experience in the wealth management field. During his tenure at Yangtze Securities, he has repeatedly shared his views on investment advisory (投顾) business in public, emphasizing that the wealth management transformation of brokerages toward investment advisory services for buy-side clients is an industry trend. He also promoted the company’s transformation from a “quick money” commission model to a “slow money” model centered on serving clients.

In December 2025, during a leadership reshuffle at Yangtze Securities, the company made an arrangement of “another appointment” for Xiao Jian. The appointment of Xiao Jian as chairman of Changxin Fund indicates that his new job direction has been formally set.

Also worth paying attention, alongside Xiao Jian taking office, is the departure arrangement for Liu Yuanrui. As a star analyst in the sell-side research field and president of Yangtze Securities, Liu Yuanrui has served as chairman of Changxin Fund since April 2021, for nearly five years.

The announcement clearly states that Liu Yuanrui’s departure is due to a “work adjustment,” and he is not fully leaving; he will continue to serve as a director of Changxin Fund afterward. An insider close to Yangtze Securities said that after stepping down as chairman of Changxin Fund, Liu Yuanrui will still take charge of Changxin Fund and Yangtze Asset Management as president of Yangtze Securities.

In addition, Changxin Fund also announced changes to its board of directors. Based on resolutions made at the shareholders’ meeting, Xiao Jian, Du Qi, and Lin Yudong were elected as non-independent directors, and Feng Ling was elected as an independent director.

After this change, the board of directors of the company will have a total of 11 members, namely: Xiao Jian, Liu Yuanrui, Ren Xiaowei, Li Zhao, Du Qi, Lin Yudong, Qin Bo, Xu Zhigang, Liu Fei, Yan Li, and Feng Ling.

Compared with before the change, four members—Xiao Jian, Du Qi, Lin Yudong, and Feng Ling—were added to the board of directors. The newly added non-independent director Du Qi currently serves as general manager of the legal and compliance department of Yangtze Securities, and he also serves as a supervisor at companies such as Yangtze Growth Capital Investment and Yangtze Asset Management. Lin Yudong, meanwhile, comes from another important shareholder of Changxin Fund. Their addition reflects the major shareholders’ further participation in corporate governance of the subsidiaries.

Overall, this round of executive changes at Changxin Fund shows three characteristics: first, key positions are filled by “veterans” familiar with group-level business; second, the former leadership team still retains management responsibilities at the group level; and third, at the board level, representatives of new shareholders and independent directors have been introduced.

Changxin Fund was established in May 2003. It is one of the earlier fund management companies in China and also an important layout by Yangtze Securities in the public fund business.

The company currently has five shareholders. Yangtze Securities holds 44.55%, making it the largest shareholder; Shanghai Haixin Group holds 31.21%; Wuhan Iron and Steel Co., Ltd. holds 15.15%; and the two employee shareholding platforms—Shanghai Tongjun Investment and Shanghai Tongsun Investment—together hold 9.09%.

From the perspective of management scale, according to Wind data, as of the end of 2025, Changxin Fund, with a scale approaching 200 billion yuan, ranks 40th in the entire market. In terms of its product structure, fixed-income products are the company’s core pillar. Among them, money market funds have a scale of over 100 billion yuan, and bond funds have a scale of over 60 billion yuan.

On March 20—one day before Changxin Fund released its announcement—another “brokerage-led” public fund company at the trillion-yuan scale, 东方基金 (Orient Fund), also announced that Cui Wei, who had served as chairman for nearly 15 years, stepped down, and the company’s general manager Liu Hongpeng will act as chairman.

Cui Wei is a seasoned veteran in the public fund industry. His career began at the People’s Bank of China, and he has worked in the China Securities Regulatory Commission system for many years. He is an early participant and witness in China’s public fund industry. During Cui Wei’s tenure, Orient Fund’s scale grew significantly—from less than 9 billion yuan at the end of 2011, gradually rising to a scale of over 120 billion yuan at the end of 2025.

In its latest announcement, Orient Fund gave an extremely high evaluation of Cui Wei’s achievements during his term. The company said that the change in the company’s senior executives is a normal arrangement based on continuously improving the company’s governance structure and continuously optimizing its talent pipeline. The company’s established development strategy will remain stable and continue.

On March 20, Xingzheng Global Fund also announced that its chief financial officer, Chen Jinquan, stepped down from the position, and Ma Yajing will take over.

In recent days, Xingzheng Global Fund also issued an announcement saying that it has hired additional fund managers for two funds—Xingquan Heng and Xingquan Tai—managed by the fund manager Ren Xiangdong. In addition, BOC Fund announced on March 19 that fund manager Zheng Ning left all 4 public funds under management for personal reasons.

Additionally, an insider also told the reporter from 21st Century Business Herald that Qiu Chunyang, general manager of Great Wall Fund, is planning to resign due to personal career planning. After his departure, the company’s currently serving commissioner, Zhu Han, may act as general manager. Qiu Chunyang has served as general manager of Great Wall Fund since 2020, for more than 5 years. Earlier, he worked at 南方证券 (Southern Securities). After that, he worked for a long time at 广发基金 (Guangfa Fund), holding positions such as general manager of the financial engineering department, director of products, deputy general manager, and commissioner, covering key areas across public fund operation management, product innovation, compliance and risk control, and more comprehensively.