Within the year, five public fund managers have replaced their chairpersons, and the veteran fund company Changxin is rejuvenating and may focus on equity investments.

How can AI · Xiao Jian’s Shanghai financial experience help boost Changxin Equity development?

By | Zhang Ju

Edited by | Xie Changyan

On March 21, Changxin Fund released an announcement stating that it has appointed Xiao Jian as its new Chairman. The former Chairman, Liu Yuanrui, has stepped down due to work adjustments, but will continue to serve as a director of the company. The announcement said that this adjustment is part of the company’s normal personnel changes. After Liu Yuanrui stepped down as Chairman of Changxin Fund, in his capacity as President of Yangtze Securities, he will continue to oversee Changxin Fund and Yangtze Securities (Shanghai) Asset Management Co., Ltd., which is also under Yangtze Securities.

Changxin Fund is not the only public fund to have replaced its Chairman in the year; since 2026, five public funds—including Changxin, Orient, Tianzhi, Debang, and Allianz—have all seen their former Chairmen step down. Among them, Allianz, Debang, and Changxin have already confirmed the completion of leadership succession. Judging from the above scale and rankings, Changxin Fund, which ranked 40th in total assets at the end of last year, is the most leading among them.

This image may be AI-generated

Deeply rooted in Shanghai’s financial market for years

Former Yangtze Securities vice president takes over as Chairman

According to available information, Changxin Fund is headquartered in Shanghai and is an equity-participating subsidiary under Yangtze Securities. The new Chairman, Xiao Jian, has extensive management experience in the securities industry. Before joining Changxin Fund, he served as Vice President of Yangtze Securities. Earlier still, he had also served as General Manager of Yangtze Securities’ Shanghai branch, giving him a deep understanding of the market environment in Shanghai and the East China region. In December last year, during the election for senior management reshuffle at Yangtze Securities, an arrangement was made for Xiao Jian, then Vice President, to be reassigned to another post. This appointment indicates that his new term of responsibility has been formally set.

His resume shows that Xiao Jian was born in 1973. He previously served as the Accounting Supervisor at Hubei Province Wuhan AnTai Welded Pipe Co., Ltd.; as a securities business representative for the Shanghai securities business department of the China Construction Bank (CCB) Hubei Branch; as Assistant General Manager at Dapeng Securities’ Shanghai Jinling East Road securities business department; as Deputy General Manager at Huaxia Securities’ Shanghai Wulian Road securities business department; and as Deputy General Manager at Jinyuan Securities’ Shanghai Xuhong North Road securities business department. In 2007, Xiao Jian joined Yangtze Securities. He successively served as General Manager of Yangtze Securities’ Shanghai Houchang Street Securities business department and General Manager of Yangtze Securities’ Shanghai branch. He has served as Vice President of Yangtze Securities since February 2022.

In addition, he has served as Chairman of Yangtze Futures from June 2022 to January 2026. He has rich experience in managing branches, wealth management, and the operation of the futures industry, and also has a deep understanding of the Shanghai and East China markets. According to Wind Information, among Changxin Fund’s current shareholders, the largest shareholder is still Yangtze Securities, with a shareholding proportion of 44.55%.

Industry insiders believe that this personnel adjustment can be seen as an important step for Yangtze Securities to strengthen its strategic layout in the asset management business. The company has arranged for the President to directly manage the asset management division, and has seconded an “old hand” who is familiar with the Shanghai financial market and has executive experience to serve as Chairman of the subsidiary, reflecting Yangtze Securities’ emphasis on enhancing its capacity in asset management and its determination to continue to push forward in this field.

Old-guard public bond funds, weak in equities

Chairman Xiao Jian is expected to change this pattern

Revisiting Changxin Fund—the protagonist of this leadership change—Changxin Fund is a long-established securities-firm-affiliated fund company founded in 2003. Backed by Yangtze Securities, it once occupied a place of significance during the period of rapid growth in the public fund industry. In 2025, its scale successfully held steady at 190 billion yuan, but its total assets ranking fell from 37th at the end of the previous year to 40th.

Wind Information shows that among the company’s current scale of approximately 1,992.20 billion yuan, the size of money market funds is about 110.74 billion yuan, the size of bond funds is about 617.80 billion yuan, and the combined proportion reaches 86.51%. In sharp contrast, its equity fund size is about 43.10 billion yuan, and its hybrid fund size is about 197.53 billion yuan, accounting for roughly 12%; in addition, other types of products account for less than 2%.

As of now, the company manages a total of 90 funds under its umbrella. Meanwhile, in terms of the allocation of research and investment personnel, Changxin Fund currently has 32 fund managers, an average of 2.81 products managed per person, and an average managed scale of 6.226 billion yuan per person—all higher than the industry average. But it is not hard to see from the above analysis that the reason it is higher than the industry average mainly lies in the contribution of the fixed-income team.

Looking further at the lineup of fund managers, from the number of products managed by fund managers who are currently in office, it is also possible to see the company’s focus in the two major areas of equity and fixed income. Wind Information indicates that among the top ten fund managers, the number of products managed by each reaches 5. Among them, only Ye Song and Song Haian are managing active equity products.

From the perspective of the company’s fund asset net value, as of December 31, 2025, Changxin Fund has 5 products whose asset net value exceeds 8 billion yuan, and all of them come from the fixed-income side. (Separately counting different share classes of the funds.) At the other end of the scale ranking, Changxin has more relatively small “mini” or “pocket-sized” products, which mainly come from the equity segment.

Therefore, for Xiao Jian—the veteran in the securities industry—the top priority after taking office is how to achieve “walking on two legs” for the company and ensure balanced development of both fixed income and equity. Based on the voices of institutions, there are quite a number of expectations for Xiao Jian regarding Changxin Fund, which stem from three advantages. First is regional resource integration. His long-term accumulation of institutional relationships in Shanghai’s financial circle will help Changxin Fund connect more effectively with capital and clients in the Yangtze River Delta, expanding “long-money” channels such as pension funds, wealth management subsidiaries, and insurance funds. Second is deeper group synergy. Familiar with the structure of the parent company, he can promote linkage among businesses such as investment banking, research, and brokerage, better converting the parent company’s project reserves and research capabilities into fund products. Third is management experience enabling. From team governance to optimization of incentive systems, Xiao Jian’s management experience within the securities firm system may help address Changxin Fund’s shortcomings in organizational efficiency and mechanism innovation.

(This article was published in the Securities Market Weekly on March 28. The funds mentioned in the article are used only for illustrative analysis and do not constitute investment advice.)