370 billion Great Wall Fund changes leadership, wishing letter promoted to General Manager! How to break through with less than 10% equity scale?

Another public fund with assets exceeding 100 billion yuan changes leadership.

On March 27, Great Wall Fund announced that due to a work change, its General Manager Qiu Chunyang has stepped down. Supervisor Zhu Han will take over as General Manager and will concurrently serve as acting Supervisor.

Judging from his background, Zhu Han previously worked at the Shenzhen Securities Regulatory Bureau. Later, he held positions at Shenzhen DeWeidejia Investment Co., Ltd., Zhongtian Guofu Securities, and Century Securities. He joined Great Wall Fund in 2023 as Supervisor and served in that role until this appointment as General Manager.

Times Weekly noted that, against the backdrop of the public fund industry emphasizing compliant operations and steady development, executives with dual experience in both regulation and market institutions are more welcomed.

Yu Fenghui, an invited researcher at China Financial Think Tank, analyzed for Times Weekly that Zhu Han has dual backgrounds in regulation and market institutions. This appointment reflects the growing importance of optimizing corporate governance structures and compliance operations, and also indicates Great Wall Fund’s intention to enhance overall competitiveness by strengthening risk management and compliance practices.

△Image source: TuChong

At present, the public fund industry is in a period of change and faces more opportunities and challenges, which in turn drives higher executive mobility. Great Wall Fund told Times Weekly that moderate personnel flow is a normal phenomenon during the industry’s rapid growth. After nearly 30 years of development, China’s public fund industry has always attached great importance to compliant operations, and its governance system has been continuously improved. Executive adjustments usually do not have a significant impact on the fund company’s day-to-day operations.

“Post-80s” Supervisor Promoted to General Manager

Currently, Great Wall Fund’s official website has updated the list of its directors and senior management. Zhu Han is listed after Chairman Wang Jun, while Qiu Chunyang remains on the board.

According to publicly available information, Zhu Han was born in 1979. He holds a Master’s degree in finance and law from Southwestern University of Finance and Economics. From 2005 to 2014, he worked at the Shenzhen Securities Regulatory Bureau. From 2014, he served as Compliance Director at Shenzhen DeWeidejia Investment Co., Ltd. In 2016, he joined a securities firm, and previously served as Deputy General Manager, Chief Risk Officer, and Chairman of the Supervisory Board at Zhongtian Guofu Securities. In 2022, he served as Deputy General Manager of Century Securities.

In 2023, Zhu Han joined Great Wall Fund and in September of that year was appointed Supervisor of the company. This means it took about two and a half years for Zhu Han to be promoted from Supervisor to General Manager.

In May of last year, Zhu Han, as an alumnus of Southwestern University of Finance and Economics, delivered a themed speech at the university titled “Practical Analysis of Violations in Capital Markets—Also Discussing Fairness and Efficiency in Securities Regulation.” He said that the capital and talent aggregation effects in the capital market are significant, and high-frequency trading and cross-market transmission mechanisms place higher demands on regulation. At the same time, the cycle of financial product innovation has shortened, and regulatory lag has become increasingly prominent. How to strike a balance between the rigid constraints of law and the market’s flexible vitality has already become a core challenge that regulators urgently need to tackle.

In recent years, it is not uncommon in the industry to see cases where a Supervisor is promoted to Deputy General Manager, but cases of promotion from Supervisor to General Manager are relatively rare.

Zhao Bing, Deputy General Manager of Dacheng Fund, is also someone who transitioned from Supervisor. He joined Dacheng Fund in 2017. From August 2017 to May 2022, he served as Supervisor. Since June 2022, he has served as Deputy General Manager. Zhou Meiyun, Vice President of Guolian Fund, previously also served as Supervisor. She joined the company in 2016 and previously held roles including Managing Director, General Counsel of the Board (Company’s director-level general counsel), Secretary to the Board of Directors, and Supervisor. From April 2024 to present, she has served as Vice President.

△Image source: TuChong

The previous case of a Supervisor being promoted to General Manager dates back to 2024. In July 2024, Guorong Fund announced that Supervisor Mao Lingjun was appointed General Manager. The prior General Manager, Xu Jin, left due to personal reasons, and Mao Lingjun took over as General Manager starting December 2023. According to regulatory requirements, the period during which a Supervisor performs the duties of the General Manager must not exceed 6 months; in July 2024, Mao Lingjun was transferred to General Manager.

Times Weekly also noted that some fund companies have Supervisors transitioning to co-Chairmen of the company. In February of this year, AVIC Fund announced that Liu Jian stepped down as Supervisor due to work arrangements, and continued to serve as co-Chairman. The company appointed Song Xin as Supervisor.

Supervisors are important senior executives in public funds, and some have frontline regulatory experience.

According to incomplete statistics by Times Weekly, E Fund Supervisor Wang Yu, Huatai-PineBridge Fund Supervisor Liu Wanfang, Nuon Fund Supervisor Li Xuejun, and Huabao Fund Supervisor Zhou Lei have all previously worked at the China Securities Regulatory Commission. Yongying Fund Supervisor Wang Chengjie previously worked at the Shanghai Securities Regulatory Bureau. Dacheng Fund Supervisor Duan Haojing previously worked at the Shenzhen Securities Regulatory Bureau.

Equity product scale proportion below 10%

The General Manager Qiu Chunyang, who stepped down due to work changes in this round, has worked at Great Wall Fund for 5 years and has previously served as Chief Information Officer and General Manager.

Judging from his background, Qiu Chunyang is an industry veteran with more than 20 years of experience. He started his career at Southern Securities in 2001. From November 2002 to July 2020, he worked at GF Fund, holding roles including Deputy General Manager of the Institutional Wealth Management Department, General Manager of the Financial Engineering Department, Index Fund Manager, Product Director, Deputy General Manager, and Supervisor.

Great Wall Fund was established in 2001. It is the 15th fund management company approved and established by the China Securities Regulatory Commission, and is a typical “brokerage-affiliated” public fund. The company’s controlling shareholder is Great Wall Securities, holding 47.059% of the shares. The other three shareholders—Oriental Securities, Northern International Trust, and Zhongyuan Trust—each hold 17.647%.

During Qiu Chunyang’s tenure, Great Wall Fund’s managed asset size grew from 159.289 billion yuan at the end of Q3 2020 to 374.3 billion yuan at the end of 2025, with its ranking rising from 32nd to 29th.

Great Wall Fund told Times Weekly that the company has always been positioned in inclusive finance, adheres to the principle of “putting the interests of holders first,” and continuously forges its core competitiveness of “one excellence and three strengths” (excellent investment performance + strong compliance capability, strong service capability, and strong synergy capability). It aims to consolidate and expand its advantages of “fixed-income investment excellence, technology investment leadership, and distinctive growth investment characteristics,” while capturing diverse investment opportunities.

However, behind the impressive growth in scale, the market has also paid attention to the “imbalance” in its product structure to a certain extent.

Wind data shows that from the end of Q3 2020 to the end of 2025, Great Wall Fund’s non-money-market product scale increased from 73 billion yuan to 150.7 billion yuan. Among them, bond-type products occupy a core position. The managed scale of bond products grew from 30.3 billion yuan to 118.1 billion yuan, an increase of more than 280%.

However, Great Wall Fund’s equity-type product scale is relatively low. Wind data shows that since 2020, the managed scale of equity-type products reached 45.213 billion yuan at the end of 2021, then fell to 24.2 billion yuan at the end of 2024, before rebounding somewhat to 31.3 billion yuan as of now—but this is still more than 30% below the peak. Currently, equity products account for less than 10% of the total scale.

Yu Fenghui analyzed for Times Weekly that for Great Wall Fund, which is strong in fixed-income business, increasing the scale of equity products requires a differentiated competition strategy. For example, it should increase investment in research teams and improve research and investment capabilities; leverage existing resources from brokerage shareholders to find high-quality projects; develop distinctive equity-type products based on market demand; and enhance brand influence and customer loyalty through market education and investor relationship management. This will help the company break through amid fierce market competition and gradually expand its market share in equity products.

△Image source: TuChong

As of March 28, Great Wall Fund had 38 fund managers and 257 funds. Wind data shows that as of March 28, among all products under Great Wall Fund, 119 had a scale of less than 1 billion yuan, accounting for 46%.

In terms of performance, data from Tian Tian Fund Network shows that in the past month, Great Wall Fund’s equity-type products performed poorly, with nearly 60 funds falling by more than 10%. Among them, stock funds include Great Wall Quant Small Cap Stock A/C, Great Wall Consumer 30 Stock A/C, and Great Wall Quant Selected Stocks A/C. The characteristics of the above funds are that their scales are all below 200 million yuan, and Great Wall Quant Selected Stocks C has fallen by 46.68% since its inception.

Both Great Wall Quant Small Cap Stock A/C and Great Wall Quant Selected Stocks A/C are managed by fund manager Lei Jun. Great Wall Quant Small Cap Stock fell by more than 11% in the past month. As of the end of 2025, the combined A/C share scale is only 0.73 billion yuan, shrinking by more than 85% compared with the end of 2023.

In addition, Tian Tian Fund Network shows that Great Wall Consumer 30 Stock C, managed by Deputy General Manager Yang Jianhua of Great Wall Fund, has fallen by more than 11% this year. From May 11, 2021, to January 25, 2025, this fund was managed by Yang Jianhua. After that, Yu Huan was additionally hired to jointly manage it.

For the hybrid category, Tian Tian Fund Network shows that Great Wall Emerging Industry Hybrid A/C, managed by fund manager Liu Jiang, has fallen by more than 20% this year and ranks at the bottom among peers. Its scale is also small, with combined A/C share scale of 1.29 billion yuan. Liu Jiang currently manages 4 funds, with a total managed scale of only 2.15 billion yuan.

According to the 2025 Q4 report of Great Wall Emerging Industry Hybrid, during the reporting period, the net asset value growth rate of the A fund was -7.37%, while the performance comparison benchmark return was -1.78%. The net asset value growth rate of the C fund was -7.51%, with the same benchmark return of -1.78%. During the reporting period, the A and C shares incurred losses of 4.7196 million yuan and 1.0739 million yuan, respectively.

In terms of investment strategy, the fund adheres to a strategy based on a medium- to long-term perspective, continuously focuses on the trends of emerging technology consumption, emphasizes the direction of new productive forces, and strives to identify investment opportunities in emerging industries. Based on the fair value of the stocks held as a proportion of the fund’s net value, the stocks invested in by the fund include Zhejiang Rongtai, Hengbo Shares, Xinwei Communication, Changying Precision, Hengli Hydraulic, and Lixing Shares.

It is worth noting that most of the major heavy-holding stocks held by Great Wall Emerging Industry Hybrid performed well in Q4 2025. Wind data shows that, except for Tonglian Precision, the other 9 stocks all rose. Among them, Xinwei Communication rose by over 140%, Lixing Shares rose by over 90%, and Hengbo Shares rose by over 80%.

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