China Fund News reporter Zhang Ling
Although the turnover of senior executives in the public offering industry has become the norm, it is still very rare in the industry for five executives to leave at the same time in a single day.
According to the senior management change announcement issued by Jiangxin Fund on May 11, the company's chief information officer and four deputy general managers all left on May 10.
Specifically, the company's four deputy general managers, Zheng Yu, Wang Anliang, Li Zhen, Wang Peng, and chief information officer Fu Ming, all left on May 10, and none of them were transferred to other positions in the company. In terms of reasons for resignation, except for Zheng Yuwei's retirement, the rest are personal reasons.
According to the announcement, after the departure of the former CIO, before the appointment of a new CIO, the company's general manager Yuan Liang will take over the position.
According to the biographical information, Yuan Liang has successively worked in the Dajing Road Office of the Industrial and Commercial Bank of China, the business departments of Changcai Securities Co., Ltd., the business departments of Hengtai Securities Co., Ltd., the institutional trading department of Hengtai Securities Co., Ltd., and the asset management department of Hengtai Securities Co., Ltd., and successively served as the general manager of each business department, the general manager of the brokerage business Beijing region and the general manager of the institutional business department, the deputy general manager of the institutional trading department and the deputy general manager of the asset management department.
Since February 2020, Yuan Liang has worked for Jiangxin Fund as the director of the institutional business headquarters, and from June 2022 to September 2023, he served as the executive deputy general manager of the company. Since October 2023, he has served as the general manager, head of finance, head of Shanghai branch and director of the company.
It's rare in the industry for five executives to leave in one day. However, the reporter's inquiry found that Jiangxin Fund had a similar precedent of "big blood change" before, and the company's senior management changes have been more frequent in recent years.
According to the announcement disclosed by the company in December 2019, the company's directors have changed, and at the same time, 4 directors and 3 independent directors have stepped down, and 7 new directors have joined. In November 2022, Chu Ying, the former general manager of the company, resigned for personal reasons, and Jiao Mao left in October last year less than a year after taking over. And in May last year, there was also a strict resignation of the inspector general due to the adjustment of his position.
The reporter noted that after the departure of the latest five executives, the company's senior management is currently only the general manager Yuan Liang, as well as a deputy general manager, a chief inspector and a secretary of the board of directors.
In the past seven years, the company has not issued new products and continued to lose money
According to the information on the official website, Jiangxin Fund is a fund management company approved by the China Securities Regulatory Commission in December 2012 and registered on January 28, 2013, with a registered capital of 180 million yuan in Beijing. The company's business scope is fund raising, fund sales, specific customer asset management, asset management and other businesses licensed by the China Securities Regulatory Commission.
At present, the company has no actual controller, in terms of equity structure, Guosheng Securities is 30% of the company's largest shareholder, Golden Kylin Investment Co., Ltd., Anhui Hengsheng Sunshine Holdings Co., Ltd., Yingtan Jufu Investment Management Limited Partnership, Yingtan Hongshi Investment Management Limited Partnership The shareholding ratio is 17.5%, and the shares of the last four shareholders are frozen.
In recent years, with the continuous development of the public fund market, a number of fund companies established at the same time as Jiangxin Fund have reached the level of 10 billion yuan or even 100 billion yuan, and many brokerage public offering companies have achieved rapid development, but Jiangxin Fund, which has been established for more than 11 years, seems to have fallen into a predicament of stagnation or even regression.
Wind data shows that the scale of Jiangxin fund management exceeded 4 billion yuan at the end of the third quarter of 2017, and has shrunk since then. As of the end of the first quarter of this year, its management scale was only 2.853 billion yuan, ranking 142nd among 157 public offering licensed institutions.
In terms of specific fund products, there are currently 9 funds under Jiangxin Fund, of which 1 money market fund, 2 flexible allocation funds, and the rest are bond-based. These products were established between 2014 and 2017, which means that the company has had no new products in nearly seven years.
At present, the company has only 3 fund managers to manage the above-mentioned funds, and the product scale is generally small, and many of them have been reduced to mini funds. From the perspective of product performance during the year, except for 2 flexible allocation funds, the performance of the rest of them achieved positive returns. In terms of performance since its inception, Jiangxin Ruifu, which was established in February 2017, has returned -11.55%, while the rest are positive.
According to the annual report of Guosheng Securities, in 2023, Jiangxin Fund will achieve an operating income of 16.685 million yuan and a net loss of 45.695 million yuan. Jiangxin Fund has suffered losses for four consecutive years, and its profitability has been at the bottom of the list for a long time among fund companies with publicly available data.
In addition, on April 21 last year, due to problems in financial management and regulatory reporting, Jiangxin Fund was also ordered by the Beijing Securities Regulatory Bureau to correct administrative supervision measures, and take corresponding administrative supervision measures against relevant responsible personnel.
Editor: Captain
Review: Xu Wen