One equity-oriented hybrid fund has utilized the full three-month permitted fundraising period.

A mixed fund took nearly a year and a half from regulatory approval to its fundraising launch at Xingzheng Global Fund.

According to a company announcement, the Xingquan Hechen fund initiated its subscription period from May 27, 2026, to August 26, 2026, with Tong Lan designated as the proposed fund manager.

It raises curiosity: why did the process face such significant delays? The fund received its initial approval on December 31, 2024, had its application materials accepted again on June 30, 2025, received approval for registration changes from regulators on November 28, 2025, and finally launched fundraising on the last possible day, exhausting the full three-month window.

The requirements for Xingquan Hechen are not particularly high. Its establishment threshold is 2 billion yuan (calculated by merging all share classes, same below). It is an equity-oriented hybrid fund with an equity investment ratio between 60% and 95%, including 0% to 50% invested in stocks eligible for the Hong Kong Stock Connect program.

Tong Lan was once one of Xingzheng Global's active equity fund managers overseeing over ten billion yuan. With nearly six years of experience as a public fund manager, her assets under management peaked at 38.419 billion yuan by the end of the second quarter of 2021. Following her departure from managing the Xingquan Trend Investment fund, her scale rapidly contracted. Currently, she manages only one fund, with assets under management below 1.5 billion yuan.

Three other products from Xingzheng Global were in their fundraising periods concurrently with Xingquan Hechen: Xingquan Panying (fundraising period May 20 to June 10), Xingquan Yingtai Multi-Asset Allocation Three-Month Holding (fundraising period May 8 to May 29), and Xingquan Value Quantitative Stock Selection (fundraising period May 20 to June 4). These products involve bond funds, FOF funds, and stock funds.

Xingquan Hechen is the only product with a fundraising period extending to three months. Meanwhile, the other three funds moved from approval to fundraising launch within two months.

What transpired behind the delays for Xingquan Hechen, and what is the historical performance of its proposed manager, Tong Lan? As a once-prominent "equity powerhouse," how have the remaining few billion-yuan fund managers at Xingzheng Global performed following significant talent outflow?

**1. Equity Products Lose Their Appeal**

Judging by the number of new funds and their initial fundraising scale, Xingzheng Global's influence in the active equity investment arena is rapidly diminishing.

As of May 22, Xingzheng Global has established four funds this year (including two FOFs), with a combined initial fundraising scale of 5.675 billion yuan. Among them, Xingquan Yingxi Multi-Asset Allocation Three-Month Holding (FOF) and Xingquan Jiayi (bond fund) raised over 1 billion yuan initially, at 3.386 billion yuan and 1.889 billion yuan, respectively. The Xingquan ChiNext Composite Index Enhanced fund had the smallest initial raise at just 64.1422 million yuan.

Xingquan ChiNext Composite Index Enhanced is a sponsored fund and the only equity fund established this year. The company itself subscribed to 10.0004 million yuan, accounting for 15.59% of the initial offering, with a holding period of no less than three years.

In 2025, Xingzheng Global launched seven new funds: two FOF funds, four index funds (including passive and enhanced index funds), and one active equity fund. Their combined initial fundraising scales were 1.559 billion yuan, 3.37 billion yuan, and 646 million yuan, respectively.

This indicates that in over a year, Xingzheng Global has launched only one active equity fund, with an initial fundraising scale of just 646 million yuan.

Two other funds under Xingzheng Global concluded their fundraising on May 22 and are awaiting final establishment notices. These are the Xingquan CSI All-Share Index Enhanced and Xingquan Yuejia funds, the former being a sponsored fund.

Furthermore, four other funds—Xingquan Youjia Hybrid Securities Investment Fund, the feeder fund for Xingquan CSI 300 Quality ETF, Xingquan National Securities Value 100 ETF, and Xingquan Technology优选 Hybrid Sponsored Securities Investment Fund—received regulatory registration approval between March 5 and April 8. If launched within the regulatory six-month window post-approval, these four funds will also enter their fundraising periods this year.

Looking ahead, will new active equity funds from Xingzheng Global continue to face delays? Can the company's newly established active equity funds, including Xingquan Hechen, regain their appeal to investors?

**2. Tong Lan's Investment Performance Lags**

Information shows Tong Lan possesses extensive investment research experience, with 18 years in the securities industry. She joined Xingzheng Global in March 2016, having served as a researcher and research team leader, and is an equity fund manager cultivated internally. Prior to this, she worked at Guosen Securities Hubei Branch, Changjiang Securities, and Guotai Junan (now Guotai Haitong).

On July 2, 2020, Tong Lan became a fund manager for Xingquan Trend Investment, transitioning from research to investment. Leveraging the scale of that fund, she became one of the billion-yuan equity fund managers. She left that fund on April 6, 2023, due to business adjustments.

For fund managers, performance is the ultimate measure.

Tong Lan's tenure return for managing Xingquan Trend Investment was -1.36%, underperforming its benchmark by 5.46 percentage points. Her current sole managed fund, Xingquan Xinyue, also shows weak performance.

As of May 22, the year-to-date, one-year, and three-year returns for Xingquan Xinyue A were -4.92%, -3.5%, and 12.92%, respectively, lagging their benchmarks by 7.23, 18.12, and 8.06 percentage points. Since its inception on March 17, 2023, the fund's total return is 13.88%, underperforming its benchmark by 8.94 percentage points.

Regarding top holdings, as of the end of Q1 2026, six of the top ten holdings in Xingquan Xinyue A were the same as at the end of Q4 2025: Baiya股份, Faraday Technology, China Mengniu Dairy, Midea Group, Zhejiang Longsheng, and China Mobile. Stocks held since April 1, 2024, include Baiya股份, China Mengniu Dairy, and China Mobile. As of May 22, Baiya股份 had declined by 1.82%.

New additions to the top ten holdings in Xingquan Xinyue A as of Q1 2026 included Hualu Hengsheng, You Ran牧业, Kweichow Moutai, and CNOOC. Among these, Hualu Hengsheng, You Ran牧业, and CNOOC saw their Q1 2026 stock prices near multi-year highs, while baijiu stocks represented by Kweichow Moutai have undergone years of correction.

Regarding assets under management, Xingquan Xinyue also shows a pattern of rising and then falling. It was 897 million yuan at the end of Q2 2023, rose to 3.205 billion yuan by the end of Q2 2025, fell to 1.731 billion yuan by the end of Q4 2025, and declined further to 1.421 billion yuan by the end of Q1 2026.

In terms of product profit (all share classes merged), Wind data shows that from 2023 to Q1 2026, Xingquan Xinyue recorded figures of -50.3893 million yuan, 196 million yuan, 175 million yuan, and -50.9061 million yuan, respectively, totaling 270 million yuan. During the same period, the fund generated 49.9274 million yuan in management fees.

Tong Lan's overall equity investment capability also appears lackluster. As of May 22, her Investment Manager Index (public equity-oriented) showed one-year and three-year returns of -3.5% and 12.92%, underperforming their benchmarks by 27.29 and 9.14 percentage points, respectively. The index's total return is 11.12%, compared to a benchmark of 11.75%.

**3. Continued Departure of Star Fund Managers**

Xingzheng Global was once renowned in equity investment, boasting several star fund managers such as Fu Pengbo, Du Changyong, and Wang Xiaoming.

However, since 2021, equity investment talent at Xingzheng Global has frequently departed, with 11 fund managers leaving, including nine equity fund managers like Ren Xiangdong, Dong Li, Dong Chengfei, Ji Kanle, and Wang Pin.

According to Wind data, among the nine departed equity fund managers, six had served as fund managers at Xingzheng Global for over five years. Dong Chengfei and Ren Xiangdong were both star fund managers overseeing over ten billion yuan before leaving. Dong Chengfei, in particular, served at the company for over 14 years, navigating multiple market cycles, and the products he managed once delivered impressive returns for investors.

The consecutive outflow of core investment research talent has raised questions among investors about Xingzheng Global's future equity investment capabilities and the sustainability of its investment performance.

However, the investment ability of departed equity fund managers is not consistently strong. Taking Ren Xiangdong as an example, as of his departure (by March 26, 2026), his Investment Manager Index (public equity-oriented) showed a three-year return of 6.03%, trailing its benchmark by 5.16 percentage points.

Dong Li is similar. As of January 20, his Investment Manager Index (public equity-oriented) showed a three-year return of 7.59%, against a benchmark of 12.85%.

Following the departure of several key equity figures, how has the medium-to-long-term performance of Xingzheng Global's stock and hybrid funds fared?

As of May 22, the average three-year returns for Xingzheng Global's stock funds and hybrid funds were 12.35% and 32.67%, respectively. The peer averages were 19.93% and 29.6%. The stock and hybrid funds show a "one loses, one wins" outcome.

**4. Xie Zhiyu Becomes the Company's "Cash Cow"**

Currently, among Xingzheng Global's 44 fund managers, 21 are equity fund managers. Eight have less than three years of experience as public fund managers, accounting for nearly 40%.

Measured by assets under management, Xie Zhiyu is the leading equity fund manager at Xingzheng Global and a "double-ten" manager (over ten years of experience, over ten-year annualized return). He currently manages three products with total assets of 34.519 billion yuan. However, compared to the 96.345 billion yuan at the end of Q4 2021, this represents a decrease of 61.826 billion yuan, a contraction of nearly two-thirds.

Xie Zhiyu's performance can be deceptive for investors. In terms of returns, the three funds he manages—Xingquan Herun A, Xingquan Heyi A, and Xingquan Social Value Three-Year Holding—have all more than doubled since he took over, as of May 22. However, in terms of product profit, Wind data statistics from 2021 to Q1 2026 show the combined product profit for these three funds is -4.606 billion yuan. For the overall investor base, this resembles "gaining on the index, losing principal."

Although Xie Zhiyu has led to losses for fund investors, he has been a veritable "cash cow" for Xingzheng Global. From 2021 to 2025, the aforementioned three funds brought in 1.843 billion yuan in management fee income for the company.

Additionally, other billion-yuan equity fund managers at Xingzheng Global include Xie Changyan, Yang Shijin, Qiao Qian, and Xue Yiran.

Xue Yiran and Xie Changyan are relatively new, and their investment abilities have not undergone sufficient market testing. They became billion-yuan managers by participating in the management of Xingquan Heyi (appointed March 7, 2025) and Xingquan Trend Investment (appointed July 3, 2025), respectively, with public fund manager tenures of 1.22 years and 0.9 years.

Both Xingquan Heyi and Xingquan Trend Investment are funds with assets over ten billion yuan. Xingquan Heyi is one of Xie Zhiyu's primary managed products, while past managers of Xingquan Trend Investment have included Dong Li and Dong Chengfei.

Yang Shijin has experienced drastic changes in management scale due to adjustments in his managed funds. On December 27, 2021, due to business adjustments, Yang Shijin stepped down as fund manager for Xingquan Heyi. His management scale fell to 2.992 billion yuan by the end of that year's Q4. Although he took over another fund in August 2023, his scale remained below ten billion yuan. It wasn't until July 2025, when he became a fund manager for Xingquan Trend Investment, that his scale increased to 25.223 billion yuan by the end of Q3 2025.

As of the end of Q1 2026, Yang Shijin's fund management scale had decreased to 21.803 billion yuan, contracting for two consecutive quarters.

The medium-to-long-term performance of products managed by Yang Shijin and Qiao Qian is relatively strong, having brought considerable profits to investors. Wind data shows that from 2021 to the end of Q1 2026, the combined product profits for funds managed by Yang Shijin and Qiao Qian were 4.732 billion yuan and 3.723 billion yuan, respectively.

Can the five billion-yuan fund managers, including Xie Zhiyu, once again shoulder the equity banner for Xingzheng Global Fund?