The recent promotion of Zhang Danhua to Vice President at Harvest Fund Management Co., Ltd. represents another development in the company's frequent senior management changes. Concurrently, the firm faces heightened product liquidation risks, and the prevalence of a single manager overseeing multiple funds may highlight underlying issues with its investment research capabilities.
On July 9, Harvest Fund announced a senior personnel appointment, promoting internally cultivated veteran investor Zhang Danhua to Vice President. Information shows Zhang Danhua has been with Harvest Fund for 15 years, having served as Research Director, Technology Sector Investment Director, and Head of the AI Lab. He currently holds the position of Chief Investment Officer for Equities. He has managed over ten funds during his tenure, with his representative product, Harvest Research Enhancement Mixed Fund, achieving a tenure return of 97.23%. However, he also managed products like Harvest Hong Kong Internet Industry Core Assets, which suffered tenure losses exceeding 30%.
Currently, Zhang Danhua manages only one fund, the Harvest New Tianhui Regular Mixed Fund, with assets under management (AUM) of just 0.46 billion yuan, which has long struggled near the liquidation threshold. Recently, the fund co-appointed a new manager, Li Xiaoteng, for joint management.
It is noteworthy that Harvest Fund's core management has seen frequent changes in recent years. In August 2024, then-Chairman Zhao Xuejun was investigated for personal reasons. In December of the same year, Vice President Zhang Feng and Institutional Chief Investment Officer Guo Jie left their posts. In May 2025, Chief Information Officer Yang Jingshuang departed, followed by Financial Controller Li Ming in July. Such frequent turnover in key positions inevitably raises questions about the stability of the company's internal governance.
Simultaneously, pressure is mounting on the product side. This year, Harvest Fund has already seen two initiated funds—Harvest Emerging Prosperity Mixed and Harvest CSI All Share Household Appliances Index—automatically liquidate as their AUM fell below 2 billion yuan after three years, per their fund contracts. Additionally, eight other products, including Harvest Leading Edge Optimal Aggressive Allocation 6-Month Holding Mixed Fund, have issued liquidation risk warnings. Among these, the Harvest Leading Edge Optimal Aggressive Allocation 6-Month Holding Mixed Fund has seen its AUM remain below 50 million yuan for 30 consecutive working days.
Analysis reveals that six of these eight products facing liquidation risk are managed by fund managers overseeing multiple funds. Among them, Zhao Qian manages 7 fund products, Shang Ke manages up to 16, Hu Yongqing manages 10, both Zhang Wenjia and Chen Shuo manage 8 each, and Wang Yazhou manages 9.
Notably, on July 7, Harvest Fund issued nine announcements regarding co-appointments of fund managers in a single day, eight of which involved adding Zhang Qi to co-manage fund products. Zhang Qi had never previously managed any products at Harvest Fund and now suddenly oversees eight. The existing co-manager for several of these, Li Tong, already manages 12 products with a total AUM of 232.301 billion yuan, accounting for over 22% of Harvest Fund's total AUM. This move appears to be using new personnel to fill quotas, but it conceals underlying issues of severe product homogenization and a lack of sufficient investment research personnel. Should market volatility occur, liquidation risks could potentially erupt simultaneously.
Management Turmoil and Zhang Danhua's Promotion
The senior management change announcement released by Harvest Fund on July 9 stated that Zhang Danhua was newly appointed as a company Vice President, effective July 7. Prior to this, on June 26, the company announced that Cheng Jian had stepped down from the Vice President role due to work responsibility adjustments, with no transfer to other positions within the company. The Vice President vacancy was filled by Zhang Danhua just days later.
Public information indicates Zhang Danhua is a veteran investor cultivated internally over his 15-year tenure. He joined Harvest Fund in July 2011, holding positions including Researcher in the Industry Research Group, Deputy Director of Research, Research Director, Technology Sector Investment Director, and Head of the AI Lab. He currently serves as Chief Investment Officer for Equities.
It is worth noting that Zhang Danhua has over nine years of fund management experience. Data shows the only fund he currently manages, the Harvest New Tianhui Regular Mixed Fund, has an AUM of only 0.46 billion yuan. Specifically, the A-share class of this fund has maintained an AUM below 50 million yuan since the end of 2022, while the C-share class currently stands at 7.529 million yuan.
Taking the A-share class's net value performance as an example, its one-year increase of 23.72% underperforms the peer average of 32.33% but is considered decent. Its two-year and three-year increases of 37.51% and 8.42%, respectively, lag the peer averages of 52.84% and 33.57% by 15.33 and 25.15 percentage points, indicating mediocre performance.
On June 18, Harvest Fund issued an announcement regarding the addition of a manager for the Harvest New Tianhui Regular Mixed Fund, appointing Li Xiaoteng as a new fund manager to co-manage the fund with Zhang Danhua. Li Xiaoteng joined Harvest Fund in 2019 and is currently an analyst in the Equity Investment Department, making this his first fund management role.
Whether Zhang Danhua will step down as manager of the Harvest New Tianhui Regular Mixed Fund following his promotion to Vice President remains unknown.
Additionally, Zhang Danha has managed over ten funds in the past. Representative products like Harvest Research Alpha Stock A and Harvest Research Selected Mixed were handed over on July 30, 2020, with tenure returns of 86.22% and 73.96%, respectively. Harvest Research Enhancement Mixed was handed over on August 1, 2020, with a tenure return as high as 97.23%.
However, some products under his management performed poorly. Harvest Hong Kong Internet Industry Core Assets A/C, handed over on August 31, 2022, had tenure returns of -32.23% and -32.58%, respectively. Harvest Shanghai-Hong Kong-Shenzhen Selected Stock and Harvest Shanghai-Hong Kong-Shenzhen Return Mixed had tenure returns of -31.50% and -25.16%, respectively.
Currently, like Zhang Danhua, Yao Zhipeng also serves as a Vice President while concurrently managing fund products. Yao Zhipeng, holding a Bachelor of Science from Peking University and a Master's from Tsinghua University, is currently Vice President and Chief Investment Officer for Equity Investment Research at Harvest Fund. He joined in 2011, holding positions including Equity Research Analyst, Fund Manager, and Growth Style Investment Director兼Head of Equity Investment Department. He was appointed Chief Investment Officer for Equities in January 2023 and promoted to Vice President in June of the same year.
Data shows his representative product, Harvest Intelligent Automobile Stock, achieved a tenure return of 156.21%, and Harvest New Energy New Materials Stock A had an appointment return of 142.22%. However, Harvest Vision Pioneer One-Year Holding Mixed C and Harvest Era Pioneer Three-Year Holding Mixed C had negative appointment returns of -25.96% and -24.39%, respectively.
Previously, Cheng Jian also concurrently served as Vice President and fund manager, but as mentioned, he has since left the Vice President role.
In reality, core management personnel changes at Harvest Fund have been relatively frequent in recent years. In August 2024, then-Chairman Zhao Xuejun cooperated with relevant authorities in an investigation for personal reasons and stepped down as Chairman in June of the same year. Following proper arrangements by the board, Co-Chairman An Guoyong assumed the acting Chairman duties.
On December 2, 2024, former Vice President Zhang Feng left due to work adjustments. On the same day, Institutional Chief Investment Officer Guo Jie also left for work adjustment reasons. On December 17, 2024, Lu Lingfei was newly appointed Vice President, having joined Harvest Fund in October 2000 with over 20 years of experience. On the same day, Zhang Min was also promoted to Vice President.
Then, on May 20, 2025, Liu Wei was appointed Chief Information Officer. On the same day, Yang Jingshuang left her positions as Vice President and Chief Information Officer for personal reasons. On July 3 of the same year, Jing Lei was appointed Financial Controller (concurrently), while the company's former Financial Controller (Finance Director) Li Ming left on the same day for personal reasons.
Liquidation Alarms and the "One-Dragging-Multiple" Phenomenon
From an industry perspective, as of June 30, 2026, a total of 148 fund products were liquidated within the year, an increase of over 15% compared to 128 in the same period last year. Among them, Bosera Fund had 8 products liquidated, and Eastmoney Fund had 6.
Harvest Fund is also under significant pressure. Information on its official website shows, based on incomplete statistics, that two fund products—Harvest Emerging Prosperity Mixed and Harvest CSI All Share Household Appliances Index—have issued liquidation reports this year. However, eight other products, including Harvest Fukang Stable Pension Target One-Year Holding Mixed, Harvest Stable Prosperity Enjoy 6-Month Holding Bond, Harvest Ankang Stable Pension Target One-Year Holding Mixed, Harvest SSE Composite Enhanced Strategy ETF, Harvest Tianhui One-Year Holding Mixed, Harvest Zhiyu Pure Bond Bond, Harvest Double Season Enjoy 6-Month Holding Bond, and Harvest Leading Edge Optimal Aggressive Allocation 6-Month Holding Mixed Fund, have all issued liquidation risk announcements.
The liquidation report for Harvest Emerging Prosperity Mixed Fund, released on June 17, showed the fund was established on May 17, 2023. According to the fund contract, if the fund's net asset value falls below 2 billion yuan on the third anniversary of the contract's effective date, the contract automatically terminates without requiring a shareholders' meeting. As of May 17, 2026, the fund's net asset value was below 2 billion yuan, triggering automatic termination, with the final operating day being May 17, 2026.
Subsequently, the liquidation report for Harvest CSI All Share Household Appliances Index Fund, dated July 3, indicated the fund was established on June 1, 2023. Its contract stipulated automatic termination if AUM fell below 2 billion yuan three years after establishment. As of June 1, 2026, the AUM was below this threshold, triggering termination, with the final operating day being June 1, 2026.
Regarding liquidation risk announcements, a提示性公告 for Harvest Leading Edge Optimal Aggressive Allocation 6-Month Holding Mixed Fund of Funds (FOF) released on July 11 stated that according to regulations, if the number of fund holders falls below 200 or the fund's net asset value drops below 50 million yuan for 20 consecutive working days, the manager must disclose this in periodic reports. If this condition persists for 50 consecutive working days, the fund contract terminates. This fund's net asset value has been below 50 million yuan for 30 consecutive working days, potentially triggering contract termination.
Furthermore, analysis reveals that among the eight products facing liquidation risk, six are managed by fund managers overseeing multiple funds ("one-dragging-multiple").
Among them, Harvest Fukang Stable Pension Target One-Year Holding Mixed and Harvest Ankang Stable Pension Target One-Year Holding Mixed are managed by Zhao Qian, who oversees 7 fund products. Harvest SSE Composite Enhanced Strategy ETF is managed by Shang Ke, who manages up to 16 fund products. Harvest Tianhui One-Year Holding Mixed is managed by Hu Yongqing, who manages 10 fund products. Harvest Zhiyu Pure Bond Bond has dual managers, Zhang Wenjia and Chen Shuo, both overseeing 8 funds each. Harvest Double Season Enjoy 6-Month Holding Bond is managed by Wang Yazhou, who also manages 9 fund products.
It is understood that fund companies using the "one-dragging-multiple" approach to mask product homogenization and a lack of genuine investment research support in their expansion strategies ultimately face concentrated risk exposure during market adjustments or talent turnover. Currently, the situation at Harvest Fund appears to be intensifying.
On July 7 alone, Harvest Fund issued nine consecutive announcements related to co-appointing fund managers. Notably, eight of these announcements involved adding the same person, Zhang Qi, as a co-manager.
Six funds—Harvest Huili 120-Day Rolling Holding Pure Bond, Harvest Wenning Pure Bond, Harvest 30-Day Holding Short-Medium Term Bond, Harvest Short-Term Bond Bond, Harvest彭博国开债1-5 Year Index, and Harvest 6-Month Wealth Management Bond—were previously managed solely by Li Tong. After the appointments, Li Tong and Zhang Qi co-manage these six funds.
The originally co-managed Harvest Xinfu One-Year Holding Mixed, with managers Li Tong and Deng Liheng, added Zhang Qi, making it a three-person management team. The originally co-managed Harvest Stable Prosperity Bond, with managers Li Tong and Li Xin, also added Zhang Qi, resulting in three-person management.
Therefore, Zhang Qi currently manages a total of eight fund products. Zhang Qi previously served as a bond trader in Harvest Fund's Trading Department, an account investment assistant in Southern Fund's Fixed Income Investment Department, and a fund manager in the Fixed Income Investment Department (Beijing) of Shanghai Guotai Junan Securities Asset Management Co., Ltd. He joined Harvest Fund in December 2024 and is currently an investment manager in the fixed income investment research system.
Public data shows Li Tong currently manages up to 12 fund products, with total current fund AUM of 232.301 billion yuan and a best tenure return of 32.23% among managed funds. Calculations indicate the scale managed by this single individual accounts for over 22% of Harvest Fund's total AUM.