Fang Jing Promoted to CEO of Cinda-AXA Fund as H1 Net Profit Plunges 75%; Top Fund Manager Bets Big on Semiconductors

On December 5, Cinda-AXA Fund Management Co., Ltd. announced the promotion of Deputy General Manager Fang Jing to CEO, effective immediately. Fang had been acting CEO since September following the retirement of former CEO Zhu Yongqiang. This marks one of several executive changes at the firm over the past year amid declining performance.

Fang Jing holds a master's degree in Management Science and Engineering from Beihang University and joined Cinda-AXA in August 2020 as head of investment management before becoming deputy GM in December 2022. His appointment follows two prior role changes in October, including becoming the firm's financial controller and legal representative.

The fund house has seen frequent leadership turnover in 2025, including the departure of Chairman Zhu Ruimin in August, replaced temporarily by Shang Jian, who has since reached retirement age. Other exits include former Deputy GMs Wang Jianhua and Song Jiawang, along with multiple star fund managers.

These changes coincide with sharp financial declines. H1 2025 revenue fell 10.34% YoY to 296 million yuan, while net profit plummeted 75.9% to 3.78 million yuan. Assets under management dropped by 33 billion yuan from end-2024 to 1.03 trillion yuan by June 2025, primarily due to outflows from bond and money market funds. Nearly one-third of the firm's 151 funds underperformed their benchmarks during this period.

Notably, the firm missed opportunities in the booming ETF market, where China's sovereign wealth fund injected over 210 billion yuan in H1.

Amid these challenges, top fund managers have adjusted strategies. Feng Mingyuan, managing 14.84 billion yuan in assets including the flagship 7.27 billion yuan Cinda-AXA New Energy Industry Stock Fund, significantly increased semiconductor exposure. His Q2-Q3 portfolio shifts included new positions in Hua Hong Semiconductor Limited, Gigadevice Semiconductor Inc., and Bestechnic (Shanghai) Co.,Ltd., while reducing holdings in Smartsens Technology(Shanghai)Co.,Ltd..

Veteran manager Zeng Guofu pivoted toward AI infrastructure stocks like Zhongji Innolight Co.,Ltd. and Eoptolink Technology Inc.,Ltd., while Yang Ke reallocated from healthcare to premium consumer stocks, making Lao Feng Xiang Gold her top holding at 8.04% of portfolio weight.

Industry analysts note these moves reflect fund managers' focus on cyclical recovery sectors and high-growth potential industries, particularly semiconductors showing sustained upward momentum.