On September 24, Zhejiang Zheshang Securities Asset Management Co., Ltd. (hereinafter referred to as "Zheshang Asset Management") issued an "Announcement on Changes of Senior Management Personnel." Lou Xiaoping has been newly appointed as Chairman and General Manager, while Sheng Jianlong departed on the same day due to work adjustments and will no longer hold any other position at the company.
The above matters have been reviewed and approved by the 46th meeting of the company's third board of directors and filed with regulatory authorities in accordance with regulations.
On one hand, Zheshang Asset Management has maintained the arrangement of a single person holding both the Chairman and General Manager positions. On the other hand, the person carrying this dual responsibility has changed from Sheng Jianlong, who has a financial background, to Lou Xiaoping, who comes from an asset management business background.
A 30-Year Securities Industry Veteran
According to available information, Lou Xiaoping was born in 1968 and holds a bachelor's degree. He is a veteran securities professional who entered the industry in 1994.
Lou Xiaoping's career in the industry can be traced back to at least 1994. From 1994 to 2002, he worked at Shenyin & Wanguo Securities, serving successively as head of branch offices in Jiaxing, Ningbo, Hangzhou, and Chengdu, as well as assistant to the general manager of the Zhejiang branch.
From 2002 to 2007, he moved to Zhongfu Securities as general manager of the Hangzhou branch, general manager of the Zhejiang branch, and assistant to the president. From 2007 to 2008, he served as general manager of the Hangzhou Wensan Road branch of Shanghai Securities Co., Ltd. After 2008, Lou Xiaoping joined Zheshang Securities and has remained there since.
Moving In and Out of Zheshang Asset Management
At Zheshang Securities, Lou Xiaoping has overseen multiple business lines.
He first served as deputy general manager of the brokerage business headquarters, general manager of the business management innovation department, and general manager of the brokerage business operations and support center, focusing on the wealth management segment.
Starting in 2013, he transitioned to the then newly established Zheshang Asset Management, serving as director, board secretary, and executive deputy general manager. In July 2018, he temporarily performed the duties of general manager of Zheshang Asset Management for a period.
On December 12, 2022, Lou Xiaoping left his position as executive deputy general manager of Zheshang Asset Management for personal reasons. Starting the same month, he served as chairman of Zheshang Capital (Chairman and General Manager of Zhejiang Zheshang Capital Management Co., Ltd.).
Afterward, he returned to the company headquarters, serving as legal director of Zheshang Securities and chairman of Zhejiang Zheshang Innovation Capital Management Co., Ltd. In February 2024, he was appointed as vice president of Zheshang Securities. In September 2026, he returned to Zheshang Asset Management to take the top position at the company.
Looking at Lou Xiaoping's career trajectory, two characteristics stand out clearly. First, he has strong accumulation in brokerage (wealth management) business, which is almost the most distinctive label of his career.
Second, his business scope covers multiple front-office and middle-office positions at a securities firm, making him a rare versatile professional. Perhaps because of this, after multiple transitions, he began
Among the First Batch of Securities Asset Management Institutions to Obtain Public Fund Qualification
Zheshang Asset Management was established on April 18, 2013, built on the foundation of the former Asset Management Headquarters of Zheshang Securities. It is a wholly-owned subsidiary of Zheshang Securities with registered capital of 1.2 billion yuan and approximately 150 employees. It is one of the first batch of securities asset management subsidiaries established in China and also among the first batch of securities asset management firms to obtain public fund business qualification — receiving its license in August 2014, becoming the fourth in the country.
In the landscape of securities asset management, this company had a strong starting point. At the end of December 2014, it issued its first public fund, Zheshang Huijin Transformation and Growth, with an initial offering scale of 1.568 billion yuan, becoming the second securities asset management firm in China to issue an equity public fund (the first being Orient Securities Asset Management).
Earlier, in October 2012, it received approval from the CSRC to conduct "securities-backed financing" special asset management plans. In March 2013, it pioneered stock pledge repurchase-style special asset management business in China. In August 2014, it collaborated with China Securities Index Company to launch the CSI Transformation and Growth Index, becoming the first asset management company in China to independently develop a Smart Beta index and put it into product practice.
This company has another label. Zheshang Securities obtained its asset management business license in June 2009 and achieved profitability that same year. In the following year, its first full year of operation, its net business income ranked fourth in the entire industry. The returns of its two collective wealth management products in 2010 ranked first nationwide among similar products, earning it the reputation among the market and media as "the rising Zheshang Asset Management." Subsequently, Phoenix 50 ETF became its flagship product: this was the first equity ETF in China issued and listed by a securities asset management firm. From its establishment in August 2019 to the end of the first quarter of 2026, its performance over nearly seven years consistently ranked in the top 5% among similar products.
Four Leaders in Thirteen Years
But thirteen years later, after its early rapid development, Zheshang Asset Management has trended toward "preserving what it has" in recent years. As of the end of June 2026, Zheshang Asset Management's existing asset management scale stood at 95.46 billion yuan, up 5.71% from the beginning of the year. Among this, equity product scale was 10.975 billion yuan, up 48.54% from the beginning of the year.
Since its establishment in 2013, Zheshang Asset Management has had four leaders. And for a long time, the position has been concurrently held by a vice president or financial officer of its parent company, Zheshang Securities.
The founding general manager of Zheshang Asset Management was Li Xuefeng, a well-known securities industry executive. In his early career, Li Xuefeng served as a senior analyst at Shenyin & Wanguo Securities Research Institute, director of Bohai Securities Research Institute, general manager of Guodu Securities Research and Development Center, and general manager of its Wealth Management Center. During his time at Zheshang Securities, he served as vice president and board secretary, and twice oversaw the research institute. During his tenure as board secretary, he participated in promoting the listing of Zheshang Securities.
After Zheshang Asset Management was established in 2013, Li Xuefeng became general manager, leading the company to build "from nothing." In June 2018, Li Xuefeng resigned from his positions as vice president and board secretary of Zheshang Securities. In July of the same year, he resigned as general manager of Zheshang Asset Management. He subsequently moved to Shenwan Hongyuan to take up senior executive positions.
After Li Xuefeng's departure, the general manager position was temporarily performed by then executive deputy general manager Lou Xiaoping until a new general manager arrived — this acting period lasted from July 2018 to February 2019.
Starting from February 13, 2019, the general manager position was taken over by Sheng Jianlong, who had already been chairman of Zheshang Asset Management (since May 2018).
Sheng Jianlong's career path was concentrated in the financial line. From August 1994 to February 2000, he worked in financial management at the Hangzhou Civil Defense Bureau. From March 2000 to June 2006, he served successively as assistant manager of the planning and finance department, deputy director and director of the internal audit department at Zhejiang Expressway Co., Ltd. In July 2006, he joined Zheshang Securities, serving successively as assistant to the president and general manager of the planning and finance department. Starting from January 2009, he served as financial director of Zheshang Securities. From December 6, 2014, to November 7, 2017, he served as compliance and risk control director of Zheshang Asset Management. He is also a Chinese Certified Public Accountant (non-practicing) and a senior accountant. On January 27, 2025, he transitioned from financial director to vice president of Zheshang Securities, with the financial officer position temporarily performed by then President Qian Wenhai.
During his tenure at Zheshang Asset Management, Sheng Jianlong left behind a frequently quoted statement — that securities asset management should focus on "public fund orientation, distinctive features, and premium quality." But by September 22, 2026, he simultaneously stepped down from both chairman and general manager positions, with the announcement explicitly stating he would "not be transferred to any other position at the company," while his position as vice president of the parent company remained unchanged.
Four Challenges for the New Leader
As a veteran of the securities industry, Lou Xiaoping will face at least four important "challenges" after taking office:
The first is how to grow and strengthen the securities public fund license business at hand. This is especially critical when the license dividend for securities asset management is receding and when multiple securities asset management institutions are withdrawing their license applications. How to generate incremental business for securities asset management and find new directions for product line output is crucial.
The second is how to improve the quality of equity products. Zheshang Asset Management had a glorious era in equity investment historically, especially during the tenure of founding general manager Li Xuefeng. But today, the industry's perception of Zheshang Asset Management's equity investment influence is weakening. Although the equity product scale exceeding ten billion yuan during the year is not low among peer securities firms, the lack of market-recognized star investment managers and star products is a current shortcoming for Zheshang Asset Management.
The third is how to achieve progress from scale to revenue in the company's business. Zheshang Asset Management's existing scale of 95.46 billion yuan ultimately corresponds to only 162 million yuan in net revenue from entrusted asset management business under the parent company's consolidated caliber. Against the backdrop of declining fee rates, how to bridge the gap between scale and revenue is a question this generation of Zheshang Asset Management's management must answer.
The fourth is how to achieve deep synergy with the parent company. Zheshang Securities had 68 billion yuan in financial product holdings and 1.20 trillion yuan in client assets served in the first half of the year, having accumulated a considerable client base on the wealth management side. Its investment banking business completed 239 equity and bond lead underwriting projects in the first half of the year, with total financing scale of 94.72 billion yuan. How Zheshang Asset Management can fully open up client resources and integrate business development with company development is a requirement for a higher stage.
From 2013 to 2026, Zheshang Asset Management has gone through thirteen years. It once "rose abruptly" and also experienced scale rebuilding after the industry's channel reduction and non-standard compression. For Lou Xiaoping — this veteran who acted as head of Zheshang Asset Management for ten months — how to further break through is both a question of the times and a responsibility of the position.
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