China Merchants Fund Welcomes 53-Year-Old Female Chairperson, Holding Key Roles Across Three "CM" Entities

The leadership transition at China Merchants Fund, which manages over 900 billion yuan in assets, has been finalized. After briefly serving as acting chairperson for two months, newly appointed General Manager Zhong Wenyue handed over the reins to Wang Ying, whose chairperson qualification has been filed with regulators. This marks the completion of the fund’s core leadership restructuring this year, setting the stage for a new chapter in its public offering journey.

Like Zhong Wenyue, Wang Ying is a veteran of the China Merchants Group system. Since 1997, she has spent 28 years at China Merchants Bank Co.,Ltd. (600036.SH), serving as its deputy president for the past two years.

Despite steady growth in assets under management (AUM), China Merchants Fund’s net profit has declined since 2023 due to capital market volatility and fee reductions in public offerings. Can the new leadership team identify fresh growth drivers and reverse the trend of "rising output without rising profits"?

### Leadership Reshuffle: Wang Ying Assumes Triple Roles Born in November 1972, Wang Ying has two years until retirement. A graduate of Nanjing University with a master’s degree in political economy, her career is deeply intertwined with China Merchants Bank Co.,Ltd., where she rose through the ranks from frontline roles.

Joining the bank in January 1997, she spent 28 years in key operational roles, including assistant president and president of branches in Beijing, Tianjin, and Shenzhen, before becoming assistant to the bank’s president. In September 2023, she was promoted to deputy president, becoming the only female deputy president at China Merchants Bank Co.,Ltd.. She holds 230,000 shares and earned a pre-tax salary of 2.751 million yuan in 2024, in line with other deputy presidents.

Two months ago, Wang Ying also took the helm at China Merchants Cigna Life Insurance, succeeding Wang Xiaoqing as chairperson. Established in 2003, the insurer is a 50-50 joint venture between China Merchants Bank Co.,Ltd. and Cigna, though the bank plays a more active role in operations.

This year has seen frequent executive changes across China Merchants Group’s financial subsidiaries, including China Merchants Securities Co.,Ltd. (600999.SH), China Merchants Fund, and China Merchants Cigna. Wang Ying’s career exemplifies an "internally nurtured, frontline-to-leadership" trajectory, with extensive experience in banking, branch management, and subsidiary oversight.

Now juggling roles as deputy president of China Merchants Bank Co.,Ltd., chairperson of China Merchants Cigna, and chairperson of China Merchants Fund, can Wang Ying allocate sufficient time and energy to ensure strategic execution across all three entities?

### Management Shifts and New Appointments With Wang Ying’s appointment, Zhong Wenyue stepped down as acting chairperson on November 27, ending his dual role after two months. Former chairperson Wang Xiaoqing, who resigned in September, became general manager of China Merchants Financial Holdings.

Zhong Wenyue, a seasoned returnee to China Merchants Fund, took over as general manager in May after Xu Yong’s three-year term ended. His career spans securities, investment, and banking, including a previous stint as deputy general manager at China Merchants Fund from 2015 to 2023.

In May, the fund also appointed three deputy general managers—Wang Jing, Zhu Hongyu, and Chen Fangyuan—bolstering its investment research leadership. These changes signal a new phase of "Wang Ying steering strategy, Zhong Wenyue focusing on operations."

### Fund Managers Seek "Workload Relief" Amid the leadership transition, a public plea for reduced workload by quant fund manager Cai Zhen sparked industry discussion. Cai, who manages 12 funds (up from six earlier this year), vowed to cut back on new product launches to focus on existing portfolios. While his active funds comply with regulatory limits (10 per manager), the diversity and volume of his mandates raise concerns about resource allocation.

China Merchants Fund has four managers overseeing over 15 funds each, primarily index products. Though co-management practices mitigate workload pressures, excessive mandates risk diluting focus.

### Talent Turnover and Performance Challenges The fund saw several departures in 2025, including star manager Zhai Xiangdong, who grew a once-tiny fund to over 10 billion yuan before its recent underperformance. His successor, Lu Wenkai, posted a 15% Q3 gain, but the fund’s 7 billion yuan AUM drop highlights ongoing challenges.

China Merchants Fund emphasizes its resilient, homegrown talent pipeline and collaborative culture. However, balancing stability with fresh perspectives remains critical.

### Growth vs. Profitability Despite crossing 900 billion yuan in AUM (ranking 12th among public funds), profitability has declined since 2023. Money market funds drove recent growth, now comprising 40.7% of AUM, while mixed-asset funds shrank to 5.3%.

Fee cuts and equity market headwinds squeezed earnings, though 2025’s market rebound improved equity fund performance. Bond fund profits fell 67% YoY in H1, offsetting gains elsewhere.

With 12 new products launched in H2 (mostly index and equity-focused), China Merchants Fund aims to diversify offerings and enhance active management. The question remains: Can Wang Ying’s leadership translate strategic shifts into sustainable profits while addressing operational efficiency concerns?