Today, media reports revealed that Tesla Motors has taken a mutual fund company to court. According to the Shanghai court docket, Tesla is suing Manulife Fund, with a hearing scheduled for February 4th. In addition to Manulife Fund, a natural person named Li Cheng is also named in the case.
However, an inquiry on the industry association's official website shows that Li Cheng is not currently employed at Manulife Fund, making it highly likely that this individual has already left the company due to involvement in the litigation. The court docket indicates that the lawsuit pertains to a dispute over infringement of business secrets.
Research shows that disputes over infringement of business secrets involve the acquisition, use, or disclosure of a rights holder's business information—such as customer lists, transaction habits, or pricing strategies—through improper means like theft, enticement, or fraud. If found liable, the defendant not only faces fines but could also be subject to criminal penalties. Regarding this litigation matter, no related case was found in the recent Shanghai court announcements, raising the question of whether it might have been removed. However, the lawsuit is visible on the Tianyancha information platform.
It is noteworthy that, as of now, Manulife Fund's total assets under management have approached 100 billion yuan. Despite this significant overall increase, its equity fund segment has actually shrunk, with stock funds totaling less than 5 billion yuan and hybrid funds under 12 billion yuan. The growth in total assets is primarily driven by a surge of 15 billion yuan in money market funds over just three quarters last year.
Furthermore, the company has experienced frequent changes in senior management. Since 2022, positions from Chairman to General Manager and Deputy General Manager have seen a continuous cycle of departures and replacements. In the second half of 2022, not only did senior executives change frequently, but many employees also left successively. General Manager: First, Chairman Fu Guoqing served concurrently as General Manager for half a year. Then, a newly appointed Deputy General Manager took over for two months. Finally, in December 2022, Gao Guixin was appointed as General Manager, only to resign again in August 2024. Ding Wencong has now succeeded him. As for Ding Wencong, he joined Manulife in 2010 and is currently primarily responsible for Manulife's asset management and wealth management businesses in China. He is the legal representative of Manulife Investment Management (Shanghai) Co., Ltd. and led the acquisition project of Manulife Fund from start to finish. Deputy General Manager: In November 2023, Manulife Fund's Deputy General Manager Liu Xiaoling moved to BXRFFund to serve as General Manager. BXRFFund has recently been plagued by various negative issues, including delayed salary payments and layoff controversies. Liu Xiaoling has now left BXRFFund as well. In October 2025, Liu Yewei was newly appointed as Deputy General Manager of the company, with an effective date of October 31, 2025. The former Deputy General Manager, Song Yang, left the position on the same date due to personal reasons and did not transfer to any other role within the company.
Comments