CCB Fund Management, a prominent "bank-affiliated" public fund, has completed a leadership transition at the chairman level coinciding with the firm's assets under management surpassing the one trillion yuan milestone for the first time.
On the evening of May 26, CCB Fund Management Co., Ltd. (CCB Fund) announced that Sheng Liurong has stepped down from the chairman position due to reaching retirement age. Qu Yinjun has been appointed as the new chairman, effective from May 25, 2026.
This leadership change follows less than two months after Sheng Liurong resigned from his role as Chief Financial Officer of China Construction Bank Corporation (CCB). On March 31, 2026, CCB announced that Sheng Liurong formally resigned as the bank's CFO due to age, effective from that date. Concurrently, he ceased to hold any positions at CCB and its controlled subsidiaries.
In its announcement, CCB Fund expressed that "During his tenure at our company, Sheng Liurong made significant contributions to promoting the company's transformation and development. The company holds this in high regard and expresses deep gratitude."
Public information shows that Sheng Liurong is a senior economist. He graduated with a bachelor's degree in finance from Xiamen University in 1986, a master's degree in monetary banking from the same university in 1990, and obtained a Ph.D. in economics from Xiamen University in 1997. According to CCB's 2025 annual report, Sheng Liurong had reached the age of 60.
Reviewing his career history, Sheng Liurong previously served as a principal responsible person in various departments at CCB, including the Xiamen Branch and the Head Office's Financial Markets Department and Asset-Liability Management Department. He served as CCB's Chief Financial Officer and concurrently as General Manager of the Asset-Liability Management Department. From September 2023, he additionally served as Party Committee Secretary of CCB Fund, and from September 26 of the same year, he concurrently served as Chairman of CCB Fund, holding the position for over two and a half years.
The incoming chairman, Qu Yinjun, also hails from the CCB system, possessing over 20 years of experience in commercial banking and asset management. He has deep accumulation and practical experience in commercial banking, public funds, fund subsidiaries, and equity investment.
According to the personal career history disclosed in the announcement, Qu Yinjun joined China Construction Bank in July 1999, holding positions in various head office departments including the Audit Department, the Youth League Committee, the Restructuring and Reform Office, and the President's Office. In May 2005, he joined the CCB Fund preparation team. After the company's establishment, he successively served as Board Secretary and Director of the Comprehensive Management Department, Deputy Director of the Investment Management Department, Director of the Special Account Investment Department, General Manager of CCB Capital, and Chief Strategy Officer of CCB Fund concurrently serving as General Manager of CCB Capital. In August 2015, he was appointed Chief Investment Officer (Vice President) of CCB Fund, continuing to concurrently serve as General Manager and later Chairman of CCB Capital. Subsequently, he served as Vice Chairman and President of CCB Equity Investment Company, and General Manager of CCB Head Office's Financial Interbank Department, among other roles. In March 2026, he was appointed Party Committee Secretary of CCB Fund.
It is noteworthy that this executive change occurs as CCB Fund's management scale reaches a historical peak. Wind data shows that as of the end of the first quarter of 2026, CCB Fund's assets under management officially exceeded one trillion yuan, reaching 1,026.806 billion yuan, climbing to the highest level since its establishment. It ranks 11th among 164 public fund managers (including securities asset management firms with public fund licenses).
Regarding product structure, as of the end of Q1, CCB Fund's non-monetary fund scale was 210.405 billion yuan. Among these, bond funds dominate, with a scale as high as 142.284 billion yuan. Within equity products, the scale of mixed funds and stock funds were 15.242 billion yuan and 21.137 billion yuan, respectively.
According to official website information, CCB Fund was established in September 2005, with its registered office in Beijing. It was one of the first fund management companies in China initiated by a commercial bank. In terms of shareholding structure, the three major shareholders of CCB Fund are currently China Construction Bank, American financial services group Principal Financial Group, and China Huadian Group's Industrial Finance Holdings Co., Ltd., holding 65%, 25%, and 10% of the shares, respectively.
Regarding operational data, according to CCB's 2025 annual report, CCB Fund achieved a net profit of 869 million yuan for the full year 2025, representing a year-on-year increase of 2.96% compared to 2024.
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