CCB Fund is poised for a significant leadership transition as its current Chairman, Sheng Liurong, is set to retire. Qu Yinjun, currently the General Manager of the Financial Institutions Department at China Construction Bank's (CCB) headquarters, is expected to succeed him as the new Chairman of the fund management company. The relevant appointment procedures are currently underway.
This move follows Sheng Liurong's recent resignation as Chief Financial Officer of CCB, which was announced on March 31, 2026, citing age reasons. The resignation took effect immediately, and Sheng stepped down from all positions at CCB and its subsidiaries.
Sheng Liurong, a senior economist, holds a doctorate in economics from Xiamen University. According to CCB's 2025 annual report, he had reached the age of 60. His career at CCB included senior roles such as Chief Financial Officer and Head of the Asset and Liability Management Department. He assumed the additional roles of Party Committee Secretary of CCB Fund in September 2023 and Chairman on September 26 of the same year, serving for over two and a half years.
The prospective successor, Qu Yinjun, is also a veteran of the CCB system with over two decades of experience in commercial banking and asset management. He holds a master's degree from Renmin University of China. Qu joined CCB's headquarters in July 1999 and held various positions before moving to CCB Fund in September 2005, where he served in several senior roles, including Board Secretary, Head of Investment Management, and Vice President. He left his position as Vice President of CCB Fund in March 2019 for other assignments and later became President of CCB Equity Investment Management Co., Ltd. He currently serves as General Manager of the Financial Institutions Department at CCB's headquarters.
CCB Fund was established in September 2005 with its headquarters in Beijing. It was one of the first fund management companies initiated by a commercial bank in China. Its current major shareholders are CCB (holding 65%), Principal Financial Group (25%), and China Huadian Group Finacial Holding Co., Ltd. (10%).
This leadership change comes as CCB Fund's assets under management (AUM) reach a historic peak. Wind data shows that as of the end of 2025, the company's AUM reached 981.477 billion yuan, the highest since its inception, marking an increase of over 95.6 billion yuan within a year and ranking 11th in the industry. Regarding its product structure, CCB Fund's non-money market fund AUM stood at 214.485 billion yuan by the end of 2025. Bond funds dominate its portfolio with an AUM of 155.040 billion yuan, while mixed and equity funds had AUMs of 16.712 billion yuan and 22.645 billion yuan, respectively.
Financially, according to CCB's 2025 annual report, CCB Fund achieved a net profit of 869 million yuan for the full year 2025, representing a growth of 2.96% compared to the same period in 2024.
Comments