Yongying Fund's employee shareholding plan has officially been implemented, marking the first such initiative in the industry since the release of the public fund high-quality development action plan earlier this year.
Recent public records show that Yongying Fund has added three limited partnerships—Shanghai Wenjin Tongying, Shanghai Ruijin Tongying, and Shanghai Juxin Tongying—as shareholders, collectively holding a 3.51% stake. These shares were transferred by existing shareholder OCBC Bank. The equity adjustment is intended to support the employee shareholding plan.
Established in November 2013, Yongying Fund is a typical "bank-affiliated" public fund. Following the share transfer, Ningbo Bank remains the largest shareholder with a 71.49% stake, while OCBC Bank's ownership adjusts to 25%, retaining its position as a major shareholder. Notably, OCBC Bank is also a significant shareholder of Ningbo Bank, meaning this transfer does not indicate foreign capital withdrawal. Instead, the integrated shareholder structure may facilitate the execution of the employee shareholding plan.
According to business registration data, approximately 90 Yongying Fund employees—nearly a quarter of its total workforce of 393—participated in the plan. Employees primarily acquired shares by holding stakes in the three newly added partnership entities.
Notably, investment and research personnel, alongside executives, were key participants in this round of employee shareholding. For instance, Gao Nan, Chief Equity Investment Officer, holds a 12% stake in Shanghai Juxin Tongying. Other fund managers, including Li Wenbin (Yongying Technology Drive Fund) with 8.97% in Shanghai Wenjin Tongying, Zhang Lu (Yongying Advanced Manufacturing Smart Select Fund) with 4.5% in Shanghai Ruijin Tongying, and Ren Jie (Yongying Technology Smart Select Fund) with 1.8% in Shanghai Juxin Tongying, each invested millions of yuan.
The move aligns with clearer policy support for equity incentives in public funds. On May 7, 2025, the China Securities Regulatory Commission (CSRC) issued the "Public Fund High-Quality Development Action Plan," explicitly endorsing employee shareholding as a long-term incentive mechanism to enhance core team stability. Yongying Fund is the first to implement such a plan post-policy release.
Wind data shows Yongying Fund's total assets under management (AUM) reached 628.7 billion yuan by Q3 2025, ranking 22nd in the industry. Its non-monetary AUM grew by over 77 billion yuan year-to-date to 428.9 billion yuan.
In equities, several Yongying products saw significant scale expansion in 2025. For example, Yongying Technology Smart Select A delivered a 196% return year-to-date as of December 2, leading the market, with its AUM surging by approximately 2 billion yuan in Q3 alone. Other equity products, such as Yongying Advanced Manufacturing Smart Select Hybrid, Yongying Digital Economy Smart Select Hybrid, and Yongying Pharmaceutical Innovation Smart Select Hybrid, reported AUMs of 20.18 billion yuan, 4 billion yuan, and 7.83 billion yuan, respectively, at end-Q3, reflecting growth ranging from billions to tens of billions compared to 2024.
Industry experts highlight that employee shareholding aligns company interests with core talent, boosting research stability and motivation—a proactive response to regulatory calls for team-based, systematic investment frameworks amid the sector's high-quality development push.
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