Public offering institution embroiled in debt dispute; "Southwest's first public offering" Xinhua Fund faces legal challenge.

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Recently, Shandong Xiwang Sugar Co., Ltd. and Xiwang Starch Co., Ltd. sued Xin Hua Fund, triggered by a debt dispute.

This case will be heard in court on February 3.

What is this lawsuit about?

Tianyancha information shows: Shandong Xiwang Sugar Co., Ltd. and Xiwang Starch Co., Ltd. sued Xin Hua Fund due to a dispute over debt assumption. This civil case will be heard on February 3 at the Shanghai No.2 Intermediate People's Court.

Xinhua Fund Management Co., Ltd. was established in December 2004, becoming the first public fund management company in southwest China. The company is registered in Chongqing, with management and back-office centers set up in Beijing and Chongqing respectively. In addition, Xinhua Fund has branches in Beijing, Shanghai, Guangdong, and other places.

As of the end of 2025, Xinhua Fund managed a total of 49 public funds, with total assets reaching 57.107 billion yuan. Among them, monetary and bond funds accounted for 40%. Meanwhile, Xinhua Fund’s equity funds ranked 118th out of 149 for performance over the past three years, and 81st out of 139 over the past five years.

Performance and Shareholding Structure

Xinhua Fund's fixed income business has always been relatively strong, with its fixed income funds ranked 5th out of 137, and performance over the past five years ranked 12th out of 126. However, this may have also laid some “hidden concerns.” Fixed income products have always been hotly contested among institutions. Many times, the hidden issues lurk beneath seemingly transparent public transactions.

However, Xinhua Fund has replaced its shareholders in recent years. According to the latest shareholder structure, the main shareholders of Xinhua Fund include Financial Street Securities Co., Ltd., Beijing Huarong Integrated Investment Co., Ltd., Hangzhou Yongyuan Network Technology Co., Ltd., and Chongqing Yubei State-owned Capital Investment Operation Management Group Co., Ltd., holding 52.99%, 43.18%, 2.10%, and 1.73% of shares respectively.

Frequent Personnel Changes in Recent Years

Xinhua Fund has seen frequent personnel changes in recent years; over the past year or more, from Chairman to General Manager and executive in charge of market business, changes have persisted.

In key positions, former Chairman Yu Chunling resigned due to personal reasons in December 2025, and shareholder Heng Tai Securities President Yin Guohong took over as Chairman.

Earlier, in January 2025, former General Manager Yang Jinliang resigned, and Hu Sanming took over as General Manager.

Also resigning in December 2025 was Deputy General Manager in charge of market business, Wang Zhiguang. Announcements show Wang Zhiguang took office on November 14, 2024, and resigned on December 20, 2025, with a tenure of just over one year and one month.

Previously, Deputy General Manager Jiang Qian resigned in December 2024, having taken office in February 2024, with a tenure of as short as 10 months.

In January 2025, another Deputy General Manager and Board Secretary, Cui Fengting, also resigned. Board Secretary Cui took office in June 2023, for a tenure of only 1 year and 7 months.

Senior management changes frequently, and none have served for long. This gives an impression of frequent executive turnover and instability.

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