Senior management change at a leading fund company: "Big firm head" Wang Xiaoqing announces resignation
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On September 24, China Merchants Fund announced that Wang Xiaoqing has resigned as chairman due to work arrangements, and General Manager Zhong Wenyue will serve as acting chairman.
With this, Wang Xiaoqing has officially "bid farewell" to the China Merchants Fund, where he served for five years.
This top executive, who kept China Merchants Fund in the top ten of the industry during his tenure, will next become the Party Secretary and General Manager of China Merchants Financial Holdings, taking on more "significant" responsibilities within China Merchants Group.
Personnel Adjustment, Early "Signals"
Wang Xiaoqing's transfer is actually a derivative arrangement from a series of personnel changes made by China Merchants Group to its subsidiaries at the beginning of August.
At that time, China Merchants Bank announced that its board of directors had received the resignation letter from Vice President Wang Xiaoqing. Wang Xiaoqing resigned as Vice President of China Merchants Bank due to work reasons.
At the time, it was already reported that China Merchants Group had appointed Wang Xiaoqing as the Party Secretary of China Merchants Financial Holdings and recommended him as General Manager (the chairman of China Merchants Financial Holdings is concurrently held by the chairman of China Merchants Group).
Subsequently, on September 12, China Merchants Financial Holdings announced that, on September 2, 2025, the 20th meeting of the first board of directors was held to review and approve the "Proposal on the Appointment and Removal of Wang Xiaoqing and Liu Hui." It was agreed to appoint Wang Xiaoqing as General Manager of China Merchants Financial Holdings Co., Ltd., and to relieve Liu Hui of the position.
After that, China Merchants Fund, which is controlled by China Merchants Bank, quickly announced a change in chairman.
Five Years at the Helm, "Doubling" in Scale
Wang Xiaoqing joined China Merchants Fund in March 2020, successively serving as General Manager and Chairman, holding the position for five years.
During Wang Xiaoqing's five-year tenure, it was a critical time for public fund industry: experiencing active equity bull markets, bond bull markets, industry troughs, and rapid growth of index funds. During his tenure, the public and non-monetary management scale of China Merchants Fund doubled, remaining in the industry's top ten—undoubtedly paving the way for his further career advancement as he "retired with honors."
Under Wang Xiaoqing's tenure, China Merchants Fund saw "comprehensive" development momentum, achieving significant growth in equities, fixed income, fixed income plus, index funds, pensions, and public REITs. In retrospect, this strategic positioning was quite forward-looking.
Acting Successor, Also Rich in Experience
After Wang Xiaoqing’s departure, Zhong Wenyue, General Manager of China Merchants Fund, will serve as acting chairman.
Public information shows that Zhong Wenyue started his career early. From July 1992 to June 2015, he worked at China Agricultural Credit Fujian Group, Shenyin & Wanguo Securities, Xiamen Haifa Investment & Industrial Co., 21st Century Technology Investment Co., New Jiangnan Investment Co., and China Merchants Bank. From June 2015 to June 2023, he worked at China Merchants Fund, having served as Deputy Party Secretary, Executive Deputy General Manager, CFO, and General Manager of Shenzhen and Chengdu branches. From July 2023 to May 2025, he worked at CMB Wealth Management as Deputy Party Secretary and President.
In May 2025, Zhong Wenyue returned to China Merchants Fund as Deputy Party Secretary, Director, and General Manager. Since July 2025, he serves as Party Secretary, Director, and General Manager.
"Heading" Financial Holdings, With What Approach?
After becoming General Manager of China Merchants Financial Holdings, Wang Xiaoqing will clearly display his abilities on a new platform.
He has faced such challenges more than once before. Over the past six years, he has managed various financial institutions such as insurance asset management, public funds, commercial banks, and life insurance. Now, he will take charge of the development of a financial holding platform. Taking on inter-sector challenges is a hallmark of his career.
As a new phenomenon in China's financial industry, the positioning and role of financial holding companies, as well as how to implement effective, penetrating management over subsidiaries while keeping front-line companies' initiative intact, are areas with little prior experience— after all, the industry has only emerged in the past three years.
Now Wang Xiaoqing will have to figure it out in this aspect.
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