Orient Securities Vice Chairman Lu Weiming has been appointed Chairman of China Universal Asset Management following Li Wen's departure after a decade-long stewardship. The leadership transition, effective July 14, comes during board restructuring at China Universal, established in 2005 through a joint initiative by Orient Securities (600958.SH), Shanghai United Media Group, and China Eastern Airlines Financial Holding. With a 35.41% controlling stake, Orient Securities remains the dominant shareholder while its partners each hold 19.97%.
Lu Weiming, 54, brings extensive institutional experience to his new role. Having joined Orient Securities in 1998, he ascended to General Manager in 2021 before assuming the vice chairmanship last November following Jin Wenzhong's retirement. His appointment completes a nine-month leadership transition at China Universal. Departing Chairman Li Wen, 58, previously served at the People's Bank of China and State Administration of Foreign Exchange before spearheading China Universal's establishment in 2004 as Orient Securities' compliance chief.
Under the Li-Zhang leadership duo, China Universal experienced dramatic expansion, earning its "stock-picking expert" reputation. Assets under management surpassed 1.2 trillion yuan by 2024, with net profit climbing 9.33% year-on-year to 1.547 billion yuan. However, recent market turbulence precipitated a ranking slide – from industry runner-up in 2020 back to 10th position by 2024, matching its 2015 standing.
The fund house has navigated multiple strategic pivots since its founding. Aggressive channel expansion under inaugural CEO Lin Lijun gave way to sophisticated investment research frameworks during Li Wen's tenure. This shift cultivated emerging portfolio managers including Lao Jienan and Hu Xinwei, who propelled the firm's core-asset driven growth between 2017-2020. Assets ballooned from 274 billion yuan to 834 billion yuan during this golden period.
Market reversals beginning in 2021 triggered significant setbacks. Management assets contracted by 13.3% through 2023, with hybrid funds absorbing the steepest declines. Revenue plummeted 42.7% over three years, bottoming at 5.371 billion yuan in 2023. Subsequent tactical adjustments saw increased allocations to money market and bond instruments during 2024, followed by aggressive passive product development this year. Newly appointed index fund manager Luo Hao now oversees over 5 billion yuan despite less than twelve months' experience.
Overseas expansion has yielded early dividends. Following subsidiary formations in the United States and Singapore, China Universal's Hong Kong-focused funds dominated first-half 2025 performance charts. The Hong Kong Advantage Selection fund delivered 86.48% returns while its Healthcare Innovation ETF gained 68.98%, securing top active and passive fund honors respectively.
Profitability shows tentative recovery signs despite 10.11% revenue contraction last year. As market cyclicality intensifies, Lu Weiming's administration faces critical tests: Can China Universal rediscover its growth trajectory? Will passive product bets offset active management challenges? The industry watches closely as this 20-year-old financial heavyweight enters its third strategic era.