Huatai Securities (Shanghai) Asset Management Co., Ltd. (hereinafter referred to as "Huatai Asset Management"), which manages assets exceeding 620 billion yuan, has completed a new round of adjustments to its core management team.
On January 24, 2026, Huatai Asset Management announced that its General Manager, Jiang Xiaoyang, has been promoted to Chairman; Deputy General Manager Zhu Qian has been promoted to General Manager; and the Compliance Director, Chief Supervisor, and Board Secretary, Liu Bowen, will additionally serve as Chief Risk Officer.
It is noteworthy that all three newly promoted executives were internally promoted, being veterans who grew within the Huatai system, which is seen as a signal of the company's pursuit of a stable transition and continued deep cultivation.
Concurrent with these personnel changes, Huatai Asset Management staged a "comeback" after three consecutive years of shrinking performance, achieving operating revenue of 1.21 billion yuan in the first half of 2025, a year-on-year increase of 37.73%, and a net profit of 713 million yuan, a year-on-year increase of 47.22%.
Wind data shows that as of the end of 2025, Huatai Asset Management's public fund asset management scale reached 180.83 billion yuan. Although its industry ranking rose from 51st a year ago to 43rd, its non-monetary fund scale was only 26.056 billion yuan, accounting for less than 15%.
With a glimmer of hope in its performance and the new management team in place, can Huatai Asset Management secure its footing in the next phase of intense industry competition?
The resumes show that Jiang Xiaoyang holds a master's degree and joined Huatai Securities in 2001. He has worked in various departments including the Huatai Securities Guangzhou Tiyu Donglu Securities Business Department, Beijing Yuetan Nanjie Securities Business Department, Financial Innovation Department, and Securities Investment Department. He joined Huatai Asset Management in January 2024 and currently holds the positions of Chairman (Acting), Director, and General Manager.
After a long period of internal refinement, Jiang Xiaoyang's transfer seemed logical when Huatai Asset Management experienced management turbulence in early 2024. In January 2024, the company's former General Manager, Nie Tingjin, left for personal reasons. The then Chairman, Cui Chun, temporarily acted as General Manager. Subsequently, on February 29, 2024, Jiang Xiaoyang, who had just been transferred from the parent company, was appointed as General Manager.
A year and a half later, Jiang Xiaoyang was entrusted with greater responsibility. In October 2025, Cui Chun, a veteran executive of Huatai Asset Management, stepped down as Chairman due to work changes, and General Manager Jiang Xiaoyang began acting as Chairman.
Cui Chun is a financial veteran with over 20 years of industry experience. In January 2015, when Huatai Asset Management officially commenced operations, its first Chairman was Zhang Haibo, then Vice President of Huatai Securities. Cui Chun joined the team in May of that same year. In May 2017, Zhang Haibo stepped down from his roles as Vice President of Huatai Securities and Chairman of Huatai Asset Management due to work changes. In June of the same year, Cui Chun succeeded him as Chairman, steering Huatai Asset Management for over eight years.
During her tenure at Huatai Asset Management, Cui Chun led the company to lay out businesses in fixed income investment, multi-asset and FOF investment, equity investment, as well as asset securitization, REITs, capital market business, cross-border business, and other areas. It performed particularly well in ABS, with a full-year issuance scale of 131.971 billion yuan in 2024, ranking second in the industry. In the first half of 2025, Huatai Asset Management's total assets under management grew to over 600 billion yuan, ranking third in terms of asset management scale entrusted to securities companies.
In its announcement, Huatai Securities expressed gratitude to Cui Chun for her contributions during her tenure as Chairman of Huatai Asset Management, which included the leapfrog development of the asset management business, innovative breakthroughs in key areas, and the continuous enhancement of market influence.
As the 10-year veteran departs, Jiang Xiaoyang was confirmed as Chairman after acting in the role for over three months.
Zhi Peiyuan, Vice Chairman of the Listed Company Investment Professional Committee of the China Investment Association, believes that "this model of 'internal cultivation and rapid succession' reflects the efficiency and maturity of Huatai Asset Management's talent pipeline development. The internal cultivation model helps maintain the continuity and stability of the company's strategy, reducing the risks of cultural conflict and strategic adjustment associated with externally parachuted executives. For Huatai Asset Management, internally cultivated executives are more familiar with the company's business, culture, and market environment, enabling them to integrate into their roles quickly and ensure a smooth transition in company operations."
The other two promoted executives have also been deeply involved in the Huatai system for many years and are now stepping into more core positions through this adjustment. Among them, the new General Manager, Zhu Qian, has a diverse background in financial institutions, having worked at Orient Securities (600958), Forte Funds, China International Capital Corporation Limited (601995), and other institutions. He joined Huatai Securities Asset Management in March 2015, previously serving as Head of the Institutional Department and Deputy General Manager (presiding over work), and is currently Deputy General Manager of Huatai Securities Asset Management.
Liu Bowen, who additionally assumes the role of Chief Risk Officer, joined Huatai Securities in 2009 and previously served as the Product Team Leader in the Asset Management Headquarters of Huatai Securities. He joined Huatai Asset Management in January 2015, having served as Head of the Product Department and Head of the Operations Department, and currently holds the positions of Board Secretary, Compliance Director, and Chief Supervisor of Huatai Securities Asset Management.
Zhi Peiyuan pointed out, "Liu Bowen concurrently holds multiple positions such as Chief Risk Officer and Compliance Director. This centralized management model is not uncommon in asset management institutions. Especially in smaller institutions or those with relatively concentrated business, setting multiple hats for one person helps improve decision-making efficiency and reduce management costs. However, this model also faces challenges, such as potential distraction due to excessive responsibilities, which could affect the depth and breadth of risk control."
Huatai Asset Management's predecessor was the Entrusted Asset Management Department of Huatai Securities, established in 1999. The company was formally registered and established in 2014 and obtained a public fund license in 2016, becoming one of the 14 securities companies and securities asset management subsidiaries qualified for public fund management business, marking a transition from a single business model to one holding both asset management and public fund licenses.
In terms of operating performance, before 2024, Huatai Asset Management experienced years of decline, with operating revenue falling for four consecutive years since 2021 and net profit falling for three consecutive years since 2022.
However, by the first half of 2025, Huatai Asset Management delivered a rather impressive report card. As of the end of the first half of 2025, total assets were 11.211 billion yuan, a year-on-year increase of 10.93%; operating revenue was 1.21 billion yuan, a year-on-year increase of 37.73%; and net profit was 713 million yuan, a year-on-year increase of 47.22%.
According to Wind data, among the 24 securities company subsidiaries that disclosed performance, Huatai Asset Management was the only one with revenue exceeding 1 billion yuan and net profit exceeding 500 million yuan. Furthermore, Wind data shows that as of the end of 2025, Huatai Securities Asset Management had cumulatively issued 994 ABS products, with a total issuance scale reaching 1,011.123 billion yuan, ranking third in the industry.
Huatai Asset Management's products cover private asset management products (collective asset management plans, single asset management plans), special asset management products, and public funds. In the first half of 2025, Huatai Asset Management's assets under management reached 627.032 billion yuan, an increase of 121.049 billion yuan compared to the previous year, a growth of 23.92%; most of this growth was contributed by public funds and collective asset management business, which increased by 55.088 billion yuan and 49.618 billion yuan, respectively.
In the first half of 2025, Huatai Asset Management filed a total of 107 collective asset management plans with the Asset Management Association of China, including 33 fixed-income products, 67 hybrid products, 5 equity products, and 2 futures and derivatives products. According to Wind data, Huatai Asset Management currently has a total of 467 collective wealth management products, including 278 money market funds, 140 bond funds, with relatively few hybrid, equity, QDII, and FOF products.
The imbalance in product types is also evident in Huatai Asset Management's public fund management. Wind data shows that as of the end of 2025, Huatai Asset Management's public fund management scale was 180.83 billion yuan, a year-on-year increase of 31.6%, ranking second among securities asset management companies. Its money market fund scale was 154.773 billion yuan, a year-on-year increase of 36.87%, accounting for 85.59% of its total fund scale.
It is worth mentioning that as of the end of 2025, the size of a single fund, Huatai Zijin Tiantianfa, reached 102.882 billion yuan. The stage gains of this fund over the past year, past six months, and past month were all less than 1%, almost on par with the average gains of its peers.
Other types of funds under Huatai Asset Management are relatively small in scale and have stagnated in recent years. The scale of bond funds has failed to break through 20 billion yuan, standing at 17.438 billion yuan as of the end of 2025, while the scales of equity funds and hybrid funds were 269 million yuan and 2.508 billion yuan, respectively.
Zhi Peiyuan stated that asset management institutions primarily focused on money market and bond products face fierce competition from bank wealth management products and public funds, but they still possess unique advantages in the current market environment. The bond market continued its "volatile bull market" in 2025, with fixed-income product scales growing against the trend, and some securities companies obtained excess returns through credit sink strategies.
In terms of product performance, data from Tian Tian Fund Network shows that as of the end of 2025, the average returns of Huatai Asset Management's hybrid funds over the past 1 year, 3 years, and 5 years were 20.64%, 12.77%, and -6.64%, respectively, all lower than the peer averages of 34.42%, 19.25%, and 9.13%. The average returns of its index funds over the past 1 year, 3 years, and 5 years were 31.91%, 16.67%, and 23.8%, respectively, with only the 5-year return slightly higher than the peer average of 22.26%.
However, looking at individual products, the top performers are also index or equity funds. As of January 26, over the past year, a total of 10 products under Huatai Asset Management achieved returns exceeding 30% (A/C shares counted separately), among which Huatai Zijin CSI Semiconductor Industry Index Initiation A and C shares rose over 80%.
Zhi Peiyuan pointed out that in the era of "big asset management," the role positioning of securities asset management subsidiaries should place greater emphasis on specialization, differentiation, and synergy. "In terms of specialization, securities asset management companies need to deeply cultivate specific areas, such as fixed income, equity investment, or alternative investment, to form core competitiveness. In terms of differentiation, companies should develop characteristic products and services based on their own resource endowments and market demands to avoid homogeneous competition. In terms of synergy, securities asset management companies need to strengthen coordination with their parent companies, leveraging the parent's customer resources, channel advantages, and brand influence to expand business boundaries."
With the new leadership team now in place, can Huatai Asset Management open up new ground in the field of equity investment while consolidating its advantages in fixed income?