On the final trading day before the National Day holiday, Golden Eagle Fund issued an announcement regarding changes to its board of directors. As of September 29, more than 50% of the company's directors had changed over the preceding 12 months, with reasons including board re-election, work arrangements, and resignations for personal reasons.
What is truly informative is the list of nine board members attached to the announcement. When viewed alongside the shareholding structure, an anomalous phenomenon emerges: Dongxu Group, the largest shareholder with a 66.19% stake, holds not a single board seat. Meanwhile, Guangzhou Yuexiu Capital Holdings Group Co., Ltd. (000987.SZ), the second-largest shareholder with a 24.01% stake, occupies two director seats, and Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited (600332.SH), another second-largest shareholder with a 9.8% stake, holds one director seat.
This major governance-level change places the "problem shareholder" dilemma left behind by Dongxu Group's financial fraud squarely before the market. The current situation is that the board has been fully reshuffled, but the equity has not yet been touched. Both the company and the market are waiting for the outcome of this governance upheaval.
Board Expanded from Eight to Nine Seats, More Than Half of Members Replaced
The nine current board members disclosed in the announcement are: Yao Wenqiang (Chairman), Zhou Wei (General Manager), Mou Dunguo (Deputy General Manager and Chief Operating Officer), Yan Kangfu (Yuexiu Capital), Wu Hao (Yuexiu Capital), Chen Wenxia (Baiyunshan), and three independent directors Hao Chunli, Lu Bin, and Li Guowang.
According to the prospectus updated on September 26, 2025, the board at that time still had eight members: Yao Wenqiang, Zhou Wei, Li Songmin, Pan Yongxing, Huang Xuezhen, Zhang Ying, Hao Chunli, and Lu Bin. Four members remained and five were newly added, with changes just exceeding half.
The sequence of changes was as follows: In November 2025, Yan Kangfu became a director. He currently serves as General Counsel and General Manager of the Risk Management and Legal Compliance Department at Yuexiu Capital, replacing Li Songmin from the same company. In January 2026, Li Guowang became an independent director, replacing the original independent director and Peking University professor Zhang Ying, who exited. In April 2026, Wu Hao became a director. He currently serves as Deputy General Manager of the Capital Operations Department at Yuexiu Capital, succeeding Pan Yongxing, who served as General Manager of the Financial Center and Capital Operations Department at Yuexiu Capital. In September 2026, Chen Wenxia, Deputy Director of the Board Secretary's Office at Baiyunshan, joined, replacing Huang Xuezhen, who held the position of Director of the Board Secretary's Office, also from Baiyunshan. At the same time, Deputy General Manager and Chief Operating Officer Mou Dunguo entered the board. The number of seats increased from eight to nine, with the additional seat allocated to the management team.
As a result, among the six non-independent directors, company executives hold three seats, Yuexiu Capital holds two, Baiyunshan holds one, and Dongxu Group holds zero. While the number of seats held by Yuexiu and Baiyunshan remained unchanged, all their appointed representatives were replaced.
Among them, Yan Kangfu is not a new face. On November 3, 2021, Golden Eagle Fund announced that, following deliberation at the first extraordinary shareholders' meeting of 2021, Li Songmin was appointed as a director and Yan Kangfu ceased to serve as a director. Four years later, the two swapped positions in reverse. Both come from Yuexiu Capital's risk management and legal compliance line.
The two new directors from the shareholder side both hold ranks one level lower than their predecessors. Under the general rules of the Company Law, electing directors is an ordinary resolution that requires more than half of the voting rights to pass. Dongxu Group holds 66.19%, which in theory is sufficient to single-handedly determine all board members, yet in reality it holds zero. To explain this discrepancy, one must look to the shareholder itself.
From Chairman to Removal: The Disappearance of Dongxu Group's Seats
In November 2017, Dongxu Group received approval from the CSRC to acquire equity and subscribe to capital increases. Li Zhaoting became the actual controller of Golden Eagle Fund, and registered capital increased to 510 million yuan. A year later, on November 16, 2018, Li Zhaoting personally assumed the role of Chairman of Golden Eagle Fund, and from December of that year also briefly served as acting General Manager. In April 2020, Wang Tie succeeded him as Chairman. According to the legal representative change announcement published by Golden Eagle Fund on May 6, 2020, Wang Tie's identity at the time was Vice President of Dongxu Group, indicating that Dongxu's control over the chairman position continued.
The turning point came in March 2022, when Wang Tie departed and Yao Wenqiang was parachuted in as Chairman. Dongxu Group has since lost the chairman seat, retaining only one director seat held by Li Zhaoting.
The collapse began on March 28, 2025, when the Hebei Securities Regulatory Bureau and the Shenzhen Securities Regulatory Bureau issued prior notices of administrative penalties on the same day: from 2015 to 2019, Dongxu Group inflated revenue by 47.825 billion yuan, inflated profits by 13.001 billion yuan, fraudulently obtained issuance approval and illegally raised a total of 11.065 billion yuan, and occupied 16.959 billion yuan of listed company funds without repayment. In June of that year, the penalty was finalized, with 43 responsible entities fined a total of 1.7 billion yuan, 19 individuals subject to market bans ranging from five years to lifetime, Li Zhaoting banned for life and personally fined 588 million yuan. Image source: Canned Image Library. Under the Provisions on Market Bans in the Securities Market, individuals subject to identity-based bans may not serve as directors, supervisors, or senior management of any securities issuer during the ban period. The last director seat could no longer be retained.
Disclosure materials left a trail of timing: In the product prospectus updated by Golden Eagle Fund on May 30, 2025, Li Zhaoting was still listed on the board. By the prospectus updated on August 7, 2025, he was no longer on the list. On February 13, 2026, Li Zhaoting was detained by the Shijiazhuang Municipal Public Security Bureau, and the related case is still under investigation. The market widely believes that this detention signals the transition of the Dongxu Group financial fraud case from administrative investigation to criminal investigation.
Equity is another thread. Shortly after Li Zhaoting was removed from the board, on August 18, 2025, Golden Eagle Fund submitted an application to the CSRC for "change of equity exceeding 5% and change of actual controller." The statutory review period is 60 working days, and 13 months later, by the end of September 2026, there has been no substantive progress. The bottleneck is that the 66.19% equity held by Dongxu Group has been frozen by courts through multiple rounds of judicial freezing.
The most delicate contradiction thus arises: the equity is still in Dongxu Group's hands, but Dongxu Group has already lost its board seats. Wang Zhaojiang, Executive Director of the Beishan Changcheng Fund Research Institute, believes that Dongxu Group still holds 66.19% of Golden Eagle Fund's equity, and the judicial freezing mainly restricts property rights such as transfer, pledge, and disposal, rather than depriving shareholders of other statutory rights at the shareholders' meeting level. It still retains voting rights at shareholders' meetings and the right to nominate and elect directors. Because Dongxu Group is still the nominal controlling shareholder, it still enjoys shareholder rights, but its substantive control over Golden Eagle Fund's governance has clearly declined. If it enters judicial auction or a regulatory-approved equity transfer process in the future, its shareholder rights may undergo more substantive changes.
Declining Equity Proportion, High-Level Retracement Weighs on Performance
As of the end of the second quarter of 2026, Golden Eagle Fund's public fund management scale reached 88.985 billion yuan, a year-on-year increase of 30.81%, with overall scale achieving steady growth. Breaking down the structure, the company's products show a clear divergence of "fixed-income dominance, equity weakening": bond-type and money market funds were 43.53 billion yuan and 24.859 billion yuan respectively, together accounting for 76.86%; mixed-type and equity-type funds were 11.262 billion yuan and 6.397 billion yuan respectively, together accounting for 19.85%; in addition, FOF scale was nearly 3 billion yuan.
Over a longer period, Golden Eagle Fund's asset structure has undergone a reversal in the past five years. Looking back to the third quarter of 2021, Golden Eagle Fund's bond-type fund scale was only 10.128 billion yuan, and it has now grown to 43.53 billion yuan, more than tripling. In stark contrast, the company's once-advantageous equity products have continued to shrink, with mixed-type funds contracting sharply from 28.155 billion yuan to 11.262 billion yuan, more than halving in scale.
During the market peak in 2021, the company's equity fund scale accounted for nearly 50% of the total, and equity research was once its core calling card. But in just a few years, with equity performance fluctuations, core fund manager turnover, and ongoing corporate governance turmoil, equity scale has continued to decline, and the company has evolved into a structure of fixed-income ballast with weak equity.
The largest active equity product under Wind company is Golden Eagle Technology Innovation Equity, with a scale of 2.335 billion yuan as of the end of the second quarter, managed by Chen Ying. As of September 30, the A share class had fallen 5.56% year-to-date and returned -15.83% over the past year. In the first half of the year, it was still in positive territory, with the A share class net value growth rate at 0.57% in the first half, turning from profit to loss in the third quarter.
At the end of the second quarter, the largest holding of Golden Eagle Technology Innovation Equity was Epoxy Base Electronic Material Corporation Limited (603002.SH), accounting for 9.21% of net value, which combines PCB and Nvidia concepts, and fell 28.26% in the third quarter. It was caught in the collective pullback of the AI hardware chain in July, with the entire A-share high-end PCB, copper-clad laminate, optical module, and storage chain declining. On September 28, Epoxy Base Electronic Material fell 8.44% in a single day, and the fund's net value fell 3.79% that day.
Golden Eagle Technology Innovation Equity A Net Value Trend Year-to-Date, Top Ten Stock Holdings at End of Second Quarter Source: Tian Tian Fund Network. The same batch of stocks also weighs on other products managed by Chen Ying. The largest holdings of Golden Eagle Core Resources and Golden Eagle Technology Zhiyuan are both Epoxy Base Electronic Material. As of September 30, Golden Eagle Technology Zhiyuan A had a year-to-date net value growth rate of -18.06%, Golden Eagle Smart Life A -27.4%, and Golden Eagle Core Resources A -10.68%, all with deeper declines than Golden Eagle Technology Innovation.
It should be noted that Golden Eagle Technology Innovation is not a product that has underperformed over the long term. In 2025, Golden Eagle Technology Innovation Equity A had a net value growth of 31.95%; since Chen Ying began managing the fund on May 18, 2021, the tenure return has been 101.73%. The recent one-year underperformance occurred as a high-level retracement after the 2025 rally. Chen Ying's comprehensive return over the past two years reached 30.78%, but affected by this round of deep sector pullback, the one-year performance has retraced significantly, with comprehensive return dropping to -17.64%, and short-term performance volatility significantly amplified. Image source: Canned Image Library.
Golden Eagle Fund has also had "star funds" in active equity. Golden Eagle National Emerging Mixed A had returns of 44.92%, 88.62%, and 79.41% in 2019-2021 respectively. In the first half of 2021, it won the half-year championship among public funds excluding QDII with a return of 53.15%, and ranked 6/495 among comparable funds in the same period according to Galaxy Securities. At that time, it heavily held Sungrow Power Supply Co.,Ltd. (300274.SZ), Longi Green Energy Technology Co.,Ltd. (601012.SH), Trina Solar Co.,Ltd. (688599.SH), and Contemporary Amperex Technology Co., Limited (300750.SZ) — an entire new energy main line. When Han Guangzhe took over in March 2021, the fund's net assets were 112 million yuan, and a year later they rose to 1.239 billion yuan.
After the sector sentiment turned, concentration backfired: it fell 32.18% and 29.92% in 2022 and 2023 respectively. At the end of the first quarter of 2023, the top seven holdings each exceeded 8%, with the largest holding JA Solar Technology Co.,Ltd. (002459.SZ) accounting for 10.07% of net value, already exceeding the 10% cap. Over the past five years (2022 to present in 2026), it has only outperformed the benchmark in 2025.
Golden Eagle National Emerging Mixed A Net Value Trend Since Inception, Top Ten Stock Holdings at End of Second Quarter Source: Tian Tian Fund Network. Today, new energy has disappeared from the top ten holdings, replaced by AI hardware and software. The largest holding is still Epoxy Base Electronic Material, and the scale has returned to 534 million yuan, less than half of the end of 2021. This fund is now on its sixth manager, Chen Ying.
Golden Eagle National Emerging Mixed A Fund Manager Change History Source: Tian Tian Fund Network. Golden Eagle Carbon Neutral Mixed Initiated Fund also has a story: it was established on March 1, 2023, and on March 1, 2026, when the contract reached three full years, it triggered automatic termination because net asset value fell below 200 million yuan. The contract terminated on April 27, and remaining assets of 14.5125 million yuan were distributed. On the final operating day (February 27, 2026), the cumulative unit net value was 1.5181 yuan for Class A and 1.5036 yuan for Class C, having earned more than 50% over three years, yet it was still liquidated.
In terms of product layout, Golden Eagle Fund has also been filling out its equity product line in recent years, gradually deploying index funds, FOFs, and other varieties in an attempt to enrich its product matrix. However, in the past two years, new products have mainly been fixed-income plus and passive index funds, with no new active equity fund launches.
While trying to shore up its equity shortcomings, Golden Eagle Fund still has to directly confront governance challenges brought by equity uncertainties and frequent director turnover. Wang Zhaojiang stated that in the short term, strategic continuity, major decision-making efficiency, and senior management stability will all come under pressure. The major shareholder's debt crisis and the former actual controller's ban will affect the trust of institutional clients, bank channels, and partners.
Active equity has always been the touchstone for testing the research foundation of public fund managers. For Golden Eagle Fund, which is in the midst of board restructuring, whether it can stabilize its investment research team and maintain the continuity of investment strategy will determine whether this product structure repair can truly be implemented, and it remains a core focus of ongoing market observation.