The veteran public offering Xinhua recently issued another personnel change announcement, and the manager Luan Chao stepped down from all the public offering products under management. The veteran has managed a number of products with good returns, and his departure at this time has attracted widespread attention in the industry.
Xinhua, which is in the stage of "new and old replacement", has ushered in a number of new generation managers in the past two years.
According to the statistics of the reporter of the "International Financial News", there are 8 ** managers who have managed public products for less than 3 years, and 10 ** managers who have managed public products for less than 5 years.
This year, Xinhua**, a shareholder with a state-owned background, has also experienced a major change in the senior management, and the new general manager took office in September. This public offering company, which has been established for nearly 20 years, will break through from the ranks of small and medium-sized public offerings in the future?
Senior manager leaves.
According to the announcement issued by Xinhua on November 30, manager Luan Chao stepped down from Xinhua Xin Power, Xinhua Science and Technology Innovation Theme, Xinhua Xinyi, Xinhua Prosperity Industry, Xinhua Pan Resource Advantage, Xinhua Preferred Growth and other 6 ** for personal reasons.
As of his departure, Luan Chao's management scale was more than 4 billion yuan, and all of them were equity**. The scale of Xinhua's equity public offering is less than 10 billion yuan, and the departure of such an important ** manager is heavy news for the company and investors.
A person familiar with the matter told the "International Financial News" reporter that Luan Chao was not well-known in the industry before joining Xinhua**, but he was very willing to delve into investment research work, and he should have seized a wave of opportunities in the market if he could make performance later.
According to public information, Luan Chao once worked as a researcher, assistant manager, and manager of China Post EntrepreneurshipHe joined Xinhua** in 2017 and served as the deputy director of the equity investment department, managing a number of active equity funds**. Luan Chao has served as a manager of Xinhua for more than 7 years, and has managed Xinhua Xinyi C and Xinhua Preferred Growth with a return of more than 100%, and Xinhua Pan Resource Advantage and Xinhua Trend Pilot have a return of more than 50%, which has attracted the attention of investors because of its outstanding past performance.
However, judging from the past two years, the performance of Luan Chao has fluctuated greatly. Although Xinhua Xinyi C, Xinhua Preferred Growth, and Xinhua Pan Resource Advantage still maintain an overall good return on their positions, the net value loss of these three ** in the past two years is more than 30%.
In addition, according to the daily ** network, as of November 28, Xinhua Xin Power, Xinhua Science and Technology Innovation Theme, and Xinhua Xin Yi A, the three ** during their management period, the return of their positions has withdrawn by more than 30%.
Most of Luan's super heavy positions are the core assets of the previous public offerings, such as new energy, photovoltaics, liquor, etc. Judging from the comparison of the relevant three quarterly reports, Xinhua Xinyi, Xinhua Preferred Growth, Xinhua Pan Resource Advantage, and Xinhua Prosperity Industry are more concentrated, mainly including lithium batteries, liquor, software, semiconductors and other sectors. The heavy stocks of Xinhua Power and Xinhua Science and Technology Innovation are also relatively similar, and the heavy industries are concentrated in new energy vehicles, photovoltaic and wind power.
Personnel changes are frequent.
According to the data, after Luan Chao left, Xinhua ** has a total of 16** managers, among them, the largest equity ** in management is Zhao Qiang, whose management of public offering ** has been more than seven years, and the latest scale under management is 265.2 billion yuan.
Xinhua** seems to be undergoing a personnel change that alternates the old with the new. As of December 1, except for Zhao Qiang, there are only 5 ** managers who have managed public offering products for more than 5 years, and the management scale of equity products is less than 1 billion yuan. Among the remaining managers, most of them are "new faces" in the past two years, with 5 managers managing public offerings for less than 1 year, 8 managers managing public offerings for less than 3 years, and 10 managers managing public offerings for less than 5 years.
As of the end of the third quarter of this year, the public offering scale of Xinhua** was less than 50 billion yuan. Among them, the scale of active equity is less than 10 billion yuan.
For a company that has been established for nearly 20 years, such a long-term "small growth" scale is really puzzling.
In recent years, due to changes in the shareholding structure and other reasons, Xinhua has lost a number of senior employees. Choice data shows that since 2020, there have been 16 managers who have left Xinhua, of which 4 have been since the beginning of this year. Among the managers who have left the company, the longest one has been in the job for 10 years, and a total of 7 have been in the company for more than 5 years.
In January this year, the China Securities Regulatory Commission approved Beijing Financial Street Investment (Group)** to be affiliated to the State-owned Assets Supervision and Administration Commission of Xicheng District, Beijing) to become the actual controller of Xinhua**. Since then, there have been some changes in Xinhua** executives, the former chairman Zhai Chenxi left in March, and the former general manager Yu Chunling was promoted to chairman in June and acted as general manager. In September, the new general manager Yang Jinliang took office, and Yu Chunling was no longer in charge.
For the recent change of managers, Xinhua told the "International Financial News" reporter that Xinhua has always adhered to the supremacy of investors' interests, and has a perfect talent echelon system and reserve talent team covering the "evergreen generation", "middle generation" and "new generation", and temporary personnel changes will not affect the normal operation of the company and products.
However, as of press time, Xinhua has not replied to the interview letter sent by the reporter as of press time.