Former 'New Energy King' Fund Manager Zhou Ziguang's Assets Shrink 80% as Net Value Plunges to 0.38 Yuan
Zhou Ziguang, a former star fund manager at China Securities Co. (CSC) Fund once hailed as the 'New Energy King' in 2022, has seen his assets under management fall from 35 billion yuan to 7.31 billion yuan, an 80% decline. His flagship fund, CSC Zhixiang Life A, has a net asset value of 0.38 yuan, a cumulative loss of over 62% since inception. Multiple articles attribute the collapse to three mistimed investment shifts: holding new energy stocks after the sector peaked in late 2021, pivoting to low-altitude economy stocks in early 2025, and moving to commercial space stocks in 2026, all while missing the AI-driven tech rally. CSC Fund relies heavily on fixed-income products, with equity funds comprising less than 7% of its total assets.
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Cross-source coverage
Common ground
- Both sides agree that Zhou Ziguang's fund losses were severe and painful for retail investors.
- Both agree that China's CSRC implemented performance-linked compensation rules faster than many Western regulators.
- Both acknowledge that distribution channels like Ant Group pushing funds based on past returns is a real problem.
Points of contention
- Eastern Agent sees the 58% loss as a normal market correction and learning experience, while Neutral Agent calls it capital destruction and a bait-and-switch.
- Eastern Agent argues the 80% fixed-income allocation is a deliberate policy success for patient capital, while Neutral Agent sees it as institutional risk-aversion and failure to build equity capabilities.
- Eastern Agent frames the case as proof China's system is maturing, while Neutral Agent says it reveals a structural misalignment between revenue incentives and investor protection.
Blind spots
- Neither side fully addresses how to prevent fund companies from marketing hot sectors to retail investors without clear risk warnings.
- The debate overlooks the role of social media and online platforms in amplifying herding behavior among Chinese retail investors.
- Both agents assume retail investors have equal access to information, ignoring the digital divide and financial literacy gaps.
WorldAttention’s read
The roundtable revealed a fundamental tension: Eastern Agent views Zhou Ziguang's collapse as a healthy market correction in a maturing system, while Neutral Agent sees it as a symptom of broken incentives where fund companies chase fees over returns. Both agree the CSRC's performance-linked compensation rules are a step forward, but disagree on whether they're enough. The biggest blind spot is the distribution channel problem—platforms pushing funds based on past returns without requiring fund managers to have skin in the game. Ultimately, China's financial system is caught between being a policy-guided savings mechanism and a genuine capital market, and until that tension is resolved, similar blowups will likely happen again.
Reporting timeline
China's Former 'New Energy King' Fund Manager Sees Assets Shrink 80% as Net Value Plunges
The article analyzes the decline of Zhou Ziguang, a former top-performing fund manager at China Securities Co. (CSC) Fund, who was once hailed as the 'New Energy King' in 2022. His flagship fund, CSC Zhixiang Life A, has seen its net asset value drop to 0.38 yuan, a cumulative loss of over 62% since inception. Zhou's management scale fell from 35 billion yuan to 7.31 billion yuan, an 80% decline. The analysis attributes his downfall to three mistimed investment shifts: holding onto new energy stocks after the sector peaked in late 2021, pivoting to low-altitude economy stocks in early 2025 just as the theme faded, and then moving to commercial space stocks in 2026 which also underperformed. The article also critiques CSC Fund's heavy reliance on fixed-income products (over 80% of its 1,035.75 billion yuan AUM), arguing that the firm's profit model is disconnected from equity fund losses. It notes recent executive changes, including the appointment of a brokerage sales veteran as chairman, signaling a continued focus on distribution over investment research. The piece concludes with advice for retail investors to scrutinize fund company structure, manager track records, and fee impacts.
Read sourceFormer 'New Energy King' Fund Manager Zhou Ziguang Sees Assets Shrink 80%
This article from NetEase Finance analyzes the decline of Zhou Ziguang, a fund manager at China Securities Co., Ltd. (CSC) Fund who was once hailed as the 'New Energy King.' His flagship fund, Zhixiang Life A, has a net asset value of 0.38 yuan, down over 62% since inception, and his total assets under management have fallen from 35 billion yuan to 7.31 billion yuan. The article attributes this to three mistimed investment shifts: holding onto the new energy sector after its peak, pivoting to low-altitude economy stocks in early 2025 instead of the AI-led tech rally, and then moving to commercial space stocks in 2026 which also underperformed. It further critiques CSC Fund's business model, noting that over 80% of its 1,035.75 billion yuan in assets are in money market and bond funds, making it a 'fixed-income heavy' firm where equity losses do not hurt profitability. The article advises retail investors to scrutinize a fund company's equity proportion, a manager's track record beyond peak returns, and the impact of management fees.
Former 'New Energy King' Zhou Ziguang's Fund Shrinks 80% as Net Value Falls to 0.38 Yuan
This article from NetEase Finance analyzes the decline of Zhou Ziguang, a fund manager at China Securities Co., Ltd. (CSC) Fund, once hailed as the 'New Energy King.' In 2022, Zhou managed 3.5 billion yuan and his products ranked in the top 10% of the market. Four years later, his assets under management have shrunk by 80% to 731 million yuan, with his flagship fund, Zhixiang Shenghuo A, posting a net value of 0.38 yuan, a cumulative loss of over 62%. The article attributes his downfall to three mistimed investment shifts: holding onto the new energy sector after its peak in 2021, pivoting to the low-altitude economy theme in early 2025 instead of the AI-driven tech bull market, and then moving into commercial aerospace in mid-2026, which also underperformed. It further notes that CSC Fund relies heavily on fixed-income products (82% of its 103.6 billion yuan AUM), with equity funds making up less than 7%, and that the company's profits have risen despite equity losses. The article advises retail investors to scrutinize a fund company's equity proportion, a manager's track record beyond peak returns, and actual net losses versus management fees.
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CSC Fund's Former New Energy Star Manager Zhou Ziguang Sees Performance Collapse
An analysis by Dujin Finance, published on NetEase Finance, examines the dramatic decline of Zhou Ziguang, a former star fund manager at CSC (CITIC Securities) Fund. Zhou gained fame in 2022 by betting heavily on the new energy sector, propelling his CSC Low Carbon Growth A fund into the top 10 nationally. However, as of September 2026, his three funds have posted negative returns over one, two, and three years, with CSC Zhixiang Life A ranking 4,993rd out of 5,003 similar funds. The article attributes the collapse to persistent misalignment with market trends, including holding new energy stocks through their post-2021 downturn, then pivoting to low-altitude economy and commercial space stocks while missing the AI-driven rally in 2026. The article notes that CSC Fund's overall assets have surpassed 100 billion yuan, but this is driven by low-margin money market funds, while its equity fund share has shrunk to under 7%. The firm has found some success in REITs, with assets exceeding 11.5 billion yuan. The analysis questions whether the company can address its equity weaknesses and improve investor returns.
Read sourceCSC Fund's Former Star Manager Zhou Ziguang Sees Funds Plunge from Top 10 to Near Bottom
This article from Sina Finance, sourced via Tencent Stock, analyzes the dramatic decline of Zhou Ziguang, a fund manager at CSC (China Securities Co.) Fund, who rose to fame in 2022 by betting on the new energy sector. His flagship fund, CSC Low Carbon Growth A, once ranked in the top 10 among equity funds. However, as of September 2026, his three funds have posted negative returns over one, two, and three years, with CSC Smart Life A ranking 4,993rd out of 5,003 similar funds. The article attributes the collapse to persistent misalignment with market trends, including late exits from new energy and failed bets on low-altitude economy and commercial space sectors, while missing the AI-driven rally in 2026. It notes that CSC Fund's overall assets under management have surpassed 1 trillion yuan, but this is heavily reliant on low-margin money market funds, with equity funds shrinking to under 7% of total assets. The firm has found some success in REITs, with scale exceeding 115 billion yuan. The article questions whether the firm can address its equity weaknesses and improve investor returns, especially given new regulations that could penalize underperforming managers.