Dacheng Fund star manager Han Chuang resigns from all seven funds, may move to private equity
On September 23, 2024, Dacheng Fund manager Han Chuang resigned from all seven of his managed funds due to personal reasons, effective immediately. The departure followed the appointment of co-managers for five products on September 18. Han, who managed over 10 billion yuan, was part of Dacheng's "Three Musketeers" active equity team. His flagship fund, Dacheng Xinrui Industry Hybrid, posted a 483% return since January 2019. According to Caixin, Han may leave to start a private fund management company.
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Cross-source coverage
Common ground
- Han Chuang delivered exceptional long-term returns, including a 483% gain since 2019 and nearly 50% over three years through a bear market.
- Client redemptions of over 100 billion yuan were a major factor in Dacheng's decision to restructure his funds.
- The transition was orderly, with co-managers phased in over six months and investors given advance notice.
- Financial media and market narratives influenced investor behavior, particularly the hype around tech and AI in 2023.
Points of contention
- Regional Agent argues Han Chuang was pushed out because his value investing philosophy fell out of fashion, while Eastern Agent says it was a normal response to client redemptions and underperformance.
- Regional Agent sees Dacheng's pivot to growth managers as a betrayal of long-term strategy, while Eastern Agent views it as a strategic bet on market opportunities.
- Regional Agent believes the system punishes conviction and rewards short-term hype, while Eastern Agent insists it rewards results and reflects market maturity.
- Regional Agent compares this to Western cases where managers got grace periods, while Eastern Agent argues similar restructurings happen globally after performance lags.
Blind spots
- Both sides overlook the possibility that Han Chuang's strategy might have rebounded if given more time, as value investing often cycles back into favor.
- The debate ignores the role of regulatory or policy influences in China's fund industry that could shape such decisions beyond pure market forces.
- Neither side fully addresses whether the successors' growth bets are sustainable or if they simply rode a tech wave that could reverse.
WorldAttention’s read
This debate boils down to two competing views of the same event. Regional Agent sees Han Chuang's departure as a symptom of an industry that punishes long-term conviction and chases short-term hype, pointing to his strong track record and the manufactured narratives that drove redemptions. Eastern Agent counters that this is simply how mature markets work everywhere—when a manager's strategy leads to massive outflows and a period of underperformance, firms adapt professionally, and investors make their own choices. Both agree that client redemptions and media narratives played a big role, but they disagree on whether Dacheng's response was a betrayal or a smart business move. The blind spot is that neither fully considers the possibility that Han Chuang's value approach might have come back into favor, or that the growth successors could face their own reckoning if the tech rally fades. Ultimately, this isn't a clear case of crisis or strength—it's a reminder that even in a maturing market, the tension between sticking to a strategy and following the crowd is never fully resolved.
Reporting timeline
Billion-Yuan Fund Manager Han Chuang Resigns from Dacheng Fund, 7 Products Affected
On September 24, 2024, Dacheng Fund Management announced that fund manager Han Chuang resigned from all seven of his managed products due to personal reasons, effective September 23. The departure was foreshadowed by the appointment of co-managers for five products on September 18. Han Chuang, a Zhongshan University economics master's graduate, had worked at Dacheng for over 11 years, joining in 2015 from a research role at China Merchants Securities. His longest-managed fund, Dacheng Xinrui Industry Hybrid, posted a 483% return since January 2019. His peak management scale reached 295.98 billion yuan in Q1 2022, but fell to about 109.16 billion yuan by Q2 2024. Dacheng Fund has assigned successors: Qi Weizhong takes over the largest fund, while Xu Xionghui, Dai Jun, Du Cong, and Bai Yang assume others. Han Chuang was part of Dacheng's 'Three Musketeers' active equity team with Xu Yan and Liu Xu. The article notes that retaining core talent and ensuring smooth investment style transitions remain challenges for the firm.
Read sourceDacheng Fund's Top Equity Manager Han Chuang Resigns from All Seven Funds, May Move to Private Sector
Dacheng Fund announced on September 24 that Han Chuang, a prominent equity fund manager managing over 10 billion yuan, resigned from all seven of his managed funds on September 23 for personal reasons. The funds, previously solely managed by Han, had been transitioned to a co-management model within the past six months, with additional fund managers appointed. As of mid-year, Han's total assets under management stood at 109.17 billion yuan, a decline of nearly 10 billion yuan from the end of the first quarter. Han Chuang, along with Xu Yan and Liu Xu, was known as one of Dacheng Fund's 'Three Equity Swordsmen.' According to a previous report by Caixin, Han Chuang may leave the firm to start a private fund management company.
Dacheng Fund's star manager Han Chuang resigns from all funds, may move to private equity
Dacheng Fund announced on September 24 that Han Chuang, a prominent equity fund manager managing over 10 billion yuan, resigned from all seven of his funds on September 23 for personal reasons. The funds, previously managed solely by Han, had been transitioned to co-management over the past six months with the addition of other fund managers. As of mid-year, Han managed total assets of 109.17 billion yuan, a drop of nearly 10 billion yuan from the end of the first quarter. Han, along with Xu Yan and Liu Xu, was known as one of Dacheng Fund's 'Three Equity Swordsmen.' According to Caixin, Han is expected to leave the company and move to the private equity sector.
Read sourceShow 3 older updatesHide older updates
Dacheng Fund's 10-billion-yuan equity star Han Chuang resigns from all funds
Dacheng Fund announced that Han Chuang, a prominent equity fund manager managing over 10 billion yuan, resigned from all seven of his funds on September 23 due to personal reasons. The funds, previously solely managed by Han, had been transitioned to co-management over the past six months. As of mid-year, Han's total assets under management stood at 109.17 billion yuan, a decline of nearly 10 billion yuan from the end of the first quarter. Han, along with Xu Yan and Liu Xu, was known as one of Dacheng Fund's 'Three Swordsmen of Equity.' According to Caixin, Han Chuang is expected to leave the firm and potentially move to the private equity sector.
Read sourceStar fund manager Han Chuang may leave Dacheng Fund amid equity product losses
Dacheng Fund faces multiple challenges as star fund manager Han Chuang is expected to depart for a private equity firm, according to industry sources. On September 18, five funds managed by Han Chuang appointed co-managers, leaving him with no sole-managed funds. Han, who joined Dacheng in 2015, managed 109.16 billion yuan as of Q2 2025. His flagship fund Dacheng New锐 Industry posted 88.25% returns in 2021, but since 2022, his funds have suffered significant losses due to market downturns and heavy bets on gold stocks. In H1 2025, his seven funds collectively lost 13.89 billion yuan, and his AUM shrank from 207.76 billion to 109.16 billion yuan. Separately, Dacheng Technology Innovation C, managed by Guo Weiling, saw its size surge 574% to 201.04 billion yuan by end-June after heavy investment in 'Kingboard' stocks, which later plunged over 44% following a major shareholder sell-off. The fund's recent three-month return was -32.2%. Additionally, Vice President Yao Yudong resigned on September 2. Dacheng Fund, one of China's oldest fund companies with 5224.42 billion yuan in AUM, is grappling with talent loss and poor performance in actively managed equity products.
Dacheng Fund's Top Manager Han Chuang May Depart After All Products Co-Appoint New Managers
This article from Sina Finance's stock section, citing financial blog 'Jinshi Zatan', reports that Han Chuang, a star fund manager at Dacheng Fund, has co-appointed new managers to all seven of his products on September 18, 2024. The blog interprets this as a typical precursor to a fund manager's departure. Han Chuang, a director and deputy head of equity investment at Dacheng, is part of the firm's 'Three Musketeers' with Xu Yan and Liu Xu. His funds, heavily weighted in 'old economy' sectors like gold, insurance, and rare earths, have underperformed in the recent tech-driven bull market, with his assets under management halving from 207 billion to 100 billion yuan in Q2. The article details the backgrounds of the newly appointed co-managers, many of whom have a growth/tech focus, suggesting a potential shift in fund strategy. It speculates Han's possible departure could be voluntary (to start his own firm) or due to underperformance and marginalization within Dacheng.