Shangyin Fund Appoints New GM, Shanghai Bank Veteran Yao Qin Takes Over

More than three months after the departure of its previous general manager, Shanghai Bank Fund has officially confirmed a new appointment.

On September 19, Shanghai Bank Fund Management Co., Ltd. ("Shanghai Bank Fund") announced that Yao Qin has assumed the role of General Manager, effective immediately. According to public records from the Asset Management Association of China, Yao Qin officially joined the company on September 10.

Board of Directors Changes

On the same day, Shanghai Bank Fund also announced changes to its board of directors. As of September 19, 2026, more than 50% of the company's directors had changed within the preceding 12 months due to personnel changes and other reasons. Following a shareholders' meeting resolution, the current Board of Directors members are:

• Wu Jun (Chairman)
• Yao Qin (General Manager)
• Sun Lei
• Yao Zhijun
• Wu Di
• Mr. Jack Treunen
• Jiang Xiaoyun
• Wu Xianling
• Wang Mingde

Background of the New General Manager

On June 4 this year, Weichi Ping resigned as Director and General Manager of Shanghai Bank Fund for "personal reasons," with Deputy General Manager Wang Jiaqiu serving as interim replacement. Just 14 days later, on June 18, Weichi Ping officially assumed the position of Chairman of Debon Fund.

Like his predecessor, Yao Qin comes from major shareholder Bank of Shanghai. His previous roles include:

• Assistant General Manager, Investment Banking Department (Head Office, Bank of Shanghai)
• Assistant General Manager, Head Office Business Department
• Deputy General Manager, Financial Markets Department
• General Manager, Financial Interbank Department
• General Manager, Retail Business Department
• Chairman, Shangcheng Consumer Finance Company
• Director, Board Office (Head Office)

Record Assets Under Management

This senior management change coincides with Shanghai Bank Fund reaching a historical peak in assets under management (AUM). According to Wind data, as of the end of the second quarter this year, the company's AUM reached RMB 265.313 billion, ranking 35th among 164 public mutual fund companies (including securities asset management firms holding public fund licenses).

Product Structure (as of Q2 2026)

• Non-money market fund AUM: RMB 164.091 billion
• Bond funds: RMB 159.729 billion (dominant category)
• Hybrid funds: RMB 3.277 billion
• Stock funds: RMB 1.035 billion

Ownership Restructuring

The company's ownership structure has recently undergone a key transformation. In March this year, the China Securities Regulatory Commission approved Santander Investment Holdings S.L. as a shareholder holding more than 5% of Shanghai Bank Fund. Following the transaction:

• Bank of Shanghai: Shareholding decreased from 100% to 80% (remaining the controlling shareholder)
• Santander Investment: Holds a 20% stake as a strategic shareholder

This marks Shanghai Bank Fund's transition from a wholly-owned bank subsidiary to a Sino-foreign joint venture public mutual fund.

Company Profile and Financial Performance

According to its official website, Shanghai Bank Fund was established in August 2013 with a registered capital of RMB 300 million. Based on Bank of Shanghai's interim report for 2026, the fund achieved net profits of RMB 170 million in the first half of the year, representing a year-on-year increase of 11.84%.

Source: The Paper