Dacheng Fund's Han Chuang Adds Co-Managers to All Funds, Sources Say He May Leave for Private Equity

Published by Jiemian News | Reporter: Du Meng

On September 18, Dacheng Fund announced that five funds previously managed solely by Han Chuang would now be co-managed with additional fund managers. This marks a significant shift in the firm's active equity management team.

Details of the Co-Management Appointments

• Dacheng Industry Trend: Co-managed with Xu Xionghui
• Dacheng Jingxuan Select Six-Month Holding Mixed Fund: Co-managed with Du Cong
• Dacheng Juyou Growth: Co-managed with Dai Jun
• Dacheng Xinrui Industry: Co-managed with Qi Weizhong
• Dacheng Chuangyou Xinxuan: Co-managed with Bai Yang

As a result, Han Chuang no longer manages any fund independently.

A Gradual Transition Since Late 2025

Since late 2025, Han Chuang's managed funds have been progressively adding co-managers:

• December 11, 2025: Dacheng Core Trend added Chen Linzan as co-manager
• March 12, 2026: Han Chuang resigned as manager of that fund
• March 16, 2026: Dacheng State-Owned Enterprise Reform added Zhang Jiawang as co-manager
• July 6, 2026: Dacheng Ruijing added Zhang Tianwen as co-manager

According to industry sources, Han Chuang is expected to leave Dacheng Fund soon and transition to the private equity sector.

Career Background

Han Chuang served as a researcher at the Research & Development Center of China Merchants Securities from June 2012 to June 2015. He joined Dacheng Fund in June 2015, holding positions including:

• Researcher, Research Department
• Fund Manager, Equity Investment Department
• Managing Director, Research Department
• Deputy Director & Managing Director, Equity Investment Department

As of the end of Q2, his total AUM under management stood at RMB 10.916 billion.

Investment Style and Performance

Han Chuang is known for capturing sector dividends and generating excess returns. Key performance highlights:

• Dacheng Xinrui Industry: Cumulative return of 488.42% since January 2019, with an annualized return of 25.9%
• 2021 Peak Performance: Dacheng Xinrui Industry ranked first among actively managed equity hybrid funds with an 88.25% return. Dacheng Ruijing and Dacheng State-Owned Enterprise Reform returned 84.19% and 94.76% respectively that year.

In 2021, all three funds heavily weighted cyclical sectors such as non-ferrous metals, chemicals, and petrochemicals, holding maximum positions in several cyclical stocks.

Fundraising Success in 2021

In 2021, Han Chuang became Dacheng Fund's flagship manager, launching:

| Fund | Launch Date | Initial Scale (RMB) | |------|-------------|---------------------| | Dacheng Industry Trend | 2021 | 1.541 billion | | Dacheng Jingxuan Select Six-Month Holding | 2021 | 4.799 billion | | Dacheng Juyou Growth | January 2022 | 3.287 billion | | Total | | 9.627 billion |

Recent Performance Challenges

Since 2022, as A-shares entered a volatile phase, funds launched at market highs suffered significant losses:

• 2022: Dacheng Industry Trend returned -11.01%; Dacheng Jingxuan Select Six-Month Holding returned -16.74%

In 2026, Han Chuang's funds entered another "headwind period":

| Fund | Q2 2026 Return | |------|----------------| | Dacheng State-Owned Enterprise Reform | -13.1% | | Dacheng Xinrui Industry | -20.84% | | Dacheng Juyou Growth | -24.62% |

The losses are attributed to heavy allocations in gold stocks, including Zhaojin Mining (01818.HK) and Shandong Gold (600547.SH).

Financial Impact

According to mid-year reports, Han Chuang's seven funds posted a combined loss of RMB 1.389 billion in the first half of 2026. His AUM shrank from RMB 20.776 billion at the end of Q1 to RMB 10.916 billion by Q2.

Impact on Dacheng Fund

Han Chuang's departure could significantly affect Dacheng Fund's active equity business.

About Dacheng Fund

• Founded: 1999, one of China's first "old ten" fund companies
• Headquarters: Shenzhen
• Shareholders: Zhongtai Trust (50%), Everbright Securities (25%), China Galaxy Investment Management (25%)

Fund Scale (as of Q2 2026)

| Category | Scale (RMB) | |----------|-------------| | Total AUM | 522.442 billion | | Non-money market | 317.191 billion | | Bond funds | 138.911 billion | | Hybrid funds | 100.251 billion | | Equity funds | 33.871 billion |

Among the company's 462 funds (all share classes counted separately), only Dacheng Technology Innovation C exceeds RMB 10 billion in scale among active equity funds. Most other large-scale funds are money market or bond funds.

Controversy Surrounding Dacheng Technology Innovation Fund

The fund, managed by Guo Weiling, has recently faced controversy due to heavy positions in "Kingboard" stocks.

Manager Profile: Guo Weiling

• Joined Dacheng Fund: July 2015
• Obtained fund qualification: October 2017
• Previous roles: Researcher, Research Department; Fund Manager Assistant
• Current role: Fund Manager, Equity Investment Department
• Manages 5 funds with total AUM of RMB 29.992 billion

Fund Details

Dacheng Technology Innovation Hybrid Fund (A/C shares combined) has a scale of RMB 24.976 billion. The C-share scale surged from RMB 2.982 billion at end of March to RMB 20.104 billion by end of June 2026, an increase of 574%.

Stock Positions and Performance

In Q2, the fund added two "Kingboard" stocks:

| Stock | Ticker | Fair Value (RMB) | % of NAV | |-------|--------|------------------|----------| | Kingboard Laminates | 01888.HK | 3.714 billion | 8.36% | | Kingboard Group | 00148.HK | | 6.51% | | Combined | | | 14.87% |

As AI upstream companies with high Hong Kong market attention, Kingboard Laminates and Kingboard Group surged 658% and 308% respectively in the first half of 2026.

However, at end of June, major shareholders sold over RMB 20 billion worth of shares, triggering a sharp price decline. From July 2 to August 31, the closing prices of Kingboard Laminates and Kingboard Group fell by 44.65% and 47.12% respectively.

As of September 17, Dacheng Technology Innovation A/C posted three-month returns of -32.13% and -32.2%, severely impacting new investors who bought in during Q2.

Recent Executive Departure

On September 2, Dacheng Fund announced that Vice President Yao Yudong resigned for personal reasons and would not transfer to another position. Yao joined Dacheng Fund in 2016 as Chief Economist, was promoted to Vice President in 2017, and was responsible for macro research, asset allocation, and institutional business.

Outlook

As an established fund company, Dacheng Fund is facing multiple challenges: the loss of core investment talent, significant losses in flagship active equity products due to high-entry-point stock purchases, and subsequent price declines. How to reverse this situation has become an urgent question for the firm.