Xingyin Fund Appoints Dong Xiaoliang as Chairman, a Veteran with Nearly 30 Years in Finance

September 23, 2026 – Xingyin Fund announced a senior management change today, with Dong Xiaoliang appointed as the new chairman, replacing Huang Deliang, who will no longer serve in the concurrent role.

According to sources familiar with the matter, the personnel adjustment is part of a strategic deployment by Xingyin Fund's controlling shareholder, Huafu Securities Group. The move is aimed at strengthening the fund company's leadership team, enhancing professional capabilities, and accelerating the implementation of the company's new development strategy.

A Veteran with Nearly 30 Years of Financial Experience

Public information shows that Huang Deliang currently serves as a member of the Party Committee and Deputy General Manager of Fujian Financial Investment Company, while also holding the positions of Party Committee Secretary and Chairman of Huafu Securities, Xingyin Fund's controlling shareholder. With nearly 30 years of experience spanning banking, trust, and securities, Huang had taken on the role of Xingyin Fund's chairman in August 2025.

The newly appointed chairman, Dong Xiaoliang, is also a veteran with nearly three decades of industry experience, with a career spanning futures, securities, and fund management. He has held positions at institutions including Guomao Futures, Industrial Securities, and Haitong Futures. In 2013, he was a core member involved in the establishment of UBS SDIC Fund Management Company. During his tenure there, he led the team to achieve significant growth in public fund management scale.

From the second half of 2019, Dong moved to Century Securities as General Manager. Three years later, he joined Taiping Fund as Deputy General Manager. In July 2023, he joined Xiamen ITG Capital Group as Deputy General Manager.

Company Background

Xingyin Fund, formerly known as Huafu Fund, was established in October 2013. It was jointly founded by Huafu Securities and Guomai Technology, with its registered office in Quanzhou, Fujian Province.

As of June 30, 2026, Xingyin Fund's public fund management scale reached RMB 145.596 billion, an increase of over RMB 30 billion compared to mid-2025. The company offers more than 70 public fund products, covering money market funds, bond funds, hybrid funds, index funds, ETFs, and FOFs.

Industry-Wide Trend: Nearly 300 Senior Management Changes in 2026

Xingyin Fund's leadership adjustment reflects a broader trend of frequent senior management changes across the public fund industry.

According to Wind data, as of September 18, 2026, the total number of senior management changes at public fund companies this year has reached 290 person-times. Breakdown by position:

• Chairman: 54 changes involving 29 companies
• General Manager: 76 changes involving 41 companies
• Deputy General Manager: 87 changes
• Chief Compliance Officer: 67 changes
• Chief Information Officer: 35 changes

Monthly peaks occurred in July (44 changes), March (42 changes), with June and August each recording 39 changes.

Looking at a longer timeframe, 2025 saw 129 fund companies with senior management changes involving 371 individuals—both figures at historically high levels. This trend has continued into 2026, though the pace of chairman-level changes has moderated, showing a pattern of "concentrated adjustments early in the year, structural optimization mid-year."

Notable Leadership Changes at Major Firms in 2026

• March 21: Changxin Fund appointed Xiao Jian as Chairman, replacing Liu Yuanrui, who stepped down due to work adjustments but remains a company director.
• March 28: Everbright Pramerica Fund announced Wang Pei as the new Chairman, succeeding Wang Cuiting, who retired upon reaching age limits.
• April 17: Wanjia Fund announced the departure of former Chairman Fang Yitian, with former General Manager Chen Guangyi taking over as Chairman. Deputy General Manager and well-known fund manager Mo Haibo was promoted to General Manager.
• Early June: ABC-CA Fund's former General Manager Cheng Kun stepped down due to work changes, succeeded by Sun Jiankun.
• June 13: Bank of Communications Schroder Fund's former Chairman Zhang Hongliang stepped down, with General Manager Yuan Qingwei serving as acting Chairman.
• June 26: Fullgoal Fund announced that Pei Changjiang retired as Chairman upon reaching age limits, succeeded by Wang Sulong, a member of Shenwan Hongyuan Securities' Executive Committee.
• July 1: Baoying Fund announced that Yang Kai resigned as General Manager for personal reasons, with Deputy General Manager Ge Junjie, who oversaw investment and research, promoted to the role.
• Mid-July: Jinxin Fund announced that former Chairman Xu Bin retired upon reaching age limits, with former General Manager Yin Kesheng transitioning to Chairman, and former Executive Deputy General Manager Song Siying taking over as General Manager.
• August: After Wanlian Securities became the major shareholder with a 63.70% stake, Chang'an Fund appointed Wanlian Securities' Chief Information Officer Chen Zhuoquan as Chairman.
• September: Jingguan Taifu Fund, Huayin Fund, and China Merchants Securities Asset Management also announced changes to their General Managers or Chairmen.

Reasons Behind the High Turnover

Industry analysts attribute the frequent senior management changes to two main factors:

1. Generational transition: A large number of senior executives are reaching retirement age.
2. Strategic realignment: Shareholders are replacing management teams to adjust strategic priorities.

Notably, despite the high frequency of changes, most transitions have been smooth, and the overall operation of the industry has not been significantly impacted. This is attributed to the continuous improvement of corporate governance systems within public fund companies.

Source: National Business Daily