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China Fund News reporter Cao Wenjing

Today, HSBC Jinxin Fund officially announced that the former chairman Yang Xiaoyong has resigned due to age and change of term, and Liu Pengfei, member of the Party Committee and deputy general manager of Shanxi Financial Holding Group, has been appointed as the company's new chairman.

HSBC Jinxin Fund welcomes new chairman

On July 27, HSBC Jinxin Fund Management Co., Ltd. announced the change of chairman. The former chairman Yang Xiaoyong resigned due to age and change of term. At the same time, Liu Pengfei was appointed as the new chairman, and his term of office is July 27, 2024.

According to his resume, Liu Pengfei, a master's student, has served as deputy general manager of the investment management department of Shanxi Guoxin Investment Group Co., Ltd., deputy general manager of the capital operation department, general manager of the financial investment department, and employee director of Shanxi Financial Investment Holding Group Co., Ltd. He is currently a member of the Party Committee and deputy general manager of Shanxi Financial Investment Holding Group Co., Ltd.

Equity changes may be gradually approaching

Public information shows that HSBC Jinxin Fund was established in November 2005. It is a joint venture company jointly held by HSBC Global Asset Management (UK) Limited and Shanxi Trust Co., Ltd., with a registered capital of RMB 200 million. Among them, HSBC Asset Management (Europe) Limited holds 49% of the shares; Shanxi Trust Investment Co., Ltd. holds 51% of the shares.

Wind data shows that as of the end of the second quarter of this year, the scale of public funds managed by HSBC Jinxin Fund was 50.818 billion yuan, of which the scale of non-monetary funds was 32.216 billion yuan, and the number of funds under its management was 38. Specifically, the scale of equity funds (stock + hybrid) was 20.205 billion yuan, the scale of bond funds was 11.694 billion yuan, and the scale of money market funds was 18.602 billion yuan. In addition, there are other product types such as FOF funds and index funds.

In terms of performance, HSBC Jinxin Fund has strong long-term investment capabilities. In Haitong's latest "Fund Company Equity Fund Absolute Return Ranking List", it ranked 19/72 in the past ten years.

In recent years, the equity changes of HSBC Jinxin Fund have attracted much attention from the outside world.

In July last year, the National Public Resources Trading Platform (Shanxi Province) issued an announcement that Shanxi Trust intends to transfer its 31% stake in HSBC Jinxin Fund, with the corresponding listing price being RMB 1 billion. The announcement clearly stated that the remaining shareholders and the transferor (collectively referred to as "existing shareholders") enjoy the right of first refusal, and the remaining shareholders of the target company have not waived the right of first refusal. In June this year, several media outlets revealed that HSBC Investment, a subsidiary of HSBC Holdings, intends to spend RMB 1 billion to purchase a 31% stake in HSBC Jinxin Fund from Shanxi Trust. According to this calculation, after the transaction is completed, HSBC Investment will obtain 80% of the equity of the fund company and become the actual controller in one fell swoop.

Industry insiders believe that HSBC is currently continuing to expand its Chinese market and enrich its wealth management "grand plan", and HSBC Jinxin Fund is a part of the public fund industry, so "controlling" the company is highly consistent with HSBC's development demands.

As a foreign shareholder of HSBC Jinxin, HSBC Group has actively laid out a large wealth management matrix in recent years. In the large wealth management matrix strategy, HSBC China occupies an important position, focusing on in-depth efforts in channels, products and digitalization, achieving deep integration with the market in the field of wealth management, and realizing coordinated development of business.

HSBC Wealth Management and Personal Banking Global CEO Marcel Maurizio previously said that China's continuous promotion of high-level opening up to the outside world and continued promotion of global economic growth have brought broad new opportunities for the development of the global wealth management industry. The Chinese market is a very important part of HSBC's global wealth management map. The new strategy will strongly support the Group's physical institutions in mainland China to give full play to their respective expertise, achieve coordinated development of wealth management business, and create greater value for customers.

Editor: Xiaomo

Audit: Wooden Fish

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