news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

China News Service, August 20 (by Zhou Yihang) On the 20th, Invesco Great Wall Fund Management Co., Ltd. (hereinafter referred to as Invesco Great Wall Fund) issued an announcement stating that Zheng Tianxing resigned from the position of fund manager of all 11 managed products due to family reasons. The date of resignation is August 19. The above funds will be managed individually or jointly by Gong Lili, Zhang Xiaonan, Guo Lin and Jin Huang.

Public information shows that Zheng Tianxing has served as a hedge fund portfolio analyst at Morgan Stanley (New York), a data analyst at Aristeia Fund (New York), and a big data researcher at Citadel Fund (New York). After joining Invesco Great Wall Fund in May 2019, he served as a researcher in the pension and asset allocation department, a researcher in the ETF investment department, and an investment manager in the special account investment department. Since August 2022, he has served as a fund manager in the ETF and innovation investment department.

During his tenure, Zheng Tianxing managed a total of 13 funds (only the main code is counted, the same below), and the product types were mainly passive index funds. Of the 11 funds he managed before leaving office, 7 funds were managed from 2023 and 4 funds were managed from 2024.

China New Economic Network found that among the funds managed by Zheng Tianxing, four funds, including the Invesco Great Wall CSI Oil and Gas ETF, were established for less than 100 days. Among them, the Invesco Great Wall CSI Hong Kong Stock Connect Dividend Low Volatility ETF was established on August 14, 2024, which means that Zheng Tianxing managed this fund for only 6 days.

Wind data shows that as of the end of the second quarter of 2024, Zheng Tianxing's total management scale is about 10.882 billion yuan. The largest one is Invesco Great Wall CSI Dividend Low Volatility 100 ETF, with a scale of 7.498 billion yuan. The fund was established on May 22, 2020, and Zheng Tianxing took over in February 2023. During his tenure, the return rate was 11.56%, ranking 85/1736 in the same category, which is at the upper level.

Among the 11 ETF products managed by Zheng Tianxing, a total of 8 products had negative returns during his management period, with returns ranging from -6.09% to -22.43%. Among them, Invesco Great Wall CSI 500 ETF had the highest loss, with a return rate of -22.43% during his tenure. As of August 19, the fund size was 43 million yuan; Invesco Great Wall CSI 2000 ETF and Invesco Great Wall CSI 500 ETF Connect were second with returns of -21.95% and -21.22% respectively, and the management scale was 9 million yuan and 42 million yuan respectively. Currently, all three funds are managed by Gong Lili.

Since the beginning of this year, the market has paid close attention to the scale and returns of ETF funds. From the market's perspective, many ETFs and linked funds have triggered the termination of fund contracts due to their small scale. Since July, ETF products under Yinhua Fund, Pengyang Fund, and Tianhong Fund have issued liquidation reports, and the reason for liquidation is that "the number of fund unit holders is less than 200 or the net asset value of the fund is less than 50 million yuan for 50 consecutive working days, and the fund contract is automatically terminated."

China Business Network checked the Invesco Great Wall CSI 2000 ETF fund contract, which mentioned in the contract that if the number of fund unit holders is less than 200 or the net asset value of the fund is less than 50 million yuan for 20 consecutive working days, the fund manager shall disclose it in the periodic report; if the above situation occurs for 60 consecutive working days, the fund manager shall report to the China Securities Regulatory Commission within ten working days and propose solutions, such as continued operation, change of operation mode, merger with other funds or termination of the fund contract, and convene a meeting of fund unit holders for voting within 6 months.

In its second quarter report of 2024, Invesco Great Wall CSI 500 ETF Connect disclosed that the net asset value of the fund was less than RMB 50 million for sixty consecutive working days, and the fund manager has reported the solution to the China Securities Regulatory Commission in accordance with the requirements of the fund contract; Invesco Great Wall CSI 2000 ETF also mentioned in its second quarter report that from April 2 to June 30, 2024, the net asset value of the fund was less than RMB 50 million for twenty consecutive working days.

(For more reporting clues, please contact the author Zhou Yihang: [email protected]) (China News Service APP)

　(The views in this article are for reference only and do not constitute investment advice. Investment is risky and you should be cautious when entering the market.)

All rights reserved by China Business Network. No organization or individual may reprint, excerpt or use in other ways without written authorization.

Editor-in-charge: Wei Wei and Li Zhongyuan