the chairman and general manager of hongta hongtu fund resigned on the same day, and the asset management scale hit a new low since 2019
2024-09-22
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according to the red star capital bureau on september 22, on september 21, hongta hongtu fund issued two executive change announcements. the company's former chairman gong xianglin and former general manager and financial director yang jie both left their positions on september 20 due to work arrangements. at the same time, jiang tao was appointed as the new chairman of hongta hongtu fund and acting general manager and financial director after deliberation and approval by the company's board of directors.
the red star capital bureau noted that as a fund company established 12 years ago, hongta hongtu fund not only faced the dilemma of its equity being listed for transfer twice, but its latest asset management scale was also halved compared to the end of 2023, setting a new low since 2019.
hongta hongtu fund changes its leader
both chairmen came from hongta securities
according to the official website of hongta hongtu fund, the company was officially registered and established in shenzhen on june 12, 2012. it is headquartered in shenzhen with a registered capital of rmb 496 million. it was established by three shareholder units, namely hongta securities (601236.sh), beijing huayuan group, and shenzhen capital investment group, with investment ratios of 59.27%, 30.24%, and 10.49%, respectively.
on september 21, hongta hongtu fund issued an announcement of executive changes, and gong xianglin resigned as the chairman of hongta hongtu fund. on september 20, hongta securities also announced that the board of directors received a written resignation letter from gong xianglin, the company's vice president, on the same day. due to work adjustments, gong xianglin applied to resign as the company's vice president and will continue to hold other positions in the company.
screenshot from hongta hongtu fund announcement
according to information, gong xianglin, 51 years old, is the fourth chairman of hongta hongtu fund and a veteran of hongta securities. gong xianglin joined hongta securities in its early days in 2002 and has served as an investment manager of the investment management department, deputy general manager of the capital and finance headquarters, and deputy general manager of the investment management headquarters. he has served as the financial director of hongta securities since june 2009, and has served as the vice president of hongta securities since april 2013. he has also served as the chairman of hongta hongtu fund since february 2022.
however, before resigning from the position of vice president of hongta securities, gong xianglin resigned from the positions of financial director and secretary of the board of directors in august and october 2023 respectively. hongta securities' 2023 annual report shows that the total pre-tax remuneration gong xianglin received from the company during the reporting period was 930,600 yuan.
jiang tao, who succeeded hongta hongtu fund as chairman, is also a veteran of hongta securities. jiang tao served as assistant engineer of kunming electric department of kunming railway bureau, computer supervisor and business manager of icbc yunnan trust and investment company securities business department, general manager of yunnan jinlv trust and investment co., ltd. securities business department, general manager of hongta securities kunming renmin east road securities business department, general manager of kunming qingnian road securities business department, general manager of brokerage business headquarters, general manager of investment management headquarters, director of party and mass work department, director of president's office, general manager of credit business department, general manager of risk management department, employee representative supervisor, and concurrently secretary general of yunnan securities association.
in addition, yang jie, the former general manager and financial director of hongta hongtu fund, who resigned on the same day as gong xianglin, also came from hongta securities. he had served as manager of the general department of hongta securities investment management headquarters, deputy general manager of the capital finance headquarters, general manager of the capital finance headquarters, general manager of the credit business department, assistant to the president and general manager of the risk management department, vice president, chief risk officer, financial director, and secretary of the board of directors.
the scale of management has been halved in half a year
the second and third shareholders had intended to transfer their equity
red star capital bureau noted that although it has been established for 12 years, the development of hongta hongtu fund has been relatively slow. at the beginning of 2019, the company's asset management scale began to stabilize at more than 5 billion yuan, and at the end of 2023, it once exceeded the 10 billion yuan mark, reaching 10.988 billion yuan. however, as of the end of the second quarter of this year, the management scale has dropped to 4.368 billion yuan, which has been halved in just half a year.
wind data shows that hongta hongtu fund currently has 20 products, with the scale mainly supported by fixed income, including one money fund with a scale of 1.591 billion yuan, nine bond funds with a scale of 2.393 billion yuan, three stock funds with a total scale of only 54 million yuan, and seven mixed funds with a total scale of 330 million yuan. among the 20 products, nine have a total scale of less than 50 million yuan, and nearly half are "mini funds".
with the management scale shrinking significantly, the operating conditions of hongtu hongta fund in recent years are not optimistic. financial data show that after the company achieved the highest revenue of 236 million yuan and net profit of 101 million yuan since its establishment in 2020, its performance has declined year by year, and it has suffered a net loss since 2022, which has continued until the middle of this year.
screenshot of hongta hongtu fund’s financial data from wind
hongta securities' 2024 semi-annual report shows that in the first half of the year, hongta hongtu fund achieved operating income of 24.742 million yuan and a net loss of 22.0668 million yuan. these two figures have declined significantly compared with the same period last year, with the net profit declining by 53.94%.
the decline in the performance of hongta hongtu fund also brought pressure to shareholders. except for hongta securities, the other two major shareholders have released information on "clearance-style" equity transfers. among them, beijing huayuan group plans to sell all of its 30.24% equity in hongta hongtu fund in 2023, and the listing period is from may 15, 2023 to may 6, 2024, which is as long as one year; shenzhen innovation investment group listed the transfer of all of its 10.48% equity in hongta hongtu fund on the shenzhen united property exchange in december 2022.
however, with the intensified competition in the public fund industry and the weakening of the money-making effect due to market fluctuations, the equity transfers of many small and medium-sized public funds have been met with a cold reception in recent years, and hongta hongtu fund is no exception. as of the expiration of the project listing period, there was no public transfer result, and beijing huayuan group and shenzhen capital group are still the second and third largest shareholders of hongta hongtu fund.
red star news reporter jiang ziwen
editor: yang cheng
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