Dongcai Fund, which has always been regarded as the &#34;catalyst&#34; in the industry, is about to face a personnel change with a change in leadership.
On February 28, Dongcai Fund announced that the general manager and financial head, Sha Fugui, would leave due to work arrangements; the deputy general manager, Gu Yong, would take over as the general manager and financial head.
Thus, Sha Fugui, who has served the longest as general manager since the establishment of Dongcai Fund, has stepped down from his leadership role, and Gu Yong will become the fourth general manager of Dongcai Fund.
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<h2>The longest-serving general manager steps down</h2>
Sha Fugui is the third general manager of Dongcai Fund (formerly known as Tibet Dongcai Fund, renamed in September 2025) and has served the longest in this role since the company's establishment, approximately four and a half years from 2021 to now.
Sha Fugui had no prior experience in fund management before joining Dongcai Fund but has extensive experience in the securities industry. He has held positions such as financial director at Xiangcai Securities, deputy general manager at Tianan Property Insurance Asset Management Center, and deputy general manager at Dongfang Caifu Securities, as well as general manager, chairman, and legal representative of Tibet Dongfang Caifu Investment Management Co., Ltd.
In March 2021, Sha Fugui transitioned from his role as deputy general manager at Dongcai Securities to become deputy general manager at Tibet Dongcai Fund. In August 2021, he was appointed general manager of Tibet Dongcai Fund.
<h2>Wandering in the middle of the industry in recent years</h2>
Looking back, as a &#34;veteran&#34; within the Dongfang Caifu system (and likely adhering to the shareholders' will), Sha Fugui made some achievements during his tenure, bringing the company from the bottom of the industry to the middle tier.
When Sha Fugui took office, Dongcai Fund was in a difficult period of development, having been established for three years and still lagging behind in the industry, with its scale hovering around 3 billion or even below. To some extent, Sha Fugui's appointment gave a sense of &#34;taking on a critical mission.&#34;
After taking office, the company underwent difficult adjustments and planned for approvals, finally launching a &#34;surprise attack&#34; in the fourth quarter of 2024 by consecutively establishing three ETFs. Among them, the Dongcai CSI 1-3 Year Government Bond ETF had a total issuance scale exceeding 6 billion yuan, becoming the largest fund issued since the company's establishment, also helping the company's scale surpass 20 billion.
Subsequently, thanks to the strong performance of bonds, Dongcai Fund firmly established itself in the middle tier, with the company's scale gradually growing to over 55 billion yuan before Sha Fugui's departure (according to the fourth quarter report of 2025).
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<h2>Equity products have not made breakthroughs</h2>
However, from another perspective, the company's mainstream products have always been bonds (at the end of last year, bond funds accounted for 80% of the company's scale), which is evidently a significant challenge for the company
In terms of product categories, active equity investment capability is a core competency of a public fund company. A lack of sufficient scale clearly has many negative effects on a company's ability to develop equity investment capabilities.
On the other hand, from a financial perspective, the management fee income from bond funds is relatively low. If a company focuses on bonds and has limited scale, it will be difficult to cross the breakeven point.
From the perspective of specific product scale, the Dongcai Rui Li Bond Fund under Dongcai Fund has a single product scale exceeding 35 billion, accounting for nearly two-thirds of the company by the end of 2025. Such a product structure poses risks to the company's business balance and stable operations.
Whether the latter constitutes a motive for shareholders to take action and change leadership remains to be verified.
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<h2>Multiple General Managers Changed in History</h2>
However, as a fund company approved for establishment in September 2018 and opened in July 2019, achieving breakthroughs in its operations is indeed extremely difficult.
In less than seven years since Dongcai was established, there have been a total of four general managers, which shows that this job is indeed not easy.
The first general manager of Tibet Dongcai Fund was Le Rong, who is not an unknown figure in the asset management industry. Since 1994, Le Rong has served as a fund manager, director of the private wealth management department, general manager of the asset management department, and deputy general manager at various institutions including Junan Securities Shanghai Headquarters, Shanghai International Trust Securities Department, Pacific Insurance Group, Pacific Asset Management Company, and Tibet Dongfang Caifu Securities, making him an elder in the investment community.
However, the final result was that after serving for one and a half years, Le Rong left in January 2020 for personal reasons.
Pan Shiyou, who succeeded Le Rong, had a tenure as general manager that was also close to that of Le Rong.
Pan Shiyou's experience is quite different from that of Le Rong; he mainly has experience in sales and marketing. He has served as project manager at Neusoft Group Shenzhen Branch, e-commerce manager at Penghua Fund Management Co., Ltd., e-commerce manager at Shanghai Investment Morgan Fund Management Co., Ltd., e-commerce supervisor at Pudong Development Bank Asset Management Co., Ltd., and deputy general manager, general manager, and head of the marketing department at Shanghai Tiantian Fund Sales Co., Ltd.
At that time, Pan Shiyou, as the general manager of Tiantian Fund, was highly anticipated, believed to help Dongcai Fund tap into important sales channels under its own shareholders. However, the fact is that more than a year later, he also left.
Then came Sha Fugui, who, after enduring the adjustment of the market, seized the opportunity to grow the scale, and completed the &#34;handover&#34; in February 2026.
<h2>Who is Gu Yong?</h2>
Gu Yong, who succeeded Sha Fugui, has a resume that is quite different from Sha Fugui's and is somewhat similar to the first general manager of Dongcai Fund, Le Rong.
The resume shows that Gu Yong has a diverse background in the asset management industry. He has served as a securities analyst at Fortune Fund, deputy general manager of the financial planning and asset management department at China Dadi Property Insurance, financial general manager of the financial division at Shanghai Fosun High Technology Group, member of the party committee, director, vice president, and chief financial officer at Yong'an Property Insurance, senior assistant to the president and general manager of the technology finance department at Debang Securities, and vice president at Huazheng Securities. In March 2025, Gu Yong was appointed deputy general manager of Dongcai Fund
In retrospect, Gu Yong's career includes sell-side research, insurance asset management, finance, CFO (Chief Financial Officer), and Vice President of a brokerage firm (in charge of financial technology).
Gu Yong left Huazhang Securities as Vice President in March 2025. The previous annual report of Huazhang Securities indicated that Gu Yong received a salary of 801,000 yuan in 2024, ranking the highest among several vice presidents, which reflects the importance of Gu Yong's responsibilities at Huazhang Securities and the high evaluation from the company.
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Looking back, bringing him from Huazhang Securities may also be a strategic arrangement by the shareholders regarding the company's personnel.
However, from another perspective, Gu Yong faces a significant challenge: how to find a sustainable development path for the well-known Dongfang Caifu Fund? How to bypass the previous general manager's &#34;replacement curse&#34;? Gu Yong still has many tasks to accomplish.
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Dongcai Fund General Manager Sha Fugui has resigned due to work arrangements, and Deputy General Manager Gu Yong has taken over, becoming the company's fourth General Manager. During Sha Fugui's tenure, he led the company from the bottom of the industry to the midstream, successfully issuing multiple ETFs and driving the company's scale to over 55 billion yuan. However, there has still been no significant breakthrough in equity products

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