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This report (chinatimes.net.cn) reporter Zhang Mei reported from Beijing
In 2025, the product managed by Zheng Ning, the China Bank Hong Kong Stock Connect Medical Mixed A (020397), just won the runner-up in the pharmaceutical theme fund with an annual return of 82.67%. In March 2026, he &#34;liquidated&#34; all managed products.
The recent departure of Zheng Ning, the &#34;equity king&#34; of China Bank Fund Management Co., Ltd. (hereinafter referred to as &#34;China Bank Fund&#34;), has dropped a deep-water bomb in the fund circle.
At a time when the equity team is experiencing a transition and new personnel are taking on urgent responsibilities, who will carry the banner of equity for China Bank Fund?
A reporter from the &#34;Huaxia Times&#34; recently sent an interview request to China Bank Fund, but had not received a response by the time of publication. Senior fund researcher Wang Tieniu told our reporter that, first of all, for fund companies, the departure of a core fund manager, especially when one person manages more than one-third of the company's active equity, not only affects the operation of existing products but also impacts the company's brand reputation and channel confidence, exposing the shortcomings of the investment research team. Secondly, for ordinary investors, the departure of the fund manager means a complete change in the original investment logic. The investment style, capability circle, and performance level of the new fund manager are all uncertain, and holders must either endure volatility to continue holding or choose to redeem and exit, significantly reducing the overall holding experience and investment certainty.
Equity &#34;General&#34; Departs
Zheng Ning's departure is not due to a decline in performance. On the contrary, 2025 is the highlight year of his career.
Public information shows that Zheng Ning previously served as the stock research manager and senior stock research manager at Taikang Asset Management Co., Ltd., and later joined Zhonggeng Fund Management Co., Ltd. as a researcher and senior researcher (head of the pharmaceutical group). He joined China Bank Fund in 2022 and quickly emerged.
Zheng Ning has managed multiple funds, with specific return data as follows: from July 1, 2022, to March 19, 2026, he managed China Bank Innovative Medical Mixed A (scale 2.466 billion yuan), with a return of 37.17%, and the same fund C class (scale 2.028 billion yuan) return of 35.41%; from October 13, 2022, to March 19, 2026, he managed China Bank Healthcare Mixed A (scale 471 million yuan), with a return of 70.10%, and the same fund C class (scale 162 million yuan) return of 67.83%; from February 28, 2023, to March 19, 2026, he managed China Bank Big Health Stock A (scale 239 million yuan), with a return of 43.83%, and the same fund C class (scale 140 million yuan) return of 42.14%; from December 29, 2023, to March 19, 2026, he managed China Bank Hong Kong Stock Connect Medical Mixed Initiation A (scale 709 million yuan), with a return of 59.05%, and the same fund C class (scale 1.487 billion yuan)
Return of 56.69%. As of his resignation date on March 19, 2026, Zheng Ning's best performance return for the managed funds was 70.10%.
With this impressive track record, Zheng Ning's management scale soared from 4.398 billion yuan at the end of 2024 to 7.703 billion yuan at the end of 2025, becoming the most sought-after active equity fund manager under China Bank Fund.
However, it was precisely at the peak of performance that Zheng Ning chose to resign. In March 2026, China Bank Fund announced that, for personal reasons, Zheng Ning resigned from all four managed products as fund manager. Rumors suggest that he will join a leading public fund in the industry.
It is worth mentioning that just before Zheng Ning's resignation, &#34;fixed income general&#34; Xing Ke resigned from all managed products on December 19, 2025, and left his position as Co-Chief Investment Officer (Fixed Income) for personal reasons on January 15, 2026.
In December 2025, Liu Xinqun was appointed Chairman and Legal Representative of China Bank Fund. His personal resume shows that his career has mainly unfolded within the Chinese banking system, and he had no prior experience in public funds. Yet, within less than four months of taking office, Liu Xinqun faced the resignation of two core generals in fixed income and equity.
Chasing High Funds &#34;Standing on the Summit&#34;
Zheng Ning's resignation caused a huge stir not only because he was a strong player but also because of the timing of his departure, which coincided with a large number of investors who had just chased high to enter the market.
The China Bank Hong Kong Stock Connect Pharmaceutical Mixed Initiating Securities Investment Fund (hereinafter referred to as &#34;China Bank Hong Kong Stock Connect Pharmaceutical Mixed&#34;) contract officially took effect on December 29, 2023, with an initial fundraising scale of 21.4863 million fund shares.
In the third quarter of 2025, the innovative drug sector accelerated its rise, and the net value of China Bank Hong Kong Stock Connect Pharmaceutical Mixed continued to climb, attracting a large influx of funds.
A review of annual and semi-annual report information reveals that as of June 30, 2025, the net asset value of the China Bank Hong Kong Stock Connect Pharmaceutical Mixed Initiating A managed by Zheng Ning was 139 million yuan, while Class C was 601 million yuan, totaling 740 million yuan; by December 31, 2025, in just six months, it had increased by over one billion yuan, with Class A net asset value growing to approximately 709 million yuan and Class C significantly increasing to approximately 1.487 billion yuan, totaling 2.196 billion yuan.
However, this batch of chasing high funds did not wait for a sustained rise. As of April 9, 2026, the unit net value of China Bank Hong Kong Stock Connect Pharmaceutical A had fallen back to around 1.76 yuan, with a nearly 6-month performance loss of 11.93%, which also means that the newly added funds of about one billion yuan in the second half of the year were basically in a state of loss.
What further worries investors is that they have just been &#34;stuck,&#34; while the fund manager has turned and left.
Two &#34;Newcomers&#34; Take Over
Who will replace Zheng Ning and take up the banner of equity investment at China Bank Fund? The answer is unexpected—two &#34;newcomers&#34; with less than a year of public fund management experience
According to the announcement, the four products from which Zheng Ning has resigned will be taken over by Li Wenguang and Wang Fangzhou. Among them, the Bank of China Innovative Medical Mixed Fund and the Bank of China Healthcare Mixed Fund will be managed solely by Li Wenguang; the Bank of China Big Health Stock Fund and the Bank of China Hong Kong Stock Connect Medical Mixed Fund will be managed solely by Wang Fangzhou.
Li Wenguang joined Bank of China Fund in 2017 and previously served as a researcher. He will only start managing his first bond fund in December 2025, with just 116 days of experience as a public fund manager.
This means that he has just entered the field of fund management and has been entrusted with the responsibility of managing actively managed equity products with a scale exceeding 5 billion yuan. As of Zheng Ning's departure, Li Wenguang's managed fund scale has reached 5.317 billion yuan, making him the top active equity fund manager at Bank of China Fund.
Wang Fangzhou also joined Bank of China Fund in 2017, previously serving as a researcher and assistant fund manager, with only 1 year of experience managing public products. He will start managing the Bank of China Healthy Living Mixed Fund alone in December 2025, but his performance has been mediocre, ranking in the lower middle among similar products, with a disappointing performance of -8.32% over the past 6 months.
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Zheng Ning has left Bank of China Investment, where the pharmaceutical-themed funds he managed performed excellently, achieving an annual return of 82.67% in 2025. His departure has attracted attention in the fund industry, especially as the equity team faces uncertainty regarding successor candidates. Experts point out that the departure of a core fund manager may impact the company's brand and investor confidence, and investors must confront the uncertainty of the new manager. Zheng Ning's departure is not due to a decline in performance, but rather a highlight of his career

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"Pharmaceutical Ace" Zheng Ning resigns, can the new talent at Bank of China Fund Equity Fund "take up the banner"?