On September 24, Dacheng Fund issued a series of announcements stating that its hundred-billion-yuan fund manager Han Chuang is stepping down due to "personal reasons," with the effective date of departure set as September 23, 2026.
The departure covers seven products in total: Dacheng Emerging Industries, Dacheng Industry Trends, Dacheng Ruijing, Dacheng State-Owned Enterprise Reform, Dacheng Prosperity Select Six-Month Holding, Dacheng Chuangyou Xinxuan, and Dacheng Juyou Growth.
With this, the star equity investor, who spent more than 11 years at Dacheng Fund, has officially departed.
The Departure Was Long Foreshadowed: A Six-Month Shift from "Sole Management" to "Co-Management"
Han Chuang's departure did not come without warning. Tracing the timeline of this personnel change, Dacheng Fund's adjustments to Han Chuang's managed products followed a clear "phased handover" path.
As early as December 2025, Dacheng Core Trends took the lead in bringing in Chen Linzan as co-manager, and three months later Han Chuang officially stepped down from that product. In March and July 2026, Dacheng State-Owned Enterprise Reform and Dacheng Ruijing successively added Zhang Jiawang and Zhang Tianwen as co-managers.
By the September 18 announcement, with the final five products collectively adding five fund managers — Qi Weizhong, Xu Xionghui, Bai Yang, Du Cong, and Dai Jun — all seven of Han Chuang's funds officially bid farewell to the era of "single-person management."
From the batch addition of co-managers to the formal departure, only six days elapsed. This "co-manage first, then hand over" rhythm is typically regarded in the public fund industry as a standard precursor to a fund manager's resignation. The market had already anticipated this, as rumors had circulated in the industry that Han Chuang might leave to start a private fund.
Han Chuang's career was deeply tied to Dacheng Fund. He began in 2012 as a researcher at China Merchants Securities Research Center, joined Dacheng Fund in June 2015, and rose from researcher all the way to deputy director and managing director of the equity investment department.
He is best known in the market for his distinct cyclical investment framework — focusing on three principles: industry prosperity, company competitive advantage, and reasonable valuation — demonstrating an aggressive style with high positions and high concentration in products such as Dacheng Industry Trends.
In 2021, Han Chuang reached his peak. His flagship Dacheng Emerging Industries won the championship among partial-equity mixed funds with a standout annual return, while Dacheng State-Owned Enterprise Reform and Dacheng Ruijing also entered the top ten in their category.
Riding on this performance momentum, he密集 launched new products between 2021 and 2022, and his assets under management soared to a historic peak of 29.598 billion yuan by the end of the first quarter of 2022, earning him the title of one of Dacheng Fund's "Three Musketeers" of equity investment alongside Xu Yan and Liu Xu.
However, a cyclical style is a double-edged sword. As commodity prices pulled back in the second quarter of 2026, the cyclical sectors Han Chuang heavily weighted suffered severe drawdowns, with multiple funds under his management posting quarterly returns between -13% and -25%, and drawdowns generally reaching 30% to 40%.
Accompanying the performance decline was large-scale redemption, with his assets under management shrinking by nearly 10 billion yuan from the end of the first quarter to only about 10.916 billion yuan by the end of the second quarter.
Yet over a longer horizon, Han Chuang's tenure as an investment manager spanned 7.71 years, during which he managed 17 funds over his career and 7 funds before departure, with assets under management of 10.915 billion yuan. His past products delivered a total return of 446.36%, significantly outperforming the CSI 300 Index over the same period.
Who Is Taking Over? The Investment DNA of Five "New Faces"
After Han Chuang's departure, the seven products will continue to be managed by five fund managers who had already been added as co-managers. Judging from their backgrounds, the successors are diverse, with investment capabilities spanning consumer, pharmaceuticals, technology, Hong Kong stocks, and other directions.
Dacheng Emerging Industries and Dacheng Industry Trends, being the larger products, are taken over by Qi Weizhong and Xu Xionghui respectively.
Qi Weizhong holds a master's degree in finance from the University of York in the UK. He has long focused on the consumer sector, and his managed products include Dacheng Consumer Theme, Dacheng Domestic Demand Growth, and Dacheng Yuexiang Life. His tenure as an investment manager spans 6.64 years, during which he has managed 11 funds over his career, currently manages 9 funds, with total assets under management of 5.868 billion yuan. His past products delivered a total return of 98.30%, significantly outperforming the CSI 300 Index over the same period.
Xu Xionghui holds a master's degree in economics from Peking University. With dual backgrounds in insurance asset management and public funds, his capability circle covers banking, chemicals, new energy, healthcare, and other fields. His tenure as an investment manager spans 8.18 years, during which he has managed 14 funds over his career, currently manages 8 funds, with assets under management reaching 17.148 billion yuan.
According to the September 18 announcement, Dacheng Emerging Industries A added Qi Weizhong as fund manager effective September 16, Dacheng Industry Trends added Xu Xionghui as fund manager, and Dacheng Chuangyou Xinxuan A added Bai Yang as fund manager. Dacheng Prosperity Select Six-Month Holding A added Du Cong as fund manager effective September 17, and Dacheng Juyou Growth A added Dai Jun as fund manager effective September 17.
Qi Weizhong's investment performance and Xu Xionghui's performance.
The remaining three products are taken over by Bai Yang, Du Cong, and Dai Jun respectively. Du Cong focuses on technology growth, with past managed partial-equity products delivering a total return of 176.33%. Dai Jun is director of the research department, with investment capabilities leaning toward pharmaceuticals, and a tenure as investment manager of 11.35 years. Bai Yang has an international business background and focuses on Hong Kong stock allocation, currently serving as assistant to the general manager and director of the international business department.
Bai Yang holds a doctorate in finance from the University of Hong Kong Business School. With an international business background and a focus on Hong Kong stock allocation, he currently serves as assistant to the general manager and director of the international business department. He previously worked as an Asia and emerging markets strategist in Morgan Stanley (Hong Kong)'s research department. He joined Dacheng Fund Management Co., Ltd. in August 2017, and also serves as senior managing director, chief research officer, and co-chief investment officer at Dacheng International Asset Management. Since May 6, 2021, he has concurrently served as fund manager of Dacheng Hong Kong Stock Select Mixed Securities Investment Fund (QDII). Since September 21, 2022, he has concurrently served as fund manager of Dacheng China Advantage Mixed Securities Investment Fund (QDII). Since May 20, 2025, he has concurrently served as fund manager of Dacheng Hong Kong Stock Connect Opportunity Mixed Securities Investment Fund. Since January 26, 2026, he has concurrently served as fund manager of Dacheng Hong Kong Stock Hengxin Mixed Securities Investment Fund (QDII). His tenure as an investment manager spans 5.39 years, currently managing 5 funds with total assets under management of 3.914 billion yuan. His past public fund management delivered a total return of -0.87%, with a return of 42.61% over the past three years, outperforming the CSI 300 Index over the same period.
Du Cong holds a master's degree in economics from Fudan University. Focusing on technology growth, he served as a researcher in Dacheng Fund Management Co., Ltd.'s research department from July 2014 to June 2016. From July 2016 to August 2023, he successively served as a researcher in the research department and fund manager in the investment department at Huatai-PineBridge Fund Management Co., Ltd. He joined Dacheng Fund Management Co., Ltd. in August 2023 and currently serves as a fund manager in the equity investment department. Since April 2, 2024, he has served as fund manager of Dacheng Growth Aggressive Mixed Securities Investment Fund. Since December 27, 2024, he has served as fund manager of Dacheng Technology Consumer Equity Securities Investment Fund. Since June 25, 2025, he has served as fund manager of Dacheng Zhizhen Return Mixed Securities Investment Fund. His tenure as an investment manager spans 5.45 years, during which he has managed 5 funds over his career, currently manages 4 funds with total assets under management of 7.426 billion yuan. His past managed partial-equity products delivered a total return of 176.33%, outperforming the CSI 300 Index over the same period.
Dai Jun holds a master's degree in finance from Zhejiang University and currently serves as director of the research department, with investment capabilities leaning toward pharmaceuticals. He joined Dacheng Fund Management Co., Ltd. in June 2011, and previously served as a researcher in the research department, head of industry research, fund manager assistant, and deputy director of the research department. Since May 21, 2015, he has served as fund manager of Dacheng Youxuan Mixed Securities Investment Fund (LOF) (formerly Dacheng Youxuan Equity Securities Investment Fund). From August 19, 2016 to August 17, 2018, he served as fund manager of Dacheng Private Placement Flexible Allocation Mixed Securities Investment Fund. From June 2, 2017 to March 18, 2021, he served as fund manager of Dacheng Belt and Road Flexible Allocation Mixed Securities Investment Fund. From August 18, 2018 to December 29, 2021, he served as fund manager of Dacheng Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF). Since December 23, 2020, he has served as fund manager of Dacheng Youxuan Upgrade One-Year Holding Period Mixed Securities Investment Fund. His tenure as an investment manager spans 11.35 years, during which he has managed 5 funds over his career, currently manages 3 funds with total assets under management of 2.162 billion yuan. His past managed partial-equity products delivered a total return of 25.69%, outperforming the CSI 300 Index over the same period.
In addition, Dacheng Ruijing has been solely managed by Zhang Tianwen since July, and Dacheng State-Owned Enterprise Reform has been co-managed by Zhang Jiawang since March.
Zhang Tianwen holds a master's degree in finance from Fudan University, with 10 years of securities industry experience. He previously served as an analyst at Haitong Securities Co., Ltd., an analyst at Guotai Junan Securities Co., Ltd., and a researcher and fund manager at Baoying Fund Management Co., Ltd. He joined Dacheng Fund Management Co., Ltd. in May 2026 and currently serves as a fund manager in the equity investment department. Since July 6, 2026, he has served as fund manager of Dacheng Ruijing Flexible Allocation Mixed Securities Investment Fund and Dacheng ChiNext Two-Year Regular Open Mixed Securities Investment Fund. Since August 7, 2026, he has served as fund manager of Dacheng Yuanhong Jinli Bond Securities Investment Fund. His tenure as an investment manager spans 3.24 years, during which he has managed 7 funds over his career, currently manages 3 funds with total assets under management of 2.472 billion yuan. His past managed partial-equity products delivered a total return of 84.66%, significantly outperforming the CSI 300 Index over the same period.
Zhang Jiawang is a fund manager. He holds a master's degree in engineering from Nanjing University, with 10 years of securities industry experience. He joined Dacheng Fund Management Co., Ltd. in July 2016. His tenure as an investment manager spans 4.82 years, during which he has managed 5 funds over his career, currently manages 4 funds with total assets under management of 4.356 billion yuan. His past managed partial-equity fund products delivered a total return of 8.83%, significantly outperforming the CSI 300 Index over the same period.
With Han Chuang's departure, how Dacheng Fund's active equity business completes a smooth transition amid this new round of personnel changes will remain a focus of market attention, and we will continue to follow up.