Futures Company Chairman Switches Tracks, Joins Multiple Securities Industry Veterans in "Going Private"

The Daily Economic News reporter: Li Lei The Daily Economic News editor: Xiao Ruidong

According to the latest filing information from the China Securities Investment Fund Industry Association, Shanghai Hengze Tong Private Fund Management Co., Ltd. (hereinafter referred to as Hengze Tong Fund) has recently completed its registration. This organization is a private securities investment fund manager with a registered capital of 10 million yuan. Notably, its senior management team includes Liu Hao, the actual controller and general manager of Hengze Tong Fund, who has nearly 30 years of industry experience and has worked at multiple securities firms. He is scheduled to become Vice President of Shanghai Securities in 2025. The compliance and risk control head, Xie Xuezhu, previously served as Chairman of Zhongyuan Futures and worked at Zhongyuan Securities for nearly 17 years, including roles as Vice President.

Another successfully registered organization is Shenzhen Bojian Shanze Private Securities Fund Management Co., Ltd. (hereinafter referred to as Bojian Shanze Fund), initiated by several former public fund professionals. The actual controller and general manager, Zhou Dexin, previously served as Investment Director of Growth Public Fund at Dacheng Fund, while Deputy General Manager Wang Huiliang also has experience at multiple public funds.

Futures Chairman and Several Veteran Securities Professionals “Switch to Private”

According to the latest filing information from the China Securities Investment Fund Industry Association, many veteran asset managers are changing tracks and moving into private equity, including former Zhongyuan Futures Chairman Xie Xuezhu.

On March 20, Hengze Tong Fund officially completed its registration. Established in January this year, it is a private securities fund with a registered and paid-in capital of 10 million yuan and four full-time employees.

The Daily Economic News reporter noted that the core team of Hengze Tong Fund consists of industry veterans. Among them, compliance and risk control head Xie Xuezhu was once Chairman and Party Secretary of Zhongyuan Futures and has nearly 17 years of experience at Zhongyuan Securities, where she served as Party Committee Member, Vice President, and Compliance Director.

Interestingly, according to Caixin, early in her career, former Zhongyuan Futures asset management department investment manager Yu Lei connected with city investment platforms through intermediaries on one side and capital providers on the other, forming a network of licensed institutions and various private equity shells, creating a structured bond issuance web, effectively a “hidden giant in the bond circle.” In April 2023, Yu Lei was taken away by authorities. According to registration information, in August of that year, Xie Xuezhu ceased to be Chairman of Zhongyuan Futures and became Managing Director, leaving in May 2025.

Liu Hao, the actual controller and general manager of Hengze Tong Fund, is also a veteran asset manager. He joined Everbright Securities in 1998 and has worked at Huatai United Securities, Minsheng Securities, and Zhongyuan Securities. His tenure at Zhongyuan Securities overlaps with Xie Xuezhu, and he can be considered part of her old team.

Interestingly, in 2025, Liu Hao was rumored to join Shanghai Securities as Vice President overseeing proprietary trading. However, after just a few months, he left Shanghai Securities in September and subsequently co-founded Hengze Tong Fund with Li Qingke, Tao Xin, and others. Li Qingke, who serves as Deputy General Manager and Investment Director, also has extensive experience at multiple securities firms.

Former Public Fund Manager Co-Found Private Equity Firm

Another private securities fund manager that caught the reporter’s attention is Bojian Shanze Fund.

Established in December 2025 and registered in March this year, it has a registered capital of 10 million yuan and six full-time employees.

The company’s actual controller, legal representative, and general manager, Zhou Dexin, is a veteran asset manager with experience at Xinjiang Securities, GF Securities, and Anxin Securities. He also worked as a fund manager at China Merchants Fund and later at Dacheng Fund, serving as Investment Director of Growth Public Fund and fund manager.

According to Wind data, among the public funds managed by Zhou Dexin, the best-performing was Dacheng Wealth Management 2020A, a hybrid bond fund, with a return of 27.58%. However, several other funds he managed experienced losses during his tenure.

After leaving Dacheng Fund, Zhou Dexin founded Ningbo Meishan Bonded Port Zone Xinrui Equity Investment Management Co., Ltd., with a committed capital of 9 million yuan and a 90% stake, shifting to private equity investment. However, he exited this company in January this year, and Ningbo Xinrui has since been renamed and transformed into a tech company.

Another senior executive at Bojian Shanze Fund, Deputy General Manager Wang Huiliang, also has experience at multiple public funds including China Merchants Fund, Huabao Fund, and Cinda AOYA Fund, where he served as fund manager.

His managed funds include: Cinda Hongli Return A, with a maximum return of 46.88%; and others like Cinda AOYA New Wealth A and Cinda AOYA New Journey Open-end A, which also posted positive returns during his tenure.

Before co-founding Bojian Shanze Fund, Wang Huiliang worked at several private funds such as Guangdong Weiyu Fund and Shenzhen Ruyuan Fund. Now, these former public fund managers are teaming up to establish private funds, leveraging their diverse experience across different sectors to seek new opportunities in private securities.

Daily Economic News