Key Takeaways
- • Galaxy Fund announced on Oct. 22, 2026 that fund manager Zheng Weishan stepped down from three products (Galaxy Innovation Growth, Galaxy Harmony Life and Galaxy Smart Link Theme) for "personal reasons," effective Oct. 21, and will not take another role at the company.
- • Zheng managed 21.035 billion yuan (approximately $3.2 billion) at the end of Q2 2026, equal to 64.77% of Galaxy Fund's 32.474 billion yuan equity fund assets, according to Wind data.
- • His flagship Galaxy Innovation Growth returned 284.87% during his tenure (annualized 19.82%) as of Oct. 21, ranking 18th of 702 peers, in the top 3%.
- • Successors Yuan Xi, Zhu Jianhui and Bao Wubin are all internal staff, and Galaxy Fund says investment objectives and strategies are unchanged and the handover was completed before the change.
- • The departure is one of 364 fund manager exits in China so far in 2026, against 606 new appointments, per Wind data as of Oct. 21.
Summary
Galaxy Fund announced on Oct. 22, 2026 that Zheng Weishan, a fund manager overseeing more than 10 billion yuan, had stepped down from three funds for "personal reasons," effective Oct. 21. According to the notice, Zheng will not move to another position at the company. Galaxy Fund thanked him for his contributions during his tenure.
The departure is significant for the firm's equity franchise. At the end of the second quarter of 2026, Zheng managed 21.035 billion yuan (approximately $3.2 billion), or 64.77% of Galaxy Fund's equity fund assets of 32.474 billion yuan (approximately $4.9 billion), according to Wind data. Galaxy Innovation Growth, his largest product, held 19.095 billion yuan (approximately $2.9 billion) at the end of Q2. Galaxy Fund managed 121.071 billion yuan (approximately $18.1 billion) in public funds overall, ranking 63rd among 164 public fund institutions.
Zheng has 18 years of industry experience, including roles at Guoyuan Securities Research Center, Invesco Great Wall Fund and Industrial Fund. He joined Galaxy Fund in October 2018 and is known for semiconductor supply chain research. He took over Galaxy Innovation Growth in May 2019; as of Oct. 21, 2026 it had returned 284.87% during his tenure, or 19.82% annualized. Galaxy Harmony Life A, managed since February 2020, returned 23.85% (3.25% annualized), and Galaxy Smart Link Theme A, managed since March 2022, returned 54.12% (9.85% annualized).
Yuan Xi and Zhu Jianhui will take over Galaxy Innovation Growth, and Bao Wubin will manage Galaxy Harmony Life and Galaxy Smart Link Theme. Galaxy Fund said the investment and research handover was completed before the change, that the successors are seasoned internal staff, and that objectives and strategies remain unchanged. The firm will rely on a "team-based investment research plus integrated risk control" framework. Galaxy Securities Fund Research Center data show Galaxy Fund ranked first of 36 for active equity management over 20 years as of end-September, and third and fourth over 10 and three years.
Zheng's exit is part of a broader trend. Wind data show 364 fund managers had left and 606 had been appointed in China's mutual fund industry in 2026 as of Oct. 21. Recent exits include Han Chuang of Dacheng Fund, who stepped down from all products in late September, and Yu Guang of Invesco Great Wall, who fully exited in July. Industry observers note that "personal reasons" often masks varied motives, including career moves, performance pressure, style drift, health and internal restructuring. For Galaxy Fund, the key question is whether the successors can maintain the existing investment style and retain distributor and unitholder confidence.
The departure is significant for the firm's equity franchise. At the end of the second quarter of 2026, Zheng managed 21.035 billion yuan (approximately $3.2 billion), or 64.77% of Galaxy Fund's equity fund assets of 32.474 billion yuan (approximately $4.9 billion), according to Wind data. Galaxy Innovation Growth, his largest product, held 19.095 billion yuan (approximately $2.9 billion) at the end of Q2. Galaxy Fund managed 121.071 billion yuan (approximately $18.1 billion) in public funds overall, ranking 63rd among 164 public fund institutions.
Zheng has 18 years of industry experience, including roles at Guoyuan Securities Research Center, Invesco Great Wall Fund and Industrial Fund. He joined Galaxy Fund in October 2018 and is known for semiconductor supply chain research. He took over Galaxy Innovation Growth in May 2019; as of Oct. 21, 2026 it had returned 284.87% during his tenure, or 19.82% annualized. Galaxy Harmony Life A, managed since February 2020, returned 23.85% (3.25% annualized), and Galaxy Smart Link Theme A, managed since March 2022, returned 54.12% (9.85% annualized).
Yuan Xi and Zhu Jianhui will take over Galaxy Innovation Growth, and Bao Wubin will manage Galaxy Harmony Life and Galaxy Smart Link Theme. Galaxy Fund said the investment and research handover was completed before the change, that the successors are seasoned internal staff, and that objectives and strategies remain unchanged. The firm will rely on a "team-based investment research plus integrated risk control" framework. Galaxy Securities Fund Research Center data show Galaxy Fund ranked first of 36 for active equity management over 20 years as of end-September, and third and fourth over 10 and three years.
Zheng's exit is part of a broader trend. Wind data show 364 fund managers had left and 606 had been appointed in China's mutual fund industry in 2026 as of Oct. 21. Recent exits include Han Chuang of Dacheng Fund, who stepped down from all products in late September, and Yu Guang of Invesco Great Wall, who fully exited in July. Industry observers note that "personal reasons" often masks varied motives, including career moves, performance pressure, style drift, health and internal restructuring. For Galaxy Fund, the key question is whether the successors can maintain the existing investment style and retain distributor and unitholder confidence.
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