Key Takeaways
- • Galaxy Fund announced on Oct. 22, 2026 that fund manager Zheng Weishan stepped down from three funds (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.
- • At end-Q2 2026, Zheng managed 21.035 billion yuan (about $3.2 billion), equal to 64.77% of Galaxy Fund's 32.474 billion yuan in equity (stock and mixed) assets, according to Wind data.
- • Flagship Galaxy Innovation Growth returned 284.87% during Zheng's tenure (annualized 19.82%), ranking 18th of 702 peers, per data as of Oct. 21.
- • Internal successors Yuan Xi, Zhu Jianhui and Bao Wubin have taken over; the firm says the handover was completed before the change and investment objectives and strategies are unchanged.
- • Zheng's exit is one of 364 fund manager departures in China so far in 2026, against 606 new appointments, per Wind data.
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 products for personal reasons, effective Oct. 21. The firm said Zheng will not move to another role within the company. Galaxy Fund expressed thanks for his contributions during his tenure.
Zheng has 18 years of industry experience, including stints at Guoyuan Securities Research Center, Invesco Great Wall Fund and Industrial Fund. He joined Galaxy Fund in October 2018 and is known in the market for his "hard tech" focus, built on research into the semiconductor supply chain. Wind data show he managed 21.035 billion yuan (about $3.2 billion) at the end of the second quarter of 2026, or 64.77% of the firm's equity assets. His largest fund, Galaxy Innovation Growth, held 19.095 billion yuan (about $2.9 billion) at the end of Q2. Since taking over in May 2019, the fund returned 284.87% (annualized 19.82%) as of Oct. 21, ranking 18th out of 702 peers, in the top 3%. Galaxy Harmony Life A, managed since February 2020, returned 23.85% (annualized 3.25%), and Galaxy Smart Link Theme A, managed since March 2022, returned 54.12% (annualized 9.85%).
Yuan Xi and Zhu Jianhui will take over Galaxy Innovation Growth, and Bao Wubin will take over Galaxy Harmony Life and Galaxy Smart Link Theme. The company said all successors are experienced internal investment and research staff, that the research handover was completed before the change, and that objectives and strategies remain unchanged. It cited a "team-based investment research plus integrated risk control" framework to support continuity.
Galaxy Fund, established in June 2002 and controlled by China Galaxy Financial Holdings, managed 121.071 billion yuan (about $18.1 billion) in public funds at the end of Q2 2026, ranking 63rd among 164 public fund institutions. Per the Galaxy Securities Fund Research Center, the firm ranked first of 36 for active equity management over 20 years as of September, and third and fourth over 10 and three years. The central question is whether the firm can transition roughly half of its equity business smoothly.
Zheng's departure is part of a broader pattern. As of Oct. 21, Wind data show 606 new fund managers appointed in 2026 and 364 departures, including well-known managers such as Li Yin and Zheng Ning. Industry commentary notes that "personal reasons" is the most common stated rationale and can mask varied motives, from career moves to performance-related adjustments. Some observers view routine turnover as a sign of industry maturation, while the immediate test for Galaxy Fund is whether internal successors can sustain the existing investment style and maintain distributor and unitholder confidence.
Zheng has 18 years of industry experience, including stints at Guoyuan Securities Research Center, Invesco Great Wall Fund and Industrial Fund. He joined Galaxy Fund in October 2018 and is known in the market for his "hard tech" focus, built on research into the semiconductor supply chain. Wind data show he managed 21.035 billion yuan (about $3.2 billion) at the end of the second quarter of 2026, or 64.77% of the firm's equity assets. His largest fund, Galaxy Innovation Growth, held 19.095 billion yuan (about $2.9 billion) at the end of Q2. Since taking over in May 2019, the fund returned 284.87% (annualized 19.82%) as of Oct. 21, ranking 18th out of 702 peers, in the top 3%. Galaxy Harmony Life A, managed since February 2020, returned 23.85% (annualized 3.25%), and Galaxy Smart Link Theme A, managed since March 2022, returned 54.12% (annualized 9.85%).
Yuan Xi and Zhu Jianhui will take over Galaxy Innovation Growth, and Bao Wubin will take over Galaxy Harmony Life and Galaxy Smart Link Theme. The company said all successors are experienced internal investment and research staff, that the research handover was completed before the change, and that objectives and strategies remain unchanged. It cited a "team-based investment research plus integrated risk control" framework to support continuity.
Galaxy Fund, established in June 2002 and controlled by China Galaxy Financial Holdings, managed 121.071 billion yuan (about $18.1 billion) in public funds at the end of Q2 2026, ranking 63rd among 164 public fund institutions. Per the Galaxy Securities Fund Research Center, the firm ranked first of 36 for active equity management over 20 years as of September, and third and fourth over 10 and three years. The central question is whether the firm can transition roughly half of its equity business smoothly.
Zheng's departure is part of a broader pattern. As of Oct. 21, Wind data show 606 new fund managers appointed in 2026 and 364 departures, including well-known managers such as Li Yin and Zheng Ning. Industry commentary notes that "personal reasons" is the most common stated rationale and can mask varied motives, from career moves to performance-related adjustments. Some observers view routine turnover as a sign of industry maturation, while the immediate test for Galaxy Fund is whether internal successors can sustain the existing investment style and maintain distributor and unitholder confidence.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.