The new general manager takes office, and Great Wall Fund ushers in a crucial leap in development.

Ask AI · How does Zhu Han’s regulatory background help Great Wall Fund’s compliance-driven development?

Produced by|Zhongfang Net

Reviewed by|Li Xiaoyan

On March 27, Great Wall Fund, a long-established mutual fund company affiliated with a securities firm with assets under management exceeding 370 billion yuan, completed a transition of its core management team. The former Chief Superintendent Zhu Han officially took over as General Manager and concurrently assumed the role of Chief Superintendent. This leadership change is not only a smooth transition at the corporate governance level, but also sends a positive signal that it will optimize its business structure and tackle development bottlenecks by building on its compliance and prudent business “foundation.” It injects new momentum for high-quality development into this institution that has been deeply engaged in the asset management sector for many years.

Zhu Han’s appointment reflects a typical leadership arrangement under the mutual fund industry’s “compliance first” development trend. With a master’s degree in financial law from Southwestern University of Finance and Economics, he has nearly 20 years of experience in financial industry roles. His career path covers the entire chain of supervision, securities firms, and mutual funds, combining a regulatory perspective with practical market execution capabilities.

From 2005 to 2014, Zhu Han worked at the Shenzhen CSRC office for nearly a decade, focusing on frontline roles such as inspection and institution supervision. He led the investigation and handling of multiple illegal and non-compliant cases that had significant influence on the market, demonstrating a deep understanding and precise control of regulatory rules and risk prevention. After moving to market-oriented institutions, he served in senior roles at multiple securities firms, including Deputy General Manager, Chief Risk Officer, and Chairman of the Supervisory Board. In 2023, he joined Great Wall Fund as Chief Superintendent. After two and a half years, he was promoted to General Manager, completing a leap from being a compliance leader to steering the company.

Against the backdrop of a “big year for compliance” in the mutual fund industry, the significance of this appointment is far-reaching. Since 2025, more than one-fifth of large mutual fund firms have received regulatory penalty notices due to compliance and internal control defects. Compliance and risk management have become the core bottom line for mutual fund companies to move forward steadily and reach long-term goals. Zhu Han’s promotion from Chief Superintendent to General Manager highlights Great Wall Fund’s determination to strengthen compliance operations and optimize its governance structure. His dual background will help the company accurately align with regulatory guidance, build a robust risk management system, and provide security for business development. Yu Fenghui, an invited research fellow at the China Finance Think Tank, noted that this appointment is a benchmark for deep alignment between talent selection and the company’s strategic direction, and will push Great Wall Fund’s compliance operations to a new level.

Over the past five years, Great Wall Fund achieved leapfrogging growth under the leadership of the former General Manager Qiu Chuyang. According to Wind data, the company’s assets under management rose from 159.29B yuan at the end of Q3 2020 to 374.3 billion yuan at the end of 2025. Its industry ranking increased to 29th, and the scale of non-money-market products doubled.

Fixed-income business is Great Wall Fund’s core advantage and its “anchor.” As of March 2026, the company’s bond fund size was 118.83B yuan, money market fund size was 223.65B yuan, and fixed-income-related products together accounted for more than 90% of the total. With professional research and investment capabilities and a more refined layout, Great Wall fixed-income strategies have maintained a steady base of over one trillion yuan for multiple consecutive years. In the past three years, its return scores have remained consistently in the top 20% of the market, earning the rating of “Five-Star for Three-Year Period in Bond Fund Management Capability (Tier 1)” from Aijian Jinxin. Multiple products such as Great Wall short-duration bonds and enhanced yield have also ranked among the TOP10 in their categories for the long term, becoming preferred targets for conservative investors.

In terms of operating performance, in the first half of 2025, Great Wall Fund recorded operating revenue of 541 million yuan and net profit of 135 million yuan, increasing year over year by 3.07% and 7.12%, respectively. Net profit margin was about 25.1%. In the fourth quarter, the non-money-market segment grew by more than 20 billion yuan in a single quarter, demonstrating strong growth resilience and market recognition.

While developing steadily, Great Wall Fund is also facing structural challenges. Currently, the scale of equity-type products is about 31.3 billion yuan, accounting for less than 10%, which is down by more than 30% from the peak in 2021. Performance differentiation is evident among some products. Meanwhile, in October 2025, the company was ordered to rectify compliance and internal control issues and had product registrations suspended for three months by the Shenzhen CSRC office, revealing areas where internal management still needs to be improved.

But challenges are also opportunities. The shortcomings in equity business and the optimization of the compliance system are precisely the core areas that Zhu Han will focus on after taking office. With his dual experience in both regulation and the market, he can both uphold the compliance bottom line, improve internal control processes, and resolve historical issues; and at the same time, leverage his deep understanding of the industry to promote reform of the research and investment system and address the gaps in equity capabilities.

At present, Great Wall Fund has started to lay out plans proactively. The company has built an equity research-and-investment framework of “panoramic vision + diversified strategies,” targeting high-quality sectors such as technology and consumption, and advancing the integration of research and investment. At the same time, it is optimizing product structure by launching “fixed-income plus” products and theme-based funds that fit market demand, balancing stability with growth attributes. With the new management team in place, the company is expected to accelerate the building of an equity team, reform its assessment mechanisms, and optimize investment strategies, gradually changing the landscape of “strong fixed-income, weak equity.”

For Great Wall Fund, this leadership reshuffle is a key turning point connecting the past with the future. On one hand, it will carry forward its fixed-income strengths, keep polishing its steady “signature,” and consolidate the company’s scale and performance fundamentals. On the other hand, it will put compliance at its core and reforms at its wing to overcome bottlenecks in equity development and achieve balanced business development.

Zhu Han’s taking office brings Great Wall Fund both enhancements in compliance and risk control as well as comprehensive management. Under his leadership, the company is expected to achieve coordinated development of “compliance stability + innovation breakthroughs”: ensuring operational safety through strict internal controls, enhancing core competitiveness through professional research and investment, and expanding growth space through optimized structure.

As an established mutual fund company, Great Wall Fund has deep industry experience, a complete distribution channel network, and a stable base of customers. Under the helm of the new management team, as long as it sticks to the compliance bottom line, deepens research and investment reform, and addresses its business shortcomings, it can turn challenges into opportunities—achieving the leap from scale growth to high-quality development—creating more continuous and more stable returns for investors, and regaining new vitality amid the wave of high-quality development in the mutual fund industry.