The scale of Penghua Fund has climbed to 800 billion yuan in 25 years, leading the industry several times, and it has also failed in "making stars".



"Penghua Fund grew up at the same age as China Public Offering of Fund." In March of this 时事新闻year, Deng Zhaoming, president of Penghua Fund, said this when introducing the company.

In March 1998, marked by the establishment of cathay pacific fund and southern fund, Public Offering of Fund, China officially started. In December of that year, Penghua Fund was formally established and became one of the "Top Ten" in Public Offering of Fund.

In the course of 25 years' development, Penghua Fund was once bleak due to internal problems, and then experienced the entry of foreign capital, the revitalization of new management, and the fund manager with outstanding performance in recent years. Now Penghua Fund has become a public offering giant in charge of over 800 billion assets.

However, the market has weakened in the past two years, and Public Offering of Fund's performance has also declined. In the first half of 2023, among the top ten fund companies with non-monetary wealth management, 7 saw a decline in net profit, with the largest decline of 20.98%. In the same period, the operating income of Penghua Fund decreased by about 3.76% year-on-year to 2.117 billion yuan, and the net profit decreased by about 10.02% year-on-year to 488 million yuan.

Throughout the 25-year development of Penghua Fund, with Deng Zhaoming's "airborne" in 2008 as the node, Penghua is basically divided into "two eras".

In December, 1998, Penghua Fund was formally established, becoming one of the first "Top Ten" in Public Offering of Fund and its largest shareholder. At the beginning of its establishment, Penghua had a strong momentum. However, with the changes in the market environment, some products of Penghua Fund were redeemed sharply, and the company fell into certain twists and turns.

Some media later quoted people familiar with Penghua as saying that the bloated, inefficient and official-oriented state-owned enterprise disease was probably the main reason for Penghua's gradual decline among the "top ten" in those years.

In 2007, the tide of foreign mergers and acquisitions rose in China, and Penghua Fund ushered in a turning point.

In June of that year, Penghua Fund announced that, with the approval of China Securities Regulatory Commission, the original shareholders of the company, Shenzhen Beirongxin Investment Development Co., Ltd. and Anhui Guoyuan Trust, transferred their shares, accounting for 49% of the company's total share capital, to Italian Eurizon Financial Group S.p.A.

As a result, Penghua Fund was changed into a foreign-invested enterprise. Guosen Securities is still the largest shareholder with a 50% shareholding ratio, Olyson Financial Group has a 49% shareholding ratio, and Shenzhen Beirongxin Investment has a shareholding ratio of 1%.

Olyson Financial Group is the first comprehensive financial group in Italy, and its business scope covers life insurance, asset management, financial consulting and other fields. Before investing in Penghua, it has successfully participated in 19.9% equity of Hezhong Life Insurance Company.

With the entry of foreign shareholders, the management team of Penghua Fund has also made simultaneous adjustments.

According to 21st century business herald, after several rounds of selection by Chinese and foreign shareholders, in February 2008, Deng Zhaoming was invited to be the general manager of Penghua Fund.

Born in 1968, Deng Zhaoming was born with a doctorate in international finance from Nankai University. He used to be the chief clerk of China Ordnance Industry Corporation, the director of China Securities Regulatory Commission and the deputy general manager of southern fund.

After Deng Zhaoming, Cao Yi and Levin also took up their posts in succession during the year, and they respectively served as vice presidents in charge of marketing and investment research of Penghua Fund. Cao Yi used to work in the People's Bank of China, and later engaged in channel marketing management for many years in southern fund; Levin was the director of the stock investment department of Bosera Fund.

In 2010, when some media asked Deng Zhaoming how to convey the new management concept to Penghua, Deng Zhaoming said frankly, "(At first) it was very difficult. The previous atmosphere was muddled along, and there was no problem of pursuing Excellence. I'm here. In fact, the most important job is to re-engineer the management concept and process ... (We) hired well-known overseas institutions to redesign and plan every business process of every business module, and standardized everything that can be standardized ... "

Judging from the external actions since then, the Penghua Fund under Deng Zhaoming has led the industry several times.

For example, in January 2009, "Penghua CSI 500" Fund signed an endorsement agreement with singer Wu Bai, and made Penghua famous with the slogan "Two Wu Bai, equally wonderful", setting a precedent for entertainment stars to endorse the fund products.

Another example is that in 2012, Penghua Fund and Yale University Foundation successfully recommended candidates for directors, and Public Offering of Fund participated in the selection of directors of listed companies, which was also the first time in the history of A-shares.

However, for fund companies, performance is the last word.

According to the data of Tiantian Fund Network, from the perspective of the scale of net assets under management, with 2007 as the node, before that, the scale of net assets under management of Penghua Fund was around 10 billion all the year round, and it once surged to nearly 80 billion yuan in 2007; However, affected by the financial crisis in 2008, it fell below 50 billion yuan at the end of that year; From the end of 2014 to the first half of 2015, the Shanghai Composite Index rose rapidly, and the management scale of Penghua Fund exceeded 100 billion at this time.

From the perspective of asset allocation in different periods, from 2007 to 2011, the stock assets of Penghua Fund reached more than 60%, and the maximum net assets at that time reached 87 billion yuan. In 2015, the stock market fluctuated violently, and the stock asset allocation of Penghua Fund decreased from more than 50% at the end of the first quarter of that year to 37% at the end of the second quarter, which in turn increased the proportion of bond assets and cash.

According to the data, as of November 28th this year, the management scale of Penghua Fund was 844.052 billion yuan, ranking 10th among Public Offering of Fund companies.

At present, Penghua Fund has 76 fund managers and 492 fund products under its management. Judging from all its fund products, as of the end of the third quarter of this year, among the top ten stocks held by Penghua Fund, the top six were all wine companies, including (600519.SH), (000858.SZ), (000568.SZ), (600809.SH), (000596.SZ) and.

According to the investment details in the third quarter of this year, the single stocks held by Penghua Fund include (601318.SH), Kweichow Moutai, (600030.SH) and (300750.SZ), with 60, 47, 38 and 31 funds respectively.

In recent years, there has been a wave of "star-making" in the fund circle, and Penghua has never missed it.

In March, 2020, Wang Zonghe of Penghua Fund won the five-year open-ended stock-based sustainable winning Taurus Fund and the three-year open-ended hybrid sustainable winning Taurus Fund awarded by china securities journal for his "Penghua Pension Industry" (000854.OF) and "Penghua Consumption Optimization" (206007.OF), and became a "double-material" Taurus fund manager with scarce market.

In July 2020, Penghua Fund launched the "Penghua Ingenuity Selection" (009570.OF) led by Wang Zonghe, and the subscription amount on the first day reached 137.1 billion yuan, setting a new record for the subscription amount of new funds in a single day. Wang Zonghe was also called "National Fund Manager".

According to Tiantian Fund Network, Wang Zonghe managed "Penghua Pension Industry" and "Penghua Consumption Optimization" for 8 years and 12 years, respectively, and his term returns reached 223.70% and 253.5% respectively.

However, in the past two years, with the changes in the market environment, Wang Zonghe has also stepped down from the "altar".

At the end of September, 2020, Penghua Fund, together with E Fund, Huaxia, Central Europe and Huitianfu, launched an innovative future warfare fund by five managers. However, as of the end of the closure period in March 2022, "Penghua Innovation Future" managed by Wang Zonghe became the one with the largest loss among the above five innovation future funds. In March 2023, Wang Zonghe stepped down as the fund manager of "Penghua Innovative Future", with a total return of -44.73%.

Accompanied by the decline in performance, people questioned that Wang Zonghe was "drifting in style". Around February of this year, Wang Zonghe began to step down as the fund manager of the fund he managed. Since he stepped down as a fund manager of any product in April, Wang Zonghe once interpreted this as the failure of Penghua's "star-making". At present, Wang Zonghe still holds the post of deputy general manager in Penghua Fund.

In fact, due to the market fluctuation, the overall performance of fund managers and Public Offering of Fund is inevitably weakened.

According to Caixin's statistics, in the first half of 2023, among the top ten fund companies with non-monetary wealth management, the net profit of seven companies declined, with Huitianfu Fund falling by up to 20.98%, Penghua Fund, Bosera Fund and ICBC Credit Suisse all falling by more than 10%.

According to the semi-annual report of shareholder Guoxin Securities in 2023, the operating income of Penghua Fund in the first half of this year was 2.117 billion yuan, a year-on-year decrease of 3.76%; The net profit was 488 million yuan, a year-on-year decrease of 10.02%.

Wind data shows that, as of November 28th, Penghua Fund has issued 29 new funds this year (based on the fund establishment date, the initial fund caliber excludes the transformation fund and the post-grading fund), and the combined issuance scale is 30.825 billion yuan, compared with 44.347 billion yuan last year.

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