On September 1, Boyuan Fund Management Co., Ltd. issued a senior management change announcement, confirming that Deputy General Manager and Chief Information Officer Jiang Jun and Deputy General Manager Ouyang Rui both stepped down on August 31, 2026, citing personal reasons. Concurrently, the company's General Manager Zhong Mingyuan assumed the additional role of Chief Information Officer effective August 31. The company did not respond to interview requests from reporters regarding these developments on the same day.

Zhong Mingyuan, the founder and core figure of Boyuan Fund, graduated with a master's degree in economics from Fudan University's finance program. His early career included tenures at China Development Bank's Shenzhen branch, United Securities, Taikang Life Insurance, and New China Asset Management, followed by roles at E Fund Management Co., Ltd. as general manager of both the fixed income headquarters and fixed income investment department. He later served as deputy general manager at Dacheng Fund Management Co., Ltd. In December 2018, Zhong founded Boyuan Fund and currently serves as director, general manager, financial officer, and fund manager. As the company's largest shareholder with a direct stake of 45.03%, he has been performing the duties of board chairman since April 3, 2026. With Jiang Jun's departure on August 31, Zhong has now added the CIO responsibilities to his portfolio.

The two departing deputy general managers brought distinct professional backgrounds to the firm. Ouyang Rui holds a bachelor's degree in public finance from Central University of Finance and Economics and a master's degree in management science from the University of Sheffield in the UK. His career spanned securities, banking, and trust sectors, including positions at CITIC Securities' fixed income department, Daton Securities' securities finance division, Ping An Bank's asset management unit, and Ping An Trust's fixed income division. He joined Boyuan Fund as deputy general manager in July 2023. Jiang Jun, who holds a master's degree in economics, spent his career in financial technology, working at Bank of China's software center, China Financial Certification Authority, and Shenzhen Securities Communication Co., Ltd. He joined Boyuan Fund's preparatory team in 2016 to establish the IT department and system infrastructure, serving as deputy general manager and CIO since April 2020.

Founded in 2018, Boyuan Fund is a personally-owned public fund company focused on fixed income investment. As of the end of the second quarter of 2026, its total assets under management across all public funds stood at approximately RMB 5.7 billion, supported by five public fund managers. The firm's AUM peaked at RMB 11.5 billion at the end of 2024 but declined to RMB 6.917 billion by the end of 2025, representing a contraction of nearly 40%. The company currently manages eight products, comprising seven bond funds and one hybrid fund. The bond funds account for approximately RMB 5.741 billion in combined AUM, while the hybrid fund holds just RMB 12 million. Despite the scale reduction, Boyuan Fund maintains competitive strength in the pure bond investment space.

According to Wind Data, several of the firm's bond funds have delivered notable three-year returns. The Boyuan Zengrui Pure Bond A (016451) leads the company's bond products with a three-year return of 10.52%, followed by the Boyuan Zhenxiang 3-Month Fixed Open Bond A (013222) at 10.18%, the Boyuan Zhenxiang 3-Month Fixed Open Bond C (013223) at 10.17%, and the Boyuan Zengyi Pure Bond A (009109) at 9.55%. All four products have achieved returns exceeding 9% over the past three years, ranking them favorably among comparable bond funds.

In terms of scale, the firm's bond products have remained stable. The largest fund, Boyuan Zenghui Pure Bond A (021544), launched on August 7, 2024, holds approximately RMB 3.115 billion in assets and is co-managed by Zhong Mingyuan among others. The Boyuan Lixing Pure Bond One-Year Fixed Open Bond (016015) holds about RMB 1.513 billion and is managed by Huang Jingli and Zhong Mingyuan. The Boyuan Zengyi Pure Bond A (009109) has approximately RMB 517 million in AUM, managed by Huang Jingli and Ma Jie. The Boyuan Zengyu Interest Rate Bond A (019585) holds roughly RMB 381 million and is managed by Zhong Mingyuan's team, while the Boyuan Zhenxiang 3-Month Fixed Open A (013222) has about RMB 122 million in assets with a one-year return of 3.36%.

An industry insider from another personally-owned small fund company noted that the core advantage of such firms lies in their equity incentive mechanisms. Since fund managers and research leaders are typically shareholders, their personal interests are closely aligned with fund performance, scale, and company development, creating strong positive incentives that unify investor, company, and management team interests. However, the disadvantages are equally pronounced. The source acknowledged that personally-owned funds lack the financial resources, distribution networks, and brand support that bank-affiliated or institutional owners provide, forcing them to rely solely on product offerings and investment track records to compete. This makes market recognition harder to achieve, and the path to growth considerably more challenging overall.