Bosera Fund has drawn industry-wide attention after recording the highest number of fund liquidations among Chinese public fund firms for four straight years.

According to Wind data, as of September 8, 2026, more than 200 funds across the industry have triggered liquidation this year. Bosera Fund leads the pack with 14 liquidated products in 2026 alone, making it the only public fund company with double-digit closures this year.

Despite the elevated closure count, the company's assets under management have actually risen rather than fallen. This contrast between shrinking products and growing scale raises questions about the strategic calculations behind the trillion-yuan fund giant.

Four Consecutive Years at the Top of Liquidation Rankings

Data spanning the past decade shows that Bosera Fund's annual liquidation count first hit double digits in 2023, and over the most recent four years, the firm has consistently ranked first in the industry for the number of funds closed.

In 2026 alone, Bosera Fund has already liquidated 14 products, a figure unmatched by any other institution. A closer examination of the funds closed over the past four years reveals some notable patterns.

In 2023, eight of the ten liquidated products were hybrid funds. In 2024, the closures were primarily pension FOFs and ETF products. By 2025, the mix included hybrid, bond, and equity funds. In 2026, the focus has shifted to pure bond funds, many of which are institutional custom products that were cleared in batches after institutional capital withdrew.

Among the 14 products liquidated in 2026, fund manager Tang Wei saw three of her funds closed, while Yan Lingshan had two products liquidated, making them the fund managers with the highest closure counts this year.

Notably, Bosera Fengda Pure Bond 6-Month, managed by Tang Wei, once had a historical scale exceeding 7.5 billion yuan. However, by the time of its liquidation, the fund's assets had dwindled to just 1 million yuan.

At one point, 100% of the fund's holders were institutional investors. The fund primarily held trading financial assets, debt investments, monetary funds, and clearing reserves. While its returns mostly sat at industry median levels during operations, it underperformed the industry average in five of its eight full years of operation.

The fee structure for the fund was also modest. Annual reports show that in 2024, the fund's payable manager compensation and custody fees were merely 259,300 yuan and 86,400 yuan, respectively. By 2025, these figures had dropped to just 4,200 yuan and 1,400 yuan, meaning Tang Wei's management cost in 2025 likely exceeded the income generated by the fund.

Who Are Tang Wei and Yan Lingshan?

According to public records, Tang Wei, a Chinese national, holds a bachelor's degree in economics and a master's degree in finance from Tsinghua University. From 2013 to 2018, she served as a senior manager in the fixed income department at CICC, where she earned first place in the 2017 New财富 fixed income research ranking. In May 2018, Tang Wei joined Bosera Fund, progressing through roles as investment manager assistant and investment manager in the fixed income headquarters, and currently serves as a fund manager in the fixed income third department.

Tang Wei's track record is far from unremarkable. During her tenure at CICC, she secured second place in the 2016 New财富 fixed income research ranking and first place in 2017, establishing herself as a formidable figure in the fixed income space.

Having worked at Bosera Fund for over four years, Tang Wei currently manages 15.166 billion yuan in assets with a best fund tenure return of 15.56%. Her product portfolio is diversified but relatively modest in individual scale, with her largest fund, Bosera Fuxin Pure Bond A/C, also her best-performing product, commanding a combined scale of 6.029 billion yuan—though this fund is co-managed with Zhang Liling.

In 2026, amid broadly ample liquidity, recurring risk-off sentiment, and a bullish market mood, government bond yields trended lower within a narrow range of fluctuations. Despite this environment, Bosera Fuxin Pure Bond significantly increased its bond investments in the first half of the year, yet only achieved a net asset value gain of 1.82% over the past six months, a relatively mediocre performance.

Yan Lingshan boasts a more extensive career history than Tang Wei. She completed her undergraduate and graduate studies in finance and financial management at Renmin University of China. After graduation, Yan Lingshan worked at China Securities, China Securities Construction Investment Fund, and Zhongjia Fund before joining Bosera Fund in 2023, where she has remained since.

Currently, Yan Lingshan manages 8.869 billion yuan in assets with a best fund tenure return of 5.81%. Her largest product, Bosera Yuheng Pure Bond A, had a scale of 2.686 billion yuan as of the end of June 2026. The fund primarily holds government and financial bonds and posted a net asset value increase of just 1.09% in the first half of 2026—again, a fairly lackluster result.

Assets Under Management Reach Historic Highs

According to Wind data as of September 8, 2026, Bosera Fund's net assets total 1.186 trillion yuan, an increase of 28.738 billion yuan compared to the end of 2025, marking a historic peak. The top three asset categories by scale are money market funds, bond funds, and ETFs, accounting for 33.68%, 28.46%, and 16.56% of the total, respectively.

A significant portion of Bosera Fund's scale growth can be attributed to new fund launches. Wind data shows that as of September 8, 2026, the firm has established 15 new funds this year, with total fundraising reaching approximately 12.051 billion yuan. Among these, four FOF products collectively raised 8.463 billion yuan, representing over 70% of the total, while Bosera Yingtai Zhenxuan alone accounted for 48.5% of the year's new issuance scale.

On the earnings front, Bosera Fund reported revenue of 2.659 billion yuan in the first half of 2026, up 12.86% year-on-year, with net profit of 804 million yuan, representing a 5.3% increase. While this growth rate appears modest compared to top-ten peers in terms of scale, it represents a notable improvement over the company's own historical performance.

Over the past five full years, between 2022 and 2024, Bosera Fund's revenue and net profit both posted negative year-on-year growth. It was only in 2025 that these indicators barely turned positive. With Chairman Zhang Dong at the helm, the hope is that Bosera Fund can address its active equity weaknesses and achieve comprehensive development.