Official Announcement! Cao Mingzhang, Veteran of Public Funds, Goes Private, Puqiao Asset Makes Debut

Another veteran from the public offering industry officially transitions to private equity!

Recently, Shanghai Pujiao Private Fund Management Co., Ltd. completed registration. Public information shows that the company was initiated and established by former China Europe Fund manager Cao Mingchang, who also serves as legal representative, general manager, executive director, and investment director.

Cao Mingchang, known for his deep experience in the public fund industry and his value investing style, has attracted market attention once again with his move into private equity.

Pujiao Assets Completes Registration

According to the Asset Management Association website, “Shanghai Pujiao Private Fund Management Co., Ltd.” was established in October 2025 and just completed registration on March 13 of this year. The company has a registered capital of 14 million yuan, with 7 full-time employees. Its business scope includes private securities investment funds and private securities investment FOF funds. As for investors, Cao Mingchang subscribed to 74%, making him the largest shareholder.

According to the association’s public information on company executives, Cao Mingchang serves as legal representative, general manager, executive director, and investment director of Pujiao Assets. Huang Lin is responsible for compliance and risk control as well as information reporting. Before joining Pujiao, Huang Lin worked at Hundsun Technologies (600570), the Shanghai Securities Regulatory Bureau, China Europe Fund, and other institutions.

Data shows that Cao Mingchang graduated from Shanghai University of Finance and Economics. He entered the securities industry in December 1996 and has extensive investment management experience. He has served as a researcher at Junan Securities Research Institute, a researcher at Minfa Securities Shanghai R&D Center, an investment manager at Hongta Securities (601236) Asset Management Headquarters, a trust manager at Bairui Trust, and assistant general manager and fund manager at New China Fund. In June 2015, Cao Mingchang joined China Europe Fund, where he served as a member of the equity investment decision committee.

In terms of investment style, Cao Mingchang has long adhered to value investing, emphasizing long-term holding and low turnover. If his management periods at New China Fund and China Europe Fund are combined, his annualized return as a public fund manager exceeds 14%, significantly outperforming the CSI 300 index over the same period.

On the evening of January 17, 2025, China Europe Fund announced that Cao Mingchang resigned from his fund manager positions for four of its products due to personal reasons. These products were taken over by fund managers from China Europe Fund’s value team, including Lan Xiaokang, Luo Jiaming, and Shen Yue. China Europe Fund expressed sincere gratitude for Cao Mingchang’s significant contributions during his tenure. As a veteran of deep value investing, Cao Mingchang not only generated long-term excess returns for his managed products over nearly a decade but also built a cohesive, clear-style, and outstanding China Europe value investment team, promoting the firm’s long-term value investing philosophy and research culture.

Upholding the Value Investing Philosophy

Cao Mingchang recently wrote a post on Pujiao Assets’ official WeChat account, summarizing his investment career and looking ahead. He stated that he now stands at a new starting point in his career, initiating the establishment of Shanghai Pujiao Private Fund Management Co., Ltd. The name “Pujiao” was carefully chosen. “Puo” (玉) symbolizes uncarved jade, representing undervalued companies with potential in the market and reflecting his original intention of value investing; “Jiao” (桥) means bridge, symbolizing connection. Through value investing, he aims to build a bridge between capital and promising companies, allowing funds to flow to where they are truly needed and helping investors achieve long-term asset allocation goals.

Cao Mingchang candidly admits that maintaining value investing in the secondary market is not easy. The market is filled with hot spots and opportunities, which can be overwhelming. Should one chase after every hot trend, or stick to their principles? Investors constantly face this test. He believes that investing is never a 100-meter sprint but a marathon that lasts a lifetime. Speed is not the goal; endurance is. In this lifelong race—considering wealth transfer and multi-generational wealth—Cao Mingchang and his new team choose to stay committed to value investing and pursue a high “cost-performance ratio” (return-to-risk ratio), running comfortably and steadily.

Since last year, the private fund industry has continued to grow rapidly. According to association data, as of the end of January 2026, there were 139,153 active private funds with a total scale of 22.44 trillion yuan, a year-on-year increase of 12.65%. Among them, 80,801 are private securities investment funds with a scale of 7.26 trillion yuan; 29,862 are private equity funds with a scale of 11.15 trillion yuan; and 27,729 are venture capital funds with a scale of 3.74 trillion yuan.

As of the end of January 2026, there were 19,163 registered private fund managers. Among them, 7,500 manage private securities funds; 11,488 manage private equity and venture capital funds; 5 manage private asset allocation funds; and 170 manage other private investment funds.

(Edited by: Li Yue)

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