Reports suggest that Chen Ping, the sole technology fund manager at HSBC Jintrust, is considering leaving the firm, potentially for a top-tier public fund house.

Who is Chen Ping?

Chen Ping is the only technology-focused fund manager at HSBC Jintrust. His fund, HSBC Jintrust Technology Pioneer, has been a standout performer this year, making it the firm's sole strong performer in recent times. As of July 27, the fund has delivered a 37% year-to-date return, ranking in the top 15% of its category. Over the past one and two years, it has gained 121.36% and 217.12%, respectively, marking exceptional performance. In the second quarter alone, the fund's net value surged by 77.1%, outperforming its benchmark by 26.66%.

His portfolio is dominated by optical communication and semiconductor leaders, including Zhongji Innolight, Yuanjie Technology, Eoptolink Technology, Tengjing Technology, Shijia Photonics, Tianfu Communication, and Taichenguang—all heavily focused on AI hardware technology.

What is His View on AI?

In the second-quarter report, Chen Ping expressed a neutral-to-optimistic outlook on the market. He stated that his future strategy involves maintaining a high equity allocation, primarily investing in growth-oriented sectors. He is bullish on three key areas: AI-related fields (hardware and applications), electronics (semiconductors and consumer electronics), and commercial aerospace. At a mid-year strategy meeting in late June, he indicated that core technology sectors are not yet overvalued and that the long-term logic for semiconductors remains intact. His preference order is AI > Semiconductors > Others, with computing power within AI outperforming applications, and optical modules being the most favored within computing power. He believes a historic selling point has clearly not yet arrived.

What Happens to HSBC Jintrust if He Leaves?

This year, HSBC Jintrust has relied solely on Chen Ping to ride the technology bull market. Among the firm's 31 actively managed equity funds, only four have posted positive returns as of July 24, with HSBC Jintrust Technology Pioneer leading by a wide margin. At the end of the first quarter, the fund had a scale of just 8 billion yuan, accounting for less than 3% of the company's total assets. By the end of the second quarter, its scale had grown significantly to 21 billion yuan.

Looking at the broader picture, HSBC Jintrust has been struggling. In the second quarter, the company's actively managed equity scale shrank by 81 billion yuan, a 30% decline. Many products have seen year-to-date losses exceeding 20%, dragging the company's average return to -10.36%, placing it at the bottom of the industry. The most severe case is the HSBC Jintrust Cycle Preferred fund, launched in March this year, which has lost nearly 30% of its net value in four months, approaching 0.7 yuan. "The unluckiest fund investors" first lost 30% by subscribing to the cycle fund, then shifted to technology on advice, only to face another 20% loss during a sector correction.

The firm's flagship manager, Lu Bin, has also been hit hard. In the second quarter, he fell out of the "billion-yuan fund manager" club. His seven funds have posted an average year-to-date decline of over 25%, with several products showing cumulative losses exceeding 30% since his tenure. His poor performance is attributed to a heavy bet on solar energy, where he is gambling on a sector reversal, with nine of his top ten holdings in solar stocks.

For HSBC Jintrust, a deeper crisis is its over-reliance on Lu Bin. Additionally, a pending equity change is dragging its feet—Shanxi Trust holds 51%, while HSBC Global holds 49%, with the transfer awaiting regulatory approval. Until the major shareholder and control are settled, everything remains challenging. Now, with the only manager who has successfully captured the AI trend preparing to leave—a technology fund manager capable of building a "doubling fund" who is likely to be snapped up elsewhere—HSBC Jintrust's technology line may be left completely empty.