E Fund's Zheng Xi to Launch First Offshore Public Fund
Taylor Wilson
Zheng Xi, China's largest active-equity fund manager by AUM at RMB 57.9 billion, is launching a global-strategy flagship fund in Hong Kong — his first offshore public offering, extending his cycle-driven framework to international markets.
What is this new fund?
E Fund Hong Kong announced that Zheng Xi will launch a global-strategy flagship fund in Hong Kong — his first-ever offshore public product.
No product details have been disclosed yet. E Fund said only that Zheng will bring his cycle-driven investment framework (picking stocks based on industry supply-demand cycles) to a broader international stage.
This means → a top-tier mainland fund manager is stepping out to raise money directly from overseas investors for the first time.
How much does Zheng Xi manage today?
Wind data show his total AUM reached RMB 57.888 billion as of mid-2026, making him China's largest active-equity fund manager by assets.
He currently runs four funds: E Fund Information Industry Mixed, E Fund STAR Market Two-Year Locked Mixed, E Fund Information Industry Select Equity, and E Fund Global Growth Select Mixed (QDII).
In plain terms = he already manages more active-equity money than any peer in China. A successful offshore launch would push that figure higher still.
How has his overseas positioning shifted?
His QDII fund's Q2 report shows non-A-share holdings rose from 51.69% of NAV at end-Q1 to 63.20% at end-Q2 — up 11.51 percentage points.
U.S.-listed securities fell from 46.00% to 42.76%; Japan jumped from 1.17% to 8.53%, Hong Kong H-shares from 4.52% to 8.03%, and South Korea reached 3.50%.
This means → he is adding overseas exposure while actively reducing single-market dependence on the U.S., spreading bets across Asia and beyond.
Where is he rotating within sectors?
In Q2, Zheng shifted core holdings away from optical communications, compound-semiconductor materials, and internet platforms toward semiconductor equipment, memory, CPUs, and advanced-node foundry.
Among his top-ten holdings, Lam Research, Kioxia, AMD, SanDisk, Intel, and ASML were new or re-entered positions — all listed outside mainland China.
In plain terms = he built a global semiconductor capex portfolio spanning equipment → wafer fabrication → memory → CPUs — betting not on a single company but on the entire supply chain's upcycle.
Why is he making this call now?
Zheng believes Q2 AI investment has pushed global semiconductors into a phase of broad-based supply tightness.
He identifies 3 nm capacity as the core supply-side bottleneck for global AI investment, and expects the global semiconductor-equipment and components chain to enter a sustained upcycle over the next three years.
This reflects a deliberate timing choice — launching an offshore fund at what he sees as the start of a semiconductor super-cycle, where an offshore vehicle lets him buy overseas chip stocks directly, with more flexibility than routing through QDII quotas.
Content is for reference only, not financial advice.