A fund manager has taken his former employer to court roughly one year after stepping away from the firm. Court documents from the Shanghai High People's Court show that Boc International (China) Co.,Ltd. (601696.SH) is being sued by its ex-fund manager Ji Wei, with the case classified as a "labor contract dispute" and scheduled for a hearing on October 19, 2026, at the Shanghai Pudong New Area People's Court.

From joining the company in October 2019 to stepping down from all fund management duties in September 2025 in a full exit, this investment research veteran once led the ETF team and oversaw several core products. His decision to pursue litigation after departure could prompt a fresh look at how this brokerage-backed fund manager approaches its equity strategy and talent retention framework.

Former ETF Chief Files Suit a Year After Exit

Public records indicate Ji Wei holds a master's degree and boasts over 14 years of public fund investment management experience. His career path includes a stint at HuaAn Fund from January 2012 to August 2016 as a fund manager, followed by a move to Huian Fund from August 2016 to July 2019, where he served as deputy general manager of index and quantitative investment and general manager of the ETF investment department. His connection with Boc International (China) Co.,Ltd. began in October 2019, where he later took on the role of head of the ETF investment team.

Industry analyst Yuan Shuai noted that within a brokerage's asset management framework, the ETF team leader acts as a central coordinator linking product design, trade execution, channel partnerships, and market liquidity support. Assigning a seasoned professional to lead the ETF unit signals the company's clear commitment and high expectations for growth in this area.

Looking at the product lineup, however, Boc International (China) Co.,Ltd. has relatively few ETFs of notable scale. The two core products—the Boc International ChiNext ETF and the Boc International CSI 500 ETF—were both launched in 2020, with Ji Wei serving as one of the inaugural fund managers. As of early September 2026, the CSI 500 ETF held approximately 293 million units, with a market value of around 478 million yuan. Over the past three years, this product saw substantial growth, with unit counts rising by 242 million and assets expanding by over 400 million yuan. The 2025 calendar year stood out particularly, delivering a 31.88% annual return that outpaced both the category average and its performance benchmark.

On September 5, 2025, Ji Wei resigned from all fund responsibilities at the company citing personal reasons. His tenure at Boc International (China) Co.,Ltd. spanned nearly six years, from October 2019 to September 2025. That period is long enough for an investment professional to build a product pipeline, establish market recognition, and leave a mark on the team—and long enough for performance results to face rigorous testing through various market cycles.

Yet the outcomes were less than stellar. Ji Wei's passively managed index funds delivered middling results: the ChiNext ETF posted a cumulative return of -0.86% during his tenure, while the CSI 500 ETF gained 4.55%. The bigger drag came from his actively managed equity funds. The worst performer was the Boc International Ruiyi Flexible Allocation Mixed A, which he took over on December 21, 2022, and left on January 12, 2024, logging a -38.18% return that ranked near the bottom of its category. Other active products fared poorly too: the Boc International Xiangrui A returned -14.78% and was eventually liquidated after assets stayed below 10 million yuan for an extended stretch; the Boc International Yingrui A lost 6.39%; and even the bond-focused Boc International Anhong A recorded a -2.9% decline.

Notably, before joining Boc International (China) Co.,Ltd., Ji Wei had achieved a 52.14% cumulative return while managing the Huian Fengze A fund. The contrast highlights the underwhelming performance of his active equity products during his time at the brokerage-backed firm.

Now, a year after leaving, Ji Wei has filed suit over a "labor contract dispute." Yuan Shuai pointed out that based on similar cases in the industry, when a fund manager sues a former employer over labor contract issues post-departure, the disagreements typically go beyond ordinary workplace friction. Such disputes often center on performance-based compensation agreed upon during employment, deferred incentive bonuses, co-investment exit mechanisms, the boundaries of non-compete clauses, and issues around transferring investment qualifications or attributing performance on previously managed products. Some cases also involve disagreements over investment decision-making authority, internal assessment standards, and regulatory compliance. Whether this lawsuit stems from severance, performance settlements, or other employment-related matters remains to be seen in court.

Net Profit Up 32% in First Half, Yet Equity Products Under 4% of AUM

Shifting focus from this individual case to the broader company picture, Boc International (China) Co.,Ltd. has a solid financial foundation. In the first half of 2026, the firm delivered a respectable set of results. Total assets surged 37.08% to 127.377 billion yuan, while operating revenue reached 1.922 billion yuan, up 27.7% year-on-year. Net profit attributable to shareholders climbed 32.05% to 746 million yuan, reflecting solid operational growth.

Fee and commission income rose 32.37% year-on-year to 1.187 billion yuan. Looking at the revenue mix, the company's strategic focus is evident: securities brokerage contributed 1.345 billion yuan, accounting for 69.99% of total revenue, making it the dominant income driver. Alongside a stable wealth management base, other business lines show varying strengths. Asset management maintained a solid contribution of 234 million yuan, or 12.17% of revenue, with entrusted client assets reaching 376.9 billion yuan by mid-year, ranking 7th in the industry. Investment banking contributed just 3.41% of revenue, but the firm ranked 6th in equity underwriting and 10th in bond underwriting (excluding local government bonds) during the period. Futures business brought in 132 million yuan, representing 6.86% of revenue and growing about 16.15% year-on-year.

However, within its public fund management segment, the tilt toward fixed income is pronounced, with equities playing a minor role. As of the end of 2025, Boc International (China) Co.,Ltd. managed public fund assets of 133.609 billion yuan, earning a spot in the "hundred-billion club" among brokerage asset managers. But assets have since declined, slipping to roughly 100.109 billion yuan by June 30, 2026, and further to 99.684 billion yuan according to the latest data from Eastmoney's Fund Center.

Structurally, fixed income products dominate. In the second quarter of 2026, bond funds under the company totaled approximately 77.857 billion yuan, money market funds around 13.855 billion yuan, while equity and balanced funds combined reached just 3.123 billion yuan—a mere 3.12% of total AUM.

Yuan Shuai observed that within the current "brokerage-affiliated" public fund sector, having a large overall AUM but a very low active equity share is not unusual. Many institutions that grew on the back of their brokerage parent companies initially started with fixed income and cash management products, leveraging distribution channels to scale up quickly. Active equity, with its high research barriers, long talent development cycles, and volatile returns, often takes a backseat during early expansion. This business structure has practical logic at certain stages of industry development.

Yuan suggested that such institutions aiming to build equity investment capabilities should avoid rushing to copy the mature models of top-tier players and instead follow a gradual, step-by-step cultivation path.

Yet talent turnover remains a concern for Boc International (China) Co.,Ltd.'s investment research team. Following Ji Wei's departure in 2025, the exodus has continued. In January 2026, fixed income fund manager Wang Wenhua stepped away from the Boc International Anche bond fund—the same month Chief Scientist Ge Hao resigned for personal reasons. In June, Chen Letian left his role as an FOF fund manager for personal reasons and subsequently departed the firm. In August, Luo Yu made a clean break, resigning from all managed bond and balanced funds and exiting the company as well.

When equity products account for less than 4% of total AUM while multiple core investment research personnel depart in quick succession across various lines, the pattern deserves closer attention. Revenue growth has leaned heavily on brokerage and fixed income expansion, but the continuity of the investment research team and the stability of its talent pipeline represent a separate dimension. How well these two align often serves as one lens for assessing the maturity of a comprehensive asset manager's research infrastructure.

Ji Wei's labor dispute case is set for trial in October. The outcome of the case itself awaits due legal process, but the broader issues behind it—the firm's equity business strategy and the trajectory of its investment research team—are likely to remain focal points for market observers over the longer term.