Private equity “legend” Dong Chengfei officially announced: the “fund-raising suspension” is over, and he is making a comeback!
Recently, the A-share market has seen intensified volatility, and public and private equity “legends” have successively “opened their doors to welcome investors”.
Recently, a reporter from China Fund News learned that Dong Chengfei, Partner and Chief Research Officer of Ruijun Asset Management, is about to launch a new product on Ant Financial’s Alipay platform, which is also Dong Chengfei’s external fund-raising again after he suspended new subscriptions in June last year.
In addition to Dong Chengfei, recently, many well-known public fund managers including Zheng Xi from E Fund, Tang Xiaobin from GF Fund, Jin Zicai from Caitong Fund, Zhang Mingxin from Huashang Fund, and Yang Meng from Boda Fund have successively lifted the purchase restrictions on their products, while the issuance of new funds has also encountered a “cold winter”.
A number of industry insiders said that although the freezing point of issuance does not necessarily mean that the market will reverse immediately, in the medium and long term, low market sentiment and low issuance enthusiasm often provide a more comfortable allocation window for rational capital. Investors can remain relatively optimistic, combine their own risk tolerance and holding period, and make contrarian layout through batch investment, regular fixed investment and selecting high-quality products.
New product to be launched by Dong Chengfei on Alipay
The high-end wealth management channel of Alipay shows that Ruijun Chengfen Xinxing No.7 managed by Dong Chengfei, Partner and Chief Research Officer of Ruijun Asset Management, will be on sale on November 16, and is currently in the reservation status.
It is understood that this product is only issued to qualified investors, adopts the long-only equity strategy, with a minimum investment of 1.01 million yuan, a closed period of 12 months, 200 available quotas for this issue, and a medium-high risk level. In terms of fee rates, the current subscription fee is 20% off the original 1%, and the performance accrual benchmark is 5%.
Dong Chengfei has 23 years of industry experience and 19 years of investment experience. He graduated from the Department of Mathematics of Shanghai Jiao Tong University, joined Xingquan Fund in September 2003, started as an industry researcher, and was later promoted to fund manager, deputy general manager and director of the research department. He managed funds including Xingquan Trend Investment since October 28, 2013, and resigned on October 20, 2021. During his tenure, the rate of return was as high as 325.05%, with an annualized rate of return of over 19%.
In the first half of 2022, Dong Chengfei switched from public fund to private equity and joined the 10-billion-yuan private equity firm Ruijun Asset, starting a business with old colleagues such as Du Changyong and Wang Xiaoming. In May 2022, Dong Chengfei’s first private equity product once aroused widespread attention in the industry. By the end of the third quarter of this year, the scale of private equity products managed by Dong Chengfei personally has exceeded 15 billion yuan.
Market sentiment hits a low, contrarian investors can remain relatively optimistic
As early as the end of May 2025, Dong Chengfei announced that new subscriptions for his products would be suspended.
At that time, Ruijun Asset issued an announcement stating that in line with the principle of prioritizing performance and moderately controlling the scale, the products managed by Dong Chengfei would suspend accepting new customer subscription applications from June 8, 2025.
This is the first time that Dong Chengfei, Partner and Chief Research Officer of Ruijun Asset Management, has “opened his door to welcome investors” again after more than a year.
In fact, in recent period of time, not only private equity fund legends have come back to the market, but also many well-known public fund managers have successively announced that they have lifted the purchase restrictions on their products.
On July 22, Caitong Fund announced that 4 products managed by fund manager Jin Zicai, including Caitong Quality Selection Mixed, Caitong Growth Preference Mixed, Caitong Value Momentum Mixed, and Caitong Integrated Circuit Industry Stock, fully lifted the amount restrictions on subscription, regular fixed investment and conversion transfer-in on July 22, 2026.
On October 19, two A-share funds managed by well-known fund manager Zheng Xi, E Fund Information Industry and E Fund Information Industry Selection, officially announced that they would lift the purchase restrictions from October 20. The E Fund Global Growth Selection Mixed QDII fund managed by him also resumed subscription on the same day, with the daily limit of RMB share restored to no more than 10,000 yuan, and the daily limit of USD share restored to no more than 1,400 US dollars.
Recently, products managed by many fund managers including Tang Xiaobin from GF Fund, Zhang Mingxin from Huashang Fund, and Yang Meng from Boda Fund have also successively lifted purchase restrictions.
A number of industry insiders pointed out that the successive lifting of purchase restrictions on fund products is not an isolated phenomenon. Recently, the issuance of new funds is in the doldrums and the number of extended fundraising has increased, indicating that the sentiment of channels and ordinary investors has hit a low point.
At this moment, well-known public and private equity fund managers have successively opened subscriptions, indicating that institutions do not avoid receiving capital when the market is at a low level, but express their views on the future market through product capacity and opening subscriptions. For fund investors, the more practical significance of this contrast is: do not wait until the issuance becomes hot again and popular products are restricted from purchase again to think about asset allocation. The low point of sentiment is often the moment when you need to do homework in advance and gradually make layout.
“Contrarian layout really tests not only courage, but also discipline,” said a person from a fund company. “In fact, it is difficult for ordinary investors to judge when the adjustment will end, but they can set the purpose of funds, holding period and acceptable drawdown in advance, gradually make layout with idle funds when the market sentiment is cold and the valuation is under pressure, and wait for the market to pick up.”
Maintain confidence in the long-term value of the Chinese market and Chinese assets
Dong Chengfei also expressed his views on the market through the monthly report issued by Ruijun Asset recently.
Dong Chengfei once wrote: “Recently, the AI sector of A-share has adjusted sharply, but the foreign technology sector is still at a high level, which makes many people confused. We think that one reason is that the previous increase was huge and there are abundant profit-taking positions; in addition, the inherent business model of this sector is relatively fragile, and excess profits mainly come from mismatch between supply and demand. Time is the enemy of super-high prosperity, which is another reason.”
In other words, the “moat” of these companies is not high. As time goes by, new entrants will gradually enter the competition, and the decline of future profitability will happen sooner or later. Such cases have occurred repeatedly in the history of A-shares, and it will not be unexpected that they will happen to the manufacturing industry benefiting from AI infrastructure in the future.
In addition, Ruijun Asset believes that Chinese assets have solid fundamental support. In the short-term market fluctuations, we should view the economy and the market from a longer-term perspective, see the new dynamic energy of China’s continuously growing economy and abundant structural opportunities, and have sufficient reasons to maintain confidence in the long-term value of the Chinese market and Chinese assets.
The positions of some products under Ruijun Asset have also been exposed with the release of the three quarterly reports of listed companies. According to Wind Information statistics, by the end of the third quarter, Ruijun Asset currently holds a large number of stocks such as Espressif Systems, Bull Group, and Tubao.
This article is from the WeChat official account “China Fund News” (ID: chinafundnews), authors: Lu Huijing, Fang Li, authorized to publish by 36Kr.