Above 4000 points, private equity welcomes "instant sellout"

As the Shanghai Composite Index stands above 4,100 points, the "opening red" for private equity issuance has also arrived as expected. According to industry news, a subjective private equity firm sold 1 billion yuan in a single day through the private banking channel of a major retail bank this week, marking the first private equity daylight case of 2026. Above 4,000 points, the subjective private equity institutions that ride the waves are back. The First "Hot" Private Equity of the Year Industry sources indicate that in the past week, a proactive stock private equity product with a fundraising scale of 1 billion yuan appeared in the private banking channel of China Merchants Bank. Moreover, according to circulating industry news, this fundraising not only sold out in a single day but may have even been "sold out in 10 seconds." In a short period, an equity product was fully subscribed by high-net-worth clients, reminiscent of phenomena seen during the bull market a few years ago. But now, it has reappeared! Who is Managing It? It is reported that the manager of this hot product is a private equity firm called Fusheng Asset based in Shanghai. Public information shows that Fusheng Asset was established in 2016 by several former fund managers and securities researchers from public funds, with the major shareholder being Lu Hang, who previously worked at Haifutong Fund. Since its inception, Fusheng Asset has been characterized by a typical growth style, with significant fluctuations in fund net value, but overall trending upward in recent years, gaining considerable popularity. Additionally, last year was also a year of significant returns for Fusheng. Management Holds a Large Proportion of Their Own Assets A notable feature of Fusheng is that the management team and fund managers have long-term, substantial investments in their own managed products, growing alongside client assets. Relevant materials indicate that the three core fund managers of the company are also the main investors in the products, with their own funds executing replicated trades with client funds, and their own funds accounting for over 30% of the management scale. Considering that Fusheng's management scale will officially enter the 10 billion yuan camp in 2024, the current wealth of the three fund managers is quite considerable. Bank "Opening Red" Fusheng's issuance this time is evidently facilitated by the capabilities of its distribution channels. Every year at the end and beginning of the year, banks focus on "opening red" marketing, and at this time, channels with strong distribution capabilities will invest key resources. Behind Fusheng's hot product is the private banking channel of the major retail bank, China Merchants Bank. It is not surprising that a popular product is "selected" by a powerful channel and achieves good results. Of course, for a private equity firm, being able to enter the private banking issuance list at this juncture means that its strategy, past performance, and institutional compatibility have all passed a relatively strict screening process. Will 1 Billion Yuan Be the "Single Product Limit" for Subjective Private Equity? From an industry perspective, 1 billion yuan seems to have constituted a "realistic limit" in the current subjective private equity issuance. Compared to the fundraising environment from 2020 to early 2021, high-net-worth clients' acceptance of subjective strategies has significantly declined, making it difficult for subjective strategies to replicate the past glory of billion-yuan sellouts and proportional allocations. At the same time, the distribution system is more cautious about large-scale hot products; the previous cycle showed that once market volatility is too high, large-scale asset management products find it harder to turn around, putting pressure on both channels and clients Trends Are More Important Than Scale Looking back from the perspective of 2026, the significance of such issuance cases may not lie in the scale itself, but in the trend. After the collapse of the "hugging stocks" market in 2021, many subjective private equity firms were left with heavy historical burdens, resulting in a long net value recovery period. At the same time, the acceptance of quantitative private equity in terms of performance and client perception has significantly increased, continuously demystifying subjective star fund managers and star private equity. As the market environment clearly recovers in 2025, some subjective institutions are gradually shedding historical debts and beginning to re-enter the optional list of bank channels. The issuance by Fusheng Asset is a sample that appears against this backdrop. Its restrained scale hints at subtle changes occurring on the fundraising side, which are worth continuous tracking and observation. Risk Warning and Disclaimer The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk