Within the year, public offering private placements saw a year-on-year surge of more than 2 times; 19 companies achieved floating profits, accounting for 82.61%.

Since the beginning of this year, public fund institutions have become increasingly enthusiastic about participating in private placements.

As of June 25, 2026, a total of 23 public fund institutions have participated in 69 A-share private placements this year, with an aggregate allocation amount of 33.62B yuan, a year-on-year surge of 207.99% compared to 10.92B yuan in the same period last year. Based on the closing price on the day of issuance, public fund institutions have realized a total of 8.26B yuan in paper gains from private placements this year, with a profit ratio of 24.57%.

Li Chunyu, FOF fund manager at Rongzhi Investment under the PaiPai Wang Group, stated that the active participation of public funds in private placements is driven by the fact that most projects are concentrated in high-growth sectors. Through private placements, public funds can lay out core tracks at relatively reasonable costs and leverage in-depth research to obtain excess returns. In addition, private placements offer a "price safety cushion," helping fund managers smooth net value fluctuations and control drawdowns, meeting the need for both absolute and relative returns.

From an industry perspective, the electronics and automotive sectors are particularly favored by public fund institutions in private placements, with nine stocks in each sector attracting participation from public funds.

In the automotive sector, public fund institutions have participated in private placements of BAIC BluePark, Hoen Electric, Aeolus Tyre, JAC Motors, Qingdao Double Star, Beite Technology, ZhengYu Industry, Fute Technology, and Deltron, with a total allocation amount of 4.58B yuan. Among them, BAIC BluePark attracted three public fund institutions—Caitong Fund, Nuode Fund, and E Fund—with a combined allocation of 2.75B yuan, making it the most favored stock in the automotive sector.

In the electronics sector, public fund institutions have participated in private placements of Maxscend Microelectronics, Bright Power Semiconductor, Jiangfeng Electronics, Guanghong Technology, Orbbec, Ways Electron, OLED Pura, Kexiang Shares, and Lair Technology, with a total allocation amount of 4.07B yuan. Among them, Maxscend Microelectronics became the most popular stock in this sector, attracting five public fund institutions including Caitong Fund, Lion Fund, Nuode Fund, E Fund, and Yimi Fund, with a combined allocation of 12.56 billion yuan.

In addition, public fund institutions have also participated in private placements in the power equipment sector, including Megmeet, Hunan Yuneng, Lopal Tech, Sineng Electric, Suzhou Good-Ark, Kailong Power, and Watt Electric, with a total allocation amount of 1.26B yuan, even higher than the electronics and automotive sectors.

In fact, through private placements, public funds can obtain chips at relatively low costs, precisely target high-growth tracks, and achieve dual returns from low-cost layout and in-depth research excess.

From a stock perspective, public fund institutions have actively participated in 15 private placements, each with an allocation amount of no less than 500 million yuan. Among them, China Shenhua attracted Caitong Fund, GTJA Allianz Fund, Nuode Fund, and E Fund to participate in private placements, with a combined allocation of 5.85B yuan. In terms of individual stock performance, among the 69 stocks in which public funds participated in private placements, based on the closing price on the day of issuance, 38 stocks currently have paper gains.

In the first half of the year, among the 23 public fund institutions that participated in private placements, 19 achieved paper gains, accounting for 82.61%, of which four saw their paper gains double.

Among them, Caitong Fund and Nuode Fund were the most active in private placements. Caitong Fund participated in private placements of 66 stocks, with a total allocation amount of 6.38B yuan. Based on the closing price on the day of issuance, the current paper gain ratio is 27.32%. Nuode Fund participated in private placements of 65 stocks, with a total allocation amount of 7.4B yuan. Based on the closing price on the day of issuance, the current paper gain ratio is 29.05%.

E Fund followed closely, participating in private placements of 8 stocks, with a total allocation amount of 1.02B yuan. Based on the closing price on the day of issuance, the current paper gain ratio is 18.94%. In addition, GTJA Allianz Fund participated in private placements of 6 stocks, with a total allocation amount of 10.23 billion yuan. Based on the closing price on the day of issuance, the current paper gain ratio is 9.01%.

In terms of paper gain ratio, First Seafront Fund, Guotai Haitong Asset Management, Harvest Fund, and UBS SDIC Fund performed well, with paper gain ratios of 712.62%, 196.78%, 196.78%, and 102.31% respectively this year, but they each participated in only one stock private placement.

Editor: Xu Nannan, Xu Nan

(Editor: Xu Nannan)

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