BlockBeats reported on July 21 that preliminary offline placement results for Changxin Technology showed 113 private fund managers, through 2,459 products, received offline allocations totaling 161 million shares worth 1.436 billion yuan.
Class A investors took 91% of the offline offering
The filing split institutional offline investors into two groups. Class A included public funds, social security funds, pensions, annuities, bank wealth management products, insurers and qualified foreign institutional investors, or QFII. Class B included private funds, broker proprietary trading units, trusts and finance companies.
Class A investors, led by public mutual funds, were allocated 1.978 billion shares, accounting for 91% of the total offline issuance. Class B investors, led by private funds, received 196 million shares, or 9%.
Top 10 private funds by allocation accounts were all quant firms
Within the private fund list, the top 10 by number of allocated placement accounts were all major quantitative managers.
Shanghai Yanfu ranked first with 282 allocated accounts. Century Frontier, Jiukun Investment, Shanghai Chengqi and Huanfang Quant followed with 209, 194, 167 and 153 participating accounts. Lingjun Investment, Shanghai Jinde and Minghong Investment also each had more than 100 allocated products, at 107, 105 and 100.
Liang Wenfeng-linked firms received the largest private fund share
The report said DeepSeek founder Liang Wenfeng took the largest share among private funds. Public information shows that Ningbo Huanfang Quantitative and Zhejiang Jiuzhang Asset, both large quantitative private fund firms, are controlled by Liang.
Together, the two firms had 194 private fund products receive allocations totaling 20.2497 million shares, with a combined placement value of about 175 million yuan.
The report cited The Paper as the source for the allocation details.