Liang Wenfeng
2026-07-21 14:56:07Liang Wenfeng-controlled Huanfang and Jiuzhang took the largest private fund allocation in Changxin Technology placement
Changxin Technology’s preliminary offline placement results show that 113 private fund managers, through 2,459 products, received allocations totaling 161 million shares worth 1.436 billion yuan. The filing divided institutional investors into Class A, which included public funds, social security funds, pensions, annuities, bank wealth management, insurers and QFII, and Class B, which included private funds, broker proprietary desks, trusts and finance companies. Class A investors received 1.978 billion shares, accounting for 91% of the offline issuance, while Class B investors received 196 million shares, or 9% of the total. Among private funds, the top 10 by number of allocated accounts were all major quantitative firms. Shanghai Yanfu ranked first with 282 allocated accounts, followed by Century Frontier, Jiukun Investment, Shanghai Chengqi and Huanfang Quant with 209, 194, 167 and 153 accounts. Lingjun Investment, Shanghai Jinde and Minghong Investment also each had more than 100 allocated products. According to public information cited in the report, DeepSeek founder Liang Wenfeng controls both Ningbo Huanfang Quantitative and Zhejiang Jiuzhang Asset. The two firms together had 194 private fund products allocated 20.2497 million shares, with a placement value of about 175 million yuan, the largest share among private funds.