Above 4000 points, private equity is snapped up in seconds again.

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As the Shanghai Composite Index surpasses 4100 points, the "good start" for private fund issuances has arrived as expected.

According to industry sources, this week, a discretionary private fund manager sold 1 billion yuan in a single day through a major retail bank's private banking channel, marking the first instance in 2026 of a private fund selling out in one day.

Above 4000 points, the wave-riding discretionary private fund firms are back.

The First "Hot-selling" Private Fund of the Year

Industry sources report that in the past week, through the private banking channel of China Merchants Bank, the first actively managed equity private fund of the year raised 1 billion yuan.

Moreover, according to circulating industry rumors, this fundraising lasted for just one day, and may have even been "sold out in 10 seconds."

For a high-net-worth client to fully subscribe to an equity fund in such a short period—this recalls the phenomenon seen in the bull markets years ago. But now, it’s happening again!

Who's Behind the Wheel?

Reportedly, the manager of this blockbuster product is a Shanghai-based private fund institution called Fusheng Asset Management.

Public information shows that Fusheng Asset was established in 2016 by several former public fund managers and brokerage researchers, with the major shareholder being Lu Hang, who previously worked at HFT Investment Management. Since its establishment, Fusheng Asset has followed a typical growth style, resulting in significant NAV fluctuations, but overall the performance has trended upward in recent years, gaining considerable popularity.

Furthermore, last year was also a high-earning year for Fusheng.

Management Holds a High Percentage of Its Own Products

A key feature of Fusheng is that its management and fund managers invest heavily and for the long term in their own products, growing together with clients’ assets.

Relevant materials show that all three core fund managers are main investors in the products; proprietary funds are traded in the same way as client funds, and the proportion of proprietary funds is over 30% of total AUM.

Given that Fusheng's management scale formally entered the 10 billion yuan tier in 2024, these three fund managers now possess a considerable amount of personal wealth.

Bank "Good Start"

Fusheng's issuance this time clearly also benefited from the power of its distribution channels.

Every year’s end and beginning marks the key promotional period for banks’ “good start” campaigns. During these times, channels with strong distribution capability devote major resources. Behind Fusheng’s blockbuster was the private banking channel of the major retail bank China Merchants Bank. That strong channels opt for popular products and produce good results is not surprising.

Of course, for a private fund to be included in private bank distribution lists at this time means its strategy, track record, and institutional cooperation have all passed relatively strict selection.

Is 1 Billion Yuan the "Single Product Ceiling" for Discretionary Private Funds?

From an industry standpoint, 1 billion yuan seems to be the realistic "ceiling" for discretionary private fund issues at present.

Compared to the fundraising environment from 2020 to early 2021, high-net-worth clients now display much less acceptance of discretionary strategies, making it very difficult to repeat those days when hundreds of millions were raised and allocated in seconds.

At the same time, distributors have become even more cautious about blockbuster products. The last cycle showed that if market volatility is too great, large-scale asset management products are much harder to turn around, bringing pressure to channels and clients alike.

Trend Matters More than Scale

Looking back from the vantage point of 2026, the real significance of such cases may not be about size, but about the trend.

After the "group stock" rally ended in 2021, many discretionary private fund firms shouldered a heavy historical burden, and NAV recovery cycles were drawn out.

At the same time, quantitative private funds gained wider acceptance in both performance and client perception, continuously demystifying star discretionary managers and private fund firms.

As the market environment clearly recovered in 2025, some discretionary firms gradually shed their historical baggage and began to re-enter banks’ selection lists.

This Fusheng Asset issuance is a case in point under such a backdrop. Its restrained size highlights subtle changes under way in fundraising, which warrants continued tracking and observation.

Risk Disclosures and DisclaimerMarkets are risky; investments require caution. This article does not constitute individual investment advice nor does it take into account the specific investment objectives, financial situation, or needs of any particular user. Readers should consider whether any opinions, views, or conclusions in this article apply to their specific circumstances. Investment decisions are made at your own risk. ```