Billionaire private equity leader spends 22 million of his own money; "Big V faction" tycoon Liang Hong reveals new portfolio moves
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Another billion-yuan private equity firm has made it onto the “bottom fishing” list.
At the semi-annual meeting, well-known private equity bigwig Liang Hong revealed that his team started to position in the storage chip sector at the end of last yearand after achieving significant gains, has alreadychosen to gradually reduce holdings to avoid subsequent volatility risks.
Shortly after the meeting, Shanghai Shiva Private Fund Management Center(hereinafter referred to as Shiva Private Fund)announced onJuly 15 that the company and fund manager Liang Hong used their own funds to subscribe to units of private fund products managed by Liang Hong under Shiva Private Fund, totaling 22 million yuan.
After capturing substantial returns in the storage sector,this time, Liang Hong made a sizable self-purchase of his own products, and the subsequent adjustment of holding logic and core track selectionmaybecomea focal pointfor market attention.
Liang Hong’s “Hand”
According to public information, Liang Hong once wasa big “V” on a well-known investment social platform,and then shifted his focus to private equity, becoming one of the leaders in scale during this transformation.
Liang Hong foundedShiva Private Fund inDecember 2014, and it was registered in February 2015 asan approved private equity investment fund manager by the Asset Management Association of China, currently managing more than10 billion yuan.
Liang Hongserves as the company’sChief Investment Officer, with coreproducts being the “Little Bull”and “Big Bull” series, investing across A-shares, Hong Kong stocks, and US stocks.
Additionally, according to channel information,the core position of Liang Hong’s current private fund portfoliomay still be inAI hardware, with a total weight maintained at 50%-60%.However,there has been a shift in sub-sectors,as the main force—storage chips—saw a significant decrease in proportion in the first half of the year,with holdings shifting towardadvanced process manufacturing,logic foundries,high-end packaging sectors,andtraditional hardware companies with transformation potential..
Portfolio Reshuffling?
It is reported that, apart from focusing onAI hardware,Hong Kong-listed internet giants were another significant allocation increase for Liang Hong in the first half of the year.
In the second quarter, Liang Hong substantially increased30% of the portfolio into twolarge domesticinternet companies' Hong Kong stocks, raising Hong Kong stocks to 20%-30% of the portfolio.
Althoughstorage chipswereShivaPrivate Fund’smost important profit source in the first half of 2026,by mid-yearLiang Hongchose to reduce his position in this sector.
On one hand, Liang Hong raised theconcept of a “storage tax,” believing that the two storage giants in Korea have taken an excessively high share of profits in the AI hardware industrial chain, that continuously rising storage prices have led to an imbalanced profit distribution in the entire industry, and that this situation cannot last for long.
On the other hand,to improveinvestment initiative,the period of poor performance in 2025 prompted Liang Hong to optimize his investment strategy—no longer “lying flat” with long-term holdings, evaluating the cost-effectiveness of positions every quarter, and realizing or exiting positions in a timely manner.
His focus has thus shifted from the more volatile storage sector to advanced manufacturing and upstream AI hardware segments, where capacity expansion is slow, supply is tight, and boom periods are more stable—precisely reflecting this strategy.
Two Major Money-Making Careers:U.S. Stock TradingandA-Share Investing
More than just a big V,Liang Hong’sotherexperiences in the private equity circlealsomake him highlyrecognizable.
In 2001,Liang Honggraduated from the School of Management, Shanghai Jiao Tong University.He became a professional US stock trader in 2005,andafter 6 years in the industry,not only did he amass his first pot of gold for entrepreneurship and investment,but also laid the foundation for his subsequentinvestment style, balancinggrowthand valuestocks.
Later,Liang Hongreturned to China to try his hand at entrepreneurship in traditional industries, from matchmaking agencies and Tmall online stores to weight-loss tea,most of whichwere “failures.”In 2012,Liang Hongrebooted as a high-profile figure on Xueqiu,quickly amassing followers with his sharp investment views,with personal assets reportedlyrebuilt from a low point to over 10 million yuan.
At the end of 2014,Liang Hongfounded Hainan Shiva Private Fund Management Co., Ltd.,and in2017,established Shanghai Shiva Private Fund Management Center.In 2017,heheavily invested in Chinese property stocks, with one target increasingseveralfolds within the year, while ShivaPrivate Fund alsotopped the annual private fund returnsranking.During the 2019 black swan event at Future Holding,heswiftly sold stocks and switched to company bonds, earning25% in just over three months,boosting his fame.
Multiple Major Drawdowns
However,Liang Hong’sconcentrated investment styleis a double-edged sword.
During the 2022 Hong Kong stock nosedive, multiple products lost over 20%. He admitted 'failing to drastically reduce positions at a high point was the biggest mistake.'
Again in 2025, heavy positions in innovative drugs, hardware leaders, and stablecoins all suffered, with a cumulative drawdown of about 20%. He once again apologized to investors.
From the outside, Liang Hong’s investment style is very distinctive: net asset values surge fiercely on the rise, but also fall “with a bang” after setbacks. Investing with him requires a strong risk tolerance for volatility.
Clear Industry Trends
Behind Liang Hong’s self-purchase is an industry trend: the sector hascompleted large-scale deployment aroundthe AI industrial chain,and now stands at a crossroads.
Is it time to continue over-weightingAI?
Or quietly reallocate and rebalance?
All answers remain to be seen.
Additionally, Shiva Private Fund is not the only fund that made self-purchases this year. According to data from Private Placement PaiPai Net, as of July 15, a total of 8 private equity firms have announced self-purchases this year, with a total amount of 162 million yuan. Among them, large-scale private equity constitutes the main force.
How Liang Hong and Shiva Private Fund will perform in the future is worth watching closely.
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