As reported by The Paper on November 13, 2026, a private fund managed by Dong Chengfei was set to open for subscriptions on November 16, ending a pause on new-customer applications that began in June 2025.
Alipay’s high-end wealth-management channel listed the Ruijun Chengfei Xinxiang No. 7 fund as available for reservation ahead of the sale. Ruijun Asset Management, where Dong is a managing partner and chief research officer, told The Paper that reopening reflected the firm’s and manager’s view of the market. The firm described the current period as one in which selling funds is difficult but investing may be advantageous. That is the firm’s assessment, not a forecast of returns.
According to the product description, the equity long-strategy fund has a minimum purchase of 1.01 million yuan, a 12-month lock-up and 200 available places in this offering. It carries a medium-high risk rating. The stated subscription fee is discounted to 20% of its usual 1% rate, and the performance-fee accrual benchmark is 5%; the benchmark is not a guaranteed return.
The product description identifies electronics, utilities, automobiles, computers and building materials as its five largest industry exposures. It says the portfolio currently holds a relatively high equity allocation, with an overall positioning of roughly two-thirds technology and one-third dividend-oriented holdings. Dong identified automotive technology and the property-related supply chain as areas of interest. His view that property-sector risks have largely been released and that volumes and prices are near a bottom remains an investment judgment.
Ruijun announced on May 30, 2025, that products managed by Dong would stop accepting applications from new customers starting June 8, 2025; subscriptions from existing customers were unaffected. Dong joined Ruijun in 2022 after leaving Xingzheng Global Fund, where he had overseen equity investment and managed more than 50 billion yuan.
For broader market context, The Paper cited the November Paipaiwang China Hedge Fund Manager A-Share Confidence Index. In that survey, 56.81% of fund managers were optimistic about November’s market, 39.69% were neutral and 3.50% were cautious. Asked about positioning, 28.40% planned to add exposure, 66.54% planned to hold steady, 4.67% planned to reduce exposure and 0.39% said they would choose between a substantial increase and holding steady depending on conditions. Those figures describe respondents’ views and plans, not subsequent market performance.
