Key Takeaways
- • Dong Chengfei, Partner and Chief Research Officer of Ruijun Asset Management, is reopening external fundraising after suspending new subscriptions for his products from June 8, 2025, according to China Fund News.
- • His Ruijun Chengfen Xinxing No.7, a long-only equity product for qualified investors, goes on sale on Alipay's high-end wealth channel on November 16 with a 1.01 million yuan minimum, a 12-month closed period, 200 quotas and a 5% performance accrual benchmark.
- • Ruijun Asset's private equity products managed personally by Dong had exceeded 15 billion yuan by the end of Q3 2026, per the report.
- • Several public fund managers, including Zheng Xi (E Fund), Tang Xiaobin (GF Fund), Jin Zicai (Caitong Fund), Zhang Mingxin (Huashang Fund) and Yang Meng (Boda Fund), have also lifted purchase restrictions while new fund issuance remains weak.
- • Industry insiders describe the low sentiment and subdued issuance as a potential window for contrarian, staged allocation, though they caution that this does not guarantee an immediate market reversal.
Summary
According to China Fund News, Dong Chengfei, Partner and Chief Research Officer of Ruijun Asset Management, is about to launch a new product on Ant Financial's Alipay platform, marking his first external fundraising since he suspended new subscriptions in late May 2025, effective June 8, 2025. The product, Ruijun Chengfen Xinxing No.7, is open only to qualified investors, follows a long-only equity strategy and carries a medium-high risk rating. It requires a minimum investment of 1.01 million yuan, has a 12-month closed period and offers 200 quotas. The subscription fee is currently discounted to 0.2% from the original 1%, and the performance accrual benchmark is 5%.
Dong has 23 years of industry experience and 19 years of investment experience. He began at Xingquan Fund in 2003 and later managed Xingquan Trend Investment from October 2013 until his resignation in October 2021; the report cites a peak return of 325.05% during that tenure, with an annualized return above 19%. In the first half of 2022 he moved from public funds to private equity, joining Ruijun Asset alongside former colleagues Du Changyong and Wang Xiaoming. By the end of the third quarter, private equity products he personally managed exceeded 15 billion yuan.
The reopening coincides with a broader easing of purchase restrictions among public fund managers. Caitong Fund said on July 22, 2026 that four products run by Jin Zicai fully lifted subscription, regular investment and conversion limits. On October 19, E Fund announced that Zheng Xi's two A-share funds would lift restrictions from October 20, and his QDII fund resumed subscriptions the same day. Products run by Tang Xiaobin (GF Fund), Zhang Mingxin (Huashang Fund) and Yang Meng (Boda Fund) have also reopened. Industry insiders note that new fund issuance is in a slump and extended fundraising periods have increased, which they read as a sign of depressed channel and investor sentiment.
In a recent monthly report, Dong argued that the sharp adjustment in A-share AI stocks reflects heavy prior gains, profit-taking and fragile business models in which excess profits stem from supply-demand mismatches, and that time erodes super-high prosperity. Ruijun Asset said it retains confidence in the long-term value of Chinese assets. According to Wind Information, by the end of the third quarter the firm held a large number of stocks including Espressif Systems, Bull Group and Tubao.
Dong has 23 years of industry experience and 19 years of investment experience. He began at Xingquan Fund in 2003 and later managed Xingquan Trend Investment from October 2013 until his resignation in October 2021; the report cites a peak return of 325.05% during that tenure, with an annualized return above 19%. In the first half of 2022 he moved from public funds to private equity, joining Ruijun Asset alongside former colleagues Du Changyong and Wang Xiaoming. By the end of the third quarter, private equity products he personally managed exceeded 15 billion yuan.
The reopening coincides with a broader easing of purchase restrictions among public fund managers. Caitong Fund said on July 22, 2026 that four products run by Jin Zicai fully lifted subscription, regular investment and conversion limits. On October 19, E Fund announced that Zheng Xi's two A-share funds would lift restrictions from October 20, and his QDII fund resumed subscriptions the same day. Products run by Tang Xiaobin (GF Fund), Zhang Mingxin (Huashang Fund) and Yang Meng (Boda Fund) have also reopened. Industry insiders note that new fund issuance is in a slump and extended fundraising periods have increased, which they read as a sign of depressed channel and investor sentiment.
In a recent monthly report, Dong argued that the sharp adjustment in A-share AI stocks reflects heavy prior gains, profit-taking and fragile business models in which excess profits stem from supply-demand mismatches, and that time erodes super-high prosperity. Ruijun Asset said it retains confidence in the long-term value of Chinese assets. According to Wind Information, by the end of the third quarter the firm held a large number of stocks including Espressif Systems, Bull Group and Tubao.
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