Originally reported November 13, 2026.
A private fund managed by Dong Chengfei was scheduled to open to investors on November 16, according to Alipay’s high-end wealth-management channel, which listed Ruijun Chengfei Xinxiang No. 7 as available for reservations. The planned opening follows Ruijun Asset Management’s suspension of applications from new clients for Dong-managed products on June 8, 2025. Existing clients were not affected by that suspension.
Ruijun told The Paper that its decision to reopen subscriptions reflected its and Dong’s assessment of market conditions. Its view that investing had become more attractive while fundraising remained difficult is the firm’s judgment, not an established market outcome.
According to the product information reported by The Paper, the fund uses a long-only equity strategy, has a minimum purchase of 1.01 million yuan and a 12-month lock-up period, and was offering 200 places. It is rated medium-high risk. At the time of reporting, its subscription fee was discounted from 1% to 0.2%, with a 5% performance-fee benchmark. The benchmark is not a promised return.
The reported portfolio had a relatively high equity allocation, split approximately two-thirds toward technology and one-third toward dividend-paying assets. Dong identified automotive technology and parts of the property-related supply chain as areas of interest. His assessment that property-sector risks had largely been released and that volumes and prices were near a bottom remains an investment view.
For wider market context, The Paper cited a November survey by Paipaiwang in which 56.81% of responding hedge-fund managers were optimistic about that month’s A-share market, 39.69% were neutral and 3.50% were cautious. Those responses describe surveyed managers’ expectations, not future market performance.
