Private Placement Registration Experiences Explosive Growth, February Product Registrations Double Year-over-Year and Month-over-Month; Equity Strategy Accounts for Nearly 70%

Source: Xinhua Finance

Xinhua Finance Beijing, March 11 (Keda) — The private equity securities product registration market saw explosive growth in February.

According to data from Private Equity Paimai, as of February 28, 2025, there were a total of 722 private fund institutions registering 1,366 private securities products in the market in February (including independently issued products and those serving as investment advisors), representing a year-over-year increase of 151.57% from 543 products in February 2025, and a month-over-month increase of 100.88% from 680 products in January 2026. Both YoY and MoM growth doubled, indicating a significant surge in registration enthusiasm.

Industry insiders believe that the surge in registrations in February was achieved against the backdrop of fewer working days due to the Spring Festival holiday, further highlighting the industry’s strong strategic intentions and overall vitality.

Li Chunyu, fund manager of Rongzhi Investment FOF, stated that the significant year-over-year and month-over-month increase in private securities product registrations in February was driven by several factors: first, improved market environment and increased institutional deployment willingness. Market confidence continues to recover, structural opportunities are prominent, and private fund institutions are optimistic about future opportunities, accelerating product issuance and registration; second, increased efficiency in the registration process. Some products can complete registration on the same day, providing significant convenience for private fund issuance; third, continued positive capital flow. The trend of residents reallocating assets into equity markets is clear, bringing incremental funds to private funds and providing a foundation for expanding issuance.

Looking at the strategic structure of registered products, stock strategies dominate and have become the core focus of private fund institutions. Data shows that in February, 900 stock strategy products were registered, accounting for 65.89% of total registrations, far surpassing other strategies. Multi-asset strategies ranked second with 200 registrations, accounting for 14.64%; futures and derivatives strategies registered 154 products, accounting for 11.27%. Other strategies had fewer registrations, including 45 mixed funds (3.29%), 35 bond strategies (2.56%), and 32 other strategies (2.34%), overall showing a product registration pattern centered on stocks with multiple strategies complementing each other.

Regarding private fund managers with the most registered products, large private fund firms with over 10 billion yuan in assets are the main contributors, while small- and medium-sized managers also performed well. In February, over 40 private fund managers registered at least 5 products, including 27 with over 10 billion yuan in assets. The top three in registration numbers were all billion-yuan private funds: Ming Shun Investment with 33 products, Hei Wing Asset and Shanghai Lingren Private Fund, each with 23 products. Han De Investment (50-100 billion yuan) and Nian Yan Asset (over 100 billion yuan) each registered 22 products, while Cheng Qi Private Fund (over 100 billion yuan) registered 21. Additionally, many billion-yuan managers like Ming Shi Fund and Evolutionary Theory Asset registered 10 or more products, showing high registration activity.

Li Chunyu noted that the current registration situation reflects the industry’s development trend of “concentration at the top, diversified ecology, and healthy differentiation.” Billion-yuan private funds leverage their advantages in research, fundraising, compliance, and registration efficiency to become the main contributors, with resources continuing to concentrate at the top. Meanwhile, small- and medium-sized private funds actively deploy in structural opportunities and under regulatory guidance to “support the good and limit the bad,” indicating that compliant growth opportunities remain for these smaller institutions and that the industry ecology remains diverse. Overall, this shift signifies the industry’s transition from scale expansion to a high-quality competition stage centered on compliance and research strength, with different-sized institutions developing in their respective tracks, forming a layered and healthy competitive landscape.

Editor: Luo Hao

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