Mei Ri Jing Ji Xin Wen·2025-12-04 12:45Core Viewpoint - The recent significant decline in the net value of multiple pure bond strategy products managed by He Sheng Asset is attributed to their holdings in Vanke bonds, leading to a nearly zero return for the year [1][5]. Group 1: Market Reaction - Vanke's announcement on November 26 regarding the extension of its 2022 fourth phase medium-term notes triggered panic in the capital market, causing a sharp decline in Vanke's domestic bond prices [2]. - On December 1, trading data showed that Vanke bonds experienced drastic price drops, with "21 Vanke 04" down over 45%, "21 Vanke 06" down over 39%, and "22 Vanke 02" down over 38% [2]. Group 2: Impact on He Sheng Asset - He Sheng Asset's products, such as He Sheng Tonghui Hengxin No. 2 and No. 5, saw a weekly net value drop of 4.35%, with the former's net value falling to 0.9701 yuan and the latter dropping to 0.9719 yuan, resulting in year-to-date losses of 1.84% and 1.66% respectively [3]. - The management scale of He Sheng Tonghui Hengxin No. 5 decreased from 334 million yuan to 301 million yuan, a decline of 9.84% within a week [3]. Group 3: Broader Industry Context - The decline in He Sheng Asset's products is not an isolated incident; several other private equity firms also reported significant drops in their bond products around the same time [4]. - For instance, Beijing Guocheng Asset's Guocheng Wenyin No. 5 saw a net value drop of 10.47%, while Hainan Furongxing's Furongxing Xinghui No. 1 and Furongxing Juejin No. 1 experienced declines of 6.56% and 9.03% respectively [4]. Group 4: Company Response and Strategy - He Sheng Asset confirmed that the net value drop was due to their holdings in Vanke bonds and stated that they are currently optimizing their investment portfolio [5]. - The incident highlights the misconception that bond products are risk-free, especially in the context of increasing volatility in the bond market and the real estate sector's transformation [5].