葛兰、赵蓓、朱少醒……集体出手！什么信号？

Core Viewpoint - The recent surge in the private placement market has attracted significant attention, particularly with the participation of renowned fund managers in the Baili Tianheng private placement, indicating a strong interest in seeking excess returns outside the secondary market [3][4][6]. Group 1: Private Placement Market Dynamics - The private placement market has seen increased activity, with notable fund managers like Ge Lan, Zhao Bei, and Zhu Shao Xing participating in Baili Tianheng's private placement, reflecting their recognition of the growth potential of the underlying companies [4][5]. - Baili Tianheng, a company focused on cutting-edge biopharmaceuticals, successfully raised 3.764 billion yuan through its private placement, with a subscription price of 317 yuan per share, and has already recorded a paper profit as the stock closed at 366.80 yuan [5][6]. - The participation of large institutions and top fund managers in the private placement, with subscription amounts exceeding 50 million yuan, indicates a strong belief in Baili Tianheng's future growth prospects [6][8]. Group 2: Trends and Future Outlook - The private placement market is experiencing a resurgence, with fund managers actively engaging in various projects, contributing positively to fund net value growth [7][8]. - Recent policy changes have led to a longer window period and clearer policy guidance, which, combined with a diverse range of participants, is expected to enhance the quality of mergers and acquisitions in the market [7][8]. - The approval speed for private placements has significantly increased, with the number of approved projects in 2025 already surpassing the total for 2024, suggesting a more favorable supply outlook for the private placement market [8].