第一财经·2025-09-28 12:42Core Viewpoint - The A-share market is stabilizing, leading to a resurgence in the private placement market, with notable fund managers actively participating in recent projects, indicating a strong profit potential from these investments [3][9]. Group 1: Market Activity - As of September 28, 2023, 28 fund companies have participated in 218 private placement projects this year, with a total investment amounting to 5.864 billion yuan, surpassing the total for the entire previous year [9]. - Over 90% of the private placements have shown varying degrees of unrealized gains, reflecting a significant profit effect in the current market environment [3][9]. Group 2: Notable Projects - Baili Tianheng's recent private placement raised 3.764 billion yuan by issuing 11.8738 million shares at 317 yuan each, aimed at funding innovative drug research [5]. - The private placement of Aiyu Co. raised 3.5 billion yuan by issuing 291 million shares at 12.03 yuan each, with participation from 19 institutions, including major fund managers [6][7]. Group 3: Fund Manager Participation - Prominent fund managers such as Ge Lan, Zhao Bei, and Zhu Shao Xing have been actively involved in these private placements, with significant allocations from their respective funds [5][6]. - For instance, Zhongou Fund's allocation in Baili Tianheng amounted to 678 million yuan, while E Fund and other major firms also secured substantial shares [5][6]. Group 4: Performance and Returns - Following the private placements, both Baili Tianheng and Aiyu Co. saw their stock prices increase significantly, with Baili Tianheng's price rising by 17.63% and Aiyu Co. by 28.6% [6][7]. - The performance of stocks like Chip Origin and Dize Pharmaceutical has also been notable, with substantial unrealized gains reported by various funds involved in these placements [9][10]. Group 5: Investment Strategy Insights - Fund managers emphasize the importance of a long-term asset allocation strategy and professional judgment when participating in private placements, cautioning ordinary investors against blindly following trends [3][11]. - The private placement mechanism provides institutional investors with opportunities to build positions without market impact, which is crucial for large funds facing liquidity constraints [11].