暂停新客申购！私募巨头，最新宣布

Core Viewpoint - Ningquan Asset announced the suspension of new investor subscriptions for all its funds starting from October 30, 2025, while existing investors can still make additional subscriptions. This move signals a cautious approach amidst market fluctuations [1][3]. Group 1: Company Background - Ningquan Asset was founded by Yang Dong in January 2018, with a registered capital of 20 million yuan. Yang has held significant positions in the financial sector, including General Manager of Xingye Securities and Xingquan Fund Management [3]. - The company has grown to be among the top tier of domestic stock private equity firms, with a management scale exceeding 40 billion yuan [3]. Group 2: Market Context - The Shanghai Composite Index recently surpassed 4,000 points, coinciding with Ningquan's decision to "seal" its funds, which may indicate a cautious stance in the current market environment [3]. - In its September report, Ningquan noted that the market was experiencing a structural rise, with significant gains in sectors like AI-related semiconductors and optical modules, while traditional industries lagged behind [4]. - The company expressed concerns about the rapid pace of market heating and the visible bubbles in popular sectors, although it acknowledged that there are still valuable investment opportunities available [4]. Group 3: Regulatory and Operational Notes - Ningquan Asset's "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" faced a six-month restriction from participating in offline new share offerings, effective from June 20, 2025, to December 19, 2025 [4].