Public Funds Flock to Placement Layouts: BAIC BlueSky Valley Secures 27 Billion in Bulk Purchases, Kexiang Stock Sees Over 170% Floating Gains

Source: Xinhua Finance

Xinhua Finance Shanghai, March 19 — (Reporter Wei Yutian) According to the latest statistics from Public Offering Placement Network, as of the listing date for private placements, by March 18, 2026, a total of 17 public fund institutions have actively participated in the A-share private placement market this year, involving 26 listed companies’ targeted issuance projects, with a total allocation amount of 11.493 billion yuan. Based on the closing price on March 18, the overall unrealized profit of public fund holdings is 2.184 billion yuan, with an unrealized profit ratio of 19%.

Looking at specific cases, some high-quality targets have attracted multiple public funds to subscribe. Among them, BAIC Blue Valley has become the most favored private placement target, with Caitong Fund, Nord Fund, and E Fund collectively receiving 2.752 billion yuan. Following closely is Magmet, with Caitong Fund, Guotou Ruixin Fund, Nord Fund, and E Fund together receiving 1.96 billion yuan. In addition, the private placement projects of Zhongbei Communication, Soft Power Dynamics, and Shangneng Electric have also been重点布局 by public funds, with allocations each not less than 500 million yuan.

Among the 26 stocks involved in public fund participation in private placements, 24 are currently in an unrealized profit state. In terms of unrealized gains, the electronics sector target Kexiang Co., Ltd. leads with a current unrealized profit of 170.73%. Nord Fund and Cinda Asia Fund participated in this placement, receiving 57.4957 million yuan and 17.22 million yuan respectively, achieving substantial unrealized gains. The building materials sector’s Honghe Technology follows closely, with Caitong Fund and Nord Fund participating, receiving 153.734 million yuan and 123.7193 million yuan respectively, with a current unrealized profit of 73.21%. Additionally, targets such as OLT, Changhua Chemical, Zhongbei Communication, Lair Technology, and Beite Technology all have public fund unrealized profit ratios exceeding 30%, with impressive returns.

Regarding the phenomenon of active public fund participation in private placements, Li Chunyu, FOF fund manager at Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., stated that the current wave of public funds entering the targeted issuance market is mainly driven by three core factors: First, the policy environment continues to improve, significantly enhancing the transparency of the private placement market and the overall quality of private placement assets, further strengthening the appeal of private placements as long-term allocation assets; second, current private placement projects are highly focused on high-growth sectors aligned with national strategies, allowing public funds to deploy in core industrial sectors at relatively reasonable costs, and through in-depth research, uncover the value of targets to achieve excess returns; third, amid recent increased market volatility, the “price safety cushion” effect of private placements has become prominent, helping fund managers effectively smooth portfolio net value fluctuations and better control downside risks.

Editor: Li Yifan

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