Wenfeng Liang's Quadratic Capital and Nine Chapters secure the largest allocation in Changxin Technology's private placement, with 113 private funds receiving allocations.

BlockBeats News, July 21st. The preliminary results of Changxin Technology's offline placement showed that a total of 113 private equity firms' 2459 products obtained allocations in Changxin Technology's offline placement, with a total allocated quantity of 161 million shares and an allocated amount of 1.436 billion yuan.

The announcement indicated that institutional investors in the offline placement were divided into Class A (public funds, social security funds, pension funds, annuities, bank wealth management, insurance, QFII) and Class B (private equity, securities firms' proprietary trading, trusts, financial companies, etc.). The main Class A investors, dominated by public funds, were allocated 1.978 billion shares, accounting for 91% of the total offline issuance, while the main Class B investors, dominated by private equity funds, were allocated 196 million shares, accounting for only 9% of the total offline issuance.

In the private placement list, ranked by the number of placement targets, the top ten are all top quantitative hedge funds. Under the Shanghai Yanfu, a total of 282 placement targets were allocated, ranking first in the private placement targets; Century Forward, Nine Realms Investment, Shanghai Chengqi, and Huanfang Quantitative had 209, 194, 167, and 153 placement targets participating, respectively; Lingjun Investment, Shanghai Golden Titanium, Mingyang Investment also had over 100 allocated products, with 107, 105, and 100 placement targets, respectively.

It is worth noting that Liang Wenfeng, founder of DeepSeek and a private equity tycoon, took the largest share in private equity funds. Public information shows that the two top-tier billion-dollar private equity firms, Ningbo Huanfang Quantitative and Zhejiang Jiuzhang Asset, are both controlled by Liang Wenfeng. This means that Liang Wenfeng obtained allocations for a total of 194 private placement products through his two private equity firms, with a total allocation of 20.2497 million shares, and a total placement amount of approximately 175 million yuan. (The Paper)