Chinese Private Funds Hold 74.62% Equity Exposure Before Golden Week Holiday

The reading matters less as a directional signal than as a snapshot of how much risk private managers chose to carry through a full week of closed-market exposure, when they could not react to overseas moves or policy headlines. A sub-75% average suggests a degree of restraint rather than conviction, though the figure says nothing about which sectors or names that exposure sits in. Whether positioning shifts once trading resumes, and whether the holiday period produces anything that forces a rebalance, is the open question.