Orient Harbor Hongyuan Phase 2 Fund NAV Falls to 0.6282 Yuan

A private securities fund sliding below 0.7 yuan and staying there matters less as a single NAV print than as a signal about redemption pressure and the manager's room to maneuver — once a fund is this far underwater, forced selling and investor attrition tend to feed on each other. The read-across is to Orient Harbor's other products and to how the firm communicates with holders, since confidence spillover is a real risk in private fund runs. The open question is whether the drawdown stabilizes or the sub-0.7 level becomes a trigger for further redemptions.