15.82% of Top Chinese Private Fund Products Fall Below 1 Yuan NAV

The concentration of sub-1 yuan NAVs among managers with over 5 billion yuan in assets is the real signal here: scale and reputation have not insulated larger private fund managers from performance stress. The presence of a "2-mao" product at a major manager points to strategy-level risk rather than isolated cases, which matters for allocators assessing multi-strategy offerings. Whether the share of underwater products keeps climbing, and how these managers communicate with clients on redemption and strategy adjustments, is the open question worth watching.