On September 8, Huashang Hong Kong Stock Connect Value Return Fund announced an early termination of its fundraising period. The announcement revealed that the fund began fundraising on September 8 and concluded on the same day. Simultaneously, the company issued another announcement stating that if the fundraising scale approaches, reaches, or exceeds 1 billion yuan, the fund may terminate fundraising early. This marks another fund that sold out within a single day in recent times.

Analysts point out that the expectations of loose financial conditions ahead of the Federal Reserve's interest rate cuts are temporarily favorable for capital flows in non-U.S. markets, and the relative return opportunities in Hong Kong stocks are expected to become more apparent. Meanwhile, the frequent early termination of fundraising for active equity funds recently, with some funds ending fundraising on their debut day, reflects the recovering enthusiasm for fund investments among market participants.

On September 8, Huashang Hong Kong Stock Connect Value Return Fund announced the early termination of fundraising. This new product, which launched fundraising on September 8, completed its fundraising in just one day, becoming another case of active public funds ending fundraising on their debut day.

This is a partial-stock hybrid fund primarily investing in Hong Kong Stock Connect securities, with investments in Hong Kong Stock Connect stocks accounting for no less than 80% of non-cash fund assets. According to the arrangements, the fund's fundraising scale cap was set at 1 billion yuan.

Recently, China Merchants Fund's China Merchants Balanced Selection Hybrid Fund also ended fundraising on its debut day, with a fundraising cap of 5 billion yuan and an actual fundraising scale of 4.955 billion yuan. Although there's a gap compared to the fundraising cap of that "day-light fund" from China Merchants Fund, for a debut fund specifically focused on Hong Kong Stock Connect investments, this scale is considerable. Moreover, it's rare to see active equity funds in the public fund sector complete fundraising in one day with a scale reaching 1 billion yuan over the past few years.

Yu Yi is the intended fund manager for Huashang Hong Kong Stock Connect Value Return Fund. He previously worked at China Merchants Cigna Asset Management and joined Huashang Fund Management Co., Ltd. in July 2022. According to Wind statistics, he is a fund manager with 3.16 years of investment experience, currently managing 5 funds with a total scale of 5.866 billion yuan.

The fund he manages primarily invests in Hong Kong Stock Connect securities, which aligns well with the fund manager's past investment experience. It's noted that among the heavy holdings in Yu Yi's managed funds, many top-ranking stocks are companies listed in Hong Kong, including Yangtze Optical Fibre and Cable, MicroPort Scientific, and KUAISHOU-W.

Regarding the fund manager's investment performance, as of September 8, Huashang Quality Value A achieved a tenure return of 74.5% with an annualized return of 47.27%; Huashang Vision Value A achieved a tenure return of 39.7% with an annualized return of 13.36%. In terms of return rankings, while not particularly outstanding among similar funds, they are relatively competitive.

Since 2025, Yu Yi's managed fund scale has experienced explosive growth. Statistics from the end of Q4 2024 showed his managed fund assets totaled 1.521 billion yuan, jumping to 6.506 billion yuan by the end of Q1 this year, and falling back to 5.866 billion yuan by the end of Q2.

On the same day that Huashang Hong Kong Stock Connect Value Return Fund debuted, September 8, Huashang Fund also used 5 million yuan of proprietary funds to subscribe to the fund. While many fund companies have previously subscribed to their new products, most were start-up funds.

Regarding investment opportunities in Hong Kong stocks, BOC Asset Management recently noted that the expectations of loose financial conditions ahead of Federal Reserve rate cuts are temporarily favorable for capital flows in non-U.S. markets, highlighting the relative return opportunities in Hong Kong stocks.

Hua An Fund Management analyzed that the previous temporary tightening of Hong Kong dollar liquidity suppressed Hong Kong stock performance. Looking ahead, Hong Kong stock capital flows are expected to loosen. With the appreciation of the Hong Kong dollar against the U.S. dollar, the Hong Kong Monetary Authority no longer needs to continue withdrawing funds to maintain the linked exchange rate. The Federal Reserve is likely to restart rate cuts in September, and the U.S. dollar and Treasury bonds may maintain volatility. U.S. capital is expected to overflow to emerging markets, and Hong Kong stocks may partially benefit from foreign capital inflows.

Looking forward, the low interest rate environment under the domestic rate-cutting cycle and the weak economic recovery background both favor dividend strategies. Under the market value management guidance, central and state-owned enterprises have strong dividend willingness and capability. The dividend yield advantage of Hong Kong Stock Connect central enterprises is significant, offering high allocation value.

According to Wind statistics, as of June 30, in the latest disclosed heavy holdings of Yu Yi's managed funds, regarding Hong Kong stock allocation, positions in Yangtze Optical Fibre and Cable, MicroPort Scientific, KUAISHOU-W, and CNOOC have been increased compared to before, and their stock price performance over the past three months has been good.

Yu Yi has indicated in multiple quarterly reports that his investment philosophy tends toward enterprise value creation as the main source of returns, seeking industries that still have growth potential in China's high-quality development stage, with good competitive landscapes and more stable business models. In investment strategy, he maintains balanced industry allocation, and in investment style, he maintains relatively balanced allocation between value and growth styles.