As the performance of funds managed by Jin Zicai continues to surge dramatically, the gates for purchasing his products are being closed ever tighter.
On June 26th, Caitong Fund announced that, to ensure stable fund operation and protect the interests of fund shareholders, it has decided to suspend subscription, scheduled fixed-amount investment, and transfer-in services for two funds managed by Jin Zicai, the company's Deputy General Manager and Head of Equity Investment, effective immediately. The affected funds are Caitong Prosperity Selection One-Year Holding and Caitong Craftsmanship Selection One-Year Holding.
This is not the first time Jin Zicai has imposed purchase restrictions on his products, but rather a further escalation of the current tightening cycle. On the same day, the purchase limits for four other funds under his management—Caitong Growth Advantage, Caitong Value Momentum, Caitong Quality Selection, and Caitong Integrated Circuit Industry—were further reduced from 500 yuan to just 100 yuan per account per day. Looking back over the past month, these four funds have undergone a stepwise reduction in limits: from 10,000 yuan to 1,000 yuan, then to 500 yuan, and now to the latest 100 yuan, with restrictions being tightened simultaneously across all distribution channels.
In stark contrast to the "closing of doors" on the subscription side is the exceptional frenzy surrounding another LOF product managed by Jin Zicai—Caitong Multi-Strategy Fuxin—in the secondary market. Due to its outstanding performance, the fund has been subjected to continuous speculative buying during trading sessions. Since June alone, the fund has issued a total of 30 warnings about premium risks in its secondary market trading price, announced 24 trading halts, and one intraday temporary trading halt. The latest announcement on June 26th once again cautioned that its secondary market trading price is severely higher than its net asset value per share, showing an extremely large premium, and that blind investment could lead to significant losses. According to Wind data, as of Friday's midday close, the fund was down 6.79%, yet its premium rate remained as high as 24%.
In terms of fund performance, as of June 25th, 2026, Caitong Growth Advantage A has achieved a year-to-date return of 159.71%, ranking 2nd out of 2,333 similar funds; its one-year return has even reached 508.84%, placing it 2nd among 2,299 comparable products. Furthermore, the year-to-date returns for Caitong Value Momentum A, Caitong Integrated Circuit Industry A, and Caitong Quality Selection A are 134.78%, 162.28%, and 158.27%, respectively. Among these, the one-year returns for Caitong Value Momentum A and Caitong Integrated Circuit Industry A are 436.03% and 500.62%, respectively.
Meanwhile, as of June 25th, 2026, the two funds that have "closed their doors" to new investors—Caitong Craftsmanship Selection One-Year Holding A and Caitong Prosperity Selection One-Year Holding A—have achieved remarkable one-year returns of 514.57% and 513.05%, respectively.
It is noteworthy that, over a longer timeframe, among actively managed equity funds that have been established for at least ten years, only four have achieved the mythical feat of a tenfold return over a decade. Jin Zicai alone accounts for two of these. As of June 25th, 2026, the ten-year returns for Caitong Growth Advantage A and Caitong Value Momentum A, both managed by him, have reached 1029.76% and 1023.95%, respectively. The other two are Huashang Advantage Industry A, managed by Zhang Mingxin of Huashang Fund, with a ten-year return of 1474.97%, and E Fund Rui Xiang I, managed by Wu Yang of E Fund, with a ten-year return of 1055.60%.
Wind data shows that as of the end of the first quarter, the size of Caitong Growth Advantage was 3.306 billion yuan. Its top ten holdings, in order, were Eoptolink Technology Inc.,Ltd. (300502.SZ), Guangdong Dtech Technology Co.,Ltd. (301377.SZ), Zhongji Innolight Co.,Ltd. (300308.SZ), Yuanjie Semiconductor Technology Co.,Ltd. (688498.SH), Shengyi Electronics Co.,Ltd. (688183.SH), Shenzhen Han'S Cnc Technology Co.,Ltd. (301200.SZ), Jiangsu Etern Company Limited (600105.SH), Wus Printed Circuit(Kunshan)Co.,Ltd. (002463.SZ), Shengyi Technology Co.,Ltd. (600183.SH), and Fiberhome Telecommunication Technologies Co.,Ltd. (600498.SH), all uniformly technology and growth stocks. The portfolio of Caitong Value Momentum, with a size of 3.142 billion yuan, is highly overlapping, also heavily invested in Guangdong Dtech Technology Co.,Ltd., Eoptolink Technology Inc.,Ltd., Shengyi Electronics Co.,Ltd., Zhongji Innolight Co.,Ltd., and other similar stocks.
This highly concentrated technology and growth style has fueled the explosive performance of the fund's net asset value, but it also means the investment strategy itself is more sensitive to liquidity and market sentiment. An industry insider analyzed, "Purchase limits, by controlling the pace of capital inflows, can both ensure the stability of the investment strategy and reduce impulsive chasing by investors, thereby optimizing the holding experience."
The person emphasized that purchase limits are not a sign of bearishness on the market, but rather a proactive measure to maintain the effectiveness of the strategy. The core conflict after a surge in fund size lies in the mismatch between strategy capacity and liquidity. Therefore, purchase limits help guide investors towards rational investment, preventing them from blindly chasing highs without understanding the risks, and encourage methods like regular fixed-amount investments to smooth out risks.
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