In the previous month (April 2026), multiple global stock indices embarked on new high trajectories. Among them, China's ChiNext Index reached its highest point in nearly 11 years. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index recorded gains of 5.66%, 12.09%, and 15.45% respectively in April. In the US, the NASDAQ and S&P 500 indices also set new historical records.
Against this market backdrop, many private equity fund net asset values also hit all-time highs in April. Some firms saw a batch of their products achieving new highs.
Statistics show that 14 private equity firms, each with 10 or more products reaching historical highs and all displaying performance data on the Private Equity Ranking Network, include well-known names such as Orient Harbor, Evolution Asset Management, Ming Stone Fund, Jiukun Investment, Longqi Technology, Yanfu Investment, Hainan Shiva, and Mengxi Investment (listed by number of new-high products). Orient Harbor led with 72 products hitting new highs.
Orient Harbor's 72 Products Reach New Highs, Deploying Across AI in US, HK, and A-Shares Orient Harbor, managed by Dan Bin, had 72 products reach historical highs in April, significantly outpacing other firms in quantity. Of these, 71 are managed by Dan Bin himself, all being actively managed long-only equity products.
Data indicates that Orient Harbor has 80 products with performance displayed on the ranking network, with 90% reaching new highs in April. As the market continued its rebound into May, the proportion of products achieving new highs increased further. In terms of performance, the average returns for Orient Harbor's products over the past month, year, and three years were approximately ***%. Specific performance data is available to qualified investors.
Ten products, including "Orient Harbor Huaxing No.1" and "Orient Harbor Marathon Global," have achieved annualized returns since inception exceeding ***%. The cumulative net asset value of "Orient Harbor Marathon Global" stands above ***.
The primary reason most of Dan Bin's products reached new highs is his firm and sustained investment in the AI industry since 2023. Facing significant market pullbacks in US stocks in April last year and March this year, Dan Bin chose to increase positions against the trend, as evident from his holdings over several quarters.
Data shows that at the end of Q1 2026, Orient Harbor's overseas fund held 12 US stock positions with a total market value of $1.133 billion, approximately RMB 7.8 billion. Its heavily concentrated portfolio is focused on the AI industry chain, with its top two holdings remaining Alphabet and NVIDIA, together comprising over 50% of the portfolio.
As of the close on May 11th, six of Orient Harbor's US stock holdings had gained over 30% since April. Among them, Micron Technology, a leading memory chip company newly purchased in Q1, surged over 135%. Positions held for multiple quarters, such as the "Triple Leveraged NASDAQ-100 ETF" and "Double Leveraged Alphabet ETF," also gained around 80% since April.
Beyond US stocks, Dan Bin has also fully deployed in the AI sector within the Hong Kong and A-share markets. Choice data shows that the asset management product "Galaxy Orient Harbor No. 2," for which Orient Harbor serves as investment advisor, held Zhongji Innolight, Shenghong Technology, and Xinyisheng at the end of 2025.
On May 7th, Dan Bin stated on social media that funds restricted to investing in A-shares and H-shares in recent years had performed unsatisfactorily. This year, he has gone all-in on these two markets. While Hong Kong's performance has been barely acceptable, A-shares are catching up rapidly.
He emphasized that his focused layouts in AI computing power, optical communication, high-end manufacturing, and semiconductor import substitution—all technology growth sectors—have become the market's main narrative. Standing at the dawn of the comprehensive AI era, he expressed even greater conviction that technological transformation will reshape industry structures and unlock long-term growth potential, advocating for holding core sectors to embrace the era's dividends and patiently await sustained value realization.
Liang Hong Suspected of Heavy Storage Allocation, 23 Products Hit New Highs Firms managed by Liang Hong, Hainan Shiva and Shanghai Shiva, saw 12 and 11 products respectively reach new highs, totaling 23—second only to Dan Bin. Nineteen of these are actively managed long-only products, with 22 managed by Liang Hong himself.
Among the products with performance displayed on the ranking network for Liang Hong's Hainan Shiva and Shanghai Shiva, over 70% and 80% respectively hit historical highs in April. Hainan Shiva is a billion-scale private equity firm. The average returns for its products over the past month, year, and three years were approximately ***%.
On February 3rd this year, Liang Hong stated he had focused on Hong Kong stocks as his main battleground from late 2016 to the end of 2025, with H-share allocations consistently between 70-90% for nine years. He changed his primary focus at the end of last year, reducing Hong Kong stock exposure to below 30%, not by deliberate design but because the companies he wanted to focus on were not listed in Hong Kong.
Since late 2025, Liang Hong has posted multiple views on the storage sector on social media. On November 7, 2025, he noted that memory chips have historically been highly cyclical, with major players cautious about capacity expansion. Historically, they only expand using substantial free cash flow, not through debt financing based on forecasts, leading to slower, more prolonged expansion cycles. He also pointed out limited capacity for memory chip manufacturing equipment. If expansion demand surges next year, equipment will also be in short supply. Therefore, he believes the current storage super-cycle will be both prolonged and significant in magnitude. For a considerable time, NAND flash chips will show the most sustainability. With the full-scale application of AI in the future, storage demand will be immense. Among computing power, storage power, and power supply, he considers storage power to be the most constrained.
On February 7th this year, Liang Hong reflected, acknowledging a mistake in missing the rallies in US tech stocks and related A-share tech配套 stocks due to preconceptions or bias.
He stated he began researching AI hardware technology last year, starting with storage. He quickly concluded that "tokens equal NAND flash"—future token demand will directly drive NAND flash需求. By monitoring token output, sustained output implies持续 high capital expenditure, underscoring the enduring major beta opportunity in tech stocks. While missing the initial 0-1 phase, he aims to capture the subsequent 1-10 growth stage.
Due to space constraints, new-high products from other private equity firms are not detailed here.
This information is for reference only and does not constitute investment advice.
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