Overview

• Xie’s Penghua Selected Return Flexible Allocation Mixed Fund has gained 24% so far this year, placing it in the top 3% of around 2,300 peers.
• Pop Mart holds the maximum 10.5% allocation under fund rules, reflecting the manager’s emphasis on Gen Z-driven emotional-spending stocks.
• Laopu Gold’s lock-up period ended on June 30, exposing its shares—up over 2,000% since IPO—to fresh selling pressure.
• A June 20 People’s Daily commentary calling for tighter blind-box toy regulation triggered a sell-off in Pop Mart and related collectibles names.
• Heightened regulatory scrutiny of blind-box products and stretched valuations pose headwinds to sustaining the fund’s recent outperformance.