"Subsidiary product's weekly net asset value drops more than 15%, Banxia Investment's Li Bei responds."

The significant pullback in the net asset value of the fund managed by Li Bei, founder of Banxia Investment, has attracted attention from the public, prompting a response from Li Bei herself. In a letter to investors, Li Bei explained that the main reason for the significant pullback in the net asset value of the fund last week was the sharp decline in equity holdings in the energy, real estate, consumer, and building materials sectors. Based on risk control requirements, positions had been moderately reduced last week, clearing out positions that lacked sufficient certainty, while retaining holdings that could potentially offer high absolute returns from a two-year perspective. It is worth noting that Li Bei specifically highlighted the risks in the AI sector in the letter, stating, "If investors have lost patience and do not want to see our analysis and outlook anymore, I completely understand. If investors want to redeem the fund to hold cash and wait for an opportunity to enter the market on the right side, I respect that. But if investors want to use this money to chase after AI, even if you curse me, I still want to advise you to be extremely cautious."