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China Fund News reporter Lin Xue

Recently, a rumor that "a well-known investment institution has encountered a disaster and Chinese dollar bond funds have been wiped out" has been spreading on social media, directly pointing to the well-known private equity firm CDH Investments.

Specifically, a screenshot of a WeChat Moments photo has been circulating online in recent days. An investor claimed that he bought CDH Asia Credit Opportunities Fund 7 years ago and just completed liquidation. The remaining value of the fund after liquidation is only 350,000 US dollars, or more than 2 million RMB. He said that based on the number of 200 fund holders, "the average person can get back 10,000 RMB in the end", "almost equivalent to zero".

In this regard, the reporter interviewed many parties and learned about the relevant situation. The reporter learned some information from people close to CDH Investments. "It is not clear whether it was posted by a fund investor, and the authenticity is questionable. The screenshot of the 'WeChat Moments' mistakenly interpreted 'the last allocation of the fund' as 'the overall allocation of the fund'." A relevant insider said.

According to relevant insiders, in 2020, in view of the comprehensive consideration of factors such as the impact of the global COVID-19 pandemic and potential market risks, CDH Fixed Income Management Company Limited proactively initiated the liquidation and exit process for the Asian Credit Opportunities Fund (a US dollar fund established overseas) it manages.

Since the start of liquidation until June 2024, the fund has made five rounds of distributions to fund holders and regularly sent fund operation and evaluation audit reports to fund holders:

The fund cashed out its liquid positions in May 2020, and distributed the proceeds from the cash realization (approximately 80.5% of the fund's net value at the time) to fund holders on June 1; four distributions were made to fund holders in 2022 and 2023.

"In July 2024, after completing the fund liquidation process and paying third-party audit and custody fees, CDH notified fund holders that it would make the sixth and final distribution of the remaining US$352,000 in cash since the start of liquidation," the relevant person familiar with the matter said.

According to public information, CDH Investments was established in 2002 and currently has an asset management scale of RMB 138.077 billion. CDH Investments is a comprehensive multi-asset management platform with equity investment, mezzanine investment, securities investment, and real estate investment. It has invested in and participated in the growth of more than 350 industry-leading companies, 100 of which are listed domestically and overseas.

Editor: Joey

Audit: Wooden Fish

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