According to CoinMeta, Fantawang Quantitative, a subsidiary of Leung Man-fung, experienced a significant pullback in July. Nine products publicly displayed on the private equity platform PaiPaiNet all saw their net values decline by more than 20% in that single month. Among them, Fantawang CSI 500 Quantitative Progressive No. 1 had the largest decline, falling by 22.15% in a single month. As of July 31, only one product managed to maintain a positive return of 0.04% for the year, while the remaining eight all turned into losses. From July 13 to 17, the CSI 500 index fell by about 11.7% in a week, and both the CSI 1000 and CSI 2000 indices fell by more than 12%. During the same period, Fantawang's ten quantitative long-position products all fell by more than 15% in a week. Leading institutions such as Mingshi, Square and Sum, Jiukun, and Mingyu also experienced simultaneous pullbacks. Industry analysts believe that the overcrowding of technology growth stocks and high-momentum strategies was the main reason for this. After a sudden reversal in market style, similar strategies adjusted their positions collectively, and factors that previously generated profits quickly became sources of losses. In the first half of this year, the average excess return of 1,236 index-enhanced products was only 3.11%, compared to 14.17% during the same period last year.