A few days ago, I came across an interesting case. A publicly listed company invested 60 million in idle funds into a private equity fund. And the result? In less than 8 months, the account net value dropped from over 1 yuan to 0.1846 yuan, losing 46.92 million yuan, a decline of 81.54%. This is worth pondering.

Let's talk about the investment details. Between February and March 2025, the company, as a sole investor, signed a contract with the private fund manager to subscribe to an R4-level product (medium-high risk). The product covers equity, debt, futures, and derivatives, and also involves leverage operations like margin trading. It looks quite professional and has a risk control framework—no more than 25% of the fund's net assets in a single asset, with the fund manager required to disclose net asset value monthly and financial indicators quarterly.

Where's the problem? No matter how perfect the risk control framework is, it can't prevent market volatility. Especially when leverage is added to high-risk products, a market reversal can cause losses much faster than expected. By December, this investment had already hit a new record high in paper losses.

The most heartbreaking part is that, although the company is trying to find ways to remedy the situation, they frankly admitted that they might not recover this money. The loss has already exceeded 10% of the company's net profit for the past year, which will have a significant impact on next year's financial report.

This case serves as a warning to investors interested in private equity or high-risk investments: no matter how large the company or how strong the fund management background, it doesn't guarantee profits. Risk management is not just for show; leverage tools must be used cautiously, and even with plenty of idle funds, you need to think carefully about how much you could lose.