[A-Share Tech Rally Causes Divergence Among Private Equity Firms, Yunzhou Capital and Banxia Investment See Shrinking Scales] According to Caixin, the A-share tech rally has led to capital concentrating on the AI industry chain, causing a divergence in the private equity sector. Firms heavily invested in AI and computing power are leading in returns, while discretionary private equity firms that failed to keep up with the trend are facing net value pullbacks and shrinking scales. Yunzhou Capital's assets under management have dropped below 5 billion yuan, while Banxia Investment and Tongben Investment have also seen declines in scale. Banxia Investment founder Li Bei responded to the fund's pullback, stating an unwillingness to follow the crowd in embracing AI, believing that the conditions for an AI bubble burst have already emerged.