Is s fund a bad asset?
Of course not. As Gefei asset professionals mentioned, most of the benefits of secondary strategy come from creative benefits other than asset appreciation and discount. Even in 2008 and 2009, when discounting contributed a lot, the appreciation of basic assets and creative benefits (driven by leverage and structural design) still accounted for more than half of the returns. Therefore, the statement that S shares are non-performing assets is self-defeating.