Panel quantile regression method is used to study redeeming behavior of China’s open partial-stock funds, the results show that net redeeming rate of the funds is negatively related to current dividend and funds scale, is positively related to last dividend and market net purchase rate of the funds but has different behaviors at different quantiles with the relation to funds earnings, volatility rate and stock market. China’s investors consider capital cost factor in the process of funds redeeming behaviors, as a result, “inverse selection” phenomenon is not significant.