crashontherun| Cancel registration! 2 million yuan bought Qianhai Changfu's funds, leaving only 65,800 yuan

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Recently, the China Securities Investment Fund Industry Association released a number of disciplinary decisions, a number of private placement due to serious violations were cancelled the registration of managers.

Among them, a private equity fund was punished for disclosing false fund net worth information, and the principal of 2 million yuan invested by investors was almost "wasted", leaving only 6.Crashontherun.580,000 yuan.

2 million to buy private equity, there is only 65800 left.

Recently, a disciplinary decision issued by the China Securities Investment Fund Industry Association has been exposed.CrashontherunA violation case involving the disclosure of false net worth by a private equity firm has aroused concern.

According to the written decision on disciplinary action and the relevant arbitration award, Kang Moulei, a natural person investor, has subscribed for a total of 2 million fund shares of Changfu No. 2 private equity fund and Changfu No. 5 private equity fund owned by former Haichang Fu Fund Management Co., Ltd. At the same time, Kang Moulei and Qianhai Changfu signed a "letter of commitment", agreeing that the former Haichang Fu promised Kang Moulei 0.85 of the total investment principal, and if the net value of the fund on the final settlement date was less than 0.85, Kang Moulei would make up the difference within 15 days.

During this period, Wang Changfu, the legal representative of former Sea Changfu, disclosed the net value of the fund to Kang through Wechat, but the net value information was inconsistent with the fund net value information reviewed by the custodian. During the operation of the fund, Kang Mou Lei asked Wang Changfu for "the account number and password of the fund net value information involved in the case", but Wang Changfu did not inform Kang Mou Lei.

In September 2020, Kang applied for arbitration on his dispute with former Haichang Fu Fund Management Co., Ltd over "Changfu No. 2 private equity fund" and "Changfu No. 5 private equity fund". As of December 2020, the net unit value of the above funds is 0.0388 yuan and 0.0270 yuan respectively. In other words, Kang Mou Lei invested 2 million yuan, a loss to only 65800 yuan.

Cancellation of administrator registration

The China Foundation Association believes that Qianhai Changfu constitutes the act of disclosing false fund net value information to investors, and the circumstances are abominable. The above behavior violates the provisions of Article 11 (2) of the measures for the Administration of Information Disclosure of Private Investment funds that there shall be no false recording of fund information disclosed by the information disclosure obligor.

In addition, the former sea chief Fu also did not cooperate with the self-discipline inspection work. The association sent inspection notices to Qianhai Changfu on July 21 and July 31, 2023 respectively, requiring it to submit to the association information notes on institutions, personnel, products, internal control system and related materials, but as of the time limit for inspection requirements (August 4, 2023), the former Haichang Fu did not submit any materials to the association. On August 21, 2023, the former sea chief submitted three materials to the Association after the overdue inspection, but from the content, the above-mentioned materials did not explain the situation to the Association in accordance with the requirements of the inspection notice.

In view of the above basic facts, circumstances and proceedings, and in accordance with the relevant provisions of the Fund Law, measures for the Supervision of Private Equity funds, and measures for implementation, the Association decided to take disciplinary action to revoke the registration of the former manager. Due to illegal commitment to capital preservation and other reasons, the Shenzhen Securities Regulatory Bureau also issued a warning letter to Wang Changfu, the former Hai Changfu and his legal representative, general manager and executive director.

According to the relevant provisions of the regulations on the Supervision and Administration of Private Investment funds and the measures for the Registration and filing of Private Investment funds, after the registration of private equity fund managers is revoked, the relevant parties shall not continue to use the words "fund", "fund management" or similar names for private equity fund activities, no new investors and fund scale, no new investment.

The China Foundation Association has made intensive efforts.

Recently, the China Foundation Association has issued a number of disciplinary decisions.

Among them, Jiangsu Ruigu Private Equity Fund Management Co., Ltd. was revoked because it did not fully fulfill its investor appropriateness obligations, inaccurate fund filing information, failed to perform information disclosure obligations, illegally misappropriated private equity funds to raise settlement funds, and did not fully cooperate with self-discipline inspection.

Northern Asset Management Co., Ltd. was also revoked because of major illegal acts, relevant employees did not meet the registration requirements, major matters were not updated or reported in time, and so on.

In addition, Shanghai Linling Asset Management Co., Ltd. was warned and suspended from accepting disciplinary action for three months of filing its private equity fund products for failing to truthfully disclose the operation of fund leverage and no independent office space. Shenzhen Xinran Investment Management Co., Ltd., Shanghai Zhanpu Investment Management Co., Ltd., etc., were also suspended from accepting private equity fund product filings for several months.