Core Viewpoint - The recent internal conflict at the well-known quantitative private equity firm Jingqi Investment has escalated, leading to risk warning announcements and account irregularities, with招商证券 being implicated in the turmoil [1] Group 1: Internal Conflict - Jingqi Investment's founder and fund manager Fan Siqi has issued statements regarding significant abnormal transfers from the company's main account and allegations of illegal activities such as forgery of corporate seals and unauthorized fund establishment and liquidation [1] - Another founder, Tang Jingren, stated that the company is currently undergoing a change in legal representative, and Fan Siqi has misused his authority to alter the management of the company's WeChat account [1] - Fan Siqi's actions are reportedly aimed at pressuring other shareholders due to differing management philosophies, including maliciously liquidating company fund products and misplacing company seals [1] Group 2: Involvement of 招商证券 - 招商证券 has been identified as the custodian for three of Jingqi Investment's products, which are not involved in trading at the firm, and all product establishment and operation matters have been confirmed as compliant with legal regulations [1] - A representative from 招商证券 clarified that there are no violations of fund laws and regulations concerning their custodial responsibilities [1]

Core Viewpoint - The internal conflict within the well-known quantitative private equity firm Jingqi Investment has escalated, involving allegations of financial misconduct and mismanagement by its founders, particularly concerning the handling of company accounts and legal authority [1][2][4]. Group 1: Internal Conflict and Allegations - Jingqi Investment has issued multiple risk warning announcements regarding significant abnormal fund transfers from its main account, which have severely impacted its financial operations [2][3]. - Founder Fan Siqi has been accused of unauthorized actions, including the illegal use of the company seal and signatures to establish and liquidate funds without proper authorization [1][2][3]. - The company is currently undergoing a change in its legal representative, which has led to disputes over control and management rights between the founders [6][7]. Group 2: Company Operations and Management - Jingqi Investment was established on March 9, 2015, with a management scale between 1 billion and 2 billion yuan, overseeing 56 funds [4]. - The firm has faced scrutiny regarding its compliance with fund regulations, particularly concerning the Jingqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund, which allegedly operated without proper authorization [3][4]. - The company has reported that its main account operations have been frozen online, but offline transactions can still be conducted under strict conditions [2][3]. Group 3: Stakeholder Responses - The other founder, Tang Jingren, has publicly stated that Fan Siqi's actions are intended to pressure other shareholders and disrupt the company's operations [6][7]. - Tang Jingren and another shareholder have issued a statement to investors regarding the removal of Fan Siqi from his positions, indicating ongoing legal processes to formalize this change [6][7]. - Fan Siqi has claimed that he has been sidelined from company operations and has not agreed to the current business direction, which he believes lacks transparency [6][7].

Core Viewpoint - Recent announcements from Jiangqi Investment highlight serious internal issues, including unauthorized use of corporate seals and significant fund transfers, indicating potential governance failures and internal conflicts within the company [1][2][10]. Group 1: Unauthorized Actions - Jiangqi Investment reported that individuals acted without the authorization of the legal representative, Fan Siqi, using forged corporate seals and signatures for critical legal actions such as fund establishment and account opening [1][2]. - The company has formally requested the return of the seals and has reported the matter to law enforcement, asserting that any documents created under these unauthorized actions will not be recognized [2][3]. Group 2: Fund Transfer Incident - On July 2, a significant abnormal fund transfer occurred, with 5 million yuan being moved from the company's main account within hours, leaving only 2,600 yuan remaining [6][10]. - The transfers included payments for unauthorized bonuses and services, raising concerns about financial management and oversight within the company [10]. Group 3: Internal Conflict - The fund transfer incident is seen as an extension of internal power struggles, with the founder, Fan Siqi, previously losing access to critical company functions and later announcing his resignation due to pressure [10]. - Allegations have surfaced regarding a shareholder misappropriating funds for personal use, further complicating the company's internal dynamics [10]. Group 4: Compliance and Due Diligence - Jiangqi Investment has urged all partners and financial institutions to strictly adhere to due diligence requirements, ensuring that any actions taken regarding fund management are properly authorized [2][4]. - The company has emphasized the importance of compliance to prevent involvement in unauthorized activities that could lead to financial losses [4][9].

Core Viewpoint - The article discusses a governance crisis at Shanghai Jingqi Investment Management Co., Ltd. (Jingqi Investment), highlighting internal conflicts and allegations of unauthorized actions involving the use of forged legal seals and signatures, which have implications for its custodian, China Merchants Securities [2][5][10]. Group 1: Company Background - Jingqi Investment was established in 2015, managing assets between 1 billion to 2 billion yuan [4]. - The company has two founders: Fan Siqi, who holds a 36.36% stake, and Tang Jingren, who holds a 27.27% stake [4]. - Fan Siqi serves multiple roles including legal representative, chairman, and fund manager, while Tang Jingren is the risk control officer [4]. Group 2: Recent Developments - On June 10, 2025, Fan Siqi announced his resignation as fund manager, citing significant pressure and loss of enthusiasm due to management responsibilities [5]. - Following his resignation, Jingqi Investment stated that the funds managed by Fan Siqi were a small portion of the total assets under management and that all other products were operating normally [5]. - On July 2, 2025, Jingqi Investment reported a large abnormal transfer from its main account, leading to the freezing of online operations [7]. Group 3: Allegations and Complaints - The risk warning issued on August 7, 2025, indicated unauthorized actions by personnel, including the illegal use of forged seals, and accused China Merchants Securities of failing to fulfill its basic verification obligations [2][10]. - Fan Siqi claimed that there were instances where company funds were used for personal expenses by a shareholder, raising concerns about financial management [10]. - The article also mentions ongoing investigations into potential commission kickbacks involving brokerage firms, which are prohibited by regulatory authorities [10][12].

Core Viewpoint - The article reveals details about the "rebate incident" involving Li Cheng, the market director of Huanfang Quantitative, and the brokerage firm China Merchants Securities, highlighting the intricate relationships and interests between quantitative private equity firms and their cooperating brokerages [1][2]. Group 1: Incident Details - The key figure in the rebate incident is Meng Pengfei, who served as the general manager of the Shenzhen Nand East Road branch of China Merchants Securities from June 2018 to February 2023 [1]. - During his tenure, Meng arranged for his relatives to act as exclusive brokers for Huanfang Quantitative, receiving a total of 1.18 billion yuan in performance bonuses, with over 200 million yuan going to Li Cheng and 100 million yuan to Liu Huan [1]. - Meng attempted to secure his position by offering 3 million yuan in gold to his superior, Gao Xiang, who later returned the gold and was investigated in March of this year [1]. Group 2: Huanfang Quantitative's Growth - Huanfang Quantitative's management scale grew significantly, reaching approximately 30 billion yuan by the end of 2017, doubling in 2018, and surpassing 100 billion yuan in 2019, eventually becoming the first quantitative private equity firm in China to exceed 1 trillion yuan in 2021 [2]. - The timing of Huanfang Quantitative's trading activities at China Merchants Securities coincided with its rising industry profile and impending growth [2]. Group 3: Trading Volume and Rankings - From 2017 to 2023, the trading volume at the Shenzhen Nand East Road branch of China Merchants Securities increased dramatically, with trading volumes of 1,819.72 billion yuan in 2019, 9,013.5 billion yuan in 2020, and 10,687.84 billion yuan in 2021, leading to significant improvements in its ranking among all brokerage branches [2]. - Despite a decline in trading volume in 2022 and 2023, the branch maintained high trading volumes of 5,631.09 billion yuan and 7,130.64 billion yuan, ranking 18th and 8th respectively [3]. Group 4: Industry Trends and Competition - The quantitative private equity industry in China has rapidly developed, with an estimated total scale of approximately 837 billion yuan by the end of 2024, including around 768 billion yuan in stock holdings [5]. - As of July 25 this year, there are 44 quantitative private equity firms in China with assets exceeding 10 billion yuan, indicating a competitive landscape among brokerages to attract these influential firms [6]. Group 5: Broker-Private Equity Relationships - The collaboration between private equity firms and brokerages typically involves brokerage services, distribution, custody services, and other financial services, with brokerages earning commissions from these activities [7]. - The choice of brokerage by leading quantitative private equity firms often depends on the performance of trading systems and fee structures, with a typical trading fee around 0.12% [7]. - Relationships and personal connections play a significant role in these collaborations, which can lead to potential issues when large financial interests are involved [7]. Group 6: Custody and Regulatory Aspects - Huanfang Quantitative has a high percentage of its products (58.06%) under the custody of China Merchants Securities, indicating a deep partnership [8][9]. - Legal experts highlight that while private equity firms may negotiate commissions with brokerages, any undisclosed or improper financial arrangements could lead to regulatory scrutiny and penalties [11][13].

Core Viewpoint - A governance crisis within the quantitative private equity firm Shanghai Jingqi Investment Management Co., Ltd. has exposed underlying issues in the industry, leading to internal conflicts and regulatory complaints against its custodian, China Merchants Securities [2][4]. Group 1: Company Background - Jingqi Investment was established in 2015, managing assets between 1 billion and 2 billion yuan. The major shareholders include Fan Siqi (36.36%), Tang Jingren, and Mao Noping (27.27% each) [3]. - Fan Siqi serves multiple roles including legal representative, chairman, general manager, and fund manager, while Tang Jingren is the risk control officer [3]. Group 2: Recent Developments - On June 10, 2025, Fan Siqi announced his resignation as fund manager, citing significant stress and loss of passion due to management responsibilities [4]. - Following his resignation, a shareholder meeting led to his abrupt removal from all positions, which he described as a betrayal [4][6]. - On August 7, 2025, Jingqi Investment issued a risk warning, highlighting unauthorized actions by personnel and alleging that China Merchants Securities failed to fulfill its basic verification obligations [2][5]. Group 3: Financial Irregularities - Fan Siqi accused Tang Jingren of mismanaging company funds, including receiving commission income through a company owned by Tang, which was not properly accounted for [8]. - Allegations include using company funds for personal expenses and failing to report certain income, raising concerns about financial governance [8][9]. Group 4: Regulatory Context - The issue of commission rebates has been a longstanding concern in the industry, with regulations prohibiting such practices to maintain fair competition [11]. - Recent investigations into other firms, including allegations against senior personnel at China Merchants Securities, highlight ongoing scrutiny in the sector [10][12].

Core Viewpoint - The internal conflict at Jiangqi Investment has escalated, with allegations of unauthorized use of the company's legal seal and signature, leading to potential legal implications and scrutiny of the custodian, China Merchants Securities [2][3][6]. Group 1: Company Statements and Allegations - Jiangqi Investment issued a statement claiming that unauthorized personnel used a forged legal seal and signature to conduct key legal actions such as fund establishment and account opening without proper authorization from the legal representative [3][6]. - The company emphasized that any documents created using the unauthorized seal are invalid and that the legal seal is now under the control of the legal representative, Fan Siqi [3][6]. - Jiangqi Investment has formally requested the return of the seal and has reported the matter to the police [3]. Group 2: Custodian's Role and Responsibilities - The statement specifically names China Merchants Securities, accusing it of failing to perform due diligence in the establishment and operation of the "Jiangqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund" [6][9]. - The fund was established on July 7, 2025, shortly after Fan Siqi was removed from the company, raising questions about the legitimacy of the fund's operations [10][11]. - A source indicated that China Merchants Securities acted based on previous contracts and documentation, without any request for changes to the legal seal following internal changes at Jiangqi Investment [10][12]. Group 3: Shareholder Dynamics and Internal Conflict - Jiangqi Investment was founded in March 2015 and currently manages assets between 1 billion to 2 billion RMB [7]. - The ownership structure shows that Fan Siqi holds 36.36% of the shares, while Tang Jingren and Mao Noping each hold 27.27%, leading to a lack of absolute control by any single shareholder [7]. - Fan Siqi publicly expressed his grievances about being ousted from the company in a shareholder meeting that he claims was poorly communicated [7][8].

Core Viewpoint - The internal conflict within Jingqi Investment has escalated, leading to allegations of unauthorized use of the company's legal seal and signature, as well as accusations against the custodian broker, China Merchants Securities, for failing to fulfill its due diligence obligations [1][2][5]. Group 1: Company Internal Conflict - Jingqi Investment issued a statement on August 7, 2025, claiming that unauthorized personnel used a forged legal seal and signature without the authorization of the legal representative, Fan Siqi [2][4]. - The company emphasized that any documents created using the unauthorized seal are not recognized and that they do not bear any legal consequences [2][4]. - Fan Siqi, the largest shareholder, was reportedly ousted from the company in a meeting with only nine minutes' notice, which he described as a "backstab" [7]. Group 2: Allegations Against Custodian - The statement specifically named China Merchants Securities, alleging that it failed to conduct basic verification duties during the establishment and operation of the Jingqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund [5][8]. - Jingqi Investment has a total of 58 products under management, with three of them being managed by China Merchants Securities [8][11]. - The fund in question was established on July 7, 2025, shortly after Fan Siqi's removal, raising concerns about the legitimacy of its operations [8]. Group 3: Company Structure and Ownership - Jingqi Investment was founded in March 2015 and currently manages assets between 1 billion and 2 billion yuan [5]. - The ownership structure shows Fan Siqi holding 36.36% of the shares, while Tang Jingren and Mao Noping each hold 27.27%, totaling 54.54% among the three [5]. - After ownership penetration, Fan Siqi's effective shareholding is 42.73%, which does not grant him absolute control [5].

量化私募靖奇投资创始人范思奇近日发布风险警示公告，称公司存在非法使用伪造法人印章及冒用法人 签名，擅自进行基金设立、清盘、证券账户开立等关键法律行为的情形，提醒托管机构、证券公司及合 作方应严格履行尽职调查义务，并提及其中一家托管方招商证券。对此，记者查询到，靖奇投资旗下合 计有58只存续产品，托管机构涵盖国泰海通证券、国信证券、兴业证券、华福证券、中信证券、招商证 券等多家券商。其中，招商证券仅托管其中3只产品。接近招商证券的人士透露，自与靖奇投资合作以 来，招商证券没有通过任何途径收到过来自于靖奇投资任何形式的变更申请，也不存在核查不到位或其 他违规操作事宜。同时，上述3只产品虽在招商证券托管，但并未通过招商证券交易，不存在相关返佣 情形。 ...

Core Viewpoint - Recent announcements from Jingqi Investment highlight serious internal issues, including unauthorized use of corporate seals and significant fund transfers, indicating potential governance failures and internal conflicts within the company [1][3][11]. Group 1: Unauthorized Actions - Jingqi Investment reported that individuals acted without the authorization of the legal representative, Fan Siqi, using forged corporate seals and signatures for critical legal actions such as fund establishment and account opening [1][3]. - The company has formally complained to the China Securities Regulatory Commission and the Asset Management Association of China regarding these unauthorized actions and the failure of the custodian, China Merchants Securities, to perform due diligence [1][3]. Group 2: Financial Irregularities - On July 2, a significant abnormal transfer of funds occurred from the company's main account, with 5 million yuan being transferred out within hours, leaving only 2,600 yuan in the account [2][11]. - The transfers included payments for a "year-end bonus" to a shareholder and fees to an unrelated account for "information technology services," raising concerns about the legitimacy of these transactions [11]. Group 3: Internal Conflicts - The situation reflects an escalation of internal power struggles within Jingqi Investment, with the founder, Fan Siqi, previously losing access to critical operational controls during a hastily convened shareholder meeting [11]. - Following these events, Fan Siqi announced his resignation as fund manager due to stress, while the company attempted to clarify his status and the implications of the fund's management [11]. Group 4: Company Background - Jingqi Investment, established in 2015, focuses on quantitative investment using data mining and modeling techniques, and became a member of the Asset Management Association of China in 2018 [12]. - The company currently has 58 products, with only three under the custody of China Merchants Securities, which has stated that it found no evidence of wrongdoing in its internal review [12].