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].

中国经济网北京5月12日讯 今日，招商证券资产管理有限公司公告，招商资管智远成长灵活配置混 合增聘蔡霖。 蔡霖历任永赢基金管理有限公司资深研究员、制造组研究组长，达诚基金管理有限公司权益公募基 金经理。现任招商证券资产管理有限公司公募投资部权益业务负责人。 招商资管智远成长灵活配置混合A/C成立于2020年10月13日，截至2025年5月9日，其今年来收益率 为-2.32%、-2.46%，累计收益率为-63.40%、-63.90%，累计净值为1.5791元、0.3610元。 | 基金名称 | 招商资管管运成长灵活配置混合型集合资产管理计划 | | --- | --- | | 基金简称 | 招商资管管运成长天后配置混合 | | 基金主代码 | 8800007 | | 基金管理人名称 | 招商证券资产管理有限公司 | | 公告依据 | 《公开暴集证券投资基金信息技露管理办法》《基金管理公 司投资管理人员管理指导意见》 | | 基金经理变更类型 | 地导基金经理 | | 新任基金经理姓名 | 原存 | | 其同管理本基金的其他基金经理姓名 | 何怀志 | | 意打扰全经理妖夕 | | （责任编辑：康博） ...

中国经济网北京6月18日讯 今日，招商证券资产管理有限公司公告称，招商资管招朝鑫中短债债券 (A类880002；C类970182)增聘基金经理曾琦。 曾琦现任公募投资部基金经理。曾任招商证券股份有限公司资产管理部产品设计经理、理财投资部 投资经理，招商证券资产管理有限公司固收投资部投资经理。 | 基金名称 | 招商资管招朝鑫中短债债券型证券投资基金 | | --- | --- | | 基金简称 | 招商资管招朝鑫中短债债券 | | 基金主代码 | 880002 | | 基金管理人名称 | 招商证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | | 《基金管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 曾琦 | | 共同管理本基金的其他基金 | 郑少亮 | | 经理姓名 | | | 离任基金经理姓名 | | （责任编辑：李荣） 招商资管招朝鑫中短债债券A、C成立于2022年7月29日，截至2025年6月17日，其今年来收益率为 0.43%、0.30%，成立来收益率为5.52%、4.78%，累计净值为1.063 ...

8月7日，上海靖奇投资管理有限公司（下称"靖奇投资"）在公众号上发布一则风险警示公告，这家正处于激烈内斗漩涡的量化私募机构公开指控"靖奇天弓 聚配专享1号私募证券投资基金"在设立及运作过程中，相关行为未经公司法定代表人授权，而托管人招商证券（600999）未能履行基本核查职责，目前已向 中国证监会与中国证券投资基金业协会正式投诉举报。8月8日，靖奇投资再度发布公告，称7月2日公司基本账户发生大额异常转账。 2025年8月7日 关于公司付款及对公账户操作的重要说明 尊敬的合作伙伴、供应商、服务商及全体员工: 我司在此郑重说明:2025年7月2日,公司基本账户发生大额异常资金转移, 响了公司的正常资金安排与对外付款秩序。此事件发生后,我司立即向开户行h 况,并正式申请限制该账户的线上交易权限,以保障公司资产安全。目前,公司 账户的线上操作已被冻结,但线下柜台交易仍可正常办理。 为了保障合作关系和合同履行,公司付款业务目前采用柜台线下转账方式,需E 法人及一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。 我作为公司法人及执行董事,已于7月初起,多次以书面形式向其他股东及公· 人员正式提出,携带必要材料 ...

智通财经APP获悉，招商证券发布研报称，统一企业中国(00220)上半年业绩稳健，下半年仍存较大不确 定性。目标价由9.2港元升至9.9港元，基于2026年中期预期市盈率17倍; 当前估值反映了较为均衡的风 险回报，维持"中性"评级。 报告指，由于统一暂无提价计划，且在无糖茶等核心品类中的促销力度持续加大，再考虑到原材料成本 利好已基本释放，认为增长与利润率的上行空间有限。公司在25年上半年表现稳健，营收增长10.6%， 净利润同比增长33.2%，主要得益于原材料成本利好及营运效率提升。然而，该行仍维持此前下调评级 时的中期审慎判断，当时指出公司以销量驱动的战略面临日益激烈的竞争压力及执行风险。尽管管理层 重申全年6至8%的销售增长目标，并继续强调长期品牌投入优先于短期价格促销，但新的不确定性正在 显现，尤其是关于外卖平台补贴的规模与持续时间，自4月起已开始扰乱渠道格局。 ...