Core Insights - The "2025 Hainan Private Enterprises Top 100" and "2025 Hainan Private Enterprises R&D Investment Top 20" lists were released, showcasing the strong development capabilities of Hainan's private sector [3][4] - The total revenue of the top 100 private enterprises reached 346.79 billion yuan in 2024, with an average revenue of 3.468 billion yuan per enterprise, reflecting a year-on-year growth of 10.35% [3][4] - The R&D investment of the top 20 enterprises surpassed 4 billion yuan, reaching 4.166 billion yuan, with an average R&D intensity of 15.31%, indicating a robust commitment to innovation [4] Group 1: Top 100 Private Enterprises - The entry threshold for the top 100 private enterprises increased to 299 million yuan, with 6 companies reporting revenues exceeding 10 billion yuan [3][4] - The top 100 enterprises span 35 industries, with a significant presence in manufacturing, which accounts for 36% of the list, highlighting the sector's role as a core support for the real economy [3][4] Group 2: R&D Investment Top 20 - The entry threshold for the R&D investment top 20 reached 52.34 million yuan, with total R&D expenses growing by 10.71% year-on-year [4] - The top 20 enterprises demonstrated solid operational performance, with total assets and revenue increasing by 12.79% and 21.59% respectively [4] Group 3: Economic Contribution - In the first three quarters of the year, Hainan's private economy contributed 338.63 billion yuan, representing a year-on-year growth of 4.2%, accounting for nearly 60% of the province's GDP and over 90% of employment positions [4]

深交所同步下发的监管函明确，公司行为违反《创业板股票上市规则（2025年修订）》相关规定，要求 公司充分重视问题、吸取教训，杜绝类似违规行为再次发生。监管部门同时要求圣元环保强化规范运作 意识，严格履行信息披露义务，采取有效措施挽回损失，开展内部问责并完善内控制度与风控管理。 值得注意的是，12月27日，控股股东、实际控制人朱煜煊与朱恒冰父子提交《先行补偿承诺函》，承诺 对投资本金损失进行先行补偿，补偿金额为6000万元初始本金扣除赎回到账金额及追回款项后的差额， 以此保障公司及股东利益。此外，自然人温廷涛曾承诺对全部本金损失承担连带清偿责任，但截至公告 披露仅支付200万元，后续款项未按约定支付。 2025年末，环保上市公司圣元环保（300867.SZ）陷入理财爆雷与监管问责的双重漩涡。子公司6000万 元私募基金投资巨亏超八成，公司因未及时披露该重大风险遭监管警示。 经初步核查，基金管理人存在越权交易、违反信息披露义务、伪造基金份额净值信息等违法违规行为， 而托管人未履行监督核查义务。圣元环保表示，案发前按合同约定正常收到净值资料，虚假净值表落款 有托管人印章，与先前文件无明显差异，导致未能及时发现问题。 ...

Core Viewpoint - The case of Shengyuan Environmental Protection highlights a significant investment failure where a subsidiary lost 81.54% of a 60 million yuan investment in a private equity fund within nine months, resulting in a loss of nearly 47 million yuan, serving as a cautionary tale for risk management in investment practices [1][9]. Group 1: Investment Timeline and Initial Performance - From February to March 2025, Shengyuan Environmental's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in the "Shenbo Hongtu Growth No. 1 Private Securities Investment Fund," which had a risk rating of R4 (medium-high risk), indicating a mismatch with the company's intention for stable financial management [2][11]. - Initial reports from the fund manager, Shenzhen Shenbo Xintou Investment Management Co., Ltd., indicated a minor loss of about 8% until December 4, 2025, creating a false sense of security [4][13]. Group 2: The Unraveling of the Investment - The true crisis emerged after Shengyuan Environmental submitted a redemption request on December 9, 2025, leading to a dramatic drop in the fund's net value by 73% within a week, ultimately resulting in an 81.54% loss by December 25, 2025 [4][13]. - Investigations revealed that the fund manager had been fabricating net values and engaging in unauthorized trading, while the custodian, China Merchants Securities, failed to detect or prevent these violations [5][14]. Group 3: Reasons Behind the Losses - Three critical failures contributed to the substantial losses: 1. The fund manager's malicious violations, including concentrated investments in specific stocks and leveraging, which violated basic risk control principles [5][14]. 2. The custodian's ineffective supervision, which allowed the fund manager's fraudulent activities to go unchecked [6][16]. 3. The investor's inadequate risk management, as Shengyuan Environmental misallocated funds intended for stable investments into high-volatility products and relied solely on the manager's reports without independent verification [6][16]. Group 4: Lessons and Warnings - The Shengyuan Environmental case serves as a critical educational example for investors and fund-of-funds (FOF) professionals in selecting private equity managers and products, emphasizing the importance of assessing both the individuals and strategies involved [7][17]. - Key considerations for selecting private equity include evaluating governance, ownership structure, and the effectiveness of risk management systems, alongside quantitative performance analysis to distinguish between luck and skill in investment outcomes [7][17].

Core Viewpoint - The company and its three core executives failed to disclose significant losses from a subscribed private equity product in a timely manner, leading to warnings from regulatory bodies. The controlling shareholders committed to compensating for the investment losses to protect the company's and shareholders' interests [1][21]. Group 1: Financial Losses and Fund Performance - The company invested 60 million yuan in a private equity product, which reported a net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, including 2 million yuan recovered from the fund manager [6][11]. - The fund's net value plummeted from 0.9215 yuan per share on December 4, 2025, to 0.2596 yuan per share by December 11, 2025, indicating a loss of nearly 72% in just seven days [10][11]. - By December 25, 2025, the fund's net value further declined to 0.1846 yuan per share, reflecting a cumulative loss of nearly 80% within 21 days [11][21]. Group 2: Regulatory and Legal Actions - The company reported the fund manager's potential violations, including unauthorized trading and failure to disclose critical information, leading to significant losses. Legal actions have been initiated against the fund manager and the fund custodian [12][21]. - The company has filed a report with the police and the China Securities Regulatory Commission regarding the incident, indicating the seriousness of the situation [12][21]. Group 3: Shareholder Commitments and Future Actions - The controlling shareholders, Zhu Yuxuan and Zhu Hengbing, pledged to compensate for the investment losses, with the final compensation amount to be determined after accounting for any recovered funds [21][22]. - The company is in the process of pursuing legal remedies against the fund manager and custodian, highlighting the ongoing complexity of the case and the need for thorough investigation [21][22].

Core Viewpoint - The incident involving Shengyuan Environmental Protection's significant loss from a private equity investment has raised concerns, leading to warnings for the company and its executives, while the actual controller has promised to cover the losses [1]. Group 1: Company Response - The company has stated that it was unaware of the false net value reports received by investors [2]. - The company has conducted a thorough investigation and confirmed that it fulfilled its custodial responsibilities according to regulations and contracts [2]. - The company emphasized that the management is responsible for accurate and truthful disclosure of product net value information, and the custodian does not have the means to directly reach investors [2]. Group 2: Investment Details - Shengyuan Environmental Protection's wholly-owned subsidiary, Xiamen Jinlingji, invested 60 million yuan in a private equity fund, which has since reported an 81.54% loss, amounting to approximately 46.92 million yuan [4]. - The fund's net value plummeted from 0.9215 yuan to 0.2596 yuan within a week, revealing the net value fraud during the redemption process [4]. - The cumulative net value growth rate deteriorated from -7.85% to -74.04%, indicating a severe decline in the fund's performance [4].

对上市公司收到的假净值报告不知情 对于购买的私募产品出现巨亏，圣元环保表示，公司通过向基金管理人及基金托管人调取完 整的产品资产估值表、账户交易明细、每日净值序列表及托管户流水清单等资料，进一步核 实后初步结果显示，基金管理人运作过程中，存在越权交易、违反信息披露义务，甚至伪造 基金份额净值信息等违法违规行为，基金托管人存在未履行监督核查义务的违规行为，导致 投资人公司全资子公司厦门金陵基建筑工程有限公司（以下简称厦门金陵基）遭受重大损 失。 招商证券托管部相关人士表示，依据备案的基金合同，该产品属于 R4 级（中高风险），无 止损线约定，投资范围包含融资融券交易，主要投资于证券交易所上市股票。产品的投资运 作、风险控制是管理人的职责，托管人依据法规和合同履行账户开立、清算交收、估值复 核、投资监督等职责。 上述人士表示，在投资人联系后，公司高度重视，积极配合投资人核查相关情况，同时对该 产品托管履职情况进行了全面排查，经排查，公司已经按照法规和合同约定履行了托管人职 责，对产品投资比例、杠杆超标等违反合同情况严格履行了监督提示职责。 【导读】招商证券托管部回应所涉圣元环保购买私募情况 中国基金报记者 江右 ...

圣元环保称招商证券存在未履行监督核查义务的违规行为，这导致其遭受重大损失。 对于圣元环保的指控，招商证券予以了否认。 围绕圣元环保理财踩雷一事，托管机构与投资人之间的责任博弈正在升级。 近期，圣元环保认购的"深博宏图成长1号私募证券投资基金"出现重大亏损。 截至2025年12月25日，基金最新单位净值为0.18，累计净值增长率为-81.54%，亏损金额约为4692万 元，超过公司最近一个会计年度经审计净利润的10%。 由于近期二级市场并不存在剧烈波动，短期内突发净值下跌显然存在疑点。 圣元环保公开发文中，除指控基金管理人深圳深博信投投资管理有限公司（下称"深博信投"）存在越权 交易、净值造假等违规行为外，还将矛头指向了基金托管人招商证券。 招商证券还给出了一个关键细节，即圣元环保所收到经过伪造的净值报告中附有招商证券用印文件验证 平台的链接地址，投资者自行访问平台即可线上验证真伪。 这意味着，圣元环保在收到净值报告后，或未根据报告中的链接进行真伪验证。 目前，该事件已进入刑事与行政监管双重程序。圣元环保态度坚决，试图通过法律途径追回损失。 招商证券方面则态度强硬，其在回复中表示："后续我司将积极配合相关方，依 ...

Group 1 - The core issue revolves around a significant loss incurred by a private investment product linked to Shengyuan Environmental Protection, with a reported net value growth rate of -81.54% over nine months, resulting in a loss of approximately 46.92 million yuan [2][3] - China Merchants Securities confirmed that the involved product is classified as a high-risk R4 level investment with no stop-loss provisions, and they have fulfilled their responsibilities regarding account opening, settlement, valuation review, and investment supervision as per regulations [2] - The company stated that it was unaware of the authenticity of the net value report prior to the investigation and found that materials provided by investors had been tampered with, indicating a lack of oversight regarding external commitments [2] Group 2 - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan of idle funds into the private fund product, which has led to substantial financial losses [2] - Following the discovery of the losses, Shengyuan Environmental Protection did not disclose the information in a timely manner, raising concerns about transparency [2]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) has reported significant losses from its investment in the "Shenbo Hongtu Growth No. 1 Private Securities Investment Fund," leading to legal actions and regulatory scrutiny due to alleged misconduct by the fund manager and custodian [1][5][6]. Group 1: Investment Details - The company’s wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested RMB 60 million in the Shenbo Hongtu Growth No. 1 Private Securities Investment Fund [1]. - The fund is classified as R4 level (medium-high risk) and is managed by Shenzhen Shenboxin Investment Management Co., Ltd. with custody by China Merchants Securities Co., Ltd. [1]. Group 2: Fund Performance - As of December 11, 2025, the fund's unit net value dropped sharply from RMB 0.9215 to RMB 0.2596, reflecting a cumulative net value growth rate decline from -7.85% to -74.04% [3]. - By December 25, 2025, the latest unit net value was RMB 0.1846, with a cumulative net value growth rate of -81.54%, resulting in a loss of approximately RMB 46.92 million, exceeding 10% of the company's most recent audited net profit [3]. Group 3: Investigation and Legal Actions - Upon discovering the significant losses, the company established a special task force to investigate the matter and registered insider information [4]. - The fund manager proposed that an individual, Wen Tingtao, would bear joint liability for the principal loss, but only a partial payment of RMB 2 million has been received to date [4]. - The company has reported the situation to law enforcement and the China Securities Regulatory Commission, and is considering legal action against both the fund manager and custodian [5][6]. Group 4: Regulatory Response - The company received a warning letter from the Xiamen Securities Regulatory Bureau for failing to disclose the investment losses in a timely manner, with specific individuals within the company being held accountable for not fulfilling their duties [6][7]. - China Merchants Securities stated that they had fulfilled their custodial responsibilities according to regulations and that the fund's investment documents had been tampered with [7].

Core Viewpoint - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., has incurred significant losses from a private fund investment, leading to legal actions and regulatory scrutiny [1][5][6]. Group 1: Investment Details - On December 26, Shengyuan Environmental Protection announced the investment of RMB 60 million in the "Shenbo Hongtu Growth No. 1 Private Securities Investment Fund" managed by Shenzhen Shenboxin Investment Management Co., Ltd. [1] - The fund is classified as R4 level (medium-high risk) and has experienced a drastic decline in net value, with a cumulative net value growth rate dropping to -81.54% by December 25, 2025 [3][4]. Group 2: Losses and Investigations - The fund's net value plummeted from RMB 0.9215 per unit on December 4, 2025, to RMB 0.2596 on December 11, 2025, indicating a cumulative net value growth rate decrease of -74.04% [3]. - Following the discovery of the fund's significant losses, a special task force was established to investigate the matter, revealing potential misconduct by the fund manager, including unauthorized trading and falsification of net value information [4][5]. Group 3: Legal and Regulatory Actions - The company has reported the situation to law enforcement and the China Securities Regulatory Commission, seeking legal recourse against the fund manager and the fund custodian, China Merchants Securities Co., Ltd. [5][6]. - The company received a warning letter from the Xiamen Securities Regulatory Bureau for failing to disclose the investment losses in a timely manner, leading to scrutiny of the actions of its executives [6].