因收用虚开增值税发票，知名量化私募平方和投资被罚167万元

Core Viewpoint - Square and Investment was fined 1.6761 million yuan for using 173 fraudulent VAT invoices, which led to underreporting of taxable income for the years 2019 and 2020 [1][2] Group 1: Tax Violation Details - Square and Investment's general manager, Lv Mouyong, used fraudulent VAT invoices to obtain off-the-books funds, paying a 7% invoice fee for 173 invoices totaling approximately 14.5516 million yuan [1] - The company underreported taxable income by 3.3564 million yuan for 2019 and 11.1952 million yuan for 2020 due to the fraudulent invoices [1] - The tax authority imposed a fine of 1.6761 million yuan, which is 0.5 times the amount of personal income tax that was underpaid by other entities or individuals [2] Group 2: Company Background and Growth - Square and Investment was founded in August 2015 and has seen rapid growth, surpassing 1 billion yuan in assets under management within a year, and reaching between 5 billion to 10 billion yuan currently [3] - The company is managed by Lv Jieyong, who holds approximately 52.5% of the shares and has a background in quantitative investment [3] Group 3: Industry Context and Implications - The private equity industry is highly competitive, and negative publicity from tax violations can damage brand reputation and investor trust [4] - Other private equity firms have faced penalties for tax-related issues, indicating a trend of increased scrutiny in the industry [3] - Square and Investment has recently attracted notable talent, including Fang Zhuangxi, who joined as the investment director, indicating a strategic move to enhance its investment capabilities [4][5] Group 4: Employee and Product Development - The company has expanded its workforce, with 39 full-time employees, including 16 who joined in 2025 from other well-known firms [5] - Square and Investment has been proactive in launching new products, having registered 25 new products in 2025, significantly exceeding the total of 11 products registered in the previous year [5] - However, the company has a high product liquidation rate, with 60% of its previously registered 265 products having been liquidated [5]