Jing Ji Guan Cha Wang·2025-08-08 11:56Core 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].