幻方量化员工被抓，腐败大案曝光，6年套取上亿

Core Viewpoint - A significant commission rebate scandal involving the domestic quantitative private equity firm, Huansheng Quantitative, has emerged, with the case amounting to 118 million yuan over six years, drawing considerable market attention due to its connection with the DeepSeek AI model [1][3]. Group 1: Case Details - The scandal involves Huansheng Quantitative's marketing director, Li Cheng, who allegedly colluded with a brokerage manager from 2018 to 2023 to fabricate broker identities, directing trades to a designated brokerage to siphon off 40% of the commission as performance bonuses, totaling 118 million yuan, with over 20 million yuan directly benefiting Li Cheng [3]. - Several individuals involved in the case have been handed over to judicial authorities for further investigation [3]. Group 2: Company Response - Huansheng Quantitative has stated that Li Cheng's actions were personal and not representative of the company's practices, asserting that the company was unaware of any rebate activities and has not been contacted by regulatory bodies [5]. - The company emphasized that all its cooperation channels operate under the same fee structure, which is considered to be at a relatively low level within the industry [5]. Group 3: Industry Context - The practice of "brokerage rebates" typically involves brokers returning a portion of commissions to investors based on trading volume, which can lead to conflicts of interest and corruption issues [8]. - In the quantitative private equity sector, high-frequency trading can result in substantial commission rebates, with some brokers offering rebates ranging from 0.01% to 0.03% of trading volume, which can accumulate to significant amounts depending on the trading volume [8]. Group 4: Company Background - Huansheng Quantitative, founded by Liang Wenfeng, is a leading player in China's quantitative investment space, managing two billion-level private equity platforms and reaching a scale of 100 billion yuan in 2021 [10]. - The firm has recently ventured into the general artificial intelligence sector with the establishment of DeepSeek in April 2023, planning to launch its AI model by January 2025 [10].