基金多次延期、标的涉嫌欺诈，诺亚歌斐中信资本股权投资变“无期”？

Core Viewpoint - The private equity fund, initially set to mature in 2022, has been unilaterally extended by the management for an additional five years, raising concerns among investors regarding the fund's management and the underlying company's alleged fraudulent activities [1][4]. Group 1: Fund Management and Contractual Issues - The fund was designed with a "4+1+1" structure, allowing for a maximum duration of six years, with extensions limited to two years total [2]. - The fund management, led by Noah Wealth's Gaofei Asset Management, announced a three-year extension in 2022, followed by a further two-year extension in 2025, leading to a total potential lock-in period of eleven years for investors [4][5]. - Investors have expressed concerns that the repeated extensions indicate a breach of contract, as the management did not provide a clear exit strategy during a recent investor meeting [5]. Group 2: Underlying Company Performance - The underlying company, CITIC Capital Tianjin, reported total assets of approximately 13.8 billion and a net loss of 0.923 billion for 2024, indicating deteriorating financial health [6]. - Investors discovered that CITIC Capital Tianjin had failed to renew its application for listing on the New Third Board since January 2017, a fact that was not disclosed to investors until late 2022 [6][7]. - The lack of timely communication from CITIC Capital regarding its listing status has led to accusations of false advertising and potential fraud against the company [7]. Group 3: Legal and Regulatory Actions - Investors are questioning the due diligence and disclosure obligations of Gaofei Asset Management, as they failed to provide key financial updates in a timely manner [8]. - Legal experts suggest that investors can request a meeting to address the fund's management and potentially pursue legal action to protect their rights [5]. - Investors have begun organizing to file complaints with regulatory bodies, including the China Securities Regulatory Commission, in an effort to recover their investments [9].