杨春宝律师团队：私募基金行业法律动态（2025年10月/总第92期）

Group 1 - Yang Chunbao's legal team assisted Pudong Angel Fund in establishing a clinical transformation seed fund, with Pudong Venture Capital as the cornerstone investor and Futen Capital as the fund manager [1] - The legal team conducted comprehensive legal due diligence on Futen Capital and the clinical transformation seed fund, and participated in drafting, reviewing, and negotiating the limited partnership agreement and related transaction documents [1] Group 2 - Yang Chunbao's legal team represented a well-known private equity fund manager in suing the heirs of a deceased founding shareholder of an invested enterprise, as the buyback obligation had been triggered [2] - The legal team initiated a debt settlement dispute against the heirs of the deceased shareholder [2] Group 3 - Yang Chunbao's legal team systematically assessed potential risks in the contractual terms of funds managed by a private equity fund manager and provided compliance operation suggestions [3] Group 4 - Yang Chunbao's legal team assisted a private equity fund manager in formulating an employee co-investment system [4] Group 5 - Yang Chunbao participated in a professional co-construction meeting and analyzed key points of offense and defense in a bet case, providing corresponding legal advice [5] Group 6 - Yang Chunbao attended the Yangtze River Delta Capital Market Forum and delivered a keynote speech titled "Offense and Defense of Bet Buybacks" [6] Group 7 - The China Securities Investment Fund Industry Association announced the cancellation of private fund manager registrations for 14 firms, including Shanghai Maidao Private Fund Management Co., due to abnormal operating conditions and failure to submit required legal opinions [7] - The association also reported difficulties in contacting 10 private fund managers, including Panjin Haibo Equity Investment Fund Management Co., and warned of potential public listing as missing [7] Group 8 - The association released revised guidelines for private investment fund registration management, emphasizing respect for autonomy and simplifying document requirements for changing fund managers [11][12] - The new guidelines allow for changes in fund managers even during liquidation processes, aiming to facilitate risk resolution [13] Group 9 - The China Securities Regulatory Commission issued opinions on enhancing the protection of small and medium investors in the capital market, focusing on collaboration with law enforcement to combat illegal activities [14] - The opinions propose eight measures to strengthen legal protections for investors [14] Group 10 - The Beijing Financial Court provided a judicial guide on how investors can maintain their rights through internal governance mechanisms when fund managers go missing [16][17] - The court's rulings emphasize the importance of investor meetings in asserting rights and the need for clear legal frameworks in fund management [17] Group 11 - A case highlighted the introduction of a guarantee mechanism to break the deadlock in fund liquidation, ensuring that potential creditors receive relief while allowing the realization of investment debts [18][19] - The court's decision innovatively balanced the interests of executing creditors and potential creditors during fund liquidation [19] Group 12 - A typical case from the China (Beijing) Securities and Futures Arbitration Center addressed the governance issues in private funds, emphasizing the need for proper procedures in decision-making processes [20][21] - The arbitration clarified the rights of investors and the necessity of adhering to contractual agreements in fund management [21] Group 13 - A case involving a wealth management plan highlighted the responsibilities of fund managers in ensuring compliance with investment regulations and the consequences of failing to do so [23][24] - The court ruled that while investors bear some responsibility for their investment decisions, fund managers must still fulfill their obligations to disclose risks and manage funds appropriately [24][25]