荒诞！私募“暴雷”空降“兜底人”背锅？

Core Viewpoint - The rapid loss of 60 million yuan by Shengyuan Environmental Protection is attributed to a significant drop in the net value of the private equity fund "Shenbo Hongtu Growth No. 1," which was heavily invested in by the company, raising concerns about investment decision-making and risk management practices [2][4][5]. Investment Details - In March 2025, Shengyuan Environmental Protection's wholly-owned subsidiary, Xiamen Jinlingji, invested 60 million yuan in the private equity product "Shenbo Hongtu Growth No. 1," becoming the sole investor [2]. - By December 4, 2025, the fund's unit net value was 0.9215 yuan, with a loss of less than 10% [4]. - A drastic decline occurred on December 11, 2025, when the net value plummeted to 0.2596 yuan, resulting in a 74% loss within a week [4][5]. - By December 25, 2025, the cumulative net value growth rate had dropped to -81.54%, equating to a loss of approximately 46.92 million yuan, exceeding 10% of the company's audited net profit for the previous fiscal year [2][4]. Risk Management Concerns - Shengyuan Environmental Protection's decision to allocate nearly 80% of its total investment funds (76 million yuan) into a single private equity product raises significant concerns regarding risk management and investment diversification [5][6]. - The fund's investment strategy appears aggressive, as it was reported to have significant holdings in two listed companies, suggesting the use of leverage, which amplifies risk [7][12]. Fund Management Issues - The private equity fund manager, Shenzhen Shenbo Xintou Investment Management Co., Ltd., has not updated its information with the Asset Management Association of China since 2018, raising compliance and operational concerns [12][13]. - The fund's management team has undergone changes, including a shift in the legal representative, which was not reported to the regulatory body, indicating potential governance issues [12][14]. Investigation and Recovery Efforts - Following the fund's significant losses, Shengyuan Environmental Protection initiated a redemption process and reported the incident to law enforcement and the Shenzhen Securities Regulatory Bureau [4][16]. - A natural person named Wentingtang was introduced to guarantee the recovery of the principal loss, but only 2 million yuan was recovered, raising questions about the legitimacy of this arrangement [16][17].