Mei Ri Jing Ji Xin Wen·2025-12-31 11:10Group 1 - The core issue revolves around a significant loss incurred by a private investment product linked to Shengyuan Environmental Protection, with a reported net value growth rate of -81.54% over nine months, resulting in a loss of approximately 46.92 million yuan [2][3] - China Merchants Securities confirmed that the involved product is classified as a high-risk R4 level investment with no stop-loss provisions, and they have fulfilled their responsibilities regarding account opening, settlement, valuation review, and investment supervision as per regulations [2] - The company stated that it was unaware of the authenticity of the net value report prior to the investigation and found that materials provided by investors had been tampered with, indicating a lack of oversight regarding external commitments [2] Group 2 - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan of idle funds into the private fund product, which has led to substantial financial losses [2] - Following the discovery of the losses, Shengyuan Environmental Protection did not disclose the information in a timely manner, raising concerns about transparency [2]