Nan Fang Du Shi Bao·2025-12-31 15:43Core Viewpoint - Shengyuan Environmental Protection faced significant losses from a private equity product and failed to disclose this information in a timely manner, resulting in a warning letter from the Xiamen Securities Regulatory Bureau [2][3]. Group 1: Company Actions and Consequences - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., incurred substantial losses from a private equity product, which was not disclosed until December 26, violating relevant disclosure regulations [3]. - The company’s chairman, general manager, and board secretary were held primarily responsible for the failure to fulfill their disclosure obligations [3]. - The company discovered the investment loss on December 12 and established a special task force to communicate with the fund manager [4]. Group 2: Investment Details and Performance - The investment involved a private equity product named "Deep博宏图成长1号," with a total subscription amount of 60 million yuan, classified as R4 (medium-high risk) [4]. - The net value of the fund plummeted from 0.9215 yuan on December 4 to 0.2596 yuan by December 12, reflecting a cumulative net value growth rate decline from -7.85% to -74.04% [4]. - As of December 25, the fund's latest unit net value was 0.1846 yuan, with a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, exceeding 10% of the company's most recent audited annual profit [5]. Group 3: Industry Trends - There has been a decline in the proportion of structured deposit products favored by listed companies, with a shift towards higher-yield products amid a declining interest rate environment and rising stock market [6]. - As of December 31, 1161 A-share listed companies purchased 15,800 financial products, totaling 997.27 billion yuan, with structured deposit products accounting for 59% of the total [6]. - The proportion of bank wealth management products increased from 9.22% to 11.90%, while securities company wealth management subscriptions rose from 5.85% to 7.07% [6].