Sou Hu Cai Jing·2026-01-05 06:36Core Viewpoint - A small private equity firm with an unclear business address has incurred significant losses after receiving a 60 million investment from a subsidiary of Shengyuan Environmental Protection, leading to a dramatic decline in fund value over nine months [2][3]. Group 1: Investment Details - Shengyuan Environmental Protection's wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million in the "Deep Bo Hongtu Growth No. 1 Private Securities Investment Fund" in March 2025 [3]. - The fund's net value plummeted from 0.9215 yuan per unit on December 4, 2025, to 0.2596 yuan per unit by December 11, 2025, marking a decline of over 70% within a week [4]. - As of December 25, 2025, the fund's unit net value had further decreased to 0.1846 yuan, resulting in a cumulative loss of approximately 46.92 million, or 81.54% [3]. Group 2: Fund Management and Operations - The "Deep Bo Hongtu Growth No. 1 Private Securities Investment Fund" is managed by Shenzhen Deep Bo Xin Investment Management Co., Ltd., and is classified as an R4-level medium-high risk product [3]. - Concerns have been raised regarding the fund's abnormal net value fluctuations, suggesting potential internal risk control failures and possible violations of disclosure obligations by the fund manager [5]. Group 3: Regulatory and Legal Actions - Following the discovery of the fund's severe losses, Shengyuan Environmental Protection engaged in discussions with the fund manager, who proposed that an individual, Wen Tingtao, would assume joint liability for the investment losses [5]. - The fund manager has been accused of unauthorized trading and falsifying fund net value information, while the custodian, China Merchants Securities, has been criticized for failing to fulfill supervisory duties [5][6]. - The Xiamen Securities Regulatory Bureau issued a warning letter to Shengyuan Environmental Protection for failing to disclose significant losses in a timely manner [7]. Group 4: Company Background and Concerns - Shenzhen Deep Bo Xin Investment Management Co., Ltd. was established in May 2014 and has a registered capital of 10 million, with a management scale of only 0-500 million [8]. - The firm has been previously listed as a "lost contact" entity by the Asset Management Association of China, raising questions about its credibility and operational transparency [8][9].