昔日百亿级私募 开年就被“点名”！

Core Viewpoint - Tianjin Securities Regulatory Bureau issued a warning letter to Bluestone Asset Management Co., Ltd. for engaging in unrelated business activities, indicating a tightening regulatory environment for private equity firms in China [1][3]. Company Summary - Bluestone Asset, once a well-known private equity firm with assets exceeding 10 billion yuan, has seen its scale shrink to below 1 billion yuan due to overdue bonds and ongoing litigation since 2019 [1][6]. - The firm was established in 2015 and quickly grew to prominence, but has faced multiple defaults on bond repayments and legal disputes, including a lawsuit against underwriters for alleged false statements [6][8]. - As of May 28, 2025, Bluestone's management scale was reported to be between 500 million and 1 billion yuan, with several funds overdue by more than three months without liquidation applications [8][10]. Industry Summary - The private equity industry is experiencing accelerated competition and consolidation, with regulatory scrutiny increasing, leading to the exit of non-compliant firms and those lacking professional investment capabilities [1][20]. - As of November 2025, the total scale of existing private equity funds reached 22.09 trillion yuan, with the number of active fund managers decreasing compared to the beginning of the year [21]. - Industry leaders note a significant improvement in compliance and operational transparency, marking a transition from chaotic growth to regulated development [22].