SYEP(SZ:300867) Xi Niu Cai Jing·2026-01-13 05:41Core Viewpoint - The year 2025 was marked by a significant bull market in the A-share market, with major indices like the Shanghai Composite Index rising by 18.41% and the Shenzhen Component Index increasing by 29.87%. However, despite the overall positive market conditions, Saint Yuan Environmental experienced a severe loss due to a failed investment in a private equity fund, raising concerns about risk management and oversight in the investment process [2][3][22]. Group 1: Investment Loss Details - On December 26, 2025, Saint Yuan Environmental announced a shocking loss of approximately 46.92 million yuan from its investment in the "Deep Bo Hongtu Growth No. 1 Private Securities Investment Fund," which had a cumulative net value growth rate of -81.54%, exceeding 10% of the company's net profit from the previous year [3][12]. - The fund, managed by Shenzhen Deep Bo Xin Investment Management Co., was initially subscribed to by Saint Yuan Environmental for 60 million yuan in March 2025. However, by December 4, the fund's net value had already dropped by 7.85% [5][12]. - Following a communication on December 9, Saint Yuan Environmental attempted to redeem its investment, but the fund's net value plummeted by 71.83% within just five trading days, leading to a drastic decline to 0.2596 yuan [8][12]. Group 2: Fund Management and Oversight Issues - The fund management exhibited serious operational failures, including unauthorized trading and violations of disclosure obligations, which contributed to the significant losses incurred by investors [18]. - Saint Yuan Environmental's announcement indicated that the fund's management had failed to adhere to established risk control measures, which included setting a stop-loss line and ensuring proper asset management [15][18]. - The fund's custodian, China Merchants Securities, claimed to have fulfilled its supervisory responsibilities, but Saint Yuan Environmental pointed out lapses in oversight that led to substantial investor losses [19]. Group 3: Regulatory and Legal Actions - In response to the losses, Saint Yuan Environmental reported the incident to law enforcement and the China Securities Regulatory Commission, indicating the seriousness of the situation [13]. - The actual controllers of Saint Yuan Environmental committed to compensating for the losses incurred, promising to cover the original investment amount of 60 million yuan [19]. - The incident has drawn attention to the broader implications for corporate investment strategies, highlighting the need for more robust risk management practices in the context of a bull market [23][24].