买股票不如放贷？证监局处罚来了

Core Viewpoint - The article highlights regulatory actions taken by the Chongqing Securities Regulatory Bureau against private equity funds for violations related to improper investment practices, including "明股实债" (equity disguised as debt) and unauthorized lending activities [1][3][4]. Summary by Sections Regulatory Actions - On July 25, two private equity funds received warning letters from the Chongqing Securities Regulatory Bureau for violating investment regulations, which included improper equity and debt investments and unauthorized lending [1][3]. - In 2025, the Chongqing Securities Regulatory Bureau has issued warning letters to a total of five private equity funds for similar violations, indicating a focused effort on regulatory enforcement in this sector [2][3]. Specific Violations - Chongqing Gaosu Highway Industry Equity Investment Fund Management Co., Ltd. was found to have engaged in equity disguised as debt and lending investments, violating specific regulatory provisions [3]. - Chongqing Tongcheng Equity Investment Fund Management Co., Ltd. was noted for conducting lending investments and investing in non-compliant targets, breaching other regulatory guidelines [3]. Historical Context - In July 2024, Guangdong Huapu Equity Investment Fund Management Co., Ltd. had its registration revoked by the Asset Management Association of China due to similar violations, including misallocation of fund assets towards lending activities [4][5]. - The Shenzhen Taicang Fund, managed by Guangdong Huapu, was involved in a lending contract that contradicted its stated investment strategy, further illustrating the risks of non-compliance in private equity fund management [4][5].