知名私募旗下产品被限制参与网下打新！什么情况？

Core Viewpoint - Ningquan Asset's "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" has been restricted from participating in offline IPO subscription activities for six months, from June 20, 2025, to December 19, 2025, as per the China Securities Association [1][2]. Group 1 - Ningquan Asset, founded by Yang Dong in January 2018, has a registered capital of 20 million yuan and has grown to manage over 40 billion yuan in assets, positioning itself among the top tier of domestic stock private equity firms [3]. - The recent revision of the "Management Rules for Offline Investors in Initial Public Offerings" has tightened regulations on offline IPO subscription activities, making compliance a key focus for market participants [3][4]. - Ningquan Zhiyuan No. 55 was previously involved in offline subscriptions, as evidenced by its appearance in the allocation list for the offline issuance of Youyou Green Energy on May 28, but has since been absent from subsequent new stock issuance announcements [5]. Group 2 - This year, three institutions and two individuals have been placed on the restriction list by the China Securities Association due to violations primarily related to inadequate pricing diligence and incomplete operational processes in offline IPO inquiries [6]. - The Shanghai Stock Exchange has also issued regulatory warnings to firms like Shanghai Chenxiang Private Fund Management Co., citing issues such as inadequate internal systems and non-compliance with decision-making processes [7].