Core Viewpoint - The article discusses a significant rebate scandal involving Huansheng Quantitative, a leading quantitative private equity firm in China, where a total of 118 million yuan was allegedly misappropriated over six years by the marketing director, Li Cheng [1][3]. Group 1: Scandal Details - Li Cheng is accused of colluding with a brokerage manager to fabricate broker identities, directing trades to a specific brokerage to claim 40% of the commission as performance bonuses, totaling 118 million yuan from 2018 to 2023 [3]. - Over 20 million yuan of the misappropriated funds were traced to Li Cheng, and several individuals involved have been handed over to judicial authorities [3]. Group 2: Company Response - Huansheng Quantitative stated that Li Cheng's actions were personal and not representative of the company's practices, asserting that the company was unaware of any rebate activities [5]. - The company emphasized that all cooperation channels had uniform fee rates and that Li Cheng was not a senior executive but a regular marketing staff member [5]. Group 3: Industry Context - The article explains that "brokerage rebates" typically involve brokers returning a portion of commissions to investors based on trading volume, which can lead to conflicts of interest and corruption [6]. - In the quantitative private equity sector, high-frequency trading can result in substantial commissions, with rebates potentially reaching significant amounts depending on trading volumes [7]. - The article highlights that the minimum commission for brokers can be as low as 0.0085% to 0.01%, with rebates negotiated typically between 0.01% to 0.03% [7]. Group 4: Company Background - Huansheng Quantitative, founded by Liang Wenfeng, is recognized as a top player in China's quantitative investment field, managing two billion-yuan private equity platforms [9]. - The firm reached a scale of 100 billion yuan in 2021 and has recently ventured into the general artificial intelligence sector with the establishment of DeepSeek [9]. - As of June 30, 2023, the average return for 50 billion-yuan private equity firms was 10.93%, with a high percentage achieving positive returns, indicating a favorable market outlook for private equity firms [9].
幻方量化员工被抓,腐败大案曝光,6年套取上亿
21世纪经济报道·2025-08-10 12:29