Core Points - Shenzhen Securities Regulatory Bureau announced that Shenzhen Qianhai Dingyun Capital Management Co., Ltd. violated regulations in its private equity fund operations [1] - The company failed to make independent investment decisions and did not operate investments according to contractual agreements [1] - The investment structure of the managed funds did not comply with the regulations set by the State Council's financial management departments [1] Summary by Categories - **Regulatory Violations** - Dingyun Capital did not independently conduct investment decisions and failed to operate investments as per contract agreements [1] - The investment layers of the funds managed by the company did not meet the requirements set by the State Council's financial management departments [1] - **Operational Issues** - Personnel responsible for private equity fund operations did not establish labor relations with the company, indicating a lack of due diligence [1] - The company did not timely update the information of its management and staff as required by the China Securities Investment Fund Industry Association [1] - **Documentation and Compliance** - Dingyun Capital inadequately retained relevant materials regarding the appropriateness management of some investors [1] - The individuals responsible for daily operations and investment activities, Yang Dongfan and Mai Weibiao, did not adhere to relevant behavioral norms [1]

Core Points - Shenzhen Securities Regulatory Bureau announced that Qianhai Mingqiao Private Securities Fund Management Co., Ltd. violated regulations in its private fund operations, including using unqualified personnel for investment management and failing to disclose significant information to investors [1][2] Group 1: Violations Identified - The company employed individuals not specified in the fund contracts as investment managers and did not establish labor relations with them [1] - The investment structure of the managed funds did not comply with the regulations set by the State Council's financial management departments [1] - The company failed to operate investments according to the contract and treated different investors unfairly within the same private fund [1] Group 2: Regulatory Actions - Shenzhen Securities Regulatory Bureau decided to issue a corrective order to Qianhai Mingqiao Private Securities Fund Management Co., Ltd. due to the identified violations [1] - Key personnel, Li Weiluo and Pan Ming, responsible for daily management, information disclosure, and investment operations, received warning letters for not adhering to relevant conduct norms [1]

Core Points - The China Securities Investment Fund Industry Association (CSRC) has imposed a six-month suspension on Lupu Wealth Management (Shanghai) Co., Ltd. for failing to disclose significant information affecting investors' rights [1][2] - Lupu Wealth was found to have violated multiple regulations, including the Private Fund Supervision Regulations and the Fund Law, due to its management of private funds and related trust plans [2] Group 1: Regulatory Actions - Lupu Wealth was penalized for not providing critical information to investors regarding the subordinate trust shares and the associated risks, including loan defaults and ongoing litigation [1][2] - The company has a history of regulatory issues, having faced multiple penalties in the past for similar violations, including fines and warnings from the Shanghai Securities Regulatory Bureau [2] Group 2: Company Background - Lupu Wealth was established in September 2013 with a registered capital of 20 million yuan and operates as a private fund manager with an asset management scale between 5 billion and 10 billion yuan [2] - The company has been involved in various compliance issues, including unfulfilled fund liquidation and misrepresentation of investment risks to clients [2][3]

Group 1 - The China Securities Investment Fund Industry Association (CSRC) has issued a six-month suspension on product filing for LuPu Wealth Management (Shanghai) Co., Ltd. due to regulatory violations [1][2] - LuPu Wealth was found to have failed to disclose significant information that could affect investors' rights, including the nature of the trust plan's income rights and previous loan defaults [1][2] - The violations were identified in the context of LuPu Wealth managing private funds that invested in subordinate trust shares worth 401 million yuan related to a real estate project [1][2] Group 2 - The actions of LuPu Wealth contravened multiple regulations, including Article 24 of the Private Fund Supervision Measures and Article 31 of the Private Fund Supervision Regulations [2] - The disciplinary action taken by the association is based on the provisions of the Fund Law and related regulations [2]

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has imposed a six-month suspension on Lupu Wealth Management (Shanghai) Co., Ltd. for serious violations related to investor information disclosure [1][5]. Group 1: Violations and Disciplinary Actions - Lupu Wealth was found to have failed to provide significant information that could affect investors' legal rights, including details about the subordinate trust shares and loan defaults related to a real estate project [4][5]. - The violations were identified in multiple reports from 2020 to 2024, indicating a pattern of non-compliance with the Private Fund Supervision Regulations [4][5]. - The CSRC's disciplinary action is based on violations of specific articles in the Private Fund Supervision Regulations and the Fund Law, leading to a suspension of product filing for six months [5]. Group 2: Company Background and Previous Penalties - Lupu Wealth was established in September 2013 with a registered capital of 20 million yuan and manages assets ranging from 5 billion to 10 billion yuan [6]. - The company has a history of regulatory penalties, including warnings and fines for failing to disclose critical information to investors and making misleading promises regarding investment safety [6]. - Other private fund management companies have also faced penalties from the CSRC, indicating a broader issue within the industry regarding compliance and investor protection [6].

Core Viewpoint - The Guangxi Securities Regulatory Bureau issued a warning letter to Wayne Fund Management Co., Ltd. due to multiple regulatory violations in its private fund operations [1]. Group 1: Regulatory Violations - Wayne Fund lacked a sound internal control mechanism and failed to manage a fund product that was not filed with the regulatory authority, leading to unauthorized fund transfers by investors [2]. - The company did not disclose relevant information to investors as required by contract, preventing them from accessing fund product information through the designated system [3]. - The firm failed to properly retain necessary documentation, including proof of qualified investors' financial assets and risk rating materials for managed fund products [4]. - Wayne Fund did not timely update changes in registration details, including its registered address, shareholders, and other operational information with the fund association [5]. Group 2: Operational Challenges - The company employed fewer than five full-time staff, which is below the minimum requirement for conducting private fund business, raising concerns about its operational sustainability [6]. - Financially, Wayne Fund is in a precarious situation, with negative net profits projected for 2023-2024 and negative cash flow from operating activities for 2022-2024 [6].

9月4日，根据广西证监局在2025年9月3日发布的公告，广西优航私募基金有限公司收到了出具警示函的 监管措施。 | 赏 引 号 | bm56000001/2025-00010454 | ক 炭 | 行散执法:通知公告 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年09月04日 | | 名 廖 | 关于对广西优航科聊基金有限公司采取出具备示组推施的决定（2025）25号 | | | | 文 号 | 行政监管推施决定书 [2025] 25号 | 主题词 | | 经查，该公司在开展私募基金业务过程中存在多项问题，主要包括财务状况不佳和内部控制制度机制不 健全。 财务状况方面，广西优航私募基金有限公司的可持续经营能力存在重大不确定性，且其多年净利润均为 负数，从2017年至2023年度的经营活动产生的现金流量净额均为负数。 另外，公司存在基金经理在非应急情况下使用公司应急交易手机进行基金证券账户下单交易的情况，未 能建立健全相关用印管理制度，且未完整保存投资决策记录。这些行为违反了《私募投资基金监督管理 条例》和相关规定。 来源：读创财经 ...

Core Insights - The report titled "Analysis Report on the Regulatory Disposal of Private Equity Funds" was officially released by the Shaanxi Securities Investment Fund Association on the 18th, under the guidance of the Shaanxi Securities Regulatory Bureau [1] - The report aims to enhance compliance awareness and risk management capabilities among private fund managers in Shaanxi Province, contributing to the healthy development of the fund industry [1] Summary by Sections - The report is approximately 71,000 words long and includes five main sections: regulatory framework of private equity funds, overview of regulatory disposal, main characteristics and situations of regulatory disposal, characteristics and situations of private institution cancellations, and compliance warning suggestions [1] - It also includes supplementary materials such as case studies on regulatory disposal of private investment institutions, a summary of disciplinary actions by the China Securities Investment Fund Industry Association for 2024, and a summary of administrative regulatory measures by various local securities regulatory bureaus for 2024 [1]

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has issued a warning letter to Ding Tai Si Fang (Shenzhen) Private Securities Fund Management Co., Ltd., along with individuals Yao Yimin and Chen Yongbao, due to violations in private fund management practices [1][3]. Group 1: Regulatory Actions - The Shenzhen Securities Regulatory Bureau has taken administrative regulatory measures by issuing a warning letter to Ding Tai Si Fang (Shenzhen) Private Securities Fund Management Co., Ltd., Yao Yimin, and Chen Yongbao [1][3]. - The actions were based on findings that the company failed to independently fulfill certain investment management responsibilities and treated different investors unfairly within the same private fund [3]. Group 2: Violations Identified - The company and the individuals involved were found to have violated the "Interim Measures for the Supervision and Administration of Private Investment Funds" (CSRC Order No. 105) and related regulations [3]. - Specific violations included not adhering to the duty of diligence and prudence in managing and utilizing private fund assets [3].

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has issued a warning letter to New Power Capital Management (Shenzhen) Co., Ltd. for violations in the fundraising and management of private equity funds, including failure to file with the China Securities Investment Fund Industry Association and soliciting funds from non-qualified investors [1][5][6]. Group 1: Company Violations - New Power Capital Management (Shenzhen) Co., Ltd. failed to complete the necessary filing procedures after fundraising, which is a violation of the Interim Measures for the Supervision and Administration of Private Investment Funds [1][5]. - The company solicited funds from non-qualified investors, which contravenes regulations that stipulate private funds should only be raised from qualified investors [1][2][4]. - The company made commitments to investors regarding the protection of principal and minimum returns, which is prohibited under the relevant regulations [1][4][5]. Group 2: Regulatory Actions - The Shenzhen Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure against New Power Capital Management for the identified violations [1][5]. - Li Shumao, the actual controller and legal representative of the company, is held primarily responsible for the violations and has also received a warning letter from the regulatory authority [1][6]. - The company is required to enhance its operational compliance awareness and strengthen business management to prevent future violations [5][6].