Core Viewpoint - Hai Fu Tong Fund has faced significant scrutiny due to repeated "mouse warehouse" incidents, with the latest case resulting in a fine of 500,000 yuan for fund manager Yang Ningjia, highlighting serious compliance and risk management issues within the company [1][2]. Group 1: Compliance Issues - The recent incident marks the third time Hai Fu Tong Fund has been penalized for "mouse warehouse" activities, which severely impacts the company's reputation and investor trust [2][6]. - Yang Ningjia, the implicated fund manager, utilized non-public information to guide external accounts in synchronized trading, a clear violation of regulations [3][5]. Group 2: Fund Performance - Under Yang Ningjia's management, several funds experienced poor performance, with the largest fund, Hai Fu Tong Electronic Information Media Industry Stock, showing a return decline of over 40%, ranking at the bottom of its peers [3][4]. - The company has seen a wave of fund liquidations, with seven products being closed this year, indicating a crisis of confidence among investors [8][10]. Group 3: Leadership and Future Challenges - The newly appointed chairman, Xie Lebin, faces the dual challenge of addressing compliance failures and managing the fallout from the fund liquidations [7][12]. - Xie Lebin, recognized as a risk management expert, is expected to implement measures to restore the company's brand and regain investor trust [7][12].

Core Viewpoint - The Shanghai Securities Regulatory Commission has publicly announced an administrative penalty against fund manager Yang Ningjia for engaging in "rat trading," resulting in a fine of 500,000 yuan while managing products that suffered nearly 40% losses [2][3][4]. Group 1: Case Details - Yang Ningjia, previously a fund manager at Hai Fu Tong Fund Management Co., was found to have used his position to guide others in synchronized trading, which is a typical "rat trading" behavior [3][4]. - The penalty decision revealed that Yang had access to non-public information regarding fund holdings and trading details, which he exploited for personal gain [3][4]. - The regulatory framework explicitly prohibits fund personnel from leaking non-public information obtained through their positions for trading purposes [4]. Group 2: Performance Issues - During Yang Ningjia's tenure, the funds he managed, such as Hai Fu Tong Electronic Media A and C, reported significant underperformance, with returns of -37.79% and -39.31% respectively, falling far short of performance benchmarks [5][6]. - The Hai Fu Tong New Domestic Demand Mixed Fund, which Yang managed for over a year, also showed poor performance with returns of -19.69% and -19.84% [5][6]. Group 3: Compliance and Regulatory Concerns - The incident has raised concerns about compliance shortcomings at Hai Fu Tong Fund Management, which has faced similar scandals in the past, including a previous case involving another fund manager, Xie Zhigang, who was penalized for similar violations [8]. - Despite advancements in monitoring technologies like AI and big data, violations continue to occur, indicating potential systemic issues within the company's internal controls [8]. - The recent appointment of a new chairman, Xie Lebin, who is recognized as a risk management expert, has led to expectations for improved governance and compliance within the firm [8].

Core Points - The recent punishment of a former fund manager at Hai Fu Tong Fund for "mouse trading" marks the second such incident in seven years for the company [1][2] - Regulatory authorities have intensified their crackdown on illegal activities like "mouse trading," with significant penalties imposed [3] Group 1: Incident Details - Yang Ningjia, the former fund manager, was found to have used non-public information to facilitate trading activities for Chen Dong, who controlled a related securities account [1] - The Shanghai Securities Regulatory Bureau imposed a fine of 500,000 yuan on Yang Ningjia for violating the Fund Law [1] - This incident follows a previous case in 2018 where former fund manager Xie Zhigang was sentenced to three years in prison for similar offenses, having illegally profited 2.704 million yuan [2] Group 2: Regulatory Environment - In 2022, the China Securities Regulatory Commission (CSRC) issued guidelines to enhance the quality of the public fund industry and emphasized the need to combat "mouse trading" [3] - In 2024, the CSRC handled 87 insider trading cases, including 12 related to "mouse trading," with total fines exceeding 1.5 billion yuan [3] Group 3: Company Management Changes - In April 2024, the company appointed Xie Lebin, a well-known risk control expert, as the new chairman, indicating a focus on addressing compliance and risk management issues [3]

Core Points - Hai Fu Tong Fund's former fund manager Yang Ning Jia was penalized for "mouse warehouse" behavior, marking the second such incident in seven years for the company [1][2] - The Shanghai Securities Regulatory Commission imposed a fine of 500,000 yuan on Yang Ning Jia for using undisclosed information to facilitate trading activities [1] - The company has a history of regulatory issues, with a previous case in 2018 involving former fund manager Xie Zhi Gang, who was sentenced to three years in prison for similar offenses [2][3] Company Overview - Hai Fu Tong Fund is one of the first Sino-foreign joint venture fund companies in China, established in April 2003, with a management scale of 216.122 billion yuan as of mid-year, ranking 35th in the industry [4] - The company is co-owned by Guotai Haitong Securities Co., Ltd. (51% stake) and Paris Asset Management BE (49% stake) [4] - In April 2023, the company appointed Xie Le Bin, a former vice president of Guotai Haitong Securities, as the new chairman, who is recognized for his strong risk control and compliance background [4] Regulatory Environment - The regulatory authorities have intensified their crackdown on "mouse warehouse" and other illegal activities, with the China Securities Regulatory Commission handling 87 insider trading cases in 2024, including 12 "mouse warehouse" cases [3] - In April 2022, the China Securities Regulatory Commission issued guidelines to accelerate the high-quality development of the public fund industry, emphasizing the need to combat illegal activities [3]

【文/羽扇观金工作室】 一位"90后"基金经理的堕落轨迹，再次将海富通基金推向舆论的风口浪尖。 近日，证监会公布行政处罚决定书显示，海富通基金原基金经理杨宁嘉因利用职务便利向好友透露未公 开信息，构成"老鼠仓"违法行为，被处以50万元罚款。 这位曾手握17.35亿元资金的年轻基金经理，不仅在投资业绩上交出了惨淡答卷——其管理的核心产品 任职回报亏损最高达近40%，更在职业操守上越过了红线。更令市场忧虑的是，这已是海富通基金近十 年来第三次曝出"老鼠仓"丑闻，继2014年和2018年两次违规事件后，合规风控的短板再次暴露无遗。 "老鼠仓"行为不仅严重破坏市场公平交易秩序，损害基金持有人的合法权益，更对整个资产管理行业的 信誉造成难以修复的伤害。目前，海富通基金管理规模虽已突破2000亿元，但公司营收和利润已连续三 年下滑，新任董事长谢乐斌正面临着提升投资业绩与修复品牌形象的双重压力，这家老牌公募基金的转 型之路愈发艰难。 业绩惨淡叠加违规操作，"90后"基金经理栽了跟头 从行业角度看，杨宁嘉案例反映出的问题具有一定的代表性。一些年轻基金经理在面对业绩压力时，心 理承受能力不足，风险意识淡薄，在利益诱惑面前放松了 ...

Core Viewpoint - The article discusses the recent "mouse warehouse" incident involving a fund manager at Hai Fu Tong, highlighting compliance issues and the need for regulatory oversight in the public fund industry [1][5]. Group 1: Incident Overview - Fund manager Yang Ningjia was fined 500,000 yuan for using non-public information to facilitate trading activities for another individual, Chen Chongdong, during his tenure [1][3]. - Yang's performance as a fund manager was poor, with three funds under his management showing significant negative returns, including -19.69% and -37.79% [3]. Group 2: Regulatory Environment - The article emphasizes that in the current big data era, regulatory bodies monitor fund transactions and manager behaviors closely, making it increasingly difficult to engage in unethical practices without detection [4]. - The incident serves as a warning for Hai Fu Tong, which is undergoing significant restructuring and must address compliance shortcomings [5]. Group 3: Company Background and Restructuring - Hai Fu Tong, established in 2003, is a Sino-foreign joint venture with a registered capital of 300 million yuan, and is currently undergoing a merger with Guotai Junan Securities [5][6]. - The management structure of Hai Fu Tong is changing, with recent leadership shifts indicating a potential merger with Huashan Fund, as both companies are now under the control of Guotai Junan [6]. Group 4: Fund Management Performance - As of the second quarter of this year, Hai Fu Tong managed 243.39 billion yuan in public funds, while Huashan Fund managed over 740 billion yuan, indicating a significant disparity in asset management scale [6]. - Despite the lower management scale, Hai Fu Tong holds valuable licenses for managing enterprise annuities and social security funds, which are attractive to industry peers [6][8]. Group 5: Future Implications - The merger of Hai Fu Tong and Huashan Fund is likely to retain the "Hai Fu Tong" brand due to regulatory requirements, suggesting a strategic direction for the combined entity [7]. - However, Hai Fu Tong's performance in managing enterprise annuities has been subpar, ranking last among peers in terms of returns, which could impact its reputation post-merger [8].

又一公募基金经理因涉"老鼠仓"被罚。 上海证监局最新公告称，针对杨某嘉利用未公开信息明示、暗示他人从事相关交易活动一案，现已调查、办理终 结，当事人未提出陈述、申辩意见，也未要求听证。最终，该局决定对杨某嘉责令改正，并处以50万元罚款。 处罚决定书指出，杨某嘉先后担任某基金管理有限公司股票分析师、高级股票分析师、基金经理助理、基金经 理。从罚单披露的各项细节来看，此次被罚主体指向海富通基金前基金经理杨宁嘉。 公开资料显示，2017年5月，杨宁嘉加入海富通基金，历任股票分析师、高级股票分析师、基金经理助理。自 2019年9月起，开始参管产品。此前，杨宁嘉历任海通国际首席分析师助理、光大证券行业研究员。 去年10月，因个人原因，杨宁嘉完成清仓式卸任，不再担任海富通基金经理。在任期间，杨宁嘉旗下2产品亏损 显著。 绩差基金经理现身"老鼠仓" 经上海证监局查明，杨某嘉，199X年X月出生。担任基金经理期间，杨某嘉利用因职务便利获取的未公开信息， 明示、暗示陈某东从事相关交易活动。陈某东实际控制"陈某东"证券账户进行交易。上述期间，"陈某东"证券账户与 前述基金发生趋同交易。 从海富通离任前，杨宁嘉已因在管产品业绩问题 ...

2025.10. 26 本文字数：2410，阅读时长大约4分钟 作者 | 第一财经 曹璐 封图 | AI生成 自己管理的产品亏损近40%，却仍利用职务之便违法"指点江山"。 近日，上海证监局一纸罚单，揭开了公募基金圈一桩颇具荒诞色彩的"老鼠仓"事件。 行政处罚决定书显示，杨某嘉为上海"90后"男性，他在担任基金经理期间，利用未公开信息明示、暗 示他人从事相关交易活动，经过调查后，该局决定对其责令改正，并处以50万元罚款。 虽然罚单并未披露太多细节，但从部分信息来看，此次涉事的杨某嘉与上海某基金公司前基金经理杨 宁嘉的相关信息高度重合。去年10月，他曾因"个人原因"清仓式离职，随后再无下文。 值得注意的是，那些亏钱还违规的基金经理们，并非个例。这场"业绩塌方+道德失守"的双重戏码为 何总是上演？ "90后"基金经理罚单落地 据上海证监局行政处罚决定书，杨某嘉先后担任某基金管理有限公司股票分析师、高级股票分析师、 基金经理助理、基金经理，担任基金经理期间，负责某基金的投资决策及投资指令下达等工作，知悉 该基金持仓、交易明细等未公开信息。 根据调查，杨某嘉则利用因职务便利获取的未公开信息，明示、暗示陈某东从事相关交 ...

Core Viewpoint - The article highlights a case of a fund manager, Yang Moujia, who faced penalties for insider trading while managing funds that experienced significant losses, raising concerns about ethical standards in the fund management industry [2][3][8]. Group 1: Case Details - Yang Moujia, a fund manager in Shanghai, was penalized with a fine of 500,000 yuan for using non-public information to influence trading activities [2][5]. - The investigation revealed that Yang utilized his position to provide hints to another individual, Chen Moudong, who controlled a trading account that mirrored the fund's transactions, constituting a form of "rat trading" [5][6]. - Yang's performance as a fund manager was notably poor, with losses nearing 40% during his tenure, and his funds underperformed their benchmarks by over 23 percentage points [7][8]. Group 2: Industry Implications - The incident reflects a broader issue within the fund management industry, where poor performance and ethical violations are increasingly common, as seen in other cases involving fund managers with similar misconduct [8][9]. - Regulatory bodies are enhancing their monitoring capabilities to detect "rat trading" and similar violations, but some fund managers still attempt to evade detection through more sophisticated methods [9][10]. - The fundamental principle of trust in fund management is being undermined by such unethical practices, highlighting the need for improved legal awareness and compliance among industry professionals [9][10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) Shanghai Regulatory Bureau has issued an administrative penalty decision against Yang Moujia for insider trading, resulting in a fine of 500,000 yuan [1][3]. Group 1: Administrative Penalty Details - Yang Moujia, while serving as a fund manager, used undisclosed information obtained through his position to suggest trading activities to Chen Moudong, leading to a penalty of 500,000 yuan [1][3]. - The decision cites violations of the Fund Law, specifically Article 20, Section 6, and Article 123, Section 1 [3]. Group 2: Background on Yang Moujia - Yang Moujia has held various positions including stock analyst, senior stock analyst, assistant fund manager, and fund manager at a fund management company [3]. - There is a strong likelihood that Yang Moujia is the same individual as Yang Ningjia, the former fund manager at Hai Futong Fund, who managed multiple funds from 2017 to 2024 [3][4]. Group 3: Fund Performance and Departure - Yang Ningjia's performance during his tenure was subpar, with a nearly -40% return for the C class shares of the Hai Futong Electronic Media Fund over three years and close to -20% for the Hai Futong New Domestic Demand Mixed Fund over one year [5]. - Yang Ningjia resigned from all managed products on October 14, 2024, citing personal reasons, which may now be questioned in light of the insider trading allegations [4][5].