今年以来多家私募 "偏离主业"被监管层点名 ◎记者 马嘉悦 "在行业野蛮生长阶段，一些私募合规意识薄弱，投资决策以盈利为目的，因为部分管理人便动了放贷 的心思，一般是采用明股实债的方式，比如表面上将基金资产投资到某公司，但私下签订固定收益的合 同，或约定赎回时间和赎回收益。此种行为较为隐蔽，往往很难被发现，不过，随着监管加强现场检 查，行业监管不断细化，其生存空间将快速压缩。"一位私募研究员在接受上海证券报记者采访时称。 多家私募因偏离主业被点名 值得注意的是，今年以来私募的其他偏离主业行为也频频被监管部门点名。 比如，今年7月海南证监局表示，经查，海南琢之堂私募基金管理有限公司存在从事与私募基金管理相 冲突或者无关的业务，未定期更新从业人员的有关信息等问题，对其采取责令改正的行政监管措施。 今年6月，深圳证监局发布《深圳私募基金监管情况通报》，披露辖区内有部分私募机构偏离主责主 业，从事与私募基金管理无关业务。如销售伪金交所产品、提供咨询服务、居间服务，销售投资标的公 司股权，甚至协助非员工获取从业资格、在办公场地开展易经算命等无关业务。 今年以来，多家私募因"偏离主业"被监管部门点名。近日，海南证监局披露 ...

Core Viewpoint - Recent regulatory actions highlight the increasing scrutiny on private equity firms in China for deviating from their core business activities, particularly involving the misuse of fund assets for lending purposes [2][3][5]. Summary by Sections Regulatory Actions - Hainan Securities Regulatory Bureau issued a warning letter to Green Creation Fund Management (Hainan) Co., Ltd. for failing to report significant matters in a timely manner and for using private fund assets for lending activities [2][3]. - This marks the second instance in September where a private equity firm in Hainan has been penalized for similar violations, following Hainan Zhuodai Fund Management Co., Ltd. [5]. Compliance Issues - The core issue identified is a lack of compliance awareness among personnel in private equity firms, leading them to treat fund management as a typical business and prioritize economic gains over their primary responsibilities [2][3]. - Hainan Zhuodai Fund's main revenue sources were found to be unrelated to private fund management, primarily deriving from financial advisory services [5]. Broader Industry Trends - Other regulatory bodies, such as the Shenzhen Securities Regulatory Bureau, have also intensified their oversight on private equity firms engaging in non-core activities, including selling unrelated products and providing consulting services [6]. - In July, two private equity firms in Chongqing received warning letters for misusing fund assets, including improper investments and lending activities [6][7]. Training and Compliance Initiatives - Hainan Securities Regulatory Bureau has initiated a series of compliance training sessions for private fund managers to reinforce regulatory awareness and operational standards [7].

Core Insights - The private equity industry in China is undergoing positive changes, with over 800 private equity firms deregistering as of September 19 this year, and more than 50% of these deregistrations being voluntary [1][3]. Group 1: Industry Transformation - The increase in the proportion of voluntarily deregistered private equity firms reflects a purifying trend in the industry, as regulatory scrutiny has intensified, leading firms to shift from "not daring to violate" to "not wanting to violate" regulations [1][4]. - The number of deregistered private equity fund managers this year reached 851, with voluntary deregistrations (449) surpassing those initiated by the association (332) [3][4]. Group 2: Competitive Landscape - The rapid reshuffling of the billion-yuan tier indicates accelerated industry competition, with several firms, including Yingxue Investment and Banxia Investment, exiting the billion-yuan club due to compliance issues and poor performance [4][5]. - Nearly 10 private equity firms have dropped out of the top tier this year due to compliance problems or performance declines, disrupting the rankings within the billion-yuan tier [5]. Group 3: Compliance and Risk Management - There is a notable increase in compliance awareness among private equity firms, with many actively enhancing their compliance and risk management capabilities to foster long-term competitiveness [6]. - Firms are establishing robust internal controls and risk management systems, emphasizing the importance of compliance as a foundation for sustainable growth [6][7].

Core Viewpoint - The recent restriction of Ningquan Zhiyuan No. 55 private securities investment fund from participating in offline IPOs highlights compliance issues within the industry, signaling a need for enhanced regulatory adherence among institutional investors [1][8]. Group 1: Regulatory Compliance - The China Securities Association (CSRC) has published a list of restricted offline investors, including Ningquan Zhiyuan No. 55, which is barred from participating from June to December 2025 [1]. - Institutional investors may face restrictions if their bidding is deemed unreasonable or if their operations are not compliant with regulations [1][8]. - The CSRC's guidelines specify that offline investors must avoid actions such as false reporting, misleading statements, and improper quoting practices [4]. Group 2: Industry Impact - The inclusion of Ningquan Zhiyuan No. 55 in the restricted list serves as a warning for the industry, emphasizing the importance of compliance across all operational aspects [1][8]. - The restriction reflects broader issues within the industry, such as inadequate risk management and operational processes in offline IPO inquiries [8]. - As regulatory scrutiny increases, the private equity sector is expected to undergo a process of elimination, with a focus on compliance and operational integrity [8]. Group 3: Company Background - Ningquan Asset, established in 2018, manages over 30 billion yuan and is led by founder Yang Dong, who has over 30 years of experience in the securities industry [5].