私募行业迎强监管。12月12日，浙江优策投资管理有限公司（以下简称"优策投资"）因违法违规被监管罚款2100万元，3名责任人员共计被罚款1425万元。 同日，蜂巢股权投资基金管理（大连）有限公司（以下简称"蜂巢股权投资"）也因违反私募法规，被监管处以90万元的罚款，相关责任人也被罚款27万元。 公开数据显示，仅12月，就有十余家私募机构被采取行政监管措施。在业内人士看来，近几年，监管部门对于私募行业违规现象的打击力度加大，有效保护 了投资者利益，同时促进了金融资本市场稳定健康发展。 大额罚单指向私募违规 除优策投资外，12月12日，大连证监局发布的行政处罚决定书显示，蜂巢股权投资存在不履行私募基金管理人的基金管理职责、办公场所无人办公、办公电 话无人接听等违规行为。在上述期间，蜂巢股权投资未按照有关规定向中基协报送私募基金管理人及14只基金产品的2023年年度财务报告、2024年年度财务 报告。张中华作为时任蜂巢股权投资法定代表人、经理、执行董事，在调查期间拒绝配合调查。 针对上述情况，大连证监局对蜂巢股权投资给予警告，并处以90万元的罚款；对张中华给予警告，并处以27万元的罚款。中基协信息显示，蜂巢股权投资 ...

Core Viewpoint - The implementation of the "Private Investment Fund Registration and Filing Measures" since May 1, 2023, has significantly raised the registration threshold for private fund managers in China, leading to a more regulated and standardized industry environment [1][6]. Summary by Sections Regulatory Changes - The new regulations have increased the capital requirements for private fund managers, mandating a minimum paid-in capital of 10 million yuan, with at least 20% contributed by senior executives [1]. - The work experience requirements for senior executives have been clarified, necessitating at least 5 years of relevant experience for key roles and 3 years for compliance and risk management positions [1]. - The criteria for recognized investment performance have become stricter, requiring at least 2 years of performance within the last 10 years, with a minimum management scale of 20 million yuan for individual products or accounts [1]. Industry Impact - As of November 5, 2023, a total of 151 private fund managers have completed registration since the new regulations took effect, with 79.47% of them managing assets of 0-5 billion yuan [7]. - Among the registered managers, only 28 have a management scale exceeding 5 billion yuan, with 9 surpassing 20 billion yuan [7]. - The new regulations have led to the emergence of several large-scale private fund managers, particularly in the insurance sector, with two firms reaching over 10 billion yuan in assets [6][8]. Notable Firms - The two private fund managers that have surpassed the 10 billion yuan mark are Guofeng Xinghua Private Fund and Taibao Zhiyuan Private Fund, both affiliated with insurance companies [6]. - Other notable firms include Lexi Private Fund and Yuanhe Private Fund, which have also achieved significant management scales of 50-100 billion yuan [8][9]. - Lexi Private Fund has been actively investing, with a reported market value of holdings reaching 2.468 billion yuan in three listed companies [9]. Challenges and Withdrawals - Despite the growth of some firms, 17 private fund managers have not yet registered any products, indicating challenges in fundraising and investment [12]. - Some firms have opted to voluntarily deregister due to increased compliance costs and operational difficulties, reflecting the tightening regulatory environment [12].

Core Viewpoint - The private equity industry is undergoing increased regulatory scrutiny, leading to enhanced compliance standards and a stronger emphasis on the head effect among top firms [1][5]. Group 1: Regulatory Developments - Shanghai and Zhejiang have initiated self-inspection processes for private fund managers, focusing on compliance and operational standards [1][2]. - The Shanghai Securities Regulatory Bureau issued a notice mandating private fund managers to conduct self-assessments by mid-June, covering various operational aspects [2]. - The self-assessment includes specific requirements for quantitative strategies, such as ensuring beta exposure is fully covered and conducting stress tests for model risks [2][3]. Group 2: Compliance and Industry Standards - The self-assessment questionnaire includes six key areas: basic requirements, fundraising, investment transactions, internal control and risk management, information disclosure, and investor suitability [3]. - Regulatory focus is on preventing "pooling" of funds, ensuring clear asset allocation, and maintaining independent accounting for fund products [3]. Group 3: Industry Trends - The regulatory approach emphasizes "supporting the strong and limiting the weak," pushing top private equity firms to enhance their compliance capabilities [4]. - The China Securities Regulatory Commission has released an action plan aimed at promoting high-quality development in the public fund sector, which has garnered attention from private equity firms [4]. Group 4: Market Statistics - As of March 2025, there are 19,951 registered private fund managers managing 142,278 funds with a total scale of 19.97 trillion yuan [6]. - In 2023, 469 private fund management institutions have been deregistered, with a total of 1,971 deregistrations since the beginning of last year [6].

Core Viewpoint - The internal conflict at quantitative private equity firm Jingqi Investment has escalated, with accusations against its custodian, China Merchants Securities, for failing to fulfill its supervisory duties regarding significant fund transfers [1][3][4]. Group 1: Custodian Responsibilities - Jingqi Investment issued a risk warning on August 7, accusing China Merchants Securities of not performing its basic verification duties, leading to abnormal fund transfers from its custodian accounts [3][4]. - A specific incident highlighted was the transfer of 5 million yuan from Jingqi Investment's main account within hours on July 2, 2024, which included unauthorized payments such as over 100,000 yuan in "year-end bonuses" and over 700,000 yuan in "information technology service fees" to related accounts [3][4]. - The firm has collected evidence and formally reported the alleged violations to the China Securities Regulatory Commission and the Asset Management Association of China [3][4]. Group 2: Internal Power Struggle - The ongoing internal power struggle at Jingqi Investment began in June, when founder Fan Siqi accused a shareholder of orchestrating a coup during a hastily called shareholder meeting, resulting in his removal from all positions [5][6]. - Fan Siqi, who holds a 36.36% stake, described the situation as a "complete betrayal," as he lost access to critical company systems and communication channels [5][6]. - Despite the internal turmoil, Jingqi Investment achieved recognition as the top performer in the "10 billion to 20 billion scale quantitative private equity performance ranking" for the first half of 2025, indicating a paradoxical success amidst the conflict [7][8]. Group 3: Industry Implications - The conflict at Jingqi Investment raises significant concerns regarding the supervisory responsibilities of custodians in the private equity industry, as the incident has drawn attention to regulatory issues [7][8]. - The outcome of this internal struggle and the related custodial disputes may influence future regulatory directions within the private equity sector [8].

Core Viewpoint - The private equity industry is facing increasing scrutiny from regulatory authorities due to rampant violations and misconduct, necessitating improvements in regulation and self-discipline to ensure healthy development [1][6][8] Group 1: Regulatory Issues - Regulatory bodies have frequently highlighted violations in the private equity sector, revealing various irregularities such as engaging in unrelated businesses and facilitating illegal fundraising [1][4] - The Shenzhen Securities Regulatory Bureau reported that some private equity managers have deviated from their core responsibilities, engaging in activities like acting as brokers for fake gold exchanges and bond issuances [2][4] - There has been a significant increase in penalties, with over 240 fines issued by the regulatory system and more than 200 disciplinary actions from the Asset Management Association of China in 2023 [6][7] Group 2: Misconduct Examples - Some private equity firms have been found to charge excessive fees for consulting services related to unrelated business activities, such as promoting real estate investment plans [2][3] - Instances of illegal fundraising have been reported, where firms used their fund management qualifications to facilitate unauthorized public fundraising, leading to potential criminal activities [4][5] - Certain firms have engaged in "shell selling" practices, transferring operational control without proper registration, which has been exploited for illegal fundraising [5] Group 3: Underlying Causes - The private equity industry is characterized by its inherent complexity and opacity, making comprehensive regulation challenging [7][8] - The competitive nature of the industry drives some firms to adopt unethical practices, including market manipulation and insider trading, to achieve higher returns [7] - The lack of in-depth regulatory oversight due to resource constraints has resulted in a significant information asymmetry, hindering the detection of hidden violations [7] Group 4: Recommendations for Improvement - It is essential to enhance legal frameworks to clarify compliance requirements and increase penalties for violations, thereby deterring potential misconduct [8] - Regulatory authorities should leverage modern technology, such as big data and AI, to establish a comprehensive monitoring system for real-time oversight of private equity activities [8] - Strengthening industry self-regulation through the establishment of strict guidelines and compliance training is crucial for improving the overall integrity of the sector [8]

Regulatory Actions - Multiple local securities regulatory authorities, including Zhejiang, Shanghai, and Shandong, have mandated private equity firms within their jurisdictions to conduct self-inspections and submit reports [1] - Zhejiang Securities Regulatory Bureau has issued a notice to promote high-quality development in the private equity industry by 2025, requiring firms to self-assess compliance with regulations and identify risks in all operational phases [1] - Shanghai Securities Regulatory Bureau has instructed private equity fund managers to engage in standardized operational practices, including organized training and self-evaluation, with a report submission deadline of June 15 [1] - Shandong Securities Regulatory Bureau has also released a self-inspection notice, urging private equity firms to verify compliance against an annual inspection checklist [1]