Core Viewpoint - Ningquan Asset has recently come under scrutiny due to its "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" being placed on a restricted list for participating in offline IPO subscriptions, effective from June 20, 2025, for a duration of six months [1][4]. Group 1: Company Overview - Ningquan Asset was founded in January 2018 by Yang Dong, who has 33 years of industry experience, and has gained significant recognition in the industry [4]. - As of the end of Q1 this year, Ningquan Asset managed approximately 45 billion yuan [4]. - The company employs 26 people, with 18 in the investment research team, and focuses on sectors such as the new energy industry chain, TMT, semiconductors, pharmaceuticals, and large consumer and financial sectors [4]. Group 2: Recent Developments - The restriction on the "Ningquan Zhiyuan No. 55" fund was attributed to a data entry error when inputting net asset values [2][4]. - In recent years, Ningquan Asset's products have actively participated in IPO subscriptions, but the "Ningquan Zhiyuan No. 55" fund has not been seen in recent IPO announcements [5]. Group 3: Industry Context - The incident highlights a broader issue within the industry, where many private equity firms face restrictions due to compliance failures, such as incorrect pricing, procedural irregularities, or violations of regulations [6][9]. - Other institutions, including GF Securities and public funds, have also been placed on the restricted list, indicating a trend of increased regulatory scrutiny in the offline IPO subscription process [7][10]. - The recent revisions to the "Management Rules for Offline Investors in Initial Public Offerings" have made compliance a key focus for regulatory bodies, emphasizing the importance of thorough internal controls and compliance awareness [9][10].