Core Viewpoint - The recent internal conflict at Jingqi Investment has escalated, involving allegations of financial misconduct and mismanagement, with the company’s founder and fund manager Fan Siqi at the center of the controversy [2][3][4]. Group 1: Company Operations and Allegations - Jingqi Investment's basic account experienced a significant abnormal fund transfer on July 2, which has severely impacted the company's financial operations [3]. - The company claims that there have been illegal uses of forged corporate seals and unauthorized actions regarding fund establishment and liquidation, implicating its custodian, China Merchants Securities, for failing to fulfill its due diligence obligations [4]. - Jingqi Investment has filed formal complaints with the China Securities Regulatory Commission and the Asset Management Association of China regarding these allegations [4]. Group 2: Management Disputes - The company is currently undergoing a change in its legal representative, with Fan Siqi allegedly using his authority to alter the management of the company's WeChat account during this transition [6]. - There are conflicting narratives between the founders, with Fan Siqi asserting that he was unfairly removed from his positions and that his actions were in defense of the company [5][6]. - The other founder, Tang Jingren, claims that Fan Siqi has not been involved in the company's daily operations for nearly three years and has been living in Japan, which has contributed to the management issues [7][8]. Group 3: Financial Management and Structure - Jingqi Investment was established on March 9, 2015, and currently manages between 1 billion to 2 billion yuan, with 56 funds under management [5]. - The company has faced scrutiny over its operational practices, particularly regarding the management of its funds and the legitimacy of its financial transactions [4][5].

Core Viewpoint - The article discusses the internal conflict at Jingqi Investment, highlighting allegations of financial misconduct and management disputes between its founders, Fan Siqi and Tang Jingren, which have implications for the company's operations and its relationship with its custodian, China Merchants Securities [2][3][4]. Group 1: Internal Conflict and Allegations - Jingqi Investment's founder, Fan Siqi, has accused the company of large unauthorized fund transfers and illegal use of corporate seals, claiming that the custodian, China Merchants Securities, failed to fulfill its due diligence obligations [2][3]. - Tang Jingren, another founder, stated that the company is undergoing a legal representative change and accused Fan Siqi of misusing his authority to alter the company's WeChat management and harm the interests of other shareholders [6][7]. - The company has filed complaints with the China Securities Regulatory Commission and the China Securities Investment Fund Industry Association regarding alleged violations of fund laws by its custodian [4]. Group 2: Company Operations and Management - Jingqi Investment was established on March 9, 2015, with a management scale between 1 billion to 2 billion yuan, managing 56 funds [4]. - The company has faced operational disruptions due to the freezing of its main account, which has affected its payment processes, leading to a reliance on offline transactions [3][4]. - Fan Siqi, who holds 42.72% of the company's shares, has been accused of not being involved in the company's daily operations for nearly three years, as he has been residing in Japan [5][7].

【导读】银行间市场交易商协会对3家私募发自律处分 8月8日晚间，中国银行间市场交易商协会（以下简称交易商协会）发布了多条自律处分信息，涉及上海复熙资产管理有限公司（以下简称复熙资产）、上 海寰财私募基金管理有限公司（以下简称上海寰财）、江苏煜宁私募基金管理有限公司（以下简称江苏煜宁）3家机构，主要涉及利用资管产品协助多家 发行人非市场化发行，收取大额财务资助或代持服务费等情况。 | 序号 | 处分对象 | 类型 | 处分措施 | 处分目期 | 标题 | | --- | --- | --- | --- | --- | --- | | 1 | 上海复熙资产管理有限公司 | 其他机构 | 严重警告 | 2025-08-04 | 中国银行间市场交易商协会自律处分信息- 复熙资产 | | 2 | 上海寰财私募基金管理有限公 | 其他机构 | 警告 | 2025-08-04 | 中国银行间市场交易商协会自律处分信息一 | | | 司 | | | | 上海寰财 | | 3 | 江苏煜宁私募基金管理有限公 | 其他机构 | 严重警告 | 2025-08-04 | 中国银行间市场交易商协会自律处分信息一 | | | 司 | | ...

8月8日晚间，中国银行间市场交易商协会（以下简称交易商协会）发布了多条自律处分信息，涉及上海 复熙资产管理有限公司（以下简称复熙资产）、上海寰财私募基金管理有限公司（以下简称上海寰 财）、江苏煜宁私募基金管理有限公司（以下简称江苏煜宁）3家机构，主要涉及利用资管产品协助多 家发行人非市场化发行，收取大额财务资助或代持服务费等情况。（中国基金报） ...

Group 1 - The China Interbank Market Dealers Association issued severe warnings to several asset management firms for their involvement in non-market-based issuances and financial misconduct [1] - Jiangsu Yuning was warned for assisting multiple issuers in non-market-based issuance and receiving large financial subsidies [1] - Zhongyuan Futures was cautioned for failing to prudently verify the relationships between entrusted parties and issuers, effectively aiding in self-financing issuance [1] Group 2 - Fuxi Asset received a serious warning for assisting multiple issuers in non-market-based issuance and charging substantial financial subsidies or holding service fees [1] - Shanghai Huancai was warned for facilitating self-financing issuance through nested asset management plans [1] - Zhongzheng Pengyuan was criticized for sending rating upgrade proposals to potential subjects and failing to maintain effective separation between rating analysts and marketing personnel [1]

Core Viewpoint - The internal conflict within the well-known quantitative private equity firm Jingqi Investment has escalated, involving allegations of financial misconduct and mismanagement by its founders, particularly concerning the handling of company accounts and legal authority [1][2][4]. Group 1: Internal Conflict and Allegations - Jingqi Investment has issued multiple risk warning announcements regarding significant abnormal fund transfers from its main account, which have severely impacted its financial operations [2][3]. - Founder Fan Siqi has been accused of unauthorized actions, including the illegal use of the company seal and signatures to establish and liquidate funds without proper authorization [1][2][3]. - The company is currently undergoing a change in its legal representative, which has led to disputes over control and management rights between the founders [6][7]. Group 2: Company Operations and Management - Jingqi Investment was established on March 9, 2015, with a management scale between 1 billion and 2 billion yuan, overseeing 56 funds [4]. - The firm has faced scrutiny regarding its compliance with fund regulations, particularly concerning the Jingqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund, which allegedly operated without proper authorization [3][4]. - The company has reported that its main account operations have been frozen online, but offline transactions can still be conducted under strict conditions [2][3]. Group 3: Stakeholder Responses - The other founder, Tang Jingren, has publicly stated that Fan Siqi's actions are intended to pressure other shareholders and disrupt the company's operations [6][7]. - Tang Jingren and another shareholder have issued a statement to investors regarding the removal of Fan Siqi from his positions, indicating ongoing legal processes to formalize this change [6][7]. - Fan Siqi has claimed that he has been sidelined from company operations and has not agreed to the current business direction, which he believes lacks transparency [6][7].

红星资本局8月8日消息，知名量化私募上海靖奇投资管理有限公司（下称"靖奇投资"）高层内斗有了新进展。 8月7日下午，靖奇投资微信公众号发布了《关于非法使用法人印章及合作机构尽职调查义务的声明》（下称"《声明》"）。在《声明》中，靖奇投资称，公 司发现存在人员未经法定代表人范思奇授权，非法使用伪造法人印章及冒用法人签名，擅自进行基金设立、清盘、证券账户开立等关键法律行为的情形。 对此，8月8日，靖奇投资另一名创始人唐靖人回应红星资本局称，这篇《声明》是范思奇所发，涉及公章、工商变更登记等一系列纠纷，目前他们已经诉诸 司法解决，还在等待后续结果。 红星资本局注意到，8月7日的这份《声明》落款为靖奇投资与法定代表人范思奇，并盖有公章和法定代表人章。 红星资本局注意到，目前双方各执一词，尚未有定论。今年6月，该私募就因创始人范思奇宣布"旗下产品清盘""发文称遭背刺"等话题引发关注。 事涉公章、股权转让、删库跑路 两名创始人各执一词 《声明》称，近期，公司发现存在人员未经法定代表人范思奇授权，非法使用伪造法人印章及冒用法人签名，擅自进行基金设立、清盘、证券账户开立等关 键法律行为的情形。此类操作如未经有效授权，相关法律 ...

Core Viewpoint - The article discusses a governance crisis at Shanghai Jingqi Investment Management Co., Ltd. (Jingqi Investment), highlighting internal conflicts and allegations of unauthorized actions involving the use of forged legal seals and signatures, which have implications for its custodian, China Merchants Securities [2][5][10]. Group 1: Company Background - Jingqi Investment was established in 2015, managing assets between 1 billion to 2 billion yuan [4]. - The company has two founders: Fan Siqi, who holds a 36.36% stake, and Tang Jingren, who holds a 27.27% stake [4]. - Fan Siqi serves multiple roles including legal representative, chairman, and fund manager, while Tang Jingren is the risk control officer [4]. Group 2: Recent Developments - On June 10, 2025, Fan Siqi announced his resignation as fund manager, citing significant pressure and loss of enthusiasm due to management responsibilities [5]. - Following his resignation, Jingqi Investment stated that the funds managed by Fan Siqi were a small portion of the total assets under management and that all other products were operating normally [5]. - On July 2, 2025, Jingqi Investment reported a large abnormal transfer from its main account, leading to the freezing of online operations [7]. Group 3: Allegations and Complaints - The risk warning issued on August 7, 2025, indicated unauthorized actions by personnel, including the illegal use of forged seals, and accused China Merchants Securities of failing to fulfill its basic verification obligations [2][10]. - Fan Siqi claimed that there were instances where company funds were used for personal expenses by a shareholder, raising concerns about financial management [10]. - The article also mentions ongoing investigations into potential commission kickbacks involving brokerage firms, which are prohibited by regulatory authorities [10][12].

Core Viewpoint - The article reveals details about the "rebate incident" involving Li Cheng, the market director of Huanfang Quantitative, and the brokerage firm China Merchants Securities, highlighting the intricate relationships and interests between quantitative private equity firms and their cooperating brokerages [1][2]. Group 1: Incident Details - The key figure in the rebate incident is Meng Pengfei, who served as the general manager of the Shenzhen Nand East Road branch of China Merchants Securities from June 2018 to February 2023 [1]. - During his tenure, Meng arranged for his relatives to act as exclusive brokers for Huanfang Quantitative, receiving a total of 1.18 billion yuan in performance bonuses, with over 200 million yuan going to Li Cheng and 100 million yuan to Liu Huan [1]. - Meng attempted to secure his position by offering 3 million yuan in gold to his superior, Gao Xiang, who later returned the gold and was investigated in March of this year [1]. Group 2: Huanfang Quantitative's Growth - Huanfang Quantitative's management scale grew significantly, reaching approximately 30 billion yuan by the end of 2017, doubling in 2018, and surpassing 100 billion yuan in 2019, eventually becoming the first quantitative private equity firm in China to exceed 1 trillion yuan in 2021 [2]. - The timing of Huanfang Quantitative's trading activities at China Merchants Securities coincided with its rising industry profile and impending growth [2]. Group 3: Trading Volume and Rankings - From 2017 to 2023, the trading volume at the Shenzhen Nand East Road branch of China Merchants Securities increased dramatically, with trading volumes of 1,819.72 billion yuan in 2019, 9,013.5 billion yuan in 2020, and 10,687.84 billion yuan in 2021, leading to significant improvements in its ranking among all brokerage branches [2]. - Despite a decline in trading volume in 2022 and 2023, the branch maintained high trading volumes of 5,631.09 billion yuan and 7,130.64 billion yuan, ranking 18th and 8th respectively [3]. Group 4: Industry Trends and Competition - The quantitative private equity industry in China has rapidly developed, with an estimated total scale of approximately 837 billion yuan by the end of 2024, including around 768 billion yuan in stock holdings [5]. - As of July 25 this year, there are 44 quantitative private equity firms in China with assets exceeding 10 billion yuan, indicating a competitive landscape among brokerages to attract these influential firms [6]. Group 5: Broker-Private Equity Relationships - The collaboration between private equity firms and brokerages typically involves brokerage services, distribution, custody services, and other financial services, with brokerages earning commissions from these activities [7]. - The choice of brokerage by leading quantitative private equity firms often depends on the performance of trading systems and fee structures, with a typical trading fee around 0.12% [7]. - Relationships and personal connections play a significant role in these collaborations, which can lead to potential issues when large financial interests are involved [7]. Group 6: Custody and Regulatory Aspects - Huanfang Quantitative has a high percentage of its products (58.06%) under the custody of China Merchants Securities, indicating a deep partnership [8][9]. - Legal experts highlight that while private equity firms may negotiate commissions with brokerages, any undisclosed or improper financial arrangements could lead to regulatory scrutiny and penalties [11][13].

Core Viewpoint - The internal conflict at Jiangqi Investment has escalated, with allegations of unauthorized use of the company's legal seal and signature, leading to potential legal implications and scrutiny of the custodian, China Merchants Securities [2][3][6]. Group 1: Company Statements and Allegations - Jiangqi Investment issued a statement claiming that unauthorized personnel used a forged legal seal and signature to conduct key legal actions such as fund establishment and account opening without proper authorization from the legal representative [3][6]. - The company emphasized that any documents created using the unauthorized seal are invalid and that the legal seal is now under the control of the legal representative, Fan Siqi [3][6]. - Jiangqi Investment has formally requested the return of the seal and has reported the matter to the police [3]. Group 2: Custodian's Role and Responsibilities - The statement specifically names China Merchants Securities, accusing it of failing to perform due diligence in the establishment and operation of the "Jiangqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund" [6][9]. - The fund was established on July 7, 2025, shortly after Fan Siqi was removed from the company, raising questions about the legitimacy of the fund's operations [10][11]. - A source indicated that China Merchants Securities acted based on previous contracts and documentation, without any request for changes to the legal seal following internal changes at Jiangqi Investment [10][12]. Group 3: Shareholder Dynamics and Internal Conflict - Jiangqi Investment was founded in March 2015 and currently manages assets between 1 billion to 2 billion RMB [7]. - The ownership structure shows that Fan Siqi holds 36.36% of the shares, while Tang Jingren and Mao Noping each hold 27.27%, leading to a lack of absolute control by any single shareholder [7]. - Fan Siqi publicly expressed his grievances about being ousted from the company in a shareholder meeting that he claims was poorly communicated [7][8].