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知名私募内斗升级, 招商证券牵涉其中?知情人士:按约操作
Nan Fang Du Shi Bao· 2025-08-08 11:34
Core Viewpoint - The internal conflict within Jingqi Investment has escalated, leading to allegations of unauthorized use of the company's legal seal and signature, as well as accusations against the custodian broker, China Merchants Securities, for failing to fulfill its due diligence obligations [1][2][5]. Group 1: Company Internal Conflict - Jingqi Investment issued a statement on August 7, 2025, claiming that unauthorized personnel used a forged legal seal and signature without the authorization of the legal representative, Fan Siqi [2][4]. - The company emphasized that any documents created using the unauthorized seal are not recognized and that they do not bear any legal consequences [2][4]. - Fan Siqi, the largest shareholder, was reportedly ousted from the company in a meeting with only nine minutes' notice, which he described as a "backstab" [7]. Group 2: Allegations Against Custodian - The statement specifically named China Merchants Securities, alleging that it failed to conduct basic verification duties during the establishment and operation of the Jingqi Tiangong Jupei Exclusive No. 1 Private Securities Investment Fund [5][8]. - Jingqi Investment has a total of 58 products under management, with three of them being managed by China Merchants Securities [8][11]. - The fund in question was established on July 7, 2025, shortly after Fan Siqi's removal, raising concerns about the legitimacy of its operations [8]. Group 3: Company Structure and Ownership - Jingqi Investment was founded in March 2015 and currently manages assets between 1 billion and 2 billion yuan [5]. - The ownership structure shows Fan Siqi holding 36.36% of the shares, while Tang Jingren and Mao Noping each hold 27.27%, totaling 54.54% among the three [5]. - After ownership penetration, Fan Siqi's effective shareholding is 42.73%, which does not grant him absolute control [5].
独家!创始人重刻法人印章!靖奇投资内斗续集:公司500万元账户1天仅剩两千多元,回应来了
Hua Xia Shi Bao· 2025-08-08 10:25
Core Viewpoint - The internal conflict at Shanghai Jingqi Investment Management Co., Ltd. has escalated between founder Fan Siqi and co-founder Tang Jingren, leading to allegations of financial misconduct and unauthorized actions regarding company assets [3][4]. Group 1: Company Conflict - Fan Siqi accused Tang Jingren of transferring 5 million yuan from the company's account, leaving only over 2,000 yuan remaining [3][5]. - Fan Siqi claimed that unauthorized actions, including fund establishment and account operations, were conducted without his consent, constituting serious violations [4][6]. - The dispute has been characterized by accusations of using forged seals and signatures, with Fan Siqi asserting that all actions taken without his authorization are invalid [4][6]. Group 2: Financial Mismanagement Allegations - On July 2, the company’s account was reportedly drained of 5 million yuan, with unusual early salary payments made to employees, raising questions about the legitimacy of these transactions [5][6]. - Tang Jingren defended the actions taken by stating that they were necessary to prevent potential financial risks posed by Fan Siqi's actions, including the reissuance of company seals [6]. - The company announced that online transactions had been frozen, but offline transactions could still proceed under specific conditions [6].
靖奇投资内斗升级举报招商证券 招商证券称无违规操作
Zhong Guo Jing Ji Wang· 2025-08-08 08:17
Core Viewpoint - Recent announcements from Jingqi Investment highlight serious internal issues, including unauthorized use of corporate seals and significant fund transfers, indicating potential governance failures and internal conflicts within the company [1][3][11]. Group 1: Unauthorized Actions - Jingqi Investment reported that individuals acted without the authorization of the legal representative, Fan Siqi, using forged corporate seals and signatures for critical legal actions such as fund establishment and account opening [1][3]. - The company has formally complained to the China Securities Regulatory Commission and the Asset Management Association of China regarding these unauthorized actions and the failure of the custodian, China Merchants Securities, to perform due diligence [1][3]. Group 2: Financial Irregularities - On July 2, a significant abnormal transfer of funds occurred from the company's main account, with 5 million yuan being transferred out within hours, leaving only 2,600 yuan in the account [2][11]. - The transfers included payments for a "year-end bonus" to a shareholder and fees to an unrelated account for "information technology services," raising concerns about the legitimacy of these transactions [11]. Group 3: Internal Conflicts - The situation reflects an escalation of internal power struggles within Jingqi Investment, with the founder, Fan Siqi, previously losing access to critical operational controls during a hastily convened shareholder meeting [11]. - Following these events, Fan Siqi announced his resignation as fund manager due to stress, while the company attempted to clarify his status and the implications of the fund's management [11]. Group 4: Company Background - Jingqi Investment, established in 2015, focuses on quantitative investment using data mining and modeling techniques, and became a member of the Asset Management Association of China in 2018 [12]. - The company currently has 58 products, with only three under the custody of China Merchants Securities, which has stated that it found no evidence of wrongdoing in its internal review [12].
全部正收益!量化私募为何脱颖而出?
Guo Ji Jin Rong Bao· 2025-08-08 07:52
Core Insights - The A-share market has shown a trend of steady upward movement this year, with multiple sectors experiencing gains and market confidence gradually recovering [1][2] - Quantitative private equity funds have significantly outperformed subjective private equity funds, with an average return of 18.92% for 36 billion quantitative private equity funds by the end of July [1][2][3] - The number of billion quantitative private equity funds is increasing, with 44 out of 90 billion private equity funds being quantitative, representing nearly 49% of the total [2] Performance Comparison - Among the 42 billion private equity funds with returns exceeding 10%, 32 are quantitative, 9 are subjective, and 1 is mixed [2] - The average return for 16 billion subjective private equity funds is 13.59%, with 93.75% achieving positive returns [3] Reasons for Quantitative Strength - The high volatility of small and medium-cap stocks allows quantitative strategies to capture trading errors effectively [4] - The overall market liquidity is robust, with daily trading volumes consistently above 1 trillion, and significant net inflows from individual investors since October of last year [4] - There are numerous opportunities related to thematic concepts, particularly around artificial intelligence, which are concentrated in small and medium-cap stocks [4] Market Trust in Quantitative Strategies - The effectiveness of quantitative strategies has been recognized, especially in volatile markets, leading to increased allocation from institutional and high-net-worth clients [6] - Improved market liquidity and the growing number of quantitative professionals are strengthening the foundation of the industry [6] - The upward trend in the proportion of quantitative trading is expected to continue, driven by technological advancements and the increasing demand for risk control and stable returns [6]
连续两周加仓 百亿级私募带头冲锋
在经历4月上旬的减仓后,股票私募机构对当前市场逐渐形成共识,仓位指数在75%上方逐渐稳定 下来。值得注意的是,百亿级私募仓位指数连续两周上涨,并且时隔五周后再次突破80%大关。此外, 私募机构也在通过定增等方式,积极参与A股市场投资。展望后市,机构普遍认为,中国资产重估叙事 逻辑在继续加强,以科技创新突破为代表的新经济领域已经展现出蓬勃生机。 百亿级私募积极加仓 排排网最新数据显示,股票私募最新仓位指数稳定在75.16%,连续六周坚守在75%上方。在经历4 月上旬的减仓后,私募机构对当前市场逐渐形成共识,"按兵不动"成为主流策略。 从股票私募仓位分布来看,数据显示,56.18%的股票私募处于满仓水平,24.10%的股票私募处于 中等仓位水平,12.64%的股票私募处于低仓位水平,另有7.08%的股票私募处于空仓水平。 不同规模股票私募仓位差异较大,仓位由高到底依次是百亿级私募、50亿-100亿元级、0-5亿元 级、5亿-10亿元级、10亿-20亿元级和20亿-50亿元级私募。其中,百亿级私募带头冲锋,仓位指数连续 两周上涨,并且时隔五周后再次突破80%大关,较两周前增加4.09个百分点。 从百亿级私募仓位分布 ...
靖奇投资范思奇主动卸任!量化大厂频现高管变更 行业迎来“全方位较量时刻”
量化私募之间的竞争,正从业绩比拼向综合实力较量转变。 上海证券报记者采访获悉,知名量化私募上海靖奇投资管理有限公司(简称"靖奇投资")法定代表人、 基金经理范思奇将于6月卸任靖奇投资基金经理职务,该私募表示将妥善安排股权变更事宜。 无独有偶,不久前,百亿级量化私募——佳期投资的实际控制人也发生变更,公司创始人季强不再是实 控人,原投资总监吴霄霄成为新的实控人。在业内人士看来,随着量化私募的快速发展,管理规模增长 对各家私募的掌门人提出了更高要求,有些创始人选择不断提升管理能力,有些则"让更合适的人统筹 公司"。 量化行业频现核心人员变更 除了靖奇投资,今年以来多家量化私募出现核心岗位的人员变动。 中基协备案信息显示,佳期投资的实际控制人近日由季强变更为吴霄霄。 平方和投资高管团队也发生变化。记者采访获悉,国际知名量化巨头世坤投资原高级执行研究总监兼中 国区副总经理方壮熙,今年加盟平方和投资。 "方壮熙加入后,一方面公司在投研上实现了重要进阶,另一方面,我可以留出更多精力来加强公司治 理。以前的我是总经理+投资总监,现在我是总经理,方壮熙是投资总监,相信未来不管是在策略迭代 上还是公司治理上,我们都会更加从容。 ...
绩优产品相继封盘 私募发行市场冷热不均
Core Viewpoint - The private equity market in China is experiencing a mixed trend, with some firms closing new subscriptions while others continue to attract significant investments, indicating a disparity in performance among different private equity firms [1][5]. Group 1: Private Equity Firms' Actions - Quantitative private equity firm Ruanfu Investment announced plans to close new subscriptions for its products related to the CSI 500, CSI 1000, and Wind small-cap indices starting July 1, citing strategic business development and investor interest considerations [1][2]. - Another quantitative private equity firm, Kuande Investment, is set to close all channels for new subscriptions on June 30, reflecting a similar trend in the industry [2]. - Subjective private equity firm Ruijun Asset also announced a suspension of new client subscriptions for products managed by its star fund manager, Dong Chengfei, effective June 8 [4]. Group 2: Performance and Market Trends - Ruanfu Investment has seen rapid growth, reaching a management scale of over 70 billion yuan, with an average return of over 27% in the past year [2][4]. - In contrast, the overall private equity market remains uneven, with only a few top-performing firms experiencing significant fundraising success, while many others struggle to attract capital [5][6]. - Quantitative private equity firms are currently outperforming subjective firms in terms of fundraising capabilities, with some popular products selling out quickly upon launch [6]. Group 3: Fundraising Dynamics - The fundraising environment for subjective private equity firms has improved slightly, with some firms like Ruijun Asset and Chongyang Investment managing to raise substantial amounts earlier in the year [4][6]. - However, the overall sentiment in the market indicates that many private equity firms are facing challenges, with some admitting to a "lying flat" approach due to previous underperformance [6].
逾500只私募产品分红
Shen Zhen Shang Bao· 2025-08-08 07:17
Group 1 - A total of 537 private equity securities products with performance displays have distributed dividends this year, with a total of 584 distributions [1] - The average return of these 537 dividend-paying private equity securities products is 10.34%, significantly higher than the average return of 7.87% for 4,596 private equity securities products with performance displays [1] - Stock strategy products are the main contributors to dividends, with 284 stock strategy products distributing dividends 298 times, accounting for 51.03% of total distributions [1] Group 2 - Among the dividend-paying stock strategy products, the average return is 12.86%, with 250 products achieving positive returns, representing 88.03% [1] - There are 93 futures and derivatives strategy products that have distributed dividends 100 times this year, making up 17.12% of total distributions [1] - Multi-asset strategy products have distributed dividends 94 times this year, accounting for 16.10% of total distributions, while bond strategy products have distributed dividends 72 times, representing 12.33% of total distributions [1] Group 3 - Subjective products have outperformed quantitative products in terms of dividends, with 339 subjective products distributing dividends 378 times, which is 64.73% of total distributions [2] - The average return of dividend-paying subjective products is 11.21%, with 299 products achieving positive returns, which is 88.20% [2] - There are 198 quantitative products that have distributed dividends 206 times, accounting for 35.27% of total distributions, with an average return of 8.86% [2]
私募上半年成绩单出炉 事件应对成致胜关键
Core Insights - The A-share market in the first half of 2025 experienced significant volatility, leading to a stark performance divergence among private equity firms, with some capitalizing on new trends while others faced losses [1][2] - The focus of investment strategies shifted towards sectors such as artificial intelligence (AI), new consumption, innovative pharmaceuticals, and dividend assets as firms actively adjusted their portfolios [1][5] Performance of Private Equity Firms - Notable private equity firms showed significant performance variation, with firms like Tongben Investment achieving substantial positive returns due to the rise of the new consumption sector, shifting their focus from "big consumption" to "new consumption" since November 2024 [2] - Conversely, some well-known private equity firms faced losses exceeding 20% due to heavy investments in the oil and gas sector [2] Market Reflections - The market's main theme in the first half of 2025 was characterized by "wide fluctuations combined with structural opportunities," leading many investors to struggle with decision-making during periods of volatility [3] - Key events included the "DeepSeek moment" before the Spring Festival and overseas disturbances in early April, which influenced investment strategies and market dynamics [3] Outlook for the Second Half - Private equity firms expressed optimism for the second half of the year, maintaining focus on AI, new consumption, innovative pharmaceuticals, and dividend assets [5][6] - Investment strategies are expected to emphasize a dual focus on "technology + consumption," with an increased emphasis on sectors like financial technology and biotechnology as well as new consumption leaders [6] - Firms like Qinghequan Capital anticipate that the Chinese market remains attractive to foreign capital due to relatively low valuations, with expectations of a positive market sentiment driven by global capital flows [6]
市场风格快速切换 私募量化指增策略操作难度增加
Core Insights - The A-share market experienced significant structural trends in the first half of 2025, driven by macroeconomic fluctuations and a rebound in market sentiment [1] - Quantitative private equity strategies showed strong overall performance, with a notable internal divergence among different funds [2][3] - The average return of large quantitative private equity funds reached 13.72%, with all achieving positive returns [2] - The performance gap among popular private equity products exceeded 20 percentage points, indicating a competitive landscape characterized by "strong head, weak tail" dynamics [2][3] Performance Metrics - The average excess return for the CSI 500 quantitative enhancement strategy was approximately 11%, while the CSI 1000 strategy achieved 14% [2] - The average return for quantitative neutral strategies was around 5% [2] - The top-performing quantitative private equity products in the CSI 500 strategy had a return of 27.97%, with a performance gap of 20.33% among the top and bottom funds [2][3] Market Dynamics - The market structure was described as a "dumbbell" shape, with strong performances in both large-cap bank stocks and small-cap indices, while the mid-range stocks underperformed [4] - The small-cap sector is becoming a fertile ground for excess returns, with strategies focusing on small-cap stocks showing significant potential [5] - The loosening of merger and acquisition policies has led to an increase in major asset restructuring events, boosting market confidence and liquidity [5] Fundraising Trends - The number of newly registered private equity funds significantly increased in the first half of 2025, with quantitative strategies dominating the fundraising landscape [6] - The overall scale of the quantitative strategy industry is expected to grow by approximately 20% to 30% compared to the same period last year [6] - Notable fundraising success was observed among both leading and mid-tier managers, with innovative strategy products contributing to this growth [6] Future Outlook - The mainstream quantitative private equity firms maintain an optimistic outlook for the A-share market in the second half of the year, anticipating a volatile upward trend [7] - Key sectors expected to provide structural return opportunities include innovative pharmaceuticals, consumer electronics, robotics, military, computing, and photovoltaics [7] - The current proportion of quantitative strategies in A-share trading is about 30%, indicating a reasonable range for enhancing market pricing efficiency, but caution is advised regarding the risks of strategy homogeneity [8]