Core Viewpoint - Quantitative private equity firm Jingqi Investment has reported itself for internal misconduct, a rare occurrence in the industry, highlighting serious governance issues within the firm [1][2]. Group 1: Company Misconduct - Jingqi Investment disclosed that certain internal personnel and external affiliates were involved in illegal activities, specifically manipulating fund operations to repeatedly collect subscription fees, thereby infringing on investors' rights [2][6]. - The firm indicated that preliminary evidence points to abnormal transactions involving four products, including the Lejin Shangfeng No. 1 Private Securities Investment Fund [2][6]. Group 2: Shareholder Dispute - The internal conflict at Jingqi Investment began in June, with the legal representative Fan Siqi claiming he was ousted by other shareholders, leading to a public dispute over company governance [1][6]. - Fan Siqi accused other shareholders of unauthorized actions, including the illegal use of company seals and mismanagement of funds, while the opposing shareholder Tang Jingren alleged that Fan Siqi attempted to liquidate the company without consent [7][9]. Group 3: Industry Implications - The shareholder disputes at Jingqi Investment have reignited discussions on governance issues within private equity firms, particularly as the industry has seen rapid growth and increasing complexity in stakeholder relationships [10]. - Industry experts emphasize the need for private equity firms to establish clear governance structures and decision-making processes to mitigate conflicts and protect investor interests as they scale [10][11].

Core Viewpoint - Recent internal conflicts at Jingqi Investment have led to allegations of serious violations involving fund operations, impacting investor rights and raising governance concerns in the private equity sector [1][2][10]. Group 1: Company Conflicts - Jingqi Investment has been embroiled in a shareholder dispute since June, with the legal representative Fan Siqi claiming he was ousted by other shareholders [1][10]. - Fan Siqi has accused other shareholders of mismanaging company assets and unauthorized actions, including the illegal use of company seals and signatures [15][16]. - The company has reported that certain internal personnel and external parties have engaged in repeated operations during fund subscription and redemption, leading to the misappropriation of fund assets [1][2]. Group 2: Regulatory Actions - A risk warning issued by Jingqi Investment calls for the revocation of the fund management qualifications of involved parties, including Shanghai Jingqi Investment Management Co., and Shenzhen Lejin Asset Management Co. [2]. - The company has indicated that it will pursue legal action to resolve the ongoing disputes and protect its interests [15][16]. Group 3: Industry Implications - The shareholder disputes at Jingqi Investment highlight broader governance issues within the private equity industry, particularly among quantitative private equity firms [16]. - Industry experts suggest that as private equity firms grow, the potential for conflicts over profit distribution and decision-making increases, necessitating clearer governance structures [16][17].

Core Viewpoint - The internal conflict at Jingqi Investment has escalated, with allegations of serious violations involving internal personnel and external parties, leading to potential legal actions against implicated fund managers [1][2]. Group 1: Allegations and Violations - Jingqi Investment reported that certain internal personnel engaged in illegal activities, including manipulating fund operations to repeatedly collect subscription fees, thereby harming investors' rights [1]. - A whistleblower letter requested the revocation of fund management licenses for implicated firms, including Shanghai Jingqi Investment Management Co., Ltd. and Shenzhen Lejin Asset Management Co., Ltd. [2]. Group 2: Management Changes and Internal Disputes - The conflict became public in June, when founder Fan Siqi announced his resignation as fund manager and initiated the liquidation of certain self-managed products, citing market pressures [6]. - Another founder, Tang Jingren, stated that Fan Siqi's announcements were personal actions not recognized by the company, indicating a lack of consensus on the management's direction [4]. - Tang Jingren also mentioned that the company had decided to remove Fan Siqi from his legal representative position, with the change pending completion by the end of the month [5]. Group 3: Communication and Public Statements - Fan Siqi expressed feelings of betrayal in a public statement, claiming he was ousted from the company through a hastily organized shareholders' meeting [8]. - Tang Jingren countered that Fan Siqi's actions, including unauthorized liquidation and data deletion, were in violation of company protocols and had negatively impacted the firm [9].

Group 1 - The A-share market sentiment has been continuously warming up, with private equity institutions actively positioning themselves [1] - As of August 15, the average position of billion-level stock private equity has risen to 82.29%, a significant increase of 8.16 percentage points from the previous week [1] - Technology growth, small and mid-cap stocks, and high prosperity sectors remain the focal points of private equity attention [1] Group 2 - Increasing positions and maintaining high operational levels have become common strategies among private equity institutions [1] - It is noteworthy that the turnover rate of funds in the market has reached historically high levels, which may lead to increased short-term volatility [1]

Core Viewpoint - The internal conflict at Jingqi Investment has escalated, with allegations of serious violations by certain internal personnel and external parties, leading to potential legal actions against implicated fund managers [1][2]. Group 1: Internal Conflict and Management Changes - The company has decided to remove Fan Siqi from the position of legal representative, with the change expected to be completed by the end of August [2]. - Fan Siqi announced his resignation as fund manager on June 10, citing significant pressure from market changes and management responsibilities [2]. - Following his resignation, Fan Siqi claimed he was unfairly ousted from the company during a shareholder meeting, describing it as a "complete betrayal" [2][3]. Group 2: Allegations of Misconduct - Jingqi Investment has identified serious violations involving internal personnel and external parties, including repeated collection of subscription fees and misappropriation of fund assets [1]. - A risk warning letter was issued, requesting the revocation of fund management qualifications for implicated parties, including Shanghai Jingqi Investment Management Co., Ltd. and Shenzhen Lejin Asset Management Co., Ltd. [1]. - Fan Siqi has been accused of unauthorized actions, including data deletion and improper fund liquidation, which have negatively impacted the company [3]. Group 3: Communication and Public Statements - The company has communicated with regulatory authorities regarding the ongoing issues and plans to pursue legal action [2]. - Fan Siqi's recent statements addressing various rumors about the company have been met with skepticism from other stakeholders, who assert that his actions have caused harm to the company [3].

Core Viewpoint - The A-share market is experiencing increased investor enthusiasm, with over 60% of large private equity firms nearing full investment positions, indicating a shift towards aggressive investment strategies [1][2]. Private Equity Fund Positioning - As of August 15, the average position of large private equity firms reached 82.29%, a significant increase of 8.16 percentage points from the previous week [1][2]. - The proportion of large private equity firms with positions above 80% rose to 61.97%, up 24.81 percentage points from the previous week [2]. - The shift towards aggressive investment strategies is attributed to a favorable market environment, optimistic investor sentiment, structural opportunities in sectors like AI, and the positive effects of previous market performance [2]. Investment Strategies - Private equity firms are focusing on technology growth sectors, particularly AI applications and high-end manufacturing, with some firms reporting significant increases in their positions in these areas [1][4]. - The current investment strategy emphasizes maintaining high positions rather than seeking perfect stock picks, reflecting a belief in the ongoing upward trend of the market [3][4]. Market Outlook - Private equity firms generally hold a positive outlook for the market, anticipating a long-term upward trend supported by macroeconomic policies and improving corporate earnings [5]. - The market is expected to enter a phase of sustained growth, with liquidity and investor sentiment playing crucial roles in driving stock performance [5][6].

Core Viewpoint - The internal conflict at Jingqi Investment has escalated, with allegations of serious violations by certain internal personnel and external parties, leading to potential legal actions against implicated fund managers [1][2]. Group 1: Internal Conflict and Management Changes - The company has decided to remove Fan Siqi from the position of legal representative, with the change expected to be completed by the end of August [2]. - Fan Siqi announced his resignation as fund manager on June 10, citing significant pressure from market changes and management responsibilities [2]. - Following his resignation, Fan Siqi claimed he was unfairly ousted from the company during a shareholder meeting, which he described as a "thorough betrayal" [2][3]. Group 2: Allegations of Misconduct - Jingqi Investment has identified serious violations involving internal personnel and external parties, including repeated collection of subscription fees and misappropriation of fund assets [1]. - A risk warning letter was issued, requesting the revocation of fund management qualifications for implicated parties, including Shanghai Jingqi Investment Management Co., Ltd. and Shenzhen Lejin Asset Management Co., Ltd. [1]. - Fan Siqi has been accused of unauthorized actions, including data deletion and improper fund liquidation, which have negatively impacted the company [3]. Group 3: Communication and Public Statements - The company has communicated with regulatory authorities regarding the ongoing issues and plans to pursue legal action [2]. - Fan Siqi's recent statements addressing various rumors about the company have been met with skepticism from other stakeholders, who assert that his actions have caused harm to the firm [3].

Core Insights - The article highlights the growing trend of quantitative investment in the context of a strengthening small and micro market, with a projected peak in 2025 as AI and quantitative technologies continue to evolve [1] - The total scale of private quantitative funds in the market has surpassed 1.49 trillion yuan, reflecting an increase of over 80 billion yuan since the end of 2024 [1] - The launch of a multi-asset absolute return independent quantitative strategy by the established subjective private equity firm, Jiangju Capital, marks a significant shift towards quantitative investment [1][2] Company Strategy - Jiangju Capital's decision to transition from subjective to quantitative investment is based on the maturity of its quantitative resources and technology, as well as a forward-looking approach to strategy innovation and long-term development [2] - The firm aims to achieve steady, low-volatility absolute returns, positioning its new strategy against "fixed income +" or market-neutral products [1][3] - The quantitative team at Jiangju Capital has been developing various quantitative sub-strategies since 2009, with the independent quantitative product plan emerging in 2023 as these strategies matured [3][4] Investment Focus - The multi-asset absolute return strategy combines various asset classes and strategies to mitigate portfolio volatility and capitalize on the positive return attributes of stocks, bonds, and certain commodities [3][4] - The strategy integrates multiple quantitative underlying strategies, including quantitative stock selection and risk parity, rather than following mainstream index-enhanced strategies [4] - Jiangju Capital's approach emphasizes long-term effective fundamental research, avoiding crowded market competition and focusing on the stability of factors over time [5] Market Outlook - The A-share market has shown signs of a technical bull market, with the Shanghai Composite Index surpassing 3,800 points, reflecting a cumulative increase of over 30% from the bottom [6] - The firm anticipates a slow bull market in the medium to long term, contingent on factors such as sustained market liquidity, corporate profit recovery, and coordinated macro policies [6] - Jiangju Capital identifies four key investment directions: AI infrastructure, capital market-related stocks, competitive consumer companies, and globally competitive firms with significant overseas business [6][7] Strategy Evolution - Jiangju Capital has upgraded its active investment strategies, expanding from a growth-focused approach to include dividend and commodity stock strategies [7] - The firm has balanced strategy weights in portfolio management to avoid excessive exposure to any single style while ensuring adequate allocation to advantageous directions [7] - The focus on stock selection has shifted towards emphasizing safety margins and the price-to-earnings ratio, seeking high potential returns with lower downside risks [7]

随小微盘市场风格的走强，以及AI与量化技术的持续迭代融合，2025年，量化投资再度迎来高光时 刻。第三方数据显示，截至今年二季度末，全市场私募量化基金总规模已突破1.49万亿元，较2024年底 增长超过800亿元。 量化投资热度持续攀升的背景下，一些主观多头私募机构也开始积极布局量化赛道，探索第二增长曲 线。 近日，21世纪经济报道获悉，酝酿布局多年后，老牌主观私募相聚资本正式推出了多资产绝对回报的独 立量化策略。该策略主要对标"固收+"或者市场中性产品，追求实现持续、稳健、低波的绝对回报目 标。 无论是身为老牌主观私募向量化"跨界"，还是在权益牛市中选择推出以稳健回报为目标的量化策略，似 乎都颇为独树一帜。但在梁辉看来，这一决策既基于公司量化资源与技术的成熟，也源于其在策略创新 和长远发展方面的前瞻思考。 谈及近期A股市场走势，梁辉指出，本轮上涨是对中国经济长期向好基本面的反应，中长期慢牛行情值 得期待。在主动投资策略方面，他表示将更加注重个股基本面趋势与估值性价比的平衡，并在行业层面 重点关注供需格局的变化。以多资产、多策略实现绝对回报 虽是一家主观多头私募，相聚资本并非是量化投资的"新兵"。据了解，相聚 ...

Core Viewpoint - The article highlights the growing popularity and impressive performance of quantitative private equity funds, particularly focusing on Ming Stone Fund, which has established itself as a leading player in the industry since its inception in 2010 [1][3]. Group 1: Company Overview - Ming Stone Fund was founded in December 2010 and currently employs over 100 staff globally, with more than 80% of the research team holding advanced degrees from prestigious universities [1]. - The founder and general manager, Dr. Yuan Yu, has a strong academic background, having obtained a PhD in Finance from the Wharton School and previously worked at the Federal Reserve Bank [3][4]. Group 2: Investment Strategy - The fund has developed a unique three-factor model tailored to the Chinese market, which includes market, size, and value factors, effectively explaining most cross-sectional return anomalies in the A-share market [13]. - Ming Stone Fund employs a proprietary "Five-Ring Multi-Core" quantitative research and investment system, which includes five key research stages: factor, AI, optimization, risk control, and trading [9][14]. Group 3: AI Integration - Since 2021, the fund has significantly increased the role of AI in its investment research, establishing the G-Lab AI laboratory to enhance efficiency across all research stages [14]. - The fund's factor library consists of 30,000 factors, primarily derived from manual research, supplemented by machine learning, ensuring a balance between interpretability and differentiation [15]. Group 4: Performance Metrics - Ming Stone Fund's quantitative stock selection product, "Ming Stone Spring 28," ranked third among top private equity quantitative stock selection products in terms of excess returns over the past three years [16]. - The fund attributes its strong performance to its efficient research system, adaptive strategies, and the favorable market environment, which has enhanced its ability to capture liquidity premiums [18]. Group 5: Market Insights - The article discusses the potential of small-cap stocks represented by the CSI 1000 index, which is expected to perform well due to its low institutional coverage and pricing inefficiencies [20]. - The fund emphasizes the importance of risk control, utilizing a self-developed multi-factor risk control model to manage volatility and exposure effectively [21].