"近年来，深圳证监局在日常监管中发现，辖区少数私募基金管理人从事与私募基金管理相冲突或无关 的业务，有的私募基金管理人利用在管私募基金进行利益输送，损害投资者合法权益，还有的私募基金 管理人利用其资质实施或配合开展违法犯罪活动。"深圳证监局指出。 6月20日，深圳证监局发布最新一期《私募基金监管情况通报》，披露了当前私募基金管理人的典型问 题，涉及从事与私募基金管理无关的业务、利用在管私募基金进行利益输送、利用管理人资质从事违法 犯罪活动等三大类违规行为。 合规意识淡漠 三大类私募乱象频发 据了解，此次《私募基金监管情况通报》对当前私募基金管理人的典型问题进行了披露，主题为聚焦私 募基金管理人主责主业，提升专业化运作水平。 深圳证监局认为，从事与私募基金管理无关的业务是私募的主要乱象之一，包括销售伪金交所产品、对 外提供咨询服务、对外提供居间服务、销售投资标的公司股权、协助非公司员工获取基金从业资格、在 办公场地内开展无关活动等。 比如，在销售伪金交所产品方面，某股权类私募机构因增量业务不足，与某房地产企业签署《承销协 议》，向多名自然人投资者推介该房企在伪金交所发行的应收账款收益权转让计划，并收取150余万 ...

Core Viewpoint - The recent report from the Shenzhen Securities Regulatory Bureau reveals alarming violations in the private equity industry, highlighting issues such as the mingling of unrelated activities like fortune-telling with fund management, the sale of fraudulent gold exchange products, and illicit bond profit transfers [1][2]. Group 1: Industry Violations - Some private equity institutions have deviated from their core responsibilities, engaging in unrelated activities such as fortune-telling and knowledge payment services [3][4]. - Certain private equity firms have become conduits for illegal financial activities, promoting fraudulent investment schemes and charging significant consulting fees [4][11]. - The report indicates a troubling trend where private equity firms prioritize course sales over legitimate fund management, with a significant portion of income derived from unrelated activities [4][11]. Group 2: Illegal Operations and Profit Transfers - The report uncovers hidden profit transfer chains and illegal operational methods within the private equity sector, particularly in the bond market [6][7]. - Instances of profit transfer through related transactions have been identified, where private equity funds are manipulated to benefit insiders at the expense of investors [6][14]. - There are serious concerns regarding the use of private equity fund accounts for illegal activities, including unauthorized stock trading and illegal fundraising [7][15]. Group 3: Regulatory Response - In response to these rampant violations, the Shenzhen Securities Regulatory Bureau has established clear regulatory guidelines, emphasizing the need for private equity firms to focus on their core business and enhance compliance [8][18]. - The regulatory body has mandated that private equity institutions must not engage in activities that conflict with fund management and must prioritize investor interests [8][18]. - Future regulatory efforts will involve increased scrutiny of compliance operations within private equity firms, with strict accountability for violations [8][18].

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has identified significant misconduct among private fund managers in the region, including engaging in unrelated business activities and violating compliance standards, which undermines investor interests and market order [1][3][6]. Group 1: Misconduct in Private Fund Management - Some private fund managers have deviated from their core responsibilities by engaging in unrelated business activities such as selling pseudo-gold exchange products, providing consulting services, and conducting fortune-telling [1][3]. - Specific examples include a private equity firm promoting a real estate company's receivables plan and charging over 1.5 million yuan in consulting fees, as well as another firm offering financing services and receiving fees based on financing amounts [3][4]. - There are instances of private fund managers facilitating the acquisition of fund management qualifications for non-employees and conducting unrelated activities like fortune-telling within their offices [4][5]. Group 2: Profit Transfer and Investor Rights - Certain private fund managers have been found to use managed fund products for profit transfer, harming investor rights, particularly in the bond market [6][7]. - Examples include agreements between fund managers and securities firms to invest in designated bonds for a fee, and charging large advisory fees to funds without proper disclosure [6][7]. - There are also cases of fund managers engaging in "high buy low sell" transactions with their own funds, which constitutes profit transfer [7]. Group 3: Criminal Activities and Regulatory Concerns - Some private fund managers have exploited their qualifications to engage in illegal activities, highlighting the urgent need for regulatory oversight [9][10]. - Notable illegal activities include unauthorized fundraising, lending management qualifications to facilitate illegal fundraising, and using fund accounts for illegal margin trading [9][10]. - The Shenzhen Securities Regulatory Bureau has outlined five major illegal activities, including illegal fundraising and market manipulation [10][12]. Group 4: Regulatory Measures and Future Directions - The Shenzhen Securities Regulatory Bureau has proposed four regulatory requirements to guide private fund managers back to their core business and promote healthy industry development [11][12]. - These requirements emphasize focusing on core business, enhancing compliance and internal controls, preventing illegal activities, and ensuring sustainable operational capabilities [12][13]. - The Bureau plans to strengthen regulatory inspections and hold accountable those engaging in illegal activities, urging private fund managers to improve their operational standards [13].

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has identified significant misconduct among private fund managers, including engaging in unrelated business activities and violating compliance regulations, which undermines investor interests and market order [1][4][6]. Group 1: Misconduct in Private Fund Management - Some private fund managers have deviated from their primary responsibilities by engaging in unrelated business activities such as selling fraudulent gold exchange products and providing consulting services [2][3]. - Specific cases include a private equity firm promoting a real estate company's receivables plan and charging over 1.5 million yuan in consulting fees, as well as another firm offering financing services and charging fees based on financing amounts [2][3]. Group 2: Profit Transfer and Investor Rights - There are notable instances of profit transfer using managed private fund products, which harm investor rights. This includes arrangements where fund managers receive payments for facilitating bond transactions and charging excessive advisory fees without disclosing them to investors [4][5]. - A specific case involved a private equity firm selling bonds to its own executives at a price significantly lower than market value, only to repurchase them at a higher price shortly after [5]. Group 3: Criminal Activities and Regulatory Violations - Certain private fund managers have exploited their qualifications to engage in illegal activities, such as illegal fundraising and market manipulation, highlighting the urgent need for stricter regulation [6][7]. - Activities include unauthorized fundraising through unregistered partnerships, lending management qualifications to facilitate illegal public fundraising, and using private fund accounts for illegal margin trading [6][7]. Group 4: Regulatory Recommendations - The Shenzhen Securities Regulatory Bureau has proposed four regulatory measures to address these issues, including focusing on core business operations, enhancing compliance and internal controls, preventing illegal activities, and ensuring sustainable operational capabilities [8][9][10]. - The bureau emphasizes the importance of private fund managers adhering to investor interests and maintaining a high level of compliance to prevent conflicts of interest and protect investor rights [9][11].

Core Viewpoint - The subjective long-only strategy is one of the most traditional and common investment strategies among private equity funds, relying heavily on the judgment and research capabilities of the investment team regarding macroeconomics, industry development, and company fundamentals [2] Performance Overview - In May, the average return of subjective long-only private equity products reached 3.18%, significantly improving compared to April, ranking second among 16 secondary strategies, only behind quantitative long strategies [2] - Over the past six months and one year, the subjective long-only strategy ranked in the top three, achieving returns of 7.70% and 24.71% respectively [2] - However, the average return over the past three years was only 35.88%, placing it in the middle of all secondary strategies [2] Top Performers - In the top 20 subjective long-only products over the past six months, several firms such as Youbo Capital, Rongshu Investment, and Tongben Investment have shown outstanding performance [4] - Seven products in the top 20 achieved returns exceeding 100%, with "Nengjing Value Preferred No. 2" from Nengjing Investment ranking first [4] Detailed Rankings - The top 20 subjective long-only products over the past six months include: - "Nengjing Value Preferred No. 2" from Nengjing Investment - "Youbo No. 3 Class A" from Youbo Capital - "Qinsheng Jimaiton No. 1" from Qinsheng Fund [6] Yearly Performance - In the top 20 subjective long-only products over the past year, the threshold for inclusion reached ***%, with five products achieving returns over 200% [9] - "Xingbidazhi Zhen" from Xingbidazhi (Xiamen) Private Equity topped the list [11] Three-Year Performance - The top 20 subjective long-only products over the past three years had a threshold of ***%, with five products achieving returns over ***% [14] - "Pengtie Fengyun No. 3" from Qianhai Pengtie Investment ranked first in this category [16] Investment Strategies - Youbo Capital's success is attributed to its aggressive investment style and the significant growth of its product net value [8] - The investment philosophy of "value speculation" is highlighted by the manager of "Juren Baichuan No. 1" from Juren Asset, combining value investment with market volatility [18]

Core Viewpoint - The article highlights the recent regulatory actions against several private equity firms in China, indicating ongoing scrutiny and a trend of industry consolidation due to compliance issues [1][6]. Group 1: Regulatory Actions - Zhejiang Securities Regulatory Bureau issued a warning letter to Hangzhou Jiaming Asset Management Co., citing violations such as non-compliance with fund investment agreements and providing false investment contracts to custodians [3]. - Hainan Securities Regulatory Bureau mandated corrective measures for Hainan Jiayue Private Securities Fund Management Co., due to issues like inter-fund investments without proper management systems and fundraising from non-qualified investors [4]. - Other firms, including Beijing Yanstone Investment Management Center and Shanghai Leitu Asset Management Co., also faced regulatory actions, with warning letters issued by local securities regulatory authorities [5]. Group 2: Industry Trends - The private equity industry in China is experiencing a significant wave of exits, with 580 firms having been deregistered this year alone, continuing a trend of rapid industry consolidation [6][7]. - Of the 580 deregistered firms, 266 opted for voluntary deregistration, while 275 were deregistered by the association, indicating a mix of proactive and reactive measures within the industry [7]. - Cumulatively, since 2021, a total of 8,063 private equity firms have been deregistered, reflecting ongoing challenges within the sector [7]. Group 3: Current Market Landscape - As of April 2025, there are 19,891 active private equity fund managers managing a total of 141,579 funds, with an aggregate management scale of 20.22 trillion yuan [7]. - The breakdown of active fund managers includes 7,827 managing private securities investment funds, 11,867 managing private equity and venture capital funds, and 6 managing asset allocation funds [7].

Core Viewpoint - Despite the increasing variety of private equity investment strategies, stock strategies remain the most mainstream and are of significant interest to investors [2][4]. Market Performance - As of May 31, 2025, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility over the past year but ultimately recorded varying degrees of increase. The CSI 2000 index led with a rise of over 25%, while the Hang Seng Technology Index surged over 40% [2][4]. - The average return of private equity firms with stock strategies was 26.49%, outperforming major A-share indices, with firms managing less than 500 million achieving the highest average return of 28.55% [4][5]. Private Equity Firms by Scale Over 100 Billion - There are 33 private equity firms with over 100 billion in management and at least three stock strategy products displayed. The top firms include Heiyi Asset, Longqi Technology, and Liangpai Investment, with the top 10 firms having a performance threshold exceeding ***% [6][9]. 50-100 Billion - Among 21 firms in this category, the top performers include Fusheng Asset and Tianxuan Quantitative, with the top 10 firms also having a performance threshold exceeding ***% [10][13]. 20-50 Billion - In this segment, 32 firms were identified, with Shen Nong Investment leading, focusing on innovative drugs and new consumption sectors [14][17]. 10-20 Billion - This group includes 42 firms, with Nengjing Investment Holding taking the top spot, emphasizing subjective investment strategies [18][21]. 5-10 Billion - Comprising 40 firms, the top two are Youbo Capital and Wantao Private Equity, both utilizing subjective strategies [23][26]. Below 5 Billion - The lowest scale group has 101 firms, with Hainan Xiangyuan Private Equity leading, indicating a high performance threshold for the top 10 firms [27][31].

6月20日，吉林辖区召开"私守正道亮例而行"私募基金宣传教育培训会，传达学习中国证监会工作部 署，总结辖区私募基金行业发展和监管工作情况，部署下一阶段推动行业高质量发展重点工作。辖区私 募基金管理人负责人、合规风控负责人参加会议。 会议强调，各私募基金管理人要以辖区私募基金宣传教育年为契机，进一步提高展业能力水平，推动行 业高质量发展。一要加强私募基金法规学习。聚焦《私募投资基金监督管理条例》及相关监管规定，加 大私募基金法规学习宣传教育力度，增强法治观念、规则意识，推动形成学法、懂法、守法、用法的良 好氛围。二要提升专业化运作水平，落实私募基金行业监管规定，加强"募投管退"各环节管理，强化合 规风控，夯实运营基础，自觉守法经营，提升规范运作质量。三要加强风险防范。把握私募基金 姓"私"的要求，聚焦资金募集、投资运作等关键环节，严守"非公开""合格投资者"的募集行为底线，防 范利益输送，严禁挪用侵占等违法违规行为。四要提升投研能力水平。聚焦提供资本支持、促进规范治 理、支持转型升级及更好满足居民财富管理需求等方面发挥功能作用，助力完善市场生态，服务实体经 济高质量发展。 会议邀请中国证券投资基金业协会老师围绕 ...

在今日召开的2025年第四届财富管理论坛暨·华尊奖颁奖典礼上，私募基金大数据研究中心正式启动。 副总编刘兴祥宣读启动宣言，通过全面的大数据筛选各类优秀私募管理人，为追求绝对收益的各类机构 资金、中产阶层等提供更加匹配的体系化服务，便是私募基金大数据研究中心启动的重要立意。将致力 于对私募基金的定量分析，对私募业绩更精准地归因与画像，从而为各类资金的私募投资需求解决痛 点。同时也希望与各类相关机构密切合作，共同打造和完善私募基金大数据研究，完善私募基金生态， 为资产管理与财富管理行业发展贡献所能，进一步推动中国资本市场高质量发展。（记者 封其娟） ...

Core Viewpoint - The recent penalties imposed by the Shandong Securities Regulatory Bureau on Lide Capital Management Co., Ltd. reveal serious violations including false advertising, promises of capital protection and returns, misappropriation of fund assets, and operating a fund pool business, indicating a complete failure in governance and management responsibility within the organization [1][2][3] Summary by Relevant Sections Violations and Regulatory Actions - Lide Capital was found to have committed 12 violations in its private fund operations, covering key areas such as promotional activities, investor protection, fundraising, qualification review, contract signing, fund management, document preservation, and information disclosure [2][3] - The Shandong Securities Regulatory Bureau mandated Lide Capital to rectify these issues and submit a written report within 30 days of receiving the decision [2] - Li Xingchun, the former legal representative and chairman of Lide Capital, was held primarily responsible for these violations and received a warning from the regulatory authority [2] Company Background and Structure - Lide Capital is a wholly-owned subsidiary of Lide Technology Co., Ltd., which has a significant presence in the asset management industry with over 200 billion yuan in managed and serviced assets [3][5] - The company has been expanding rapidly through a "full license" strategy, but its compliance and risk control capabilities have not kept pace with this growth [5] Compliance and Governance Issues - Lide Capital and its associated private equity firms lack designated compliance and risk control personnel, highlighting significant governance deficiencies within the "Lide system" [1][6] - The absence of compliance leadership reflects a broader issue of insufficient regulatory enforcement and oversight, particularly regarding the separation of registration and operational locations [6][8] Industry Context and Future Outlook - The private equity industry is undergoing a phase of accelerated cleansing due to stricter regulations, with weaker and non-compliant firms likely to be phased out [8] - Recommendations for enhancing compliance management in the private equity sector include establishing mandatory compliance roles, improving information disclosure, and leveraging technology for real-time monitoring of fund flows and compliance risks [8]