知名歌手胡海泉关联私募基金公司再收警示函。 4月23日，北京证监局官网公布了一批罚单，对北京乾祥海泉投资管理有限公司（简称"乾祥海泉投资"）、北京海纳百泉投资基金管理有限公司（简称"海纳 百泉基金"）、中财融商（北京）资本管理有限公司、北京基锐资本管理有限公司4家私募机构采取出具警示函措施。 | | | | 唇 | 初节频 | 文号 | 发文日期 | | --- | --- | --- | --- | | 1 | 关于对李平采取出具警示函行政监管措施的决 定 | 〔2025〕 66号 | 2025-04-23 | | 2 | 关于对北京海纳百泉投资基金管理有限公司采 | 〔2025〕 62号 | 2025-04-23 | | | 取出具警示函行政监管措施的决定 | | | | 3 | 关于对北京乾祥海泉投资管理有限公司采取出 | 〔2025〕 63号 | 2025-04-23 | | | 具警示函行政监管措施的决定 | | | | ব | 关于对中财融商（北京）资本管理有限公司采 | 〔2025〕 64号 | 2025-04-23 | | | 取出具警示函行政监管措施的决定 | | | | 5 | 关于对北京 ...

Group 1 - As of the end of Q1 2025, four brokerage asset management firms have public fund management scales exceeding 100 billion yuan, with Dongfanghong Asset Management, Huatai Securities Asset Management, and Bank of China Securities leading the rankings [1] - Fund managers have generally increased their stock positions, with many expressing optimism about the market outlook, citing the potential rise of AI applications this year [1] - The personal pension fund market has surpassed 10 billion yuan, driven by the recent introduction of multiple equity index fund Y shares [1] Group 2 - In Q1 2025, the scale of personal loan non-performing loan transfers reached 37.04 billion yuan, a 761% increase year-on-year, with average discount rates and recovery rates declining [2] - The private fund sector is experiencing a surge in new product registrations, with 1,007 products registered in March, marking a 91.44% month-on-month increase [2] - The lithium carbonate price has dropped to between 68,200 yuan and 71,000 yuan per ton, putting pressure on lithium mining companies to control costs [3] Group 3 - Three listed insurance companies reported a combined premium income of approximately 244.5 billion yuan in Q1 2025, reflecting an 11.9% year-on-year growth [4] - The gaming industry is seeing a rise in domestic games gaining market share overseas, with Tencent announcing 46 game updates during its recent conference [4] - OpenAI projects its revenue to reach 125 billion dollars by 2029, driven by the growth of AI agent services [6] Group 4 - iQIYI has entered the live-streaming e-commerce space, aiming to leverage its IP content and celebrity resources to boost revenue [7] - The gold market experienced significant volatility, with prices rising 17% over nine trading days before a sharp correction, impacting trading volumes in futures and options [8] - Jiangsu Wuzhong faces a risk of forced delisting due to major legal violations, as it is under investigation by the China Securities Regulatory Commission [9]

近日，上海、山东等地证监局率先启动辖区内私募机构专项检查工作。 据悉，此次上海地区的检查工作采取抽查模式。记者多方了解发现，有部分上海本地的大型私募基金公 司未被选中。 自2024年以来，多项涉及私募基金的新规陆续正式实施，这也让私募基金的合规业务面临比以往更多的 挑战。 沪上某私募基金人士告诉记者："近两年，私募基金监管公募化的特征越来越明显。合规是私募的生命 线，只有确保合规，才能保证整个行业更合规且持续有活力地发展。" 专项检查启动 据了解，上海证监局近期发布专项检查通知，正式启动对辖区内部分私募基金管理人的监管核查工作。 本次检查相关工作要求等重要信息，将统一通过上海证监局官方工作邮箱定向发送。收到检查通知书的 私募基金管理人，需严格按照邮件内具体要求准备。 据有关私募行业人士透露，回顾往年监管检查，其内容通常涵盖六大核心板块：首先是私募基金管理人 基本情况审查；其次是宣传推介及资金募集环节，重点核查是否存在违规宣传、虚假承诺等行为；再者 是基金投资运作，对投资方向、交易合规性等进行深入检查；内控管理也是检查要点，旨在评估机构内 部风险防控与管理制度的有效性；信息披露与报送则关注信息披露的及时性、准确 ...

高频资产 HB l 2 SA 工作地点:上海 行业研究员(可选消费方向) 渠道销售岗 公司将为候选人提供 有市场竞争力的薪酬待遇。 不拘一格访寻人才! 只要你够优秀, 就能加入国内顶级私募基金团队, 与众多优秀人才共同成长! 招聘职位 行业研究员 (可选消费方向) 需求人数：1人 岗位职责: 根据团队分工,对所覆盖行业和公司进行深入研究,挖 掘投资机会,进行投资研究分析。 江阳西十 工 -- 女 小 · 1、具有1年以上资产管理机构、证券公司等研究工作经 验,覆盖汽车、家电等可选消费领域; 2、对行业研究工作有极强的热情和好奇心,有较强的 学习能力，分析总结能力强,善于表达,抗压能力强, 愿意长期从事行业研究分析工作; 3、流利的英语口语,英语可作为工作语言者优先。 十刀 H由 A门 六 10 45 × 17 渠道销售岗 工作地点:深圳、上海 需求人数:2人 岗位职责: 1、负责银行、券商、第三方销售机构的开发及日常维 护、销售组织及推动、售后维护工作; 2、负责产品运作信息、市场观点和投研资讯等各类日常数 据材料的分析、整理和制作。 任职要求: 1、金融、经济、管理等相关专业本科或以上学历,具备 一定的证券 ...

Core Insights - The event "Coconut Wind Feast: Sincere Thanks to Partners" organized by Dingxin Huijin took place from April 11 to 13 in Sanya, aimed at expressing gratitude to long-term clients and partners [1] - Over 40 clients and three private fund managers participated in the event, which included investment strategy sharing and market insights [1][2] - The event featured various investment strategies, including options strategies from Muxin Asset, cyclical investment insights from Guoyuan Xinda, and value-based investment approaches from Fengquan Investment [2][4][6] Group 1: Event Overview - The event was designed to thank clients for their trust and support, featuring a three-day retreat in Sanya [1] - Dingxin Huijin's General Manager, Qi Lingfeng, expressed gratitude to all attendees during the opening remarks [1] - The event included a dinner where participants enjoyed Hainan cuisine and shared investment experiences [2] Group 2: Investment Strategies - Muxin Asset's strategy focuses on options trading and has shown strong performance in various market conditions, providing investors with relatively controlled risks and strong return potential [2] - Guoyuan Xinda's founder, Shi Jianghui, discussed A-share market volatility and highlighted the ongoing value of gold as an investment [4] - Fengquan Investment's General Manager, Dong Sunde, emphasized a value-based investment approach, identifying opportunities in undervalued sectors within the Hong Kong stock market [6] Group 3: Client Engagement - A special segment featured a client representative presenting personalized gifts to fund managers, reflecting appreciation for their services [2] - The event concluded with a group photo session, symbolizing the strong relationships formed during the retreat [6] - Dingxin Huijin reaffirmed its commitment to client-centric service and professional wealth management [6]

据深圳证监局消息，深圳前海嘉德丰资本管理有限公司在从事私募基金业务中未独立开展投资决策，未 履行谨慎勤勉义务，陈晨作为基金经理未恪守职业道德和行为规范，违反了《私募投资基金监督管理暂 行办法》相关规定。深圳证监局决定对公司及陈晨采取出具警示函的行政监管措施。 ...

Core Viewpoint - The article highlights the trend of "East Rising, West Declining" in the investment landscape, particularly focusing on the shift of domestic private equity from U.S. stocks to Hong Kong and A-shares due to ongoing declines in the U.S. stock market [1][3]. Group 1: Market Trends - The well-known private equity "Yuefeng" has seen its fund, Jiayue Yuefeng Investment Genesis, drop below 0.4 yuan, marking it as a rare "three-mao fund" in the industry [2][3]. - The U.S. stock market has faced significant declines in 2023, with the Dow Jones down 1.28%, NASDAQ down 10.42%, and S&P 500 down 4.59% in the first quarter [3]. - Domestic private equity firms are increasingly withdrawing from the U.S. market, with many reallocating their investments to Hong Kong and A-shares [3][4]. Group 2: Investment Shifts - High-profile investors like Gao Yuncheng from Jinglin Asset have completely eliminated U.S. company assets from their portfolios, focusing instead on Chinese assets, particularly in Hong Kong [4]. - A significant portion of private equity professionals have reportedly cleared their U.S. stock holdings, with expectations of widespread losses among U.S. hedge funds in the first quarter [4]. Group 3: Capital Inflows - In March, southbound funds purchased a total of 160.282 billion HKD, marking the second-highest net buying record in history [5]. - Despite recent pullbacks in the technology sector, market funds continue to flow into Hong Kong's internet technology assets, indicating strong investor interest [5]. Group 4: Future Outlook - The market is currently in a phase of performance verification, with expectations for a brief period of adjustment in April, but a long-term upward trend is anticipated [6]. - Companies with strong performance and growth potential in the technology sector are viewed as favorable investment opportunities during market downturns [6].

Core Insights - The disclosure of public fund annual reports has revealed the holdings of private equity funds, with a total of 6.871 billion shares held by private equity institutions explicitly named "private equity" across 210 managers [1] - Major private equity firms are increasingly favoring Hong Kong and overseas market ETFs, indicating a strategic shift towards international investments [1][2] Group 1: Major Private Equity Holdings - Chongyang Investment has heavily invested in two Hong Kong pharmaceutical ETFs, holding 2.148 billion shares in the Bosera Hang Seng Healthcare ETF and 1.008 billion shares in the GF CSI Hong Kong Innovative Drug ETF, marking a significant increase from the previous year [1][2] - Jinglin Asset's "Jinglin Stable" holds 394 million shares in the Bosera Hang Seng Healthcare ETF and has consistently appeared among the top ten holders since 2022 [6] - Other notable private equity firms like Dongfang Gangwan Investment and Yong'an Guofu Asset have also diversified their portfolios through various ETFs, focusing on different market segments [8][9] Group 2: Investment Strategies and Market Trends - Private equity funds are utilizing ETFs to achieve diversified investments across industries and markets, effectively managing risks associated with individual stocks [11] - The trend of investing in ETFs is seen as a response to increasing market volatility, allowing private equity firms to maintain stable returns while minimizing research costs [11] - New entrants like Honghu Private Equity are targeting the Southeast Asian market, indicating a broader geographical investment strategy among private equity firms [9] Group 3: Other Notable Holdings - High Yi Asset and Ning Quan Asset have significant holdings in money market funds, with 8.06 billion and 7.22 billion shares respectively, indicating a preference for liquidity [13] - He Sheng Asset and Jin De Private Equity are focusing on REITs, with He Sheng holding 1.71 billion shares across nine REITs and Jin De holding 773 million shares across five REITs [16][17]

Core Viewpoint - The acquisition of Tianmai Technology by Qiming Venture Partners for 452 million yuan marks a significant shift in the role of private equity funds from "financial catchers" to "industry operators" in the Chinese capital market, amidst a transition from "incremental expansion" to "stock renewal" due to IPO slowdowns and asset revitalization [2][3][4]. Policy Environment and Regulatory Framework - The release of the "Six Merger Rules" by the China Securities Regulatory Commission (CSRC) in September 2024 signifies a new era for mergers and acquisitions in the Chinese capital market, explicitly supporting private equity funds in acquiring listed companies for industrial integration [5][6]. - The policy introduces a "reverse linkage" mechanism, reducing the lock-up period for private equity funds from 12 months to 6 months after a 5-year investment period, significantly lowering exit costs and encouraging deeper participation in industrial integration [6][7][8]. - Following the policy's implementation, the number of major merger transactions surged by 460% year-on-year, while non-major transactions increased by 32% [11]. Historical Evolution - The legitimacy of private equity funds controlling listed companies was long questioned, especially after the cautious regulatory stance post the "Baowan dispute" in 2016, which led to scrutiny of leveraged buyouts [12][13][15]. - The introduction of the "Six Merger Rules" has redefined private equity funds as "industry integrators," emphasizing the enhancement of listed company quality through mergers and acquisitions [16]. Transaction Design and Implementation - The acquisition involved a differentiated pricing strategy, where the original controlling shareholder transferred shares at a higher price compared to other shareholders, reflecting control premium and liquidity needs [24][28]. - A phased payment structure was established to alleviate financial pressure and ensure transaction certainty, with a total of 60% paid initially, followed by 30% and 10% in subsequent phases [32][36]. - Governance restructuring was crucial, with a board composed of members nominated by both Qiming and the original controlling shareholder, ensuring a balance of power and strategic decision-making [40][42]. Fund Structure - Qiming's fund structure includes a mix of internal and external capital, with 65% from its main fund and 35% from external investors, ensuring compliance with regulatory requirements [47][48]. - The fund's exit strategy involves asset injection to enhance valuation, with plans for future divestments post-lock-up period [50][51]. Industry Implications - The case of Qiming Venture Partners illustrates a shift from "early and small investments" to "industry-led" strategies, highlighting the importance of policy support and innovative transaction structures in the evolving landscape of private equity in China [67]. - The successful integration of technology and assets post-acquisition is expected to enhance the performance of Tianmai Technology, showcasing the potential for private equity to drive value creation in listed companies [60][63].