Group 1 - The private equity fund, originally set to mature in 2022, has been extended unilaterally by the manager for an additional two years, raising concerns among investors about the validity of the contract terms [1][2] - The fund's original contract stipulated a maximum duration of 6 years with a limit of two extensions, each not exceeding one year [2] - Investors, including Liu Dong, have expressed frustration over the lack of communication and transparency from the fund manager, Gaofei Asset Management, regarding the fund's status and the reasons for the extensions [2][3] Group 2 - The underlying investment, CITIC Capital Tianjin Company, has shown deteriorating financial performance, reporting a net loss of 923 million RMB for 2024, with total assets of approximately 13.8 billion RMB and net assets of about 7.6 billion RMB [4] - Investors have raised allegations of misleading information and lack of disclosure from CITIC Capital, particularly regarding its failure to update its listing status on the New Third Board since 2017 [4][6] - The fund manager, Gaofei Asset Management, has been criticized for not fulfilling its due diligence and information disclosure obligations, as it failed to provide timely updates on the fund's net asset value and investment portfolio [8][9] Group 3 - Investors have initiated legal actions and reported the situation to regulatory bodies, including the China Securities Regulatory Commission, in an effort to recover their investments [9] - Gaofei Asset Management has proposed a plan to accelerate project exits over the next five years, but investors have expressed skepticism about its feasibility [9] - The fund's management has indicated the possibility of legal action against CITIC Capital to protect investors' rights [9]

Core Viewpoint - The private equity fund, initially set to mature in 2022, has been unilaterally extended by the management for an additional five years, raising concerns among investors regarding the fund's management and the underlying company's alleged fraudulent activities [1][4]. Group 1: Fund Management and Contractual Issues - The fund was designed with a "4+1+1" structure, allowing for a maximum duration of six years, with extensions limited to two years total [2]. - The fund management, led by Noah Wealth's Gaofei Asset Management, announced a three-year extension in 2022, followed by a further two-year extension in 2025, leading to a total potential lock-in period of eleven years for investors [4][5]. - Investors have expressed concerns that the repeated extensions indicate a breach of contract, as the management did not provide a clear exit strategy during a recent investor meeting [5]. Group 2: Underlying Company Performance - The underlying company, CITIC Capital Tianjin, reported total assets of approximately 13.8 billion and a net loss of 0.923 billion for 2024, indicating deteriorating financial health [6]. - Investors discovered that CITIC Capital Tianjin had failed to renew its application for listing on the New Third Board since January 2017, a fact that was not disclosed to investors until late 2022 [6][7]. - The lack of timely communication from CITIC Capital regarding its listing status has led to accusations of false advertising and potential fraud against the company [7]. Group 3: Legal and Regulatory Actions - Investors are questioning the due diligence and disclosure obligations of Gaofei Asset Management, as they failed to provide key financial updates in a timely manner [8]. - Legal experts suggest that investors can request a meeting to address the fund's management and potentially pursue legal action to protect their rights [5]. - Investors have begun organizing to file complaints with regulatory bodies, including the China Securities Regulatory Commission, in an effort to recover their investments [9].