前言 我们在《一文尽览私募基金行业2025年度监管法规政策》一文中，系统介绍了2025年度私募基金行业的重要监管法规政策，本篇则对2025年度私募基金行 业的典型司法判例和相应的裁判观点进行详细梳理，希望该两篇文章能够分别从监管政策和司法实践层面对私募基金业内人士有所助益。 一、 基金募集 （一）适当性义务 1. 基金管理人未履行适当性义务，承担 50% 的赔偿责任 案件：史某与王某等民间委托理财合同纠纷【（2023）沪0115民初125623号】 裁判要旨：在史某受让基金份额后，基金投资失败，法院认定管理人A公司未对史某履行适当性义务，酌定其承担50%的赔偿责任。投资者未尽合理注意 义务，部分责任自负。 主要事实：2017年4月，史某与王某、案涉基金管理人A公司共同签订案涉基金《份额转让协议》，约定史某受让王某持有的案涉基金份额，后史某转账 支付全部款项。此后，案涉基金投资标的B公司因故未上市成功，且因背负巨额债务无法清偿，于2023年9月被法院裁定破产重整，案涉基金持有的B公司 股权转变为相应债权。史某认为A公司未充分向其披露案涉基金的投资性质和基金风险，未对其合格投资者身份进行审查，未对其承担风险能力进 ...

Group 1 - The core issue revolves around a significant loss incurred by a private investment product linked to Shengyuan Environmental Protection, with a reported net value growth rate of -81.54% over nine months, resulting in a loss of approximately 46.92 million yuan [2][3] - China Merchants Securities confirmed that the involved product is classified as a high-risk R4 level investment with no stop-loss provisions, and they have fulfilled their responsibilities regarding account opening, settlement, valuation review, and investment supervision as per regulations [2] - The company stated that it was unaware of the authenticity of the net value report prior to the investigation and found that materials provided by investors had been tampered with, indicating a lack of oversight regarding external commitments [2] Group 2 - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan of idle funds into the private fund product, which has led to substantial financial losses [2] - Following the discovery of the losses, Shengyuan Environmental Protection did not disclose the information in a timely manner, raising concerns about transparency [2]

Core Viewpoint - Shengyuan Environmental Protection Co., Ltd. disclosed significant losses from a private fund investment, leading to regulatory scrutiny and potential investor claims for compensation [1][4]. Group 1: Financial Impact - The company’s subsidiary invested 60 million yuan in a private fund, which incurred losses of approximately 46.92 million yuan by December 25, 2025, exceeding 10% of the company's audited net profit for the most recent fiscal year [1][4]. - The market reacted strongly to the news, prompting the Xiamen Securities Regulatory Bureau to issue a warning letter the following day [1][4]. Group 2: Disclosure Issues - Shengyuan Environmental Protection failed to disclose the investment losses in a timely manner, only revealing the information on the evening of December 26, 2025, despite being aware of the losses since at least December 12, 2025 [1][4]. - The company’s actions were found to violate several provisions of the Information Disclosure Management Measures for Listed Companies [1][4]. Group 3: Investor Compensation - Affected investors who purchased shares between December 15 and December 26, 2025, are eligible to register for compensation through the "Sina Investor Rights Protection Platform," regardless of whether they sold their shares after December 27, 2025 [2][5][6]. - The specific compensation range will be determined by the court [6].

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) announced that its wholly-owned subsidiary subscribed to a private fund product with an investment of RMB 60 million, which has resulted in significant losses due to a net value decrease of 81.54% as of December 25, 2025 [1] Group 1: Investment Details - The company invested RMB 60 million in a private fund product managed by a fund manager [1] - As of December 25, 2025, the fund's latest unit net value is 0.1846, indicating a cumulative net value growth rate of -81.54% [1] Group 2: Financial Impact - The loss incurred from this investment amounts to approximately RMB 46.92 million, which exceeds 10% of the company's most recent audited annual net profit [1] Group 3: Recovery Actions - The company has taken measures to recover losses, including retrieving RMB 2 million of the investment from an individual named Wen Tingtao [1] - The company has reported the incident to law enforcement, which has been accepted, and has also filed a report with the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission [1]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) announced a significant loss from an investment in a private fund, with a net value decline of 81.54% and a loss amounting to approximately 46.92 million RMB, which exceeds 10% of the company's audited net profit for the last fiscal year [1] Group 1 - The company’s wholly-owned subsidiary subscribed to a private fund product with an investment principal of 60 million RMB [1] - As of December 25, 2025, the fund's latest unit net value was reported at 0.1846 [1] - The company has taken measures to recover losses, including recovering 2 million RMB from an individual named Wen Tingtao and reporting the case to law enforcement [1]

Group 1 - The company Shengyuan Environmental Protection (300867.SZ) announced that its wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., subscribed to a private equity fund product with a principal investment of 60 million yuan in March 2025 [1] - As of December 25, 2025, the cumulative net value growth rate of the fund was -81.54%, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's audited net profit for the most recent fiscal year [1] - Shengyuan Environmental Protection has submitted a redemption application to the fund manager and has initiated the redemption process on the fund's open day [1] Group 2 - The company has taken measures to recover losses from the investment, but there is a risk that part of the investment principal may not be recoverable [1] - Additionally, Shengyuan Environmental Protection has recovered 2 million yuan of investment principal from an individual named Wen Tingtao and has reported the case to the police, which has been accepted, as well as filed a report with the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission [1]

Core Viewpoint - Shengyuan Environmental Protection announced a significant loss from an investment in a private fund, with a net value decrease of 81.54%, leading to a loss of approximately 46.92 million RMB, which exceeds 10% of the company's audited net profit for the last fiscal year [1] Investment Details - The company’s wholly-owned subsidiary subscribed to a private fund product with an investment principal of 60 million RMB, set to mature in March 2025 [1] - As of December 25, the latest unit net value of the fund was reported at 0.1846 [1] Loss Recovery Actions - The company has initiated measures to recover losses, including recovering 2 million RMB from an individual named Wen Tingtao [1] - Legal actions have been taken, with a report filed to the police and accepted, as well as a complaint submitted to the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission [1]

Core Viewpoint - The China Securities Investment Fund Association (CSRC) has issued a disciplinary decision against Tianrun Capital Management (Beijing) Co., Ltd. for violations including promising investors that their principal would not be lost and irregular fundraising procedures [3] Group 1 - Tianrun Capital has been found to have committed violations confirmed by evidence such as commitment letters and situation explanations [3] - The CSRC has decided to suspend the acceptance of Tianrun Capital's private equity fund product filings for six months based on relevant regulations [3]

Core Viewpoint - Recent incidents of information leakage in the private equity sector have raised concerns about compliance and regulatory oversight in the industry [1] Group 1: Regulatory Actions - The Shanghai Securities Regulatory Bureau has recently penalized an individual, Gong, for leaking undisclosed information, imposing a fine of 200,000 yuan [2] - In July, the bureau issued fines totaling 500,000 yuan to three private equity managers for similar information leakage violations, highlighting a trend of regulatory scrutiny in the sector [4] - The penalties were issued without disclosing the identities of the private equity firms involved, making it difficult to ascertain if the individuals were from the same firm [4] Group 2: Patterns of Information Leakage - Private equity managers have emerged as a high-risk group for information leakage, with multiple cases reported in recent years [4] - Specific individuals, such as Zhang, Chen, and Xu, were found to have disclosed investment decisions and other undisclosed information during their tenure as investment managers [4][5] - Xu was noted for having worked at two different private equity firms, where he was responsible for investment decisions and also leaked sensitive information [5]

Core Insights - The average return for private fund managers with at least three qualifying products from January to November this year is 29.42%, with a median return of 23.89% [2] - Fund managers focusing on stock strategies have a higher average return of 35.26% and a median return of 31.1%, outperforming the Shanghai and Shenzhen 300 index by 17.94% [2] - The performance of small and mid-cap stocks has favored quantitative fund managers, while trends in AI-related sectors have provided opportunities for subjective fund managers [2] Summary by Fund Size 100 Billion and Above - There are 77 fund managers, with an average return of 29.99% and a median return of 27.92% [3] - The top 10 fund managers in this category have a majority from quantitative funds, with all having over 10 years of experience [4] 50-100 Billion - This category includes 54 fund managers, with an average return of 27.17% and a median return of 24.28% [3] - The top 10 fund managers are predominantly subjective, with 8 out of 10 being from this strategy [9] 20-50 Billion - There are 30 fund managers, with an average return of 28.62% and a median return of 23.90% [3] - The top 10 fund managers are mostly subjective, with 7 out of 10 in this category [13] 10-20 Billion - This category has 74 fund managers, with an average return of 28.54% and a median return of 22.26% [3] - All fund managers in the top 10 have over 10 years of experience [17] 5-10 Billion - There are 96 fund managers, with an average return of 30.33% and a median return of 23.72% [3] - The only quantitative fund manager in the top 10 is from Huacheng Private Equity, with an average return exceeding ***% [24] 0-5 Billion - This category includes 176 fund managers, with an average return of 30.17% and a median return of 22.06% [3] - The top 10 fund managers have all achieved returns exceeding ***% [26]