Core Viewpoint - Shengyuan Environmental Protection's subsidiary has faced significant losses of 81.54% on a 60 million yuan investment in a private equity fund, raising concerns about the management and oversight of the investment [1] Group 1: Company Response - The custodian, China Merchants Securities, stated that the involved product is classified as R4 level, indicating medium to high risk [1] - China Merchants Securities emphasized that it has fulfilled its custodial responsibilities according to regulations and contracts, including account management, valuation review, and supervision of violations [1] - The custodian highlighted that net asset value disclosure is the responsibility of the fund manager, and they do not have direct access to investors [1] Group 2: Allegations and Findings - China Merchants Securities was unaware of the fund manager's actions, including the falsification of net asset values and issuance of unauthorized commitment letters [1] - Upon investigation, it was found that the relevant net asset value documents had been tampered with, and the external agreements were beyond the scope of the custodian's supervision [1] - The custodian plans to cooperate with subsequent resolutions and reserves the right to pursue accountability for any false accusations [1]