Every reporter Yang Jian Every editor Xiao Ruidong
On July 5, Chongqing Securities Regulatory Bureau issued a decision on issuing a warning letter to Chongqing Xianshi Investment.
It is understood that the Xianshi Red Apple Private Securities Investment Fund under Chongqing Xianshi Investment (hereinafter referred to as the Red Apple Fund) is handed over to non-company employees to make trading decisions and place orders. After the net value of the Red Apple Fund hit the stop loss line, the company Failure to follow the product contract to ensure that the product cannot be opened, resulting in a further drop in net value; at the same time, the company failed to disclose the information as required. The above behavior violated relevant regulations and was supervised and issued a warning letter.
The "Daily Economic News" reporter noticed that Chongqing Xianshi Investment has filed a total of 21 private placement products with the China Securities Investment Fund Industry Association, of which 10 products have been liquidated.From the perspective of surviving products, as of July 1, Xianshi Xiuyuan No. 1 lost 19.32% during the year; in addition, most of the other products were hovering around the face value.
There are two main problems
According to the public information released by the regulatory authorities, Chongqing Xianshi Investment mainly has the following two problems.
The first is that managing the product is not due diligence, prudence and diligence.The Red Apple Fund is a fund product issued by the company, but it entrusts the product to non-company employees to make trading decisions and place orders.When Red Apple Fund signed the supplementary agreement, the company failed to ensure the authenticity and validity of the supplementary agreement in accordance with the product contract.In addition, after the net value of the Red Apple Fund hit the stop-loss line, Chongqing Xianshi Investment did not follow the product contract to ensure that the product was not allowed to open positions, resulting in a further decline in the net value.The above behavior violated the provisions of Article 5 of the Interim Provisions on the Operation and Management of Private Asset Management Business of Securities and Futures Business Institutions and Article 4 of the Interim Measures for the Supervision and Administration of Private Investment Funds.
Secondly, the quarterly report of the Red Apple Fund from the third quarter of 2020 to the second quarter of 2021 was not disclosed to investors.During the period when the Red Apple Fund continued to trigger the warning line, Chongqing Xianshi Investment did not continue to disclose relevant information to investors.When the product triggered the stop loss line, the company failed to disclose the information to investors within 5 working days as agreed in the contract.
Data from the Asset Management Association of China shows that Chongqing Xianshi Investment was established on October 30, 2013, and was registered with the association on September 7, 2017. The actual controller of the company is Zhao Xingxia, and the legal representative and deputy general manager Yang Zhiyong. .Judging from Yang Zhiyong's resume, he has a background in the futures industry.From the perspective of the company's equity structure, Dafan Industrial Group Co., Ltd. holds 30% of Chongqing Xianshi Investment, Zhao Xingxia holds 31%, Quan Gang holds 20%, Su Jiawei holds 14%, and Zhang Xuefei holds 5%.
According to the information of private equity Pai Pai.com, Zhang Wanping is the general manager and fund manager of Chongqing Xianshi Investment. He has more than 10 years of investment experience. He is good at trend analysis and strategic portfolio investment. systematic research.In addition, Liu Qipeng, its fund manager, is a high-frequency trader and a senior strategist. He is familiar with stock Alpha strategies, as well as quantitative strategies such as CTA arbitrage and intraday high-frequency trading of stocks.
Half of the product has been liquidated
It is understood that Chongqing Xianshi Investment mainly focuses on FOF quantification, and invests in the secondary market with stock equity, stock T0, and secondary market private funds as the target.
According to the association's data, the management scale of Chongqing Xianshi Investment is less than 500 million yuan. The company has filed a total of 21 private equity products with the association, of which 10 products have been liquidated.It should be noted that the Red Apple Fund involved this time was filed on July 9, 2020, and the product has been liquidated in advance.
In addition, data from the privately-owned Pai Pai network shows that as of July 1, the net value of the first unit of Xiuyuan No. 1 under Chongqing Xianshi Investment was 0.8164 yuan, and its performance this year was a loss of 19.32%.From the perspective of the net value curve, the product fluctuates greatly, reaching a 93.74% return on December 3, 2021 in the early stage, and then the retracement is large.In addition, Shunde Nuggets Xianshi F0F1 suffered a loss of 10% during the year.From the performance point of view, the net worth of the product as of July 4th shows that it has lost 1.09% this year, and the net worth curve exists almost in a straight line.
It is worth noting that according to the data of the association, according to the updated information in the first quarter of this year, the management scale of many products under Chongqing Xianshi Investment has fallen below 5 million yuan.These include Xianshi Chenxi No. 1 Private Securities Investment Fund, Xianshi Shouzhuo Pension Plan No. 1 Private Securities Investment Fund, Xianshi Chenxi No. 8 Private Securities Investment Fund, Xianshi Chenxi No. 9 Private Securities Investment Fund, Xianshi Yonglin No. 1 Private Securities Investment Fund, Shunde Nuggets First Stone F0F1 Private Securities Investment Fund.
Regarding the phenomenon that its products are handed over to non-company employees to make transaction decisions and place orders, an insider in the private equity industry disclosed the mystery to reporters on WeChat on July 5: "Isn't this outsourcing? For others to operate, this It's illegal."
In addition, the industry insider also told reporters: "Some small private equity companies may also lend out the channel, or some small private equity companies have issued shell products, but they do not operate them themselves, and outsource them to other traders."
