Special topic: the CSRC files a case against Ruifengda and is suspected of a number of violations.

A medium-sized private equity "Ruifengda", which looks like a light performance, suddenly "left the building empty", attracting the market's attention.

On May 10, the Shanghai office of Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as "Ruifengda") was officially closed at No. 10, Nong Hui Mansion, No. 727 Wuxing Road, Beicai Town, Pudong New area. Thepaper.cn noted that there was a notice posted at the door of the building, "if there is a dispute over asset management and investment in Ruifengda, Zhejiang, please go directly to the Pudong Economic investigation Detachment to consult and deal with it!" At present, the economic investigation detachment has been involved in the closed investigation. " Property security told reporters, "you do not need to come here, there have been dozens of people called the police, suggested to go to the economic investigation detachment."

In addition, thepaper.cn recently learned that a number of regulatory authorities have taken action. Government staff from Ruifengda's place of registration rushed to Shanghai on May 10. After learning about the relevant situation at Ruifengda's office, the relevant personnel told thepaper.cn that they would meet with Shanghai's economic investigation to learn about the latest situation and listen to opinions.

Late at night on May 11, the Securities Regulatory Commission announced that the Securities Regulatory Commission attached great importance to it and acted quickly to organize the Securities Regulatory Bureau, the Fund Industry Association and other relevant units to carry out verification. Judging from the current situation, Ruifengda is suspected of a number of violations, and the CSRC decided to file a case for investigation and deal with it strictly in accordance with the law. The CSRC has informed the public security organs of the situation and strengthened cooperation.

In the next step, the CSRC will work with relevant parties to actively and steadily promote risk disposal, maintain market order, and effectively protect the legitimate rights and interests of investors.

The performance of its products has soared against the market.

According to the official website of the China Securities Fund Association, Ruifengda was established on October 20, 2016 and registered with the China Securities Fund Association on May 31, 2017. the actual controller is Qiu Wenlong, registered in Huzhou City, Zhejiang Province, and the office address is in Pudong New area of Shanghai. The registered capital is 30 million yuan and the paid-in capital is 7.5 million yuan.

According to the data of private placement network, Ruifengda's management scale ranges from 2 billion yuan to 5 billion yuan, with a cumulative income of 87% since its establishment.Aussiebingo.04%, annualized income 10%Aussiebingo.11%. One of its products, Ruifengda Shirui No. 1, has earned a profit of 795.43% since its establishment 2.1 years ago, and an annualized rate of return of 191.25% since its inception.

According to the analysis of market participants, compared with its in recent yearsAussiebingoWhat is different about his private placement of "exploding Thunder" is that a major focus of the Ruifengda incident is its use of the new third board market.

Public information shows that a number of Ruifengda's products appear among the top 10 shareholders of a number of new third board listed companies, such as Sailongxin, Youlian Shengye, Farmer Technology, Bangke Le, Weifuji, Hejiatianjian, Haotian Energy Storage, and so on.

Among them, a number of listed stocks recently appeared obvious high volume, such as Sailongxin, and Jiatianjian, Farmer Technology, and so on, and the time for these companies to concentrate on the volume appeared on May 7, the eve of the incident.

In fact, the official website of the China Foundation Association has given a scarlet letter hint to Ruifengda's violations, and Ruifengda has three types of violations, that is, the place of registration is not in the same jurisdiction as the office, there is an overdue outstanding fund, and the ratio of opening inquiry accounts for investors in the targeted disclosure function of the letter backup system is less than 50% (excluding 50%). In addition, the China Foundation Association also pointed out that Ruifengda does not meet the conditions for third-party institutions to provide investment advice.

In terms of shareholder structure, the official website of the China Foundation Association shows that Ruifengda is 80% and 20% owned by Qiu Wenlong and Liu Licheng respectively. Qiu Wenlong is the actual controller.AussiebingoAccording to the annual report disclosed by Tianyan check, Ruifengda's shareholder structure changed twice in 2022. Finally, Hainan Wisdom City Holdings Group Co., Ltd. (referred to as "Hainan Wisdom") and Shanghai Qingcheng Culture Club Co., Ltd. (referred to as "Qingcheng Culture") held 51% and 49% respectively, and the legal representative was also changed from Liu Licheng to Li Tao.

According to the change record, in January 2022, Qiu Wenlong and Liu Licheng withdrew from the ranks of Ruifengda shareholders, and Hainan Wisdom and Li Tao became new shareholders. Eight months later, Qiu Wenlong and Liu Licheng stepped down as executive directors and general managers and supervisors respectively. Li Tao and Li Rong took over respectively. At the same time, Li Tao withdrew from the ranks of shareholders, and the new shareholder was Qingcheng Culture.

Ruifengda has a strong relationship with Japan-win Holdings.

So, what kind of team is running behind this rumored runaway Ruifengda?

A person familiar with the matter told thepaper.cn that Building 10 of Huigong Hall, which was sealed off by the police, is mainly the office location of Hainan Wisdom team, and Sun Wei is the invisible controller behind Hainan Wisdom.

According to public information, Sun Wei is the general manager and director of Risheng Investment holding Group Co., Ltd. (referred to as "Risheng Holdings"). Thepaper.cn noticed that the media had published a signed article entitled "the Shanghai Story of a Northeast Man" by Sun Wei, in which Sun Wei said that in 2012, "I" founded Risheng Holdings together with Li Min and Guo limin. The chairman of Risheng Holdings is Li Min.

People familiar with the matter told reporters that "people in the circle think that Li Min and Sun Wei are husband and wife."

According to the official website, Nissan Holdings was founded in 2012 and has four sections: Japanese win Health, Daily win Capital, Daily win Education, and Daily win Real Estate. It owns: Internet hospitals, intelligent robots, health service stations, public funds, private equity, private equity securities, other funds, insurance companies, insurance brokers and so on. According to a promotional document on the official website, Riwin Holdings Limited (01741.HK), the main listing body of Nissan Holdings, listed in Hong Kong in 2019.

The main company registered with the China Foundation Association is Shanghai Riwin Equity Investment Fund Co., Ltd. (referred to as "Shanghai Riwin"), which is wholly owned by Riwin Holdings and registered by Li Min. According to the change record, Sun Wei and Li Min have been shareholders of Risheng Investment holding Group for many years since 2014, and Sun Wei ceased to be the legal representative of the company in March this year.

A reporter from thepaper.cn found that on the night of the day Ruifengda was blocked, the 8th of Ruifengda's "neighboring building" Hui Mansion was blocked simultaneously. The building, which is a holding office for Risheng, has been banned. The notice in front of the building shows that the building of Building 8 has been temporarily closed after being notified by the Economic investigation Detachment of Pudong New area. If you have any related matters to deal with, please go to the Economic investigation Detachment of Pudong New area to communicate and consult.

On May 11, thepaper.cn learned from the police at the scene that the police are asking the property to cooperate with the demolition of Risheng Holdings logo. Property officials said that Nissan Holdings has been blocked by the police since the evening of May 10. At present, Nisheng Holdings employees work at home and other notices.

The management of Ruifengda's external promotion

At present, Tianyan survey data show that the actual controller and legal representative of Ruifengda is Li Tao. According to Ruifengda materials obtained by thepaper.cn, Li Tao graduated from Chongqing University majoring in information and computer science and is studying for a master's degree. Li Tao used to work in the general manager of Risheng Group, and the Ruifengda employee manual obtained by thepaper.cn is also marked as Riwin Holdings.

According to Ruifengda data, the deputy general manager of Ruifengda is Xie Xuefei. According to the China Foundation Association, Xie Xuefei once served as a teacher in Rudong Barracks Middle School, head of the sales department of ICBC Axa Life Insurance Co., Ltd., and director of the training department of Nantong Branch of Jiangsu Fuxin Wealth Asset Management Co., Ltd., and then joined Ruifengda in February 2017 as deputy general manager. Internal data show that Xie Xuefei is responsible for securities fund research, trading record analysis, secondary market consulting and channel maintenance.

According to the China Foundation Association, the head of compliance risk control in Ruifengda is Chen Qingji, who has been in office since November 2023. Thepaper.cn obtained a number of internal information, showing that the person in charge of compliance risk control was GE Yixin. GE Yixin once worked in Wuxi Hengsong Investment, responsible for investment project analysis and investment strategy planning, transaction structure design, risk control, product design, etc.: joined Ruifengda in February 2017, responsible for the establishment of the company's risk control management system, control all kinds of operational risks, review various legal issues.

Ruifengda said that there are 20 investment managers, in fact, thepaper.cn learned from Ruifengda's internal information that Ruifengda has only three investment managers, namely Li Chao, Shao Bing and Zhou Qiang.

According to Ruifengda, Li Chao, who graduated from Diplom (FH) in Germany, majored in business administration and engineer. He was the investment manager of Citibank in Shanghai, the general manager of Shanghai New Asia Investment, and the secretary-general of the Yangtze River Delta Financial Union.

In Ruifengda materials, Shao Bing graduated from Liaoning University majoring in applied mathematics and master's degree from East China normal University in pharmacology and zoology; he once served as a researcher of CITIC Securities Co., Ltd., deputy general manager of Wande Investment Department, Institute of Pharmacy of the Chinese Academy of Sciences, GlaxoSmithKline, as a scientific member of drug research and development.

According to Ruifengda data, Zhou Qiang graduated from the School of Chemistry and Molecular Engineering of Peking University, majored in material Chemistry, and later obtained a Master's degree in Chemical Engineering from the University of California, Berkeley. He worked for the Guangfa Foundation and the Dacheng Foundation as a researcher.

In addition, according to Ruifengda, the person in charge of Ruifengda's product department is Sun Chao. Sun Chao, who graduated from Shanghai University of International Economics and Trade, once worked at Hang Seng Bank and profit Capital was in charge of institutional product issuance. The head of the legal department is Wu Shaoqing, who graduated from Suzhou University majoring in economic law and was a partner of Jiangsu Zhongguan Law firm.

Ruifengda said that all accounts are managed by securities firms, and the delivery path of funds is clear and can be checked on a case-by-case basis.

Internal data show that the risk control management framework of Ruifengda consists of four links: risk control signature investment research, fund setting safety provisions, scenario analysis and stress testing, and product risk control provisions implementation.

Ruifengda focuses on the risk of periodic fluctuations in the industry of the economic environment, such as the black swan incident in the stock market, the conflict between Russia and Ukraine, international political factors and so on. It will appropriately optimize asset allocation according to the current economic environment and increase the proportion of investment in low-risk products, such as bonds, cash and so on. At the same time, we will also use the meso-cyclical reversal strategy to lay out some undervalued stocks at the trough of the industry.

How to control the downside risk of the product? Ruifengda said in the data that if the fund has an early warning stop line, follow up the early warning stop line to close the fund to prevent a substantial decline in the net value of the fund. At the same time, a fund replenishment agreement will be signed for investors to modify the investment scope, investment strategy or adjust the early warning stop line to cope with the risks arising from the current economic downturn.

Ruifengda further said in the data that if the fund does not set an early warning stop line, it will increase the proportion of medium-and low-risk asset allocation in the process of investment allocation, reduce the turnover rate of stocks, shorten the position cycle, and increase the frequency of disclosure of net value to investors. Give investors confidence, while optimizing investment strategies, waiting for the economic environment to ease, the investment dividend when the market rises.

So, how to effectively prevent the transfer of benefits between products or products to shareholders, proprietary funds and other stakeholders, and what procedures are used to deal with violations and violations of risk control regulations?

Ruifengda said in the internal information that the manager submitted complete moral hazard prevention measures in the background of CICC, and signed a confidentiality agreement in advance for operators in key positions of the fund. to high standards require operators to comply with the legal compliance in the course of the operation of the fund. Fund accounts are managed by securities firms, the delivery path of funds is clear, can be checked on a case-by-case basis. Before investing in a stock, we will also make a multi-dimensional qualitative analysis of the stock to ensure that the investment stock has nothing to do with the transfer of benefits. Once non-compliance is found, it shall be reported to the China International Association and the Securities Regulatory Commission.

According to CICC data, at present, Ruifengda has a total of 68 products in operation, two are liquidated ahead of schedule, and more than half of the products are managed by China Merchants Securities. In addition, Guotai Junan, CITIC Securities, Huatai Securities, Guangfa Securities, Caitong Securities, China Galaxy Securities and Hua'an Securities have also hosted some products.

The funds are managed by brokers, which seems to be a firewall convincing investors. But now it seems that the firewall is not solid either.

In addition, according to the online contract, the so-called products issued by Ruidafeng have a bottom-up income. The company that provides the backing is a company called Shanghai steaming ran Investment Management Co., Ltd. (hereinafter referred to as "steaming ran Investment"). In the above product subscription contract, the identity of steaming ran Investment is the guarantor. According to the contract, Party A shall undertake the security of the products subscribed by Party B. if the final liquidation exit has a loss or a profit of less than 8%, Party A shall be responsible for making up to 8% of the annualized income (calculated according to 365 days a year). If the final withdrawal income is more than 8%, more than 8% of the income belongs to Party A. In other words, steaming ran Investment underpins a known product of Ruifengda to ensure an annualized return of 8% for investors.

It is believed that with the intervention of the Securities Regulatory Commission and relevant departments, Ruifengda run doubt will be further clarified.