1. Xu Xiang case once again became the focus of 20 16 private equity circles. Recently, Xu Xiang is about to go on trial, and the news that the truth about Zexi is about to come out has once again become the focus of attention in the industry, which makes us look at 20 15 1 1 again. Because from this day on, photos of Xu Xiang wearing a white Armani coat, a gray shirt, rimless glasses and messy black heads began to spread wildly. Because before this, Zexi Investment founded by the person in the photo was regarded as the most successful hedge fund in China. Its return is amazing: the return of his worst performing fund is as high as 800% in five years. In the past, he has successfully escaped numerous corruption investigations, market declines and other panic. However, as the most low-key and mysterious person, although people are full of curiosity about his legendary investment resume, they can never spy on its mystery. Even after the fall of Xu Xiang, news about him was almost blocked. Until NY released a group of special reports about Xu Xiang, which once again ignited the public's enthusiasm for the Xu Xiang case; The recent news about Xu Xiang's trial has also made the public feel that it is time to uncover the truth about Xu Xiang. It is very important to explore the truth through industry reflection, but it brings us more industry reflection than truth! Xu Xiang's downfall was due to insider trading and stock manipulation. Sunshine private equity industry is entering a big explosion stage. Private equity institutions, while obtaining high returns for qualified investors, do not step on the red line of market and supervision and take a legal and healthy development path, which is the road of sustainable development. When there are fewer illegal acts in the market and the investment behavior in the market becomes more legal and standardized, it will have a benign promotion effect on all investment institutions, which will not only benefit private equity institutions and investors involved, but also really promote the healthy and long-term development of the industry. ?
2. Mammoth's performance accrual affects the nerves of the industry. According to media reports, Chen, a former public star fund manager, and the private equity of Mammoth he founded stood at the forefront of public opinion. Our Days, published by the company in March last year, fell below 0.9 yuan at the end of the closure period of 1 year, and Mammoth Assets has withdrawn management fees for three times. According to Chen, * * extracted 6 million yuan from it. Managers make money and investors lose money, which makes investors question the timing and method of Mammoth's asset performance commission. China Fund Industry Association is now "the fastest response in history". This performance accrual event showed the chaos of private equity accrual to the public. The China Foundation also expressed its position to the outside world in the first time when the incident was exposed, and attached great importance to the relevant situation. Relevant institutions have been asked to make explanations, and investigations have been initiated according to procedures to comprehensively verify the situation; The performance remuneration of private equity funds shall be determined through consultation between private equity fund managers and qualified investors in accordance with the principles of voluntariness, fairness, honesty and credit, and shall be stipulated in the fund contract. At the same time, it also launched an industry self-discipline investigation, and the regulatory authorities also intended to make heavy punches to regulate private placement.
The following is the full text of the announcement of the fund industry association:
3. "Baokemen" declared the end of the era of national private placement. According to the data of China Foundation, there are more than17,000 registered private equity fund managers who have not carried out substantive business, accounting for 69% of the total number of registered private equity fund managers. Some of these undeveloped private equity funds are doing business preparations, some are "selling dog meat", building P2P platforms or engaging in so-called equity crowdfunding activities, and some have no intention of doing business at all, but use paper registration certificates issued in the past to illegally enhance credit and resell "shell resources". It can be seen that "shell" private placements and "zombie" private placements abound in the private equity industry. In the past, the threshold for obtaining private placement licenses was low and the barriers were small. The private equity industry seems to have reached the era of private equity for all. This has also caused a strange phenomenon in the private placement circle: many private placements have been established for many years, but they have never issued a product. Excluding the "empty shell" private placement, Zhongji really played this time! However, this situation has greatly improved with a page of communication of the China Foundation years ago. The Announcement on Further Standardizing the Registration of Private Equity Fund Managers (hereinafter referred to as the Announcement) issued by China Fund Industry Association on February 5th declared the end of the national private equity era, and the issuance of licenses was greatly tightened. Since then, private placement has officially entered the era of issuing legal opinions, issuing products within a limited time and obtaining professional qualifications. All "empty shell" managers will be cancelled after the cleaning time: that is, the first batch of private placement cleaning will be completed before May 1; Complete the second batch of private placement before August 1. ? 4. With the release of new regulations on private placement, private placement institutions will face a major reshuffle. Private equity fund sales have always been a battleground for military strategists. Previously, commercial banks, securities companies, futures companies, insurance companies, insurance agents, unqualified private placement agencies, and third-party financial institutions ... could all participate in private placement fund sales; Private equity funds illegally raise funds, illegally raise funds, and split private equity. For example, in the past, private equity fund sales organizations broke through qualified investors in disguise through "fund split and transfer", and the situation of "ten thousand yuan to buy private equity" appeared from time to time, and the phenomenon of opaque information and deliberately deceiving investors in the process of private equity split and transfer was also very common. However, this phenomenon may end this year. The new private placement regulations further standardize private placement sales organizations. From February 20 15, the China Foundation issued the Measures for the Administration of Private Placement and began to solicit public opinions. After a lapse of more than four months, Hong Lei, president of China Asset Management Association, revealed that the Measures for the Administration of Private Equity Funds will be released in April. It is reported that the new "Measures for Raising Funds" require that private equity institutions that raise funds must obtain permission to work, and they need to be registered with the CSRC or the China Foundation. If the institution is not registered and the product is not put on record, it is regarded as illegal fund-raising; At the same time, illegal splitting and transfer are not allowed. In the past, many investors were forbidden to "chip in" to buy private products. Only private fund managers registered in the association and fund sales institutions that have obtained the sales qualification of the CSRC and become members of the association are eligible to raise private funds. Private equity fund sales organizations will also face a large-scale reshuffle. 20 16 is destined to be a big year for private equity industry supervision. Private equity supervision and self-examination, private equity events forced supervision, are making unremitting efforts to build a more sunny, sound and healthy private equity industry. When we saw new regulations such as private placement filing, private placement, private placement self-discipline investigation, and private placement accrual management, they were successively introduced and implemented, and we were more confident that the private placement industry was welcoming a golden period of development. ?