Recently, China Judgment Document Network published several judgments, and several investors sued Beijing Chiayi Fortune and its fund manager Li Wendong. Among them, the investor Ms. Song invested 6,543,800 yuan, and lost 982,900 yuan after four years, leaving only 1.7 1 10,000 yuan; In 20 17, the investor Mr. Li successively invested 1459800 yuan in the private placement products of Beijing Chiayi Fortune, and redeemed them to 202 1,12.85 million yuan, with a four-year loss rate of 9 1.2%.

It is worth noting that Beijing Chiayi Fortune was cancelled as a private manager in June 2022. In August last year, Li Wendong, the fund manager of the company, was supervised and issued a warning letter for violating the rules such as promising investors guaranteed capital and guaranteed income through the official account of WeChat, and promoting it to unspecified objects.

1 10,000 lost 980,000 in four years

According to the disclosure of the civil ruling, Ms. Song from Chaoyang District, Beijing signed the "Nine Strong New Growth 1 Private Equity Investment Fund Contract" with Beijing Jiayi Wealth on June 6, 20 1 July, and subscribed for the fund110,000 yuan. The initial face value of the fund share is 1 ten thousand yuan.

Later, the fund suffered losses and signed a supplementary agreement with Ms. Song, promising that if Ms. Song did not redeem the fund within three years from February 2, 20 18, she would personally guarantee that "the net value of the fund did not recover to more than 1 yuan within three years from February 2, 20 18". If the net value of the fund cannot be restored to 1 yuan by then, it will be responsible for making up 1 yuan to Ms. Song, and then the fund investors can redeem it.

After the signing of the supplementary agreement, Ms. Song failed to redeem the fund as promised. By February 2, 2002 1 65438, the net value of the fund she held had not recovered to1yuan. She contacted Li Wendong many times and demanded to pay the investment loss according to the supplementary agreement, but Li Wendong avoided it. The net fund value dropped from 0.03 14 yuan to 0.0 17 1 yuan, and the investment loss reached 982,900 yuan.

4-year loss exceeds 9 1%

In addition, on June 2, 20 17, introduced by the fund manager, Mr. Li from Beijing signed the Jiayi-Private Equity Elite No.322 Fund Contract with the fund manager Beijing Jiayi Wealth Investment Management Co., Ltd. and the fund custodian China Merchants Securities, and subscribed for the Class A share of Jiayi-Private Equity Elite No.322 Fund, with the subscription amount of 6.5438 million yuan.

The Fund was established and started to operate on June 9, 20 17, with an initial net unit value of 1 yuan. 2017165438+1October 14. Mr. Li subscribed for the chiayi No.322 fund with dividends, and confirmed that the subscription share was 459,800; So far, his total share in Chiayi No.322 Fund is 654.38+0.4598 million.

However, the net value of fund units continued to fall later. During this period, Mr. Li called several times to inquire about the investment situation of Chiayi No.322 Fund and the reasons for its continuous decline. However, Li Wendong never disclosed the specific investment of the fund, but only hoped that investors would continue to hold it and ensure that the net value of the fund would be restored to more than 1 yuan.

In this context, Mr. Li received the Supplementary Agreement of Top Nine Private Equity Investment Funds (hereinafter referred to as the Supplementary Agreement) signed on February 2, 20 18, and attached a copy of his ID card. In the supplementary agreement, Li Wendong promised that the investors of the first nine series of private equity funds, including Chiayi No.322 fund investors, would not redeem the funds within three years from February 2, 20 18, and Li Wendong personally guaranteed that "the net value of the funds has not recovered to 65,438+within three years from February 2, 20 18".

However, after three years, from 20 18 12 to 202 12 15, the unit net value of chiayi fund 322 never exceeded 1 yuan.

On February 20th, 2002112, Mr. Li applied for redemption of all 1459800 copies of Jiayi No.322 Fund. The net value of the fund unit at the time of redemption is 0.088 yuan, and the redemption amount is 128500 yuan. In other words, the four-year loss rate of the fund reached 9 1.2%.

Chiayi Fortune has been disqualified as a private placement manager.

For the reasons for the huge losses of the aforementioned products, some analysts said that the huge losses of private equity funds are still related to their contracts. Under normal circumstances, there are few huge losses in private equity products, and there are two situations that may lead to this phenomenon: First, product investment. If it is a private product, because private investment itself is a high-risk investment, there is a possibility of liquidation after the product investment fails. Secondly, the product caused huge losses due to leverage, gambling and other reasons. Therefore, investors must read the product description and contract agreement of private placement products clearly.

Shi Liang, a commentator on China's finance and economics, said that investing in private equity funds may encounter problems such as unreasonable asset allocation, unclear stop-loss warning line setting, frequent investment or stock exchange, and insufficient level of fund managers. It is suggested to screen reliable fund managers, especially those who have experienced more than one bull and bear market.

In addition, investors need to continue to pay attention to the integrity and compliance of private fund managers.

It is worth noting that the above-mentioned Beijing Jiayi Wealth Investment Management Co., Ltd. is currently in the state of "association cancellation" in China Securities Fund Investment Association.

According to public information, Beijing Jiayi Wealth Investment Management Co., Ltd. was established on March 3, 20 1 1 year with a registered capital of100000 yuan. The major shareholder and legal representative of the company is Ma.

On June 24, 2022, China Securities Fund Investment Association reported that Beijing Chiayi Wealth Investment Management Co., Ltd. was disqualified as a private fund manager due to abnormal operation. The association reminds investors to continue to pay attention to the integrity and compliance of private fund managers, make fund investment decisions cautiously, and safeguard their legitimate rights and interests through the dispute settlement mechanism agreed in the fund contract and related legal channels. The Association will continue to adhere to the basic policy of "supporting the superior and limiting the inferior", constantly improve the integrity information recording mechanism of the private equity fund industry, and promote the healthy development of the industry in compliance.

In addition, on August 25th, 20021year, Beijing Securities Regulatory Bureau issued two administrative supervision measures, and issued warning letters to Beijing Jiayi Fortune and its fund manager Li Wendong respectively.

According to the Beijing Securities Regulatory Bureau, after investigation, Li Wendong, the manager of Chiayi Wealth Fund, has the following violations: First, there are arrangements for non-company employees to receive investors, reflecting that they have not fulfilled their obligations of prudence and diligence; The second is to promote and publicize to unspecified objects through WeChat official account; 3. Promise investors that the investment principal will not be lost or promise the minimum income.

The Beijing Securities Regulatory Bureau said that Li Wendong's above-mentioned behavior violated the provisions of Articles 4, 14 and 15 of the Interim Measures for the Supervision and Administration of Private Investment Funds. According to the provisions of Article 33 of the Interim Measures, it is decided to take administrative supervision measures by issuing warning letters.