On the evening of June 8, China Asset Management Association issued a severe fine to Zexi and Xu Xiang and blacklisted them. What happened? Who's Xu Xiang? Let me take you to know more.

Nearly half a year after the first criminal case of information-based manipulation of the securities market in China was pronounced, China Asset Management Association imposed heavy penalties on Zexi and Xu Xiang on June 7, and blacklisted them: canceling the registration of private fund managers, canceling their membership, blacklisting Xu Xiang and other three people and related institutions, and publicly condemning them, and canceling Xu Xiang and Zheng's qualifications for fund practice. After joining the blacklist, relevant institutions may not re-register and relevant personnel may not work in the fund industry.

At the same time, a disciplinary decision of the association also disclosed the details of the Xu Xiang case to the market: Xu Xiang actually controlled 139 accounts, conspired with the chairman or actual controller of 13 listed companies to manipulate the stock price, and Xu Xiang and others actually made illegal profits of 9.338 billion yuan.

In addition, the Association also pointed out that Xu Xiang and others have violated laws and regulations, including problems in personnel registration information and fund filing information, failure to submit information continuously as required, and lack of risk control and internal management system. There is also the use of fund property and the convenient position of fund managers to engage in securities market manipulation. ...

The association blacklisted Xu Xiang Zexi. The association punished Zexi and Xu Xiang, specifically targeting Xu Xiang, prosthodontic and Zheng. Shanghai Zexi Investment Management Co., Ltd. and Shanghai Zexi Asset Management Center are general partners.

The information of Xu Xiang and others was published in the disciplinary book of the Association.

China Fund News reporter can also check the general partnership information of Shanghai Zexi Asset Management Center from the Association official website. Shanghai Zexi Investment Management Co., Ltd. was cancelled on March 20th this year.

The ticket issued by this association is very severe. The contents of punishment include: canceling the registration of private fund managers, canceling the membership, blacklisting Xu Xiang and other related institutions and publicly condemning them, and canceling the fund qualifications obtained by Xu Xiang and Zheng.

What is the effect of specific punishment? China Fund News reporter to analyze:

First, cancel the registration of private fund managers.

The Interim Measures for the Supervision and Administration of Private Investment Funds stipulates that all kinds of private fund managers shall apply to the fund industry association for registration in accordance with the articles of association of the fund industry association. This means that once Zexi Investment and Zexi Assets are cancelled, they can no longer engage in private equity business and can no longer raise funds and invest in private equity funds.

Second, cancel membership.

The Measures for the Management of Members of China Asset Management Association stipulates that fund managers should join the association as members in accordance with the provisions of laws and regulations, and private equity managers should first apply to become observation members.

The Interim Provisions on the Operation and Management of Private Equity Management Business of Securities and Futures Operating Institutions issued last year requires private equity fund managers to engage in investment business, "members who have been registered with the association for one year and have no record of major violations of laws and regulations", which means that after the membership is cancelled, Zexi cannot invest as a third party in securities and futures.

Third, Xu Xiang and other three people and related institutions were blacklisted and publicly condemned.

The association made it clear that after joining the blacklist, relevant institutions may not re-register and relevant personnel may not work in the fund industry.

This means that Zexi Investment and Zexi Assets can no longer do private investment management business and can no longer register managers; Moreover, Xu Xiang, prosthodontic, Zheng and others can't engage in the fund industry in the future, nor can they go to other companies.

It can be seen that in order to maintain the image of the industry's ecological health, the regulatory authorities have severely punished the black sheep of the private equity industry.

Four, cancel the qualification of Xu Xiang and Zheng through the appraisal.

The reporter found that Xu Xiang and Zheng's fund qualifications were obtained through accreditation rather than examination. Q&A 9 released by the association last year put forward strict requirements and strict supervision on the qualifications of private equity executives.

According to the association, Xu Xiang and others have completely broken the bottom line of laws, regulations and self-discipline rules in registration, internal management, personnel qualification, information submission and fund operation.

Xu Xiang and Zheng are no longer qualified to engage in private equity business.

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