The liquidation of Sanyang has become a hot topic in the private equity circle. Many private equity people interviewed by the reporter have called for early legislation and protection of the private equity industry.

"On the day of the accident in early January, Mr. Lin called me back, but I dialed back and wanted to say hello to him, but my mobile phone was turned off." A Shenzhen private equity insider familiar with Lin Shaoli, general manager of Sanyang Assets, told the Financial Weekly reporter.

At this time, it has been 7 days since Lin Shaoli was out of public view. At the end of December last year, China Resources SZITIC, the custodian of four funds owned by Sanyang, announced the termination of Sanyang series trust. In addition, Shenzhen Securities Regulatory Bureau announced 36 institutions without legal securities business qualifications in the same period, including the name of Sanyang Assets, which made the outside world worried about Lin Shaoli's current situation.

A question pervades the private equity circle in Shenzhen. Is something serious happened to Lin Shaoli? As a former Public Offering of Fund manager, if something happened, was it an old score or something new after the establishment of Sanyang?

Not only did nearly eight well-known private equity peers interviewed by the reporter get no news, but even a senior securities lawyer who had worked with Lin Shaoli said that he did not know the exact situation. The lawyer also said that some situations were not convenient to talk about when an agreement was signed.

However, in any case, the liquidation of trust products under Sanyang has exposed some inherent problems in the circle. The above-mentioned private placements interviewed by reporters invariably told reporters that because of the sensitivity of the incident, they did not want reporters to disclose their names. They were worried that private equity funds still wandered in the gray area of the law, making them afraid to expand. When it grows bigger, it is sometimes difficult to control it in the face of the temptation of some interests. "Therefore, the liquidation of Sanyang Fund may be the biggest incident in the near future, but it will not be the last one." A private equity fund manager said.

liquidation or not because of investment disputes

Before that, the market judged that Lin Shaoli's whereabouts were unknown, and the fund owned by Lin Shaoli might be involved in disputes with customers. However, with the explanation of the custodian, China Resources SZITIC, the market doubts disappeared. China Resources SZITIC said that no institution in the market had received the documents concerning Lin Shaoli, the general manager of Sanyang Assets.

The above-mentioned lawyer said that according to the procedures of the relevant departments in handling cases, even if Lin Shaoli is restricted in personal freedom, there will be a legal time limit for informing his family. He didn't hear the news that Lin Shaoli was controlled. "Disputes with customers can generally only be economic disputes. After the public security department intervenes, family members can generally get news quickly."

From the public information obtained by the reporter, it is unlikely that Lin Shaoli will get into economic disputes with his clients. Before the liquidation, Sanyang Assets sold four trust products, including China Resources Trust. The unit of Sanyang Zhuoyue Phase 1 is about 135.26 yuan, the unit of Zhuoyue Phase 2 is about 12.56 yuan, and the net value of Zhuoyue Phase 4 is about 16 yuan. Only the net value of Zhuoyue Phase 3 is a loss, but it is also 97.67 yuan. This achievement is not bad in the recently published ranking of private equity funds in Yangguan.

"Compared with other private placements, Mr. Lin doesn't have much unconventional judgment on the market, which gives me the feeling that the operations of fund managers from public offerings are more traditional." A private equity fund manager commented on Lin Shaoli. Like Lin Shaoli's role in Sanyang, Lin Shaoli had previously served as a fund manager in two public offerings, Huaxia and Taixin.

"However, although Mr. Lin is traditional, there is no problem with his investment ability. A fund he operated was issued in 27. After calculation in 28, there was no loss in that round of plunge. It is estimated that few funds can do it. " The above fund manager said.

in fact, even if the liquidation is conducted at present value, the loss of customers is not great. Therefore, there may be other reasons for the liquidation of Sanyang assets.

Lin Shaoli's fund fault may exceed 1 million yuan

So, the second guess surfaced again. It is said that Lin Shaoli invested in ITAT, a mainland institution to be listed in Hong Kong in his early years. In 26, ITAT claimed to be the largest chain clothing department store in China. At that time, the company had successively accepted the layout considerations of Blue Mountain Capital and Morgan Stanley market. Even in third-tier cities or towns, Oyiya 9 yuan Hanbok can effectively attract many consumers to spend, which is also the venture capital of institutions such as the quality of Oyiya products, with a total amount of about 12 million US dollars. And Lin Shaoli has invested a lot in it.

ITAT originally planned to be listed in Hong Kong, but due to financial fraud, the original sponsor withdrew and failed to pass the hearing of the Hong Kong Stock Exchange.

A private equity fund manager told reporters that according to the practice of issuing Sunshine private equity funds, the fund manager himself also needs to contribute about 2% of the "deposit". If the private equity fund manager is really short of money, it is not excluded to apply for the liquidation of his fund to get back his contribution. "If it is not liquidated, the custodian will not let the private equity fund manager use the money in the account at will." According to the scale of three sheep and four funds close to 1 billion yuan, if Lin Shaoli really applied for liquidation because of lack of money, then the capital gap he encountered may exceed 1 million yuan. "This is really a big trouble for Lin Shaoli."

Because of the background of Lin Shaoli's cooperation with Jiangsu SDIC, some insiders doubt whether Lin Shaoli's financial fault is related to the cooperation with Jiangsu SDIC, and argue that Oyiya ECFA is a liar. However, not only did Jiangsu SDIC deny this, but the reporter also learned that the cooperation between Sanyang and Jiangsu SDIC ended as early as March 28. Previously, almost all the trust plans of Sanyang Kaitai Investment Series jointly developed by them were the operation methods of issuing new shares.

"Because of the unique environment in the mainland, it is almost guaranteed to make new shares, and the trust products of Sanyang are not risky, and it is impossible for any customers to make trouble." A private equity fund manager said. "All questions can't be solved until Lin Shaoli shows up."

Private placement calls for legislation as soon as possible

"In fact, we very much hope that the private placement fund law can be promulgated. If there is this law, it is better to say that we are at ease than investors." A private equity fund manager said that he said that now many friends in the circle are sitting together and talking about Lin Shaoli. The fund manager has similar investment qualifications with Lin Shaoli. "Zhao Danyang, for example, has moved its headquarters to Hongkong, and will set up a branch on Wall Street. Clear laws can let fund managers know what they can and cannot do. This is good for the long-term development of private equity funds. "

another fund manager said that at present, many private investments in China can only rely on self-discipline, and the bottom line almost depends on the ethics of the fund manager. If he can't resist the temptation of various interests, it is likely that things that investors and regulators don't want to see will happen. However, the management can't ignore the development of private equity funds, and the management should supervise some services that have market needs. For example, since 25, the relevant departments have never approved a new securities consulting company, leaving many similar companies to scratch the edge and register with the Industrial and Commercial Bureau.

However, if you want to join Oyiya's friends, you must first know Oyiya and understand the rules of joining Oyiya. You can imagine a person who wants to start a business and invest money and effort. An insider said that although there is no special private equity fund law in Britain, private equity funds can also develop well because other laws and regulations are relatively sound, and the scale of funds is determined by the market layout within tens of billions of dollars. Even in third-tier cities or towns, Oyiya 9 yuan Hanbok can effectively attract many consumers to spend, which is also the quality of Oyiya's products. < P > "This is unimaginable in the mainland, because there are not only mature fund companies but also mature investors in developed countries." A private equity fund manager is also worried about the disputes with clients. "If several similar things happen to private equity funds, it is estimated that Public Offering of Fund's managers are reluctant to go to sea, because almost all of Public Offering of Fund's managers have a huge customer base, and the scale of a private equity fund will not be small.

The latest development is that the revision of the Securities Investment Fund Law was started in mid-29, and it is very likely that private placement supervision will be included in this law.