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Beixin Ruifeng was involved in one scandal after another. In May, employees revealed that there had been no communication, wages were in arrears, and no year-end bonuses had been paid for three years. At that time, Beixin Ruifeng refuted the rumor and said that the company had adjusted the salary payment date from the previous salary payment to the next salary payment, and salaries were paid every month.

Then in early July, Beixin Ruifeng Fund was once again involved in labor disputes due to problems with the regularization assessment process. Not only were the probationary period regularization assessment indicators changed, but employees who had been employed for a year and a half were also sent regularization assessment emails. Was this a disguised layoff?

At that time, Jinshi said that punctuation marks would also be deducted from the assessment points, and that employees would have to be assessed for regularization even after working for one and a half years. There was no probationary contract signed after working for three months, and the assessment standards had completely changed. This was definitely a disguised layoff!

Today, Beixin Ruifeng has another new rumor, this time it is a real layoff. According to Beixin Ruifeng employees, because they refused to renew their labor contracts without reason, the company kicked them out of OA, DingTalk, WeChat and other work groups without signing a resignation contract with them or paying their overdue wages.

In addition, many Beixin Ruifeng employees chose to resign through normal procedures. According to the employee, Beixin Ruifeng intends to start a round of layoffs recently, and the second round of layoffs is expected to be in the double digits. The key issue is that Beixin Ruifeng currently has only 81 employees.

Previously, Jinshi reported many times that Beixin Ruifeng is a small private equity fund under the trust system with a total scale of only 3.7 billion yuan and a loss of 13% in the past three years. The key point is that this public equity fund only has 300 million yuan. I wonder how it suffered such a heavy loss?

Previously, Jinshi wrote that Beixin Ruifeng has only 9 fund managers and a total of 8 equity funds. It lost 81.2 million yuan in 2023. After deducting the channels, the management fee was only 3.12 million, and it was shared by 5 fund managers.

The total equity scale of Beixin Ruifeng is 335 million. The fund manager with the largest loss, Pang Wenjie, has lost 38% in the past year and 54% in the past three years. The relevant investors have suffered heavy losses.

The annualized loss of the Beixin Ruifeng Industrial Upgrading Fund he manages is 26.54%, causing most investors to choose redemption. The scale of the fund has shrunk by 90% in three years, from more than 700 million in 21 years to 67 million at present.

The reasons behind the poor management of this public fund are: first, it is a mini fund with limited fundraising capabilities and it is difficult to gain recognition from investors; second, the market conditions have been too bad in the past three years, and Beixin Ruifeng Equity Fund has suffered heavy losses, causing investors to leave the market one after another.

Take Beixin Ruifeng Industrial Upgrading as an example. The annual report of 2021 showed that the fund had 300,000 investors, but in 2023, the fund had only 55,700 investors. However, the cruel reality is that all the institutions have run away, leaving only retail investors crying in the wind.

Third, the company's actual controller's equity structure is unstable. As mentioned above, the company's actual controller is Beijing Trust, which currently holds 51% of the shares, but has been transferred by shareholders in turn. 1) In November 2023, Weiyi Investment, the only overseas shareholder of Beijing Trust, plans to transfer its 11.48% stake in Beijing Trust to China Credit Trust Group for approximately US$121 million;

2) The second largest shareholder, Aerospace Science and Technology Finance, intends to transfer all of its shares (holding 15.32%). The project information has been listed and promoted on the Beijing Equity Exchange. The information disclosure period is from May 6, 2024 to July 26, 2024.

According to Yuxiao Rare Earth's 2023 annual report, Beijing Trust's revenue in 2023 was 601 million yuan, a year-on-year increase of 8.70%, but a net loss of 42.32 million yuan. Interface cited data showed that 2023 was the first net loss for Beijing Trust in nearly a decade. In the same period of 2022, the company's net profit had fallen 99.89% from 2021 to 1.2283 million yuan.

Fourth, it is not just small state-owned public funds. Under the influence of the current cold market, new commission reduction regulations and salary caps, many large public funds are also cutting salaries and laying off employees. A few days ago, the market broke that a large public fund laid off more than 20%. In addition to layoffs, there are also various cost-cutting and efficiency-enhancing measures. In the future, the public fund circle may become more and more competitive, and some mini or small public funds will be forced to sell out.