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Recently, the gossip about the collapse of a private equity fund worth hundreds of billions of yuan has been lingering in Jinshi's mind. He wanted to write about it 10 days ago, but was delayed due to too many things at the time. Today, let's take a quick look at the gossip about the liquidation of this private equity fund worth hundreds of billions of yuan.

Beijing Pansheng Investment Management Co., Ltd. was originally a private equity fund with a scale of 5-10 billion yuan, but now it has only one employee. In 2022, there were 23 people participating in the public fund, but today, Tianyan Check shows that the number of participants is zero. Moreover, there are only two fund products left, and the official website has jumped to Huanxiang Zhijie.

Previously, the major shareholder was China Investment Corporation New Asia Pacific (Dalian) Investment Management Co., Ltd., which held a 60% stake. This was a personal investment company that chose to withdraw in 2013.

Currently, the company's major shareholder is Lin Tong, who is also the chairman of Pansheng Assets and holds over 24% of the shares. He was formerly the investment manager of Dalian Hunter Investment Co., Ltd. and a partner of Beijing Shengshi Hongming Investment Management Co., Ltd.

Lintong has had its equity frozen twice. In one court dispute, the company's major shareholder Xiamen Yuteng sued Pansheng Investment because the shareholder's investment required Pansheng to repurchase its equity, but it did not repurchase, which was probably because the terms of the gambling agreement were triggered, but Pansheng Investment did not have enough cash to constitute a breach of contract.

According to the shareholding structure of Pansheng Investment, Lin Tong is the largest shareholder, and Xiamen Yuteng holds 23.7% of the shares through Haoqing Equity and Panyi Equity, making it the second largest shareholder of Pansheng. At this time, the registered capital investment was 37 million, but the actual investment amount is not clear, and it is likely to be wasted.

The operating conditions of Pansheng Investment can be seen on the official website of the Fund Association. It has been subject to administrative penalties, is operating abnormally, has overdue funds that have not been liquidated, and has less than 5 people receiving social security. This private equity fund worth tens of billions of yuan is basically in a state of bankruptcy.

In September 2021, the Beijing Securities Regulatory Bureau pointed out three crimes of Pansheng Investment: first, using expected returns for misleading publicity; second, setting different returns for the same private equity fund based on different investment amounts; and third, failing to disclose existing fund information to investors.

In August 2023, the disciplinary punishment issued by the Fund Industry Association showed that Pansheng Investment also carried out rigid redemption propaganda, that is, guaranteed rate of return, principal and interest, etc. In response, the China Fund Industry Association publicly condemned Pansheng Investment and suspended the acceptance of its private fund product filings for 12 months. The company's chairman Lin Tong was publicly condemned, and the person in charge of compliance and risk control Luo Li was warned.

Now, a year has passed, the private equity fund has collapsed, and no one is responsible for the losses of the investors. Although this is a private equity fund that mainly invests in the primary market and now has no projects to do in the primary market, it is wrong to rigidly redeem, make false propaganda, and treat investors differently.