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China News Service, August 14. According to the website of Zhejiang Securities Regulatory Bureau, Zhejiang Securities Regulatory Bureau recently issued a warning letter to Hangzhou Nuozhun Investment Management Co., Ltd. (hereinafter referred to as Hangzhou Nuozhun) and Hangzhou Lianyu Investment Management Co., Ltd. (hereinafter referred to as Hangzhou Lianyu) and the main responsible persons.

Source: Zhejiang Securities Regulatory Bureau website

Specifically, upon investigation, as of the date of on-site inspection,Hangzhou Nuzhun has the following behaviors in its private equity fund business:：

First, some of the funds under management failed to disclose the fund's financial status and investment situation to investors truthfully as agreed in the fund contract.

Second, the reports uploaded to the information backup system of the Asset Management Association of China by some of the funds managed were inconsistent with the reports disclosed to investors, and the amounts of investment projects in the uploaded reports did not match the actual situation.

The third is the misappropriation of part of the fund's assets.

Fourth, the management fees of some funds are directly transferred to personal accounts.

Fifth, the office space and personnel are mixed with those of other private equity fund managers, and the number of employees paying social insurance is less than five.

SixthSome fund promotional materials contain false records, misleading statements, and exaggerate the value of the funds being promoted.。

Seventh, some funds fail to set an investment cooling-off period of no less than 24 hours in the fund contract (partnership agreement).

Eighth, the warning process for some investors was not recorded or videotaped; the income or asset certificates of some investors, the recording or videotape of the warning process, the cooling-off period follow-up visits and other materials related to the suitability of qualified investors were not properly preserved.

The above-mentioned behavior violates the provisions of Article 4, Paragraph 1, Article 23, Item 4, Article 24, Article 25, Article 26 of the Interim Measures for the Supervision and Administration of Private Investment Funds (CSRC Order No. 105) and Article 25 of the Measures for the Suitability Administration of Securities and Futures Investors (CSRC Order No. 130). According to relevant regulations,The Zhejiang Securities Regulatory Bureau decided to take supervisory and management measures against Hangzhou Nuozun by issuing a warning letter and recording it in the securities and futures market integrity file.

Upon investigation, as of the date of on-site inspection,Hangzhou Lianyu engaged in the following behaviors in its private equity fund business：

First, the office space and personnel are mixed with other private equity fund managers, and the number of employees paying social insurance is less than five.

Second,Some fund promotional materials contain false records, misleading statements, and exaggerate the value of the funds being promoted.。

Third, some funds do not set an investment cooling-off period of no less than 24 hours in the fund contract (partnership agreement).

The above behavior violates the provisions of Article 4, Paragraph 1 of the Interim Measures for the Supervision and Administration of Private Investment Funds (CSRC Order No. 105). According to relevant regulations,The Zhejiang Securities Regulatory Bureau decided to take supervisory and management measures against Hangzhou Lianyu by issuing a warning letter and recording it in the integrity file of the securities and futures markets.

also,Lu Sheng is the legal representative and general manager of Hangzhou Nuzhun and Hangzhou Lianyu, failed to perform relevant duties and obligations with due diligence and prudence, and was primarily responsible for the above-mentioned problems of Hangzhou Nuzhun and Hangzhou Lianyu, violating the provisions of Article 4, Paragraph 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds (CSRC Order No. 105) and Article 37 of the Measures for the Suitability Administration of Securities and Futures Investors (CSRC Order No. 130). According to relevant regulations,The Zhejiang Securities Regulatory Bureau decided to take supervisory and management measures against it by issuing a warning letter and recording it in the integrity file of the securities and futures market.

According to Tianyancha APP data, Hangzhou Nuzhun was established on September 23, 2015, with a registered capital of RMB 20 million; Hangzhou Lianyu was established on December 16, 2015, with a registered capital of RMB 10 million. It is worth mentioning that Hangzhou Nuzhun is the controlling shareholder of Hangzhou Lianyu, holding 70% of the shares. (China News Service APP)