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whether it is the number of private equity cancellations, the types of private equity cancellations, or the disclosure of fines, all of them reflect that the pace of private equity liquidation is still continuing.

since september, a total of 26 private equity funds have been deregistered, including 17 private equity funds, 9 venture capital funds, and private securities investment funds. in terms of deregistration types, 21 private equity funds were deregistered voluntarily, 4 funds were deregistered without management for 12 months, and 1 fund was deregistered by association. among the 1,242 private equity funds deregistered this year, 703 funds were deregistered by association, 398 funds were deregistered voluntarily, and 131 funds were deregistered without management for 12 months, and deregistration by association still accounted for more than 50%.

shanjin financial holdings, a wholly-owned subsidiary of listed company shandong gold, has been established for nearly 12 years and was deregistered on september 10 due to lack of management for 12 months. shanjin financial holdings is registered as a private equity and venture capital fund, with many holding subsidiaries, including private securities investment funds, futures companies, precious metal investments, etc., and also holds shares in securities companies. shandong gold's semi-annual report shows that shanjin financial holdings has total assets of 17.145 billion yuan and net assets of 2.21 billion yuan. according to previous annual reports, shanjin financial holdings contributed 725 million yuan in net profit to shandong gold in 2021, and lost 310 million yuan in 2020.

in addition, private equity funds wholly owned by wanda group, tongji university, and hunan state-owned assets also voluntarily cancelled their registrations in september.

since the beginning of this month, the china securities association has disclosed 7 and 13 disciplinary notices to private equity institutions and private equity personnel respectively. among the fined private equity firms, 4 were in guangdong, 2 of which had their private equity fund manager registrations revoked; the other private equity firms and executives were mostly publicly reprimanded. one private equity firm in shanghai and one in hunan were also suspended from accepting private equity fund product filings for 12 months.

guangdong gaia and two of its executives were publicly condemned for failing to disclose the criminal penalties of its executives in a timely manner. unlike other private equity executives who were mostly born in the 1970s and 1980s, the two executives of guangdong gaia who were punished were both born in the 1990s.

after 12 years of establishment, shanjin financial holdings was deregistered due to lack of management for 12 months

shanjin financial holdings capital management co., ltd. (hereinafter referred to as shanjin financial holdings) is a private equity and venture capital fund established in november 2012 and completed registration in november 2014. according to the china securities association, shanjin financial holdings has filed 11 products, including 10 private securities investment funds and 1 other private investment fund. no new products have been filed since march 2017.

tianyancha shows that the registered and paid-in capital of shanjin financial holding is 1.5 billion yuan, and it is wholly owned by the listed company shandong gold. initially, the actual controller of shanjin financial holding was shandong gold group.

in 2019, shandong gold successfully acquired 100% of shandong gold financial holdings held by its controlling shareholder shandong gold group. the relevant announcement pointed out that this acquisition is conducive to the extension of shandong gold's industrial chain business and the promotion of industrial and financial integration; at the same time, it will increase the company's asset scale and profitability and further solve the problem of horizontal competition between the listed company and the controlling shareholder.

since the consolidation, shanjin financial holdings' net profits in 2019-2023 were -61.3512 million yuan, 71.0045 million yuan, 725 million yuan, -310 million yuan, and -143 million yuan, respectively. as for the substantial losses in 2022, the announcement explained that the fund products, asset management trust plans, stocks and other projects invested by shanjin financial holdings had slowed down their investment progress and the income of existing projects had dropped significantly year-on-year due to the downturn in the secondary capital markets such as securities in 2022.

before the merger, shanjin financial holdings wholly owned 8 holding subsidiaries, including shanjin futures, shanjin jinquan, shanghai shengju assets, etc. shanjin jinquan is a private equity investment fund established in july 2018 with a management scale of 1-2 billion yuan. it has 21 products in operation and 10 products in early liquidation.

combined with multiple annual reports, it is known that in 2020, shanjin financial holdings and shanjin futures invested in the establishment of shanjin risk management co., ltd., holding 51% and 49% of the shares respectively. the company's business scope includes basis trading, warehouse receipt services, cooperative hedging, over-the-counter derivatives business, market making business, etc.; in 2021, shanjin financial holdings subscribed for 65.1042 million shares of donghai securities' private placement with nearly 500 million yuan of its own funds. as the second largest shareholder holding more than 5% of donghai securities' shares, the subscribed shares shall not be transferred within 3 years from the date of listing of the new shares; in june 2022, huatai securities acquired 100% of the equity of shanghai shengju assets held by shanjin financial holdings for a transfer price of 674 million yuan.

wanda, tongji university and other wholly-owned private equity funds have voluntarily cancelled their registrations

wanda (shanghai) equity investment fund management co., ltd. (hereinafter referred to as shanghai wanda), which was voluntarily deregistered on september 4 this year, was established in march 2015, completed registration in april of that year, and voluntarily deregistered on september 4 this year. according to the china securities association, this is a private equity and venture capital fund with a registered and paid-in capital of 10 million yuan and 5 million yuan respectively. it is wholly owned by dalian wanda commercial properties co., ltd., and the actual controller is shown to be wang jianlin.

wanda qingfu (hangzhou) investment management co., ltd., whose actual controller is wang jianlin, is also a private equity and venture capital fund. it was voluntarily deregistered in march 2020. the private equity was established in december 2016 and completed registration in march 2017. tianyancha shows that the private equity had completed industrial and commercial deregistration in november 2019.

another private equity and venture capital fund, shanghai tongji equity investment fund management co., ltd. (hereinafter referred to as shanghai tongji investment), took the initiative to cancel its registration on september 11 this year. the private equity fund was established in august 2018 and completed registration in november 2020. the registered and paid-in capital shown by the china securities association were 10 million yuan and 5 million yuan respectively.

according to the china securities association, the actual controller of shanghai tongji investment is tongji holdings, which is held by shanghai sike ruixin asset management co., ltd., shanghai tongji science park investment management co., ltd., and wang yongsheng, holding 35%, 35%, and 30% of the shares respectively. according to public information, tongji holdings is a one-person limited liability company established with investment from tongji university. it is the only entity of tongji university's state-owned assets investing overseas, and exercises the rights of shareholders of investment enterprises and performs the obligations of shareholders on behalf of the school.

hunan xingxiang ruiheng private equity fund management co., ltd. (hereinafter referred to as hunan xingxiang ruiheng), which was voluntarily deregistered on september 9 this year, was established in april 2018 and completed registration in august 2021.

according to tianyancha, in january 2023, hunan xingxiang ruiheng was officially changed into a wholly-owned subsidiary of hunan xingxiang capital, and xingxiang capital is wholly owned by xingxiang group. the investors of xingxiang group include the hunan provincial state-owned assets supervision and administration commission and hunan state investment corporation.

7 private equity firms were fined, 4 of which were in guangdong

in addition to having their private equity manager registration revoked by the china securities association, many private equity firms and their executives were also given administrative penalties such as warnings, public censures, and suspension of product filings. among the 20 fines disclosed by the china securities association in september, seven private equity firms were involved, four of which were in guangdong.

guangdong longying will have its registration as a private equity fund manager revoked and its legal representative publicly condemned due to failure to fulfill the obligation to report major changes, some personnel engaged in fund business not obtaining fund practitioner qualifications, failure to perform manager duties diligently and prudently, senior executives not actually performing their duties and falsely providing inspection materials.

another company whose registration as a private equity manager was revoked was guangdong huapu investment, which committed two types of violations: one was investing private equity fund assets in lending business; the other was providing false fund registration documents and information to the association.

due to failure to properly keep materials in accordance with regulations, failure to fully perform investor suitability obligations, use of fund assets for profit, and failure to disclose major events that affect investors' rights and interests, the china securities association decided to publicly condemn xianglian holdings and suspend the acceptance of its private fund product filings for twelve months. at the same time, the legal representative registered as the private equity and the person in charge of compliance and risk control at the time were both publicly condemned.

shanghai sanshang was also publicly reprimanded by the china securities association and suspended from accepting private equity fund product filings for 12 months. the two compliance and risk control directors were publicly reprimanded and warned respectively.

after investigation, it was found that shanghai sanshang had engaged in gold exchange-related businesses and other businesses unrelated to private equity fund management, and had problems with unprofessional operations. according to the regulatory fine, shanghai sanshang also had the following problems: 1) entrusting units or individuals without fund sales qualifications to engage in fund raising activities; 2) entrusting others to prepare and collect some investor suitability materials, and failed to inform investors of the identification results of some professional investors, nor fulfilling the suitability obligations such as notification and warning according to the category of ordinary investors, and failed to perform their duties diligently and prudently in the process of suitability management.

according to the fines disclosed in september, guangdong baishifu, guangdong gaia, dazi sustainable growth venture capital and their respective executives were basically punished with public reprimands. it is reported that guangdong gaia was fined for failing to disclose in a timely manner that relevant executives were sentenced to criminal penalties. at the same time, the current legal representative sun minhui and the current compliance and risk control director zhou mengdie were both born in 1993.

in addition, long yongxiang, the then-head of compliance and risk control at xianglian holdings who was fined, was born in october 1994.