news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

"shareholder infighting drama", "disappeared board of directors", "errors in regular reports", "8 fines issued", "suspected of false information disclosure", as various negative news about the individual public fund chunhou fund continued to ferment, the company responded.

on september 17, xing yuan, the licensed sponsor and general manager of chunhou fund management co., ltd. (hereinafter referred to as "chunhou fund"), issued a statement regarding the company's equity transfer, the inability to effectively convene the board of directors, information disclosure and other related matters.

on the same day, chunhou fund also issued an interim announcement stating that the shanghai regulatory bureau of the china securities regulatory commission (hereinafter referred to as the "shanghai securities regulatory bureau") published on its website the relevant administrative supervision measures made on march 18, 2024 regarding the company and some of its shareholders and chairman. it has been nearly 6 months since the above-mentioned administrative supervision measures were made. during this period, the company has been actively and proactively reporting the relevant rectification work to the regulatory authorities in a timely manner. in addition, the company's executives, investment research team and employees have been relatively stable and have no operating risks.

earlier on september 14, the shanghai securities regulatory bureau disclosed eight fines previously issued to chunhou fund, which involved the fund manager, chairman, general manager and shareholders.

it is worth mentioning that the issuance of eight fines has once again led to chunhou fund being questioned for suspected false information disclosure. the reporter of the paper found that in the 2024 interim report of its fund products, chunhou fund only selectively disclosed two fines issued by the shanghai securities regulatory bureau, and the remaining six regulatory letters were not included.

in addition, half a year has passed since the shanghai securities regulatory bureau issued the penalty decision on march 18. according to the shareholder disclosure table disclosed on the official website, liu zhiwei, the second largest shareholder of chunhou fund, did not complete the transfer of all equity within the deadline given by the shanghai securities regulatory bureau. this means that the equity transfer within chunhou fund may still be in dispute.

the general manager made a statement on the company's equity transfer and other three major situations

on september 17, xing yuan, the licensed sponsor of chunhou fund, made a statement regarding the company's equity transfer, the inability to effectively convene the board of directors, and information disclosure.

first, the explanation of the equity transfer and rectification with liu zhiweiin the statement, xing yuan stated that around march 2022, liu zhiwei used "asymmetric" and "time difference" methods among shareholders to privately communicate with the company's third shareholder li xionghou and fourth shareholder dong weijun about the equity acquisition, and successively signed equity purchase and sale agreements to complete the acquisition of li xionghou and dong weijun's equity; without notifying other shareholders and the company, the company required a lot of long-term benefits as the so-called consideration, and promised to give li xionghou corresponding additional generous compensation in the future. the agreement also stipulates the transfer of all rights corresponding to the equity of li xionghou and dong weijun. since then, liu zhiwei has actually owned absolute controlling rights of the company.

according to the statement, liu zhiwei then informed xing yuan that he had actually controlled the company and planned to acquire the shares held by xing yuan. xing yuan only agreed to sell 10% of the shares and only received the down payment. however, in the following year, liu zhiwei continued to try to transfer the company's equity to hehe joint venture manager lin qiang and related institutions and personnel engaged in structured bond issuance. in response, xing yuan fully reported the relevant situation to the relevant regulatory authorities in november 2023.

regarding the relevant process of equity rectification, xing yuan stated that on march 26, 2024, liu zhiwei continued to use "asymmetric" methods in all rectification measures. xing yuan received a notice from the shanghai arbitration commission that liu zhiwei, a foreigner, filed an arbitration application with xing yuan on the issue of equity transfer in his hong kong identity. the "three-in-one" identity certification materials of liu zhiwei's dual identities in china and his overseas hong kong identity were reviewed and confirmed to be authentic and valid by the shanghai arbitration commission, and the case was established as a foreign-related case accordingly.

after applying to review the relevant identity materials of liu zhiwei retained by the shanghai arbitration commission, xing yuan learned that: first, one of liu zhiwei's domestic identity cards had been cancelled in october 2023; second, no later than may 26, 2017, liu zhiwei had obtained hong kong permanent resident status.

the above situation shows that, first, the administrative supervision measures taken by the shanghai securities regulatory bureau against liu zhiwei on march 18, 2024 may not be able to effectively correspond to the legal entity of the party and the subsequent implementation; second, liu zhiwei obtained hong kong permanent resident status in may 2017. according to relevant laws and regulations, liu zhiwei is suspected of concealing his overseas identity and illegally holding equity in domestic financial institutions for a long time.

the refund rectification logic may have changed significantly due to liu zhiwei's identity issue, which involves overseas personnel and is related to whether the company can effectively rectify and accept the subsequent rectification. as of now, we are still waiting for the response from the china securities regulatory commission and the shanghai securities regulatory bureau. we are also waiting for a response as to whether liu zhiwei, who holds multiple domestic and overseas identities, is suspected of a series of relatively serious judicial and regulatory arbitrage.

second, the reasons why the company's board of directors could not be effectively convenedxing yuan said that according to the terms of the "cooperation agreement", a private equity transaction agreement signed by liu zhiwei, jia hongbo and li yingui (president of nuanliu holdings), as consideration, jia hongbo was clearly promised to join the company as chairman and li yingui as vice chairman. however, li yingui's qualifications for public offering were questionable and the agreement was not implemented.

according to the equity transfer agreement signed by liu zhiwei and li xionghou, li xionghou agreed to liu zhiwei's recommendation on the candidates for the board of directors (including independent directors). li xionghou will urge the independent directors he originally recommended to resign. li xionghou will no longer serve as a director or recommend candidates to serve as a director. he agreed that the director recommended by liu zhiwei will serve as the chairman of the company. according to the above-mentioned relevant agreements, liu zhiwei arranged jia hongbo to serve as the chairman and recognized and replaced two directors of the board of directors, zhang hai and liu changguo. zhang hai and liu changguo are both alumni of liu zhiwei's pbc.

nie riming and liu zhiwei, members of the company's board of directors, have worked together for many years, both at home and abroad. nie riming is currently the vice president of the shanghai institute of finance and law, and liu zhiwei is the chairman of the board. nie riming is also a non-executive director of hong kong-listed guofu innovation, whose major shareholder and actual controller is also liu zhiwei. dong weijun, a member of the board of directors, has transferred his equity to liu zhiwei and received all the equity transfer payment from liu zhiwei, and actually represents liu zhiwei's interests on the board of directors.

third, regarding the company’s information disclosurexing yuan said that the company's board of directors could not be convened effectively, resulting in the company's normal external information disclosure format temporarily unable to meet the regulatory format requirements. from march to august 2024, the company continuously reported the above situation and reported the possible problems to the regulatory authorities in writing through various channels and methods, and proposed possible countermeasures and suggested solutions.

in order to meet the time limit requirements for information disclosure, under the premise of ensuring that all information data have been reviewed by the custodian bank and are true and accurate, if the information disclosure cannot meet the objective requirements of "securities investment fund information disclosure content and format standard no. 2 <content and format of annual report>" and "securities investment fund information disclosure content and format standard no. 4 <content and format of quarterly report>", the information disclosure is based on facts and in accordance with the timeline process. the company will also maintain communication and follow up with the regulator on subsequent relevant situations.

at the same time, chunhou fund also issued an interim announcement stating that the shanghai securities regulatory bureau published on its website the relevant administrative supervision measures regarding the company and some of its shareholders and chairman made on march 18, 2024. it has been nearly 6 months since the above-mentioned administrative supervision measures were made. during this period, the company has been actively and proactively reporting the relevant rectification work to the regulatory authorities in a timely manner.

shanghai securities regulatory bureau disclosed 8 fines at once

on september 14, the shanghai securities regulatory bureau disclosed eight fines issued to chunhou fund in march and august this year, involving the fund manager, chairman, general manager and shareholders.

first, the penalty notice for the fund manager shows that chunhou fund failed to perform its equity affairs management obligations in accordance with the law. after knowing the relevant equity changes of the company, it failed to accurately judge the impact of shareholders on the company's operation and management and report relevant information in a timely manner in accordance with the law. the shanghai securities regulatory bureau decided to order chunhou fund to make corrections within three months from the date of receipt of the decision letter, and suspend the acceptance of chunhou fund's public fund product registration applications and new private asset management plan filings during the rectification period.

in addition, after investigation, the shanghai securities regulatory bureau determined that the 2023 annual report, 2024 first quarter report and 2024 second quarter report of the fund products publicly disclosed by chunhou fund did not prepare the important reminder section in accordance with relevant regulations, which violated the "information disclosure management measures for publicly offered securities investment funds" (csrc order no. 158, revised by csrc order no. 166) article 25.

in accordance with the provisions of article 35, paragraph 1 of the "administrative measures for information disclosure of publicly offered securities investment funds", the shanghai securities regulatory bureau decided to take administrative supervision measures to order chunhou fund to make corrections. chunhou fund shall submit a written report to the shanghai securities regulatory bureau before august 31, 2024. the shanghai securities regulatory bureau will continue to pay attention to and inspect the rectification of chunhou fund in its daily supervision.

secondly, the chairman, general manager and shareholders of chunhou fund were also fined.

according to the penalty notice disclosed by the shanghai securities regulatory bureau, because jia hongbo, chairman of chunhou fund, failed to perform his equity affairs management obligations in accordance with the law, and failed to accurately judge the impact of shareholders on the company's operations and management and report relevant information in a timely manner in accordance with the law after being aware of the company's relevant equity changes, the shanghai securities regulatory bureau determined that jia hongbo was an inappropriate candidate and shall not serve as a director, supervisor or senior manager of a public fund manager within three years from the date of receipt of the decision.

however, xing yuan, the general manager of chunhou fund, failed to perform the equity affairs management obligations in accordance with the law. after knowing the relevant equity changes of the company, she failed to accurately judge the impact of shareholders on the company's operation and management and report relevant information in a timely manner in accordance with the law. the shanghai securities regulatory bureau decided to take administrative supervision measures against xing yuan, including supervisory talks. at the same time, when xing yuan decided to dispose of the shares of chunhou fund held by her, she failed to perform the obligation to report major events in a timely manner as required. the shanghai securities regulatory bureau decided that xing yuan shall not exercise the shareholder's voting rights, dividend rights, priority subscription rights, inspection and copying rights and other shareholder rights stipulated in the company's articles of association before correcting the illegal behavior.

in addition, liu zhiwei, the second largest shareholder of chunhou fund, signed a chunhou fund equity transfer agreement with many people and paid the equity transfer fee, which seriously affected the company's equity structure and corporate governance stability and had a significant impact on the company's operations. the shanghai securities regulatory bureau ordered it to make corrections within 60 working days from the date of receipt of the decision letter and transfer all the chunhou fund shares held by liu zhiwei to qualified transferees within the aforementioned period. before the completion of the transfer of all shares, liu zhiwei shall not exercise the shareholder's voting rights, dividend rights, priority subscription rights, inspection and copying rights and other shareholder rights stipulated in the company's articles of association.

however, when deciding to dispose of their shares in chunhou fund, li xionghou, the third shareholder, and dong weijun, the fourth shareholder, failed to fulfill their obligation to report major events in a timely manner, violating the fund law. the shanghai securities regulatory bureau decided that before correcting their illegal acts, li xionghou and dong weijun shall not exercise their shareholder voting rights, dividend rights, priority subscription rights, right to review and copy, and other shareholder rights stipulated in the company's articles of association.

the equity transfer within chunhou fund may still be in dispute

the shanghai securities regulatory bureau disclosed eight fines at once, which once again led to chunhou fund being questioned for suspected false information disclosure.

the reporter of the paper found that in the 2024 interim report of its fund products, chunhou fund only disclosed two fines issued by the shanghai securities regulatory bureau, including that chunhou fund, as a fund manager, failed to perform its equity affairs management obligations in accordance with the law and was ordered to rectify within three months, suspend the registration of new products during the rectification period, and that chairman jia hongbo was identified as an inappropriate personnel measure. the other six regulatory letters were not included.

at the same time, the latest page of chunhou fund's official website shows that the company was established on november 3, 2018, with its registered address in shanghai and a registered capital of rmb 100 million. currently, the company has six natural persons as shareholders, of which xing yuan holds 31.20%, liu zhiwei holds 26%, li xionghou holds 21%, li wenzhong holds 10%, dong weijun holds 10%, and nie riming holds 1.80%.

it is worth mentioning that half a year has passed since the shanghai securities regulatory bureau issued the penalty decision on march 18, and liu zhiwei, the second largest shareholder of chunhou fund, has not yet transferred all of his shares in chunhou fund to qualified transferees, exceeding the 60-working-day rectification period given by the shanghai securities regulatory bureau. this means that the equity transfer within chunhou fund may still be in dispute.

wind data shows that as of the second quarter of 2024, chunhou fund's management scale is 35.294 billion yuan, with 26 funds under its umbrella. its products are mainly fixed income products, of which the scale of bond funds is 28.106 billion yuan, accounting for 79.63%; the scale of mixed funds is 6.876 billion yuan, accounting for 19.48%. chunhou fund's current management scale ranks sixth among the 22 individual public fund companies in the market.