thisweekinpinball| The China Securities Regulatory Commission opened an investigation! How was the money "transferred" by Ruifengda?

Special topic: the CSRC files a case against Ruifengda and is suspected of a number of violations.

Two days after the private placement Ruidafeng mine explosion spread, the CSRC stepped in.ThisweekinpinballYes!

On the evening of May 11, the official website of the Securities Regulatory Commission announced that it had filed a case for investigation against Zhejiang Ruifengda Asset Management Co., Ltd.

The CSRC said that recently, the media reported that the actual controller of Zhejiang Ruifengda Asset Management Co., Ltd. was "running away", which attracted the attention of all parties. The CSRC attaches great importance to it and acts quickly to organize the Securities Regulatory Bureau, the Fund Industry Association and other relevant units to carry out verification. Judging from the current situation, Ruifengda is suspected of a number of violations, and the CSRC decided to file a case for investigation and deal with it strictly in accordance with the law. The CSRC has informed the public security organs of the situation and strengthened cooperation. In the next step, we will work with relevant parties to actively and steadily promote risk disposal, maintain market order, and effectively protect the legitimate rights and interests of investors.

Ruifengda, with a management scale of 2 billion-5 billion yuan, was suddenly spread to run away, which shocked the investment circle again!

This is a formal private placement for the record, and the customer's money is also entrusted to a third party, when everyone thinks that there is no need to worry about capital security, the money has been "transferred".

How on earth was the money transferred?

A number of industry insiders interviewed by Interface News said that Ruifengda may have "high-end shares" to transfer funds, and there are loopholes in the trusteeship structure and system.

The interface news found through the data that Ruifengda may transfer funds by taking advantage of the new third-board stocks with extremely poor liquidity.ThisweekinpinballDo not rule out the possibility of investing money in other funds through its main FOF business, which are inverted to each other, while the custody of the next layer of funds is not clear.

Crazy sniper attacks the new third-board ticket, suspected of "high-level pick-up".

According to relevant reports and cross-verification of a number of investors, Ruifengda's products may have multiple layers of nesting, funds invested in a number of private equity.

According to the valuation table of a Ruifengda private equity product obtained by a reporter of the Securities China News Agency, the product cast "Ruizhu Jiaan No. 2" and "Ze Heng Zhongyin No. 1". Another Ze Heng fund valuation table shows that "Ze Heng Zhongyin No. 1" returned to Ruizhu and Ruifengda, which is proved by Ze Heng Fund.

Ruifengda Capital Management frantically attacked a number of new third board stocks, and among the new shareholders of these stocks, Jiangsu Ruizhu and Shenzhen Xinfa Venture Capital appeared frequently. According to Tianyan check, Shenzhen Xinfa Venture Capital is a shareholder in Ruizhu, Jiangsu Province, with a 30% stake.

Some investors said that behind Jiangsu Ruizhu and Ruifengda is the same actual controller. However, as of press time, the reporter has no practical evidence to prove this information.

According to wind data, interface journalists searched the top 10 shareholders of all new third board companies with "Ruifengda" and "Ruizhu" as keywords based on the 2023 annual report.

The results show that Ruifengda's products appear in and Jiatianjian (834274)Thisweekinpinball.NQ), Bangke Le (837852)ThisweekinpinballNQ), 839054.NQ, 872262.NQ, 872293.NQ and 873834.NQ are among the top 10 shareholders of these six stocks.

Ruizhu's products appear in the top 10 shareholders of six stocks, namely, Jiatianjian, Weifuji, Youlian Shengye, Farmer Technology, Haotian Energy Storage and 873363.NQ. The operations of the two private equity firms are highly identical.

Take Farmer Technology as an example, among the new shareholders, there are four Ruizhu products and the other four are Ruifengda products. In the same period, eight natural person shareholders of Farmer Technology completed their withdrawal.

And Jiatianjian's top ten shareholders, Ruifengda and Ruizhu each occupy three seats, both new entrants. During the same period, seven natural person shareholders withdrew.

During this period, Hejiatianjian's share price soared from 1.62 yuan at the end of June 2023 to 43 yuan at the beginning of August, and then experienced horizontal trading to the end of December. As of May 7 this year, the share price of Hetianjian was 54.8 yuan.

Coincidentally, at the same time of a large number of purchases by the two private equity companies, a number of natural person shareholders of the relevant listed companies have completed their withdrawal, and the natural persons of many companies are highly consistent. For example, the list of natural person shareholders who withdrew from Farmer Technology and Jiatianjian overlap: Liu Hongyun, Zhang Chaozhu, Zhang Wen, Zhang Dong, Zhang Shirong.

This has also happened in other stocks involved.

The data are highly consistent with market speculation, where year-round trading volume of these stocks is extremely low, and the company's share price has risen sharply after the purchase of Ruizhu and products with a high frequency of Ruifengda. The natural person who entered before completed the "buy low and sell high".

Market speculation, Ruifengda first used its own multiple accounts to buy a number of new third board companies, because the liquidity of the new third board company is very poor, so only a small amount of money can "sit" to manipulate the stock price to achieve dozens of times higher. Then, Ruifengda issued products to raise funds, investors' money in a high position to take over these new third-board stocks, in the form of a similar knock. In this way, the investors' money in the escrow account goes into the pockets of the traders and completes the transfer of funds in a seemingly compliant way.

Finally, the relevant private equity products hold these new third board stocks with inflated prices and no liquidity at all. even if investors redeem private equity products, if the stock can not be realized, the redemption crisis will naturally occur.

Some brokerage personages said that within the scope of the fund contract, the new third board of private equity investment does not violate the rules, and from Ruifengda's mode of operation of the new third board stocks, the high position may still be larger. Generally speaking, formal private equity firms will not spend so much money to buy directly in the secondary market (new third board), the behavior is rare. The acquisition of new third board companies, the possibility of controlling the "shell" can also be ruled out.

Some investors believe that the new third board supervision still has a blind spot, which is easy to be manipulated, which is different from the stock price changes on the main board.

The product is suspected of illegal nesting, and the process is full of doubts.

"I don't know what kind of vote our money has been put into", "the agreement is flat, but now I find that it is not. I can't see the bottom position, and I have no idea how many layers the product has nested."Supervision has explicitly prohibited nesting more than two layers, why can the trustee still let the capital FOF out …..." Investors expressed their doubts to interface journalists.

Investor A said that his money was invested in Ruifengda's private equity products through private placement, and the contract for the product shows that the scope of investment is limited, "for example, you can't invest in new third board and St shares, you can't FOF money out again, and you can't hold shares in a single stock and so on."

These investors even suspect that Ruifengda has changed some of the terms of the contract, but exactly how to hide it is unknown.

Investor B said: "without its knowledge, the custodian brokerage let another natural person's xxx000 funds into his separate account." Now if you want to lock in net worth and redeem, you also need to contact another natural person and settle the complaint together. "

Investor C also encountered the same situation: "originally agreed that the account funds are my money and the money of another institution, but now I find that this is not the case at all. The funds in the account are related to a number of natural persons."

The above-mentioned investor A said, "Trusteeship does not provide four-tier estimates for investors, nor for private placement, but only for fund managers and cannot be cross-verified, which makes room for fraud."

"after the incident, we kept in touch with the trustee." Investor D said, "at first, we agreed to invest only in the flat layer and trade subjective stocks." Now it has been confirmed to the trusteeship. If you want to know what the product is specifically invested in, you need to take your ID card to the escrow department to confirm your identity before showing you the four-level valuation table, but it is also limited to the parent layer, because if the trusteeship of the underlying products is in other securities firms, you still can't see the specific transactions. "

"how many layers are our products nested? Have the trustees performed their duties in it? " Investor doubts are full of concerns about custodian institutions.

According to the CICC website, Ruifengda has 68 products in operation. According to the interface news reporter learned from different investors, custodian institutions including but not limited to China Merchants Securities, CITIC Securities, Guotai Junan Securities, China Galaxy Securities and so on, of which China Merchants Securities occupies a larger share.

The ownership structure is complex, the real controller withdraws from the battle, and the core personnel have a bad record.

Shortly before the Ruifengda "run away" incident, Sun Wei, the real controller, had already quit his equity.

According to the official website of the China Foundation Association, Ruifengda is 80% owned by Qiu Wenlong and 20% by Liu Licheng. According to Tianyan Qipi, shareholders have changed twice in 2022. At present, Ruifengda is owned by Hainan Wisdom City holding Group and Shanghai Qingcheng Culture Club by 51% and 49% respectively.

After the penetration of equity, the real controller behind Shanghai Qingcheng Culture Club is indeed Riwin Holdings, and the company controls China carbon Investment (Jilin) double carbon Operation Group, China Reserve (Jilin) Energy Investment, Shanghai Qingsheng Enterprise Management, and so on. realized the shareholding of Ruifengda assets. According to Tianyan check information, Sun Wei and Li Min have withdrawn from Risheng's controlling stake on April 15 this year. According to investors familiar with the matter, the two are husband and wife. However, this claim has not been confirmed by strong evidence.

However, some industry insiders suggest that shareholders' logical chakras, such as circular holding and complex structure, are more common in institutions involved in illegal fund-raising.

Interface news reporters through access to public information, Sun Wei and the management of the company can not be called professional investment and research personnel, or even with a bad record. For example, Liu Licheng works at Jiangsu Fuxin Wealth Asset Management Co., Ltd., as a risk control manager. In November 2020, the Hanjiang Branch of Yangzhou Public Security Bureau announced that Jiangsu Fuxin Wealth Asset Management Co., Ltd. used high returns as bait to absorb funds from the unspecified public and was suspected of illegally absorbing public deposits.

The equity of the company has become a mystery, but Ruifengda, with a bad record of senior executives, has become an "investment omnipotent". According to the data obtained by the China Securities Journal, Ruifengda has as many as five strategy lines, including stock bulls, CTA strategy, quantitative T0 strategy, arbitrage strategy and Hong Kong stock innovation strategy, covering almost all the highly flexible secondary strategies.

What on earth did Ruifengda, who is "beautiful in appearance", do? The CSRC has begun to file a case for investigation. Interface journalists will continue to track.