In the past, the "top stream" Cai Songsong bribery case was opened, and he lost 14.099 billion yuan in two years

Recently, there has been market news that Cai Songsong, the former top fund manager, may have been sentenced. Some online comments ridiculed, "From Mr. Cai to Cai Gou, now it's Cai."

Cai Songsong was involved in a bribery case and was tried together with the company's fund manager

According to the Financial Associated Press, the case of Cai Songsong, Qu Quanru, Dong Boxiong and others for "accepting bribes and offering bribes to non-state functionaries" was heard in the Jinhua Intermediate People's Court on March 27.

In September last year, Cai Songsong, the former star fund manager of Sino Fund, stepped down in a "clearance" manner, and officially left all the products under management due to personal reasons, and there has been no news of new employment since then. Qu Quanru, who was also a fund manager at Sino Asset Management, left all products in October 2022, while Dong Boxiong was an analyst at Guosen Securities.

It is understood that the case number involved in Cai Songsong is (2024) Zhe 07 Xingchu No. 1, and relevant public information cannot be retrieved at present. According to the latest report from the Financial Associated Press, the case has not yet taken effect, and it is not a verdict as rumored by the outside world. In other words, after the trial, there is still a certain amount of time before the final judgment.

According to the Shanghai Securities News, Cai Songsong said: "I don't have anything to say, this is the statement on the Internet." Regarding the content of the court announcement, Cai Songsong said: "I'm sorry, there is still something to do. Then he hurriedly hung up the phone.

This afternoon, the Blue Whale reporter dialed the phone number of Dong Boxiong in the same case, and the other party hung up the phone seconds after connecting.

This year may be a year of frequent outbreaks of regulatory storms in the public offering industry. The State Council recently issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market". The opinion is the third "National Nine Articles" of the capital market, which clearly proposes to strengthen supervision, prevent risks, and strictly restrict malicious manipulation of stock prices.

From star fund manager to "Cai Dog"

Cai Songsong, an influencer fund manager, has many titles on social media and in the industry, among which he is also known as "Doctor of Chips" due to his educational background in semiconductors.

In 2001, 15-year-old Cai Songsong was admitted to the junior class of the University of Science and Technology of China, majoring in computer science, and graduated from the Chinese Academy of Sciences with a doctorate in chip design at the age of 25.

After serving as the fund manager of Sino Analytica, Cai Songsong "loved" semiconductors, and in 2019, he led Sino Analytica to achieve a full-year performance of 95.44% in his "fledgling".

With excellent performance, Cai Songsong gradually made a name for himself in the market and became a star fund manager in the A-share market. As of the end of 2020, Cai Songsong's management scale reached 40.992 billion yuan, accounting for nearly one-third of the total fund size of Sino Fund.

But the good times did not last long, and with the price changes of chip semiconductor stocks, Cai Songsong's product net value curve often fluctuated violently.

Taking Sino Growth as an example, Cai Songsong has been the fund manager of Sino Analytica since February 20, 2019, and as of September 29 this year, the return of this product was 71.7%, but the vast majority of the income came from before August 2021.

August 3, 2021, #半导体下跌#登上热搜. After the sharp fluctuations in the price of semiconductor stocks, Cai Songsong, who has always focused on aggressiveness, was "counterattacked".

According to the data, Sino Analytica returned 39.1% in 2020, 22.49% in 2021, and 40% in 2022.

Therefore, it is also jokingly called "Nuoan Growth" is "Nuoan teaches me to grow", and "Dr. Chip" has also changed from "Mr. Cai" to "Cai Dog".

From 2022 to September 29, 2023, the five funds operated by Cai Songsong suffered a total loss of 14.099 billion yuan, and the income of the products under management has long underperformed the CSI 300 Index.

From "losing contact" to "leaving", the Internet celebrity fund manager fell off the altar

Due to Cai Songsong's identity as an Internet celebrity fund manager, rumors related to him continue.

In 2021, it was rumored on the Internet that Cai Songsong's year-end bonus was as high as 70 million, and then Nuoan Fund denied it. On September 20, 2022, there were rumors that "the top fund manager surnamed Cai lost contact this week", in response, Cai Songsong responded in the circle of friends late at night that he was "on normal vacation".

In February 2023, Sino Asset Management announced that the well-known fund manager Cai Songsong managed by Sino Analytica Growth Mixed Fund has hired fund manager Liu Huiying, and another product, Sino Analytica and Xin Mixed Fund, has also hired fund manager Deng Xinyi. After the release of the two additional employment information, there were rumors on the Internet that Cai Songsong would leave office. Since then, relevant people have refuted the rumors that Cai Songsong will not resign.

When Cai Songsong really resigned half a year later, many people were a little confused.

On September 29, 2023, the official website of Sino Asset Management announced that Cai Songsong has stepped down from the three fund products under management: Sino Active Return, Sino Analytica and Xin, and Sino Growth. At that time, everyone speculated that Cai Songsong's next stop would be to switch to private equity. Unexpectedly, he would later appear in the "Legal News".

The mutual fund industry has experienced a star-making boom in the past few years, but with the market downturn and backlash, the industry has already entered the trend of "de-staring".

On March 15, the China Securities Regulatory Commission issued the "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-class Investment Banks and Investment Institutions (Trial)", which clearly stated that public funds should "abandon the phenomenon of star fund managers".

According to the National Business Daily, in the three years from 2021 to 2023, the total losses of the representative works of star fund managers such as Zhang Kun, Liu Yanchun, and Ge Lan are around 50%, and active equity fund managers with a management scale of more than 100 billion yuan no longer exist.