A total of three senior executives reported in the public filing, without exception, all have "bad deeds" in the past; share a landline number with 75 businesses; Investors in the underlying assets are not aware of it from the beginning to the end; The scale is more than 3 billion yuan, but many of its products have invested more than 700 million yuan, and they have publicly appeared in a number of illiquid NEEQ stocks; A private equity manager registered in Zhejiang and based in Shanghai has set the application of law and the settlement of disputes in Shenzhen in a number of product contracts; The company claims that Ruifengda's heavyweight "investment advisor" is best at "doing swings in the ten-fold bull stock herd......
This week, the news in the asset management circle about "Ruifengda assets running away" continued to become the focus of all parties. A reporter from the China Securities Journal found through an investigation and interview in the past two days that this "fire out of the circle" private equity institution had already revealed the appearance of a "leather bag company" that was non-compliant, unreasonable and even involved in illegal crimes before this "overturn". In addition, on May 11, the reporter visited Ruifengda's Shanghai office and found that the private equity office had been seized by the police and restricted from entering, and Ruifengda's largest affiliated company, Riying Holdings (Riying Investment Holding Group Co., Ltd.), which was surfacing, had also been restricted from entering and exiting yesterday.
The key people behind it have all lost contact
On the afternoon of May 11, China Securities Journal visited the office of Ruifengda Assets on Wuxing Road, Beicai Town, Pudong New Area, Shanghai, and found that the private equity office on the third floor of Building 10 of the Hui Mansion had been seized by the police and restricted from entering. In addition, the office of Ruifengda's largest affiliate, Riying Holdings (Riying Investment Holding Group Co., Ltd.), which is surfacing, was also restricted from entering and exiting yesterday.
The corporate signboard at the entrance of the Hui Mansion, including the corporate signboard of Riying Holdings Photo by a reporter from the China Securities Journal (the same below)
Building 10, where Ruifengda is located
The sign at the entrance of Building 10 at the reception of Ruifengda
The relevant property personnel of Hui Mansion said that yesterday (May 10) the Pudong police had seized Ruifengda's office on the 3rd floor of Building 10, and the 3rd floor has been banned from entering; Riying Holdings' office premises in Building 8 were also banned from entering on that day. A number of investors told reporters on May 11 that the Pudong police have not yet made a clear decision to file a case against Ruifengda's financial crimes, but relevant investigations have been launched. The first concern and appeal of investors is to hope that the police can file a case as soon as possible, find out the facts, and redeem the funds invested in the previous products.
In addition, a number of investors said that the actual controller of Ruifengda is a mysterious person named Sun Wei (Ruifengda's public information on the record of the AMAC shows that the actual controller of the company is Qiu Wenlong), and he and Li Min, chairman of Riying Holdings, are husband and wife; However, this claim has not been confirmed by strong evidence. An investor in Zhejiang told reporters that before subscribing to Ruifengda's special account private placement products, he "had dinner with Sun Wei several times" and "learned that Sun Wei was the actual boss of this company (Ruifengda)". In addition, the reporter also recently learned that Li Min specially placed a photo of him and Buffett when he attended the 2016 Buffett shareholders' meeting in a conspicuous place in his Riying Holdings office.
Up to now, all aspects of the news have been verified, including Sun Wei, Li Min, and Sun Yaru, who is actually in charge of the trading side of Ruifengda, have lost contact.
"This is a leather bag company"?
"After we communicated with each other, the first thing we understood was that this was a leather bag company, and this must not be the case with formal enterprises." An investor with an investment amount of 3 million yuan said this in an interview with reporters on May 11.
The reporter obtained a company's "target fund information" document and "Ruifengda Fund" publicity document from the channel agency and found that compared with the conventional publicity materials of a formal professional private equity institution in the private equity industry, the private equity institution has many unreasonable points in the company's basic introduction and investment research introduction, including at least the following three points.
First, the company's investment ability can be called "all-round". The company introduced its own strategy and claimed that Ruifengda has as many as 5 strategy lines, including stock long, CTA strategy, quantitative T0 strategy, arbitrage strategy and Hong Kong stock IPO strategy, covering almost all the high-elasticity mainstream secondary strategies. According to senior sources, private equity managers who can cover and study these five strategies at the same time are almost "unparalleled" in China.
Image source: Ruifengda's external publicity materials
Second, the company spends a lot of pen and ink in the information to introduce its two "high-level" investment advisers. The first is a world-class PE managing director who is as famous as Sequoia Capital, and the second is a "popular professional stock investor" who has appeared in a domestic financial TV program for a long time.
Third, the company stated in the above-mentioned target fund information that the company can invest in over-the-counter options, varieties listed on the National Small and Medium-sized Enterprise Share Transfer System (New Third Board) and other private equity funds. This kind of investment scope is often avoided by most private equity firms (except for specialized strategy institutions such as FOF).
On the other hand, if the above-mentioned "suspected packaging" company information is to demonstrate its strong investment capabilities and facilitate investment in certain "illiquid financial products", then the "bad deeds" hidden in the career of its senior management team are shocking.
A reporter from the China Securities Journal further found that the three executives publicly filed by Ruifengda: Liu Licheng, the company's legal representative, general manager and executive director, Xie Xuefei, deputy general manager, and Chen Qingji, the person in charge of compliance and risk control, were all involved in "bad practices". Among them, Liu Licheng and Xie Xuefei both worked in Jiangsu Fuxin Wealth Asset Management Co., Ltd., serving as risk control manager and training director respectively. In November 2020, the Hanjiang Branch of the Yangzhou Municipal Public Security Bureau announced that Jiangsu Fuxin Wealth Asset Management Co., Ltd. used high returns as bait to absorb funds from unspecified members of the public, and was suspected of illegally absorbing public deposits.
Chen Qingji once held a channel position in the Hangzhou branch of Jin'an Wealth. On April 19, 2023, the Futian Branch of the Shenzhen Municipal Public Security Bureau issued a case report on "Jin'an Holding Company", stating that Shenzhen Jin'an Holdings Co., Ltd. was suspected of illegal fund-raising criminal activities. Among them, Jin'an Holdings has three subsidiaries: Shenzhen Golden Kapok Investment Management Co., Ltd., Shenzhen Other Shore Avenue Asset Management Co., Ltd. and Shenzhen Jin'an Fund Sales Co., Ltd. The main issuance platform of Jin'an Wealth is Golden Kapok Investment Management Co., Ltd.
A "pig killing plate" for premeditated fraud?
In interviews in the past two days, a number of Ruifengda investors told reporters that the Ruifengda runaway incident was a premeditated "pig killing plate", and many investors even believed that the relevant custodian institutions may be suspected of major dereliction of duty or failure to report.
An investor in Zhejiang told reporters that he purchased a special account product of 6.25 million yuan in early December 2023, with the product name "Ruifengda XXX", which has a total of 4 investors and a total scale of 25 million yuan. The product contract provided by the investor to the reporter shows that this private equity company, which is registered in Huzhou, Zhejiang Province and has its office in Pudong, Shanghai, set the final settlement place of the dispute between the two parties to the contract in Shenzhen, Guangdong Province, specifically an arbitration court in Shenzhen, in the content of "Application of Law and Handling of Disputes" at the end of the contract text. In addition, the text of another product contract obtained by the reporter from another investor also shows that the dispute settlement place agreed in the contract is Shenzhen.
Image source: Ruifengda Huaning XX private placement product contract
In addition, the reporter also found that this medium-sized private equity firm with an actual asset management scale of more than 3 billion yuan in the industry has invested at least more than 700 million yuan since 2023 and bought a number of illiquid NEEQ stocks in heavy positions. According to incomplete statistics, as of the end of 2023, Ruifengda's private placement products have at least 6 NEEQ stocks on the list, with a total market value of more than 700 million yuan (as of the end of 2023), of which the market value of Hejia Tianjian is more than 200 million yuan; On May 10, the full-day turnover of this stock was 21,900 yuan. Among the 6 NEEQ stocks, there are also 3 stocks that highly overlap with another mysterious private equity product called Jiangsu Ruizhu Private Equity Fund Management Co., Ltd. The strange thing is that based on the cross-verification of a number of channel sources and investor news, according to the valuation table of related products, many of Ruifengda's products have also invested in this private equity fund called Jiangsu Ruizhu. Some investors said that the two private placements are actually the same actual controller, but as of press time, the reporter has not been able to get the relevant accurate basis.
In addition, the reporter found through the Tianyancha APP that there are as many as 75 companies that share the same office phone with Ruifengda, including more than 20 companies that start with "daily win". The relevant enterprises are all subsidiaries or affiliates of Riying Holdings.
Source: Tianyancha
Reviewer: Dong Fengbin Editor: Wang Yin Proofreader: Jiao Yuanyuan Producer: Wang Zhuying
Issued by: Sun Hong