The China Securities Regulatory Commission (CSRC) has seriously investigated and dealt with the illegal and irregular cases of Ruifengda

Recently, the China Securities Regulatory Commission (CSRC) imposed administrative penalties on Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as Ruifengda), related private equity institutions, and relevant responsible personnel including actual controller Sun Wei for illegal activities. It was found that Ruifengda and related private equity institutions, as well as responsible personnel, severely violated private equity fund laws and regulations. The Shanghai Securities Regulatory Bureau imposed fines and confiscations totaling over 28 million yuan on Ruifengda and related private equity institutions, fined 5 responsible personnel over 13 million yuan, and took lifetime securities market entry bans against Ruifengda's actual controller. The Asset Management Association of China canceled the registration of the relevant private equity institution's manager. For clues related to potential criminal issues arising from the illegal activities, the securities regulatory authorities will adhere to the principle of transferring all relevant cases to the public security organs in accordance with the law and regulations.

The CSRC will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, continuously and strictly investigate and deal with severe illegal activities in the private equity fund sector, such as illegal fundraising, misappropriation, self-financing, and benefit transfer. It will seriously hold illegal entities accountable, increase the costs of violations, continuously purify the market environment, while promoting private equity institutions to rectify various non-compliant behaviors promptly, facilitating the standardized and healthy development of the industry, and effectively protecting the legitimate rights and interests of investors