China Securities Regulatory Commission: Jiuying Asset and Tengchuang Investment fined more than 58 million yuan, banned from the securities market for 5 years.

Recently, the China Securities Regulatory Commission imposed administrative penalties on Shenzhen Qianhai Jiuying Asset Management Co., Ltd. (referred to as Jiuying Asset), Shenzhen Qianhai Tengchuang Investment Co., Ltd. (referred to as Tengchuang Investment), and relevant responsible persons for illegal and irregular acts. It was found that Jiuying Asset, Tengchuang Investment, and related responsible persons used private funds to transfer benefits to Jiuying Asset and related entities, provided false information, seriously infringing on the legitimate rights and interests of investors, and seriously violating the laws and regulations of private funds. The Shenzhen Securities Regulatory Bureau fined Jiuying Asset and Tengchuang Investment more than 58 million RMB, fined over 1 million RMB for three responsible persons, and imposed a 5-year ban on market entry and trading for the actual controllers of Jiuying Asset and Tengchuang Investment. The China Securities Investment Fund Industry Association will cancel the registration of relevant private fund managers according to procedures. For any criminal clues related to the illegal acts, the securities regulatory authorities will adhere to the principle of transferring cases to public security organs as appropriate in accordance with the law. On June 3, the General Office of the State Council issued the "Guiding Opinions of the General Office of the State Council on Strengthening Supervision, Preventing Risks and Promoting the High-quality Development of Private Equity Investment Funds," explicitly requiring a crackdown on illegal fundraising, embezzlement, misappropriation, self-financing, benefit transfer, and other illegal acts. The China Securities Regulatory Commission will resolutely implement the requirements of the document, establish bottom lines, draw red lines, eliminate "black sheep," continuously increase the crackdown and punishment on illegal acts in key areas, raise the cost of illegal acts, purify the industry environment, effectively protect the legitimate rights and interests of investors, and promote the standardized and healthy development of the industry. This article is compiled from the official website of the China Securities Regulatory Commission. Editor: Jiang Yuanhua.