It is worth noting that from the published illegal operations, although Liu Shiqiang transferred the equity of the original asset held by him at the end of 2014 and resigned from the relevant position, Liu Shiqiang often appeared behind the stock of origin asset trading.
Original assets fined 7.2 million yuan
According to the administrative punishment decision of China Securities Regulatory Commission, Shanghai Yuanyuan Asset Management Co., Ltd. (hereinafter referred to as origin assets) failed to submit relevant reports and disclose information in accordance with the regulations when the shareholding ratio of Shanghai Yuanyuan Asset Management Co., Ltd. (hereinafter referred to as origin assets) reached 5% in the trading UFIDA network, Yibai pharmaceutical and Neusoft group, and continued to buy and sell relevant stocks during the restricted transfer period.
Specifically, violations were concentrated in 2015 and 2016.
On April 21, 2015, the original asset held 5% of the total share capital of UFIDA network, and did not make a written report to the securities regulatory agency of the State Council and the stock exchange, did not notify the listed company and make an announcement, and continued to buy and sell the stock. On July 6, the shareholding ratio reached the highest value of about 8.5%.
On July 11, 2016, Yuanyuan assets held 5% of the total share capital of Yibai pharmaceutical. It did not make a written report to the securities regulatory agency of the State Council and the stock exchange, did not notify the listed company and make an announcement. Meanwhile, it continued to buy and sell the stock. On August 26, the shareholding ratio reached the highest value of about 6.39%.
On December 21, 2015, the original asset held 5% of the total share capital of Neusoft group. It did not make a written report to the securities regulatory agency of the State Council and the stock exchange, did not notify the listed company and make an announcement, and continued to buy and sell the stock. On January 19, 2016, the shareholding ratio reached the highest value of about 6.84%.
Based on the above illegal facts, the CSRC imposed a total fine of 7.2 million yuan on the original assets and 1.2 million yuan on Qin Wei, its legal representative.
In this regard, Yuanyuan asset and Qin Wei put forward in their defense materials that they fully agreed and accepted the punishment decision of the CSRC with an open mind.
Advance and retreat together with Liu Shiqiang for many times
In May 2013, Liu Shiqiang became the legal representative and general manager of origin assets of private equity funds. With the aura of niusan, origin assets quickly became a shining star in the private equity industry.
At the end of 2014, Liu Shiqiang suddenly transferred his original asset equity and resigned from his post. However, according to the administrative punishment decision issued by the CSRC, origin assets and Liu Shiqiang have appeared on the list of the top ten shareholders of the same listed company for many times.
For example, at the end of 2015, Liu Shiqiang became the fourth largest shareholder of Neusoft group with 45.5 million shares, with a shareholding ratio of 3.66%.
At the end of the third quarter of 2015, Liu Shiqiang had not yet appeared in the list of shareholders. On December 17, 2015, Neusoft group, which suspended trading on November 26 due to major events, announced that the company planned to issue no more than 159 million shares to Neusoft holdings, PICC and natural person Liu Shiqiang. Among them, Liu Shiqiang plans to invest 400 million yuan to subscribe for 21953900 shares. In that year, Neusoft group rose more than 120% in the fourth quarter, and Liu Shiqiang made a lot of profits in this wave of operation.
Interestingly, on December 21, 2015, origin assets held 5% of the total equity of Neusoft group, and continued to buy and sell the shares. On January 19, 2016, the shareholding ratio reached the highest value of about 6.84%. According to the regular reports of listed companies, by the end of 2015, Yuanyuan No.6 fund held 17434100 shares of Neusoft group. In the first quarter of 2016, Yuanyuan No.6 withdrew from the list of top ten shareholders of the company, which was in step with Liu Shiqiang.
So is the operation on UFIDA network. At the end of the fourth quarter of 2014, Liu Shiqiang became the sixth largest shareholder of UFIDA network, with a shareholding ratio of 2.26%. In the first quarter of 2015, the Yuanyuan No.5 asset management plan under Yuanyuan assets appeared in the list of top 10 shareholders of UFIDA network. According to the punishment decision issued by the CSRC, on April 21, 2015, the shares of UFIDA network held by origin assets amounted to 5% of the total share capital The shareholding ratio reached the highest value of about 8.5%. Liu Shiqiang also added 11 million shares of UFIDA network in the second quarter.
In addition to the above two stocks, Liu Shiqiang and Yuanyuan asset have had similar operations in Fushun Special Steel, Hisense Electric, Hefei urban construction and design shares.
Why did the former stars fall into the altar?
Judging from the past operation of the original assets, although the executive legal person has already changed, it still has a distinctive style of Liu Shiqiang, which is fast in and fast out of many stocks.
According to the public information, the original asset was promoted to 10 billion private placement, but later, due to the large withdrawal of the net value of the product, investors redeemed seriously and dropped out of the 10 billion echelon. Nowadays, it is even more rare for the original asset to make a public outcry until recently punished by the CSRC and returned to the public view.
In recent years, with the rapid development of the private equity industry, many private equity champions with distinctive personal style have fallen into the altar, and have been punished for illegal operation.
For example, Xu Xiang, known as a talented trader in Chinas securities market, was jailed in 2017 for conspiring to manipulate stock transactions with the chairman or actual controllers of several listed companies alone or in collaboration with others. He was sentenced to five and a half years imprisonment and a fine of 11 billion yuan; Luo Weiguang, a former private equity champion, was taken by Guangdong Securities Regulatory Bureau in 2018 for failing to disclose in time the freezing of shares and other illegal operations Regulatory measures to issue warning letters; Su Sitong, the private equity champion in 2016, fell into a loan dispute in 2018.
Summarizing the reasons for the decline of star private placement, we can see that in the early stage of private placement, the competition for champions of private placement is extremely fierce, and fund managers with distinctive style and radical operation are more likely to get ahead, but many people use high risk to win high returns. Therefore, when the market style is constantly changing and the industry supervision is gradually tightening, this kind of private placement risk exposure is relatively concentrated.