The China Securities Regulatory Commission (CSRC) and the Shanghai Securities Regulatory Bureau have jointly imposed penalties on private fund Shanghai Rui Feng Da. Controller Sun Wei has been fined 5 million yuan, banned from the market for life, and transferred to public security authorities in accordance with laws and regulations. The case involves associated services from several securities firms, including Huatai Securities.
The CSRC has issued an administrative penalty against Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as Ruifengda), its associated private fund institutions, and the actual controller Sun Wei, along with other responsible personnel, for their violations of laws and regulations. The investigation revealed that Ruifengda, its associated private fund institutions, and the relevant responsible personnel seriously violated private fund laws and regulations. The Shanghai Securities Regulatory Bureau imposed a total fine and confiscation of over 28 million yuan on Ruifengda and its associated private fund institutions, fined five responsible personnel over 13 million yuan, and imposed a lifelong ban from the securities market on Ruifengda's actual controller. The Asset Management Association of China has revoked the manager registration of the relevant private fund institutions. For potential criminal issues related to the violations, securities regulatory authorities will adhere to the principle of transferring all applicable cases and will refer them to public security authorities according to the law.
A query of the fund industry association shows that Zhejiang Ruifengda Asset Management Co., Ltd. has already been deregistered by the association. Examining the content reveals no mention of Sun Wei, suggesting that the submitted information was likely falsified. Sun Wei's methods were quite unconventional; a native of Heilongjiang, he used branches in Hunan and Shanghai to register a private fund company in Huzhou, Zhejiang, and then conducted operations from Shanghai.
Public court information indicates that Zhejiang Ruifengda was sued in multiple securities disputes last year and was also subject to enforced judgments. Associated securities firms include GF Securities, Huaan Securities, and Huatai Securities. Information from the Private Fund Association shows that at the time of its deregistration, Ruifengda still had funds in operation, with Huatai Securities serving as the custodian.
Ruifengda had already been sued by investors and is associated with Huatai Securities, among others.
Ruifengda's private fund registration has been revoked.
The CSRC's information is comprehensive.
Details of the violations.
Administrative Penalty Decision of the China Securities Regulatory Commission Shanghai Bureau: Hu [2026] No. 2 Party Involved: Sun Mou, male, born October 1984, was the actual controller at the relevant time for Shanghai Riying, Hunan Beichen Yuren, Changzhou Fangzhan, Jiangsu Ruizhu, and Shanghai Zhengran. Address: Wudalianchi City, Heilongjiang Province.
In accordance with the relevant provisions of the "Regulations on the Supervision and Administration of Privately Offered Investment Funds" (hereinafter referred to as the "Private Fund Regulations"), this Bureau conducted an investigation into the violations of private fund regulations by Shanghai Riying Equity Investment Fund Co., Ltd. (hereinafter referred to as Shanghai Riying), Hunan Beichen Yuren Technology Co., Ltd. (formerly known as Hunan Beichen Yuren Investment Management Co., Ltd., hereinafter referred to as Hunan Beichen Yuren), Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as Zhejiang Ruifengda), Changzhou Fangzhan Private Fund Management Co., Ltd. (hereinafter referred to as Changzhou Fangzhan), Jiangsu Ruizhu Private Fund Management Co., Ltd. (hereinafter referred to as Jiangsu Ruizhu), and Shanghai Zhengran Investment Management Co., Ltd. (hereinafter referred to as Shanghai Zhengran). An "Advance Notice of Administrative Penalty" was legally served to the party involved, Sun Mou, via announcement. The party involved failed to submit statements, arguments, or request a hearing within the deadline. The case has now been investigated and concluded.
The investigation established the following illegal facts: I. Shanghai Riying and Hunan Beichen Yuren failed to invest and operate according to the contract stipulations. Between January 2021 and January 2024, a portion of the raised capital for 14 fund products managed by Shanghai Riying and 4 fund products managed by Hunan Beichen Yuren was not invested and operated in accordance with the contract agreements.
II. Hunan Beichen Yuren, Zhejiang Ruifengda, Changzhou Fangzhan, Jiangsu Ruizhu, and Shanghai Zhengran failed to accurately report actual controller and affiliated party information. As of the investigation date, the actual controller and affiliated party information reported by Hunan Beichen Yuren, Zhejiang Ruifengda, Changzhou Fangzhan, Jiangsu Ruizhu, and Shanghai Zhengran to the Fund Association was inconsistent with the actual situation.
III. Sun Mou promised investors that their investment principal would not suffer losses or promised minimum returns. Sun Mou, using himself, designated third parties, and controlled entities, promised some investors in 4 fund products managed by Zhejiang Ruifengda and 1 fund product managed by Changzhou Fangzhan that their investment principal would not suffer losses or promised them minimum returns.
The above illegal facts are supported by evidence such as inquiry transcripts of relevant personnel, explanations provided by relevant companies, and materials provided by the Fund Association, which are sufficient for determination.
This Bureau holds that the illegal act of Shanghai Riying and Hunan Beichen Yuren failing to invest and operate according to the contract does not comply with the provisions of Article 9, Section 8 of the "Several Provisions on Strengthening the Supervision of Privately Offered Investment Funds" (CSRC Announcement [2020] No. 71, hereinafter referred to as the "Several Provisions"), violates Article 23, Section 9 of the "Interim Measures for the Supervision and Administration of Privately Offered Investment Funds" (CSRC Order No. 105, hereinafter referred to as the "Private Fund Measures") and Article 30, Section 5 of the "Private Fund Regulations", constituting the behavior described in Article 55 of the "Private Fund Regulations". The illegal act of Changzhou Fangzhan, Hunan Beichen Yuren, Zhejiang Ruifengda, Jiangsu Ruizhu, and Shanghai Zhengran failing to accurately report the actual controller and affiliated parties violates Article 25, Section 1 of the "Private Fund Measures" and Article 32, Section 1 of the "Private Fund Regulations", constituting the behavior described in Article 56 of the "Private Fund Regulations". Sun Mou's act of promising investors that their investment principal would not suffer losses or promising minimum returns does not comply with the provisions of Article 6, Section 3 and Section 2 of the "Several Provisions", violates Article 12, Section 4 of the "Private Fund Regulations", constituting the behavior described in Article 45 of the "Private Fund Regulations".
Sun Mou was the actual controller at the relevant time for Shanghai Riying, Hunan Beichen Yuren, Zhejiang Ruifengda, Changzhou Fangzhan, Jiangsu Ruizhu, and Shanghai Zhengran, fully responsible for the company's operations and management. Sun Mou is the directly responsible supervisor for the act of Shanghai Riying and Hunan Beichen Yuren failing to invest and operate according to the contract, and is the directly responsible supervisor for the act of Hunan Beichen Yuren, Zhejiang Ruifengda, Changzhou Fangzhan, Jiangsu Ruizhu, and Shanghai Zhengran failing to accurately report the actual controller and affiliated parties.
Based on the facts, nature, circumstances, and degree of social harm of the party involved's illegal acts, this Bureau decides: For Shanghai Riying's failure to invest and operate according to the contract, pursuant to Article 55 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 4.2 million yuan. For Hunan Beichen Yuren's failure to invest and operate according to the contract, pursuant to Article 55 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 1.2 million yuan. For Hunan Beichen Yuren's failure to accurately report the actual controller and affiliated parties, pursuant to Article 56 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 300,000 yuan. For Zhejiang Ruifengda's failure to accurately report the actual controller and affiliated parties, pursuant to Article 56 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 300,000 yuan. For Changzhou Fangzhan's failure to accurately report the actual controller and affiliated parties, pursuant to Article 56 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 300,000 yuan. For Jiangsu Ruizhu's failure to accurately report the actual controller and affiliated parties, pursuant to Article 56 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 300,000 yuan. For Shanghai Zhengran's failure to accurately report the actual controller and affiliated parties, pursuant to Article 56 of the "Private Fund Regulations": issue a warning to Sun Mou and impose a fine of 300,000 yuan. For Sun Mou's act of promising investors that their investment principal would not suffer losses or promising minimum returns, pursuant to Article 45 of the "Private Fund Regulations": order Sun Mou to make corrections and impose a fine of 5 million yuan. Combining the above eight items: order Sun Mou to make corrections, issue a warning, and impose a combined fine of 11.9 million yuan.
The above violations seriously contravene the principles of an open, fair, and just market, severely harm the rights and interests of capital market investors, and have a pernicious impact. Sun Mou, as the directly responsible supervisor for the relevant illegal acts and the direct violator, committed violations under particularly serious circumstances. In accordance with Article 39 of the "Private Fund Measures", Article 58, Section 1 of the "Private Fund Regulations", Articles 3(7), 4, 5(8), and 6 of the "Provisions on Market Ban" (CSRC Order No. 115), and Articles 3(5), 4(1)(1), 5, 7(1)(8), and 8 of the "Provisions on Market Ban" (CSRC Order No. 185), this Bureau decides: To impose a lifelong securities market ban on Sun Mou. From the date this Bureau announces the decision, during the ban period, in addition to being prohibited from engaging in securities business in the original institution or holding positions as a director, supervisor, or senior manager of the original listed company or non-listed public company, he is also prohibited from engaging in securities business in any other institution or holding positions as a director, supervisor, or senior manager of any other listed company or non-listed public company.
The above party involved shall, within 15 days of receiving this penalty decision, pay the fine directly to the state treasury. Specific payment methods are detailed in the instructions attached to this penalty decision. Simultaneously, a copy of the payment voucher noting the name of the party involved must be sent to the Office of the Administrative Penalty Committee of the China Securities Regulatory Commission for filing. If the party involved disagrees with this penalty decision, they may apply for administrative reconsideration to the China Securities Regulatory Commission within 60 days of receiving this penalty decision (the application can be sent by post to the Legal Department of the China Securities Regulatory Commission), or directly file an administrative lawsuit with a competent people's court within 6 months of receiving this penalty decision. The above decision shall not be suspended during the reconsideration or litigation period.
China Securities Regulatory Commission Shanghai Bureau January 13, 2026 Deregistered.
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