The China Securities Regulatory Commission (CSRC) issued administrative penalties against Zhejiang Ruifengda Asset Management Co., Ltd. and related private equity institutions, as well as its actual controller Sun Wei and other responsible personnel, following findings of serious violations of laws and regulations governing private equity funds. The Shanghai Securities Regulatory Bureau imposed fines totalling more than CNY 2,800 on Ruifengda and its affiliated private equity institutions, fined five responsible personnel more than CNY 1,300, and imposed a lifetime ban on Ruifengda’s actual controller. The Asset Management Association of China cancelled the registration of the manager of the relevant private equity institution, and securities regulators said suspected criminal clues will be transferred to public security authorities in accordance with laws and regulations. The CSRC also signalled continued enforcement focus in the private equity fund sector, including illegal fundraising, embezzlement, self-financing and self-use, and benefit transfers.
China Securities Regulatory Commission 2026-01-23
China Securities Regulatory Commission fines Ruifengda and imposes a lifetime market ban on its controller over private equity fund violations
The China Securities Regulatory Commission (CSRC) imposed administrative penalties on Zhejiang Ruifengda Asset Management Co., Ltd. and related entities for serious legal violations, including fines exceeding CNY 2,800 and a lifetime ban on the actual controller. The Asset Management Association of China cancelled the registration of the relevant manager, and criminal suspicions will be referred to public security authorities.