The China Securities Regulatory Commission has imposed administrative sanctions on Zhejiang Ruifengda Asset Management Co. Ltd., affiliated private fund firms, actual controller Sun Wei and other responsible personnel for serious breaches of private fund laws and regulations. Following the investigation, the Shanghai bureau of the commission imposed more than CNY 28 million in fines and confiscation on Ruifengda and the related firms, fined five responsible individuals more than CNY 13 million, and barred Sun Wei from the securities market for life. The Asset Management Association of China has deregistered the fund manager registrations of the relevant private fund institutions. The commission also said that any clues pointing to potential crimes linked to the misconduct will be transferred to public security authorities in line with its principle of referring all cases that should be referred. More broadly, the commission said it will continue strict enforcement in the private fund sector against illegal fundraising, encropriation and misappropriation of assets, self-financing and self-use, and improper benefit transfers. It also said it will push private fund institutions to rectify irregular practices.
China Securities Regulatory Commission2026-01-23
China Securities Regulatory Commission penalizes Ruifengda and related private fund firms, over CNY 28 million in firm penalties and lifetime market ban for controller
The China Securities Regulatory Commission sanctioned Zhejiang Ruifengda Asset Management and affiliated private fund firms for serious breaches of private fund rules. The Shanghai bureau imposed more than CNY 28 million in fines and confiscation on the firms, fined five individuals more than CNY 13 million, and banned actual controller Sun Wei from the securities market for life. Related fund manager registrations were deregistered, and suspected criminal matters will be referred to public security authorities.