Due to multiple violations in conducting private equity fund business, Jiaxing Bangcheng Investment and its responsible persons received a warning letter from the regulators.

On November 6th, the Zhejiang Securities Regulatory Bureau issued a public announcement stating that after investigation, Jiaxing Bangcheng Investment Management Co., Ltd. was found to engage in private equity fund business with the following violations: one-sided promotion of some private equity fund returns leading to investors not being able to accurately assess the risks of private equity funds; some private equity fund returns are not linked to the assets, income, and risks of the investment projects; some employees involved in fundraising promotion do not have the necessary fund qualifications; the legal representative holds concurrent positions in conflicting organizations; failure to disclose information to some investors. The above-mentioned behaviors violate relevant regulations, and the Zhejiang Securities Regulatory Bureau has decided to issue a warning letter to Jiaxing Bangcheng Investment for supervision and management, and record it in the integrity files of the securities and futures markets. At the same time, the Zhejiang Securities Regulatory Bureau pointed out that Zhao Wenbin, as the legal representative and general manager of the company, and Huang Yong, as the deputy general manager and the manager responsible for the company's daily affairs, did not diligently and prudently fulfill their duties and obligations, and have the main responsibility for the company's aforementioned issues. Therefore, the two individuals will be issued a warning letter for supervision and management, and their names will be recorded in the integrity files of the securities and futures markets.