Zhejiang Securities Regulatory Bureau issues a warning letter to Yinwan Private Placement: Some products have the characteristics of channel businesses, and there are abnormal trading behaviors of self-buying and self-selling stocks.

The Zhejiang Securities Regulatory Bureau issued a decision to issue a warning letter to Zhejiang Yinwan Private Equity Fund Management Co., Ltd. After investigation, the company was found to have the following behaviors in conducting private equity fund business: 1. Some products have the characteristics of channeling business, lack active management, and some investment decisions are made by others. 2. Entrusting third parties without the qualification of fund investment advisor to provide investment advice. 3. Entrusting third parties without the qualification of fund sales business to engage in fund raising activities. 4. When some products reduce their holdings of stocks in block trading, they fail to clearly define the nature of the shares to the actual recipients of the block trading in accordance with relevant regulations. 5. The internal control system is not sound, and there are abnormal trading behaviors of self-buying and self-selling stocks in some products. 6. Engaging in business unrelated to private equity funds, and introducing customer resources to other companies. 7. The investment scope of some products on some trading days does not comply with the contract provisions. 8. Failing to strictly implement investor suitability procedures.