Three private equity funds were disciplined for illegally charging large fees.

On the evening of August 8th, China Banking Association of Interbank Market Traders issued several self-disciplinary actions, involving three institutions including Shanghai Fuxi Asset Management Co., Ltd., Shanghai Huancai Private Equity Fund Management Co., Ltd., and Jiangsu Yuning Private Equity Fund Management Co., Ltd. The main issues involve using wealth management products to assist multiple issuers in non-marketized issuance, collecting large financial support or custodian service fees.