(Yicai Global) Nov. 18 -- Perseverance Asset Management and its fund managers have not be investigated by watchdogs, the Chinese private equity firm’s head told Yicai Global, following rumors that they were being probed.

Neither have they been asked to cooperate in any investigation nor are they subject to any regulatory action,the chiefsaid. Yicai Global visited the Shanghai-based firm, which has asset worth at least CNY100 billion (USD15.3 billion), and found the atmosphere in its Lujiazui offices quite normal this morning.

Perseverance Asset, it has been speculated, was the firm referred to as ‘GY’ in a short post yesterday afternoon by renowned economy and finance blogger Touhang Taishan that said “GY is under investigation.”

Another post that circulated widely on social media said the firm had allegedly violated rules by reducing its holdings, pointing the finger at Feng Liu, a star fund manager at Perseverance. ‘Perseverance’ and ‘Feng Liu’ even made Weibo’s most-searched terms list.

Feng reposted an exclusive interview with another fund manager at Perseverance on his personal Weibo account at 4.06 p.m. yesterday, a rare occurrence. The market took this to be an indirect refutation of the rumors. That evening, Perseverance said the speculation were untrue, both the company and its fund managers were working normally, and it had already launched a probe to find the source.

Specific individual stocks cannot be exchanged as per regulatory compliance restrictions, the Securities Times reported today, citing an executive at Perseverance. The company strictly adheres to the compliance bottom line, and all its investment, trading and operations are executed rigorously according to the regulations, the executive added.

Editors: Zhang Yushuo, Peter Thomas