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on April 15, according to public information, a court announcement showed that the cause of the case was "bribery of non-state staff and bribery of non-state staff", and the case number was (2024) Zhejiang 07 Xingchu No. 1. The court was opened on March 27. The court was the Intermediate People's Court of Jinhua City, Zhejiang Province, and the defendants were Cai Songsong, Qu Quanru, and Dong Boxiong.

According to many media reports, this Cai Songsong is the former "top" star fund manager Cai Songsong.

Media: The trial is over and the verdict is pending

I respond: nothing to say

according to the latest report of the financial association, the case has not yet taken effect and is not the verdict rumored by the outside world. In other words, after the trial, there is still a certain amount of time before the final judgment. According to the Securities Times, the reporter learned that the case has now been tried and is waiting for the verdict .

According to the Shanghai Securities News, the reporter immediately called Cai Songsong's mobile phone for an interview. Regarding the online news that "he has been punished", Cai songsong said: " I have nothing to say, this is the online statement ."

regarding the contents of the court announcement, Cai songsong said: "sorry, there are still some things." Then I hung up the phone in a hurry.

According to Red Star News, the reporter interviewed the Jinhua Intermediate People's Court on the above situation. The relevant personnel replied that there is currently no information that can be told to the public.

According to Zhejiang Daily Yinshi Finance and Economics, according to relevant sources, the case involves more than Cai Songsong, Qu Quanru and Dong Boxiong, and the cases of other parties are tried by another court. Cai Songsong and others are not only involved in the crime of accepting bribes from non-state staff and offering bribes to non-state staff, may also involve charges related to market manipulation, etc. . At present, Cai Songsong is in a state of obtaining a guarantor pending trial .

"The case was opened in the Jinhua Intermediate People's Court, and the case number contains the word" initial punishment ". If this information is true, some information can be interpreted from it." A person in the legal profession told the brokerage China reporter that this means that the case is a criminal case and is currently in the first instance. "However, the first instance case was held in the Jinhua Intermediate People's Court, and it can be seen from the side that the case is more influential, possibly because the amount involved is larger, or the sentence will be longer, or the case will involve a more extensive degree of social impact. If the case is to be appealed in the future, it will have to go to a higher level people's court."

it is reported that qu quanru, the co-defendant in the above case, once worked as a fund manager in noonan fund. According to the data, Qu Quanru was a researcher of Yuance Investment Management Co., Ltd. and an investment manager of Changsheng Fund. He joined Nuoan Fund in 2016 and left the company in charge of products in October 2022.

Another defendant, Dong Boxiong, was accused of having the same name as a former Guoxin Securities analyst. Guosen Securities related person told the "Daily Economic News" reporter: "Guosen Securities Economic Research Institute once had a former employee named Dong Boxiong, who was a research assistant and left in June 2019."

management scale has exceeded 40 billion yuan

lost more than 12 billion yuan a year

in 2001,15-year-old Cai songsong was admitted to the computer major of the junior class of the university of science and technology of China . at the age of 25, he graduated from the chip design direction of the Chinese academy of sciences. he entered the huatai securities computer group in 2015 and then moved to noan at the end of 2017. In February 2019, in less than a year and a half, he was promoted from researcher to fund manager.

In 2020, Cai Songsong became famous as a "top flow" fund manager by virtue of his heavy position in the semiconductor sector. Under his management,2019 and 2020, Noan Growth achieved annual gains of 95.44 and 39.10, respectively, and the scale also soared from less than $0.5 billion in early 2019 to $32.8 billion in late 2020. Cai Songsong's total management scale will also stand at 40 billion yuan by the end of 2020 .

Cai Songsong once said that "he wants to be the sharpest spear in the semiconductor plate". His position style is to insist on heavy positions to buy chip semiconductor stocks, as of the end of 2020, its top ten heavy positions in 8 semiconductor stocks, including Weir shares (603501.SH), North Huachuang (002371.SZ), SMIC (688981.SH), Zhaoyi Innovation (603986.SH) and other companies.

But as the price of chip semiconductor stocks changes, Cai Songsong's product net worth curve often fluctuates wildly. throughout 2022, noan growth mixed drop by 40.04, with a loss of up to 12.93 billion yuan for the whole year, while the product still charged a management fee of 0.376 billion yuan.

in may and July 2023, Cai songsong stepped down as a number of product fund managers. As of the end of the term, its size in the tube is 28.142 billion yuan, down 12.76 billion yuan from the end of 2020.

On September 29, 2023, the official website of Nuoan Fund announced that Cai Songsong had stepped down from all the fund products under management. At that time, everyone speculated that Cai Songsong would switch to private placement at the next stop. I didn't expect him to appear in the "legal news.

Total loss around 50%

Star fund managers "fall from the altar"

The public fund industry has experienced a star-making boom in the past few years, but with the market downturn and backlash, the industry has already entered the "de-starization" trend.

On March 15, the China Securities Regulatory Commission issued the Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (for Trial Implementation), which clearly stated that public funds should "abandon the phenomenon of star fund managers" .

The State Council recently issued the Opinions on Strengthening Supervision and Preventing Risks to Promote the High-Quality Development of the Capital Market. This opinion is the third "National Nine Articles" in the capital market, which clearly proposes to strengthen supervision, prevent risks, and impose strict restrictions on malicious manipulation of stock prices.

According to every report, from 2021 to 2023, the total losses of the representative works of star fund managers such as Zhang Kun, Liu Yanchun and Gulen are all around 50%, and active equity fund managers with a management scale of more than 100 billion now no longer exist.