On December 13, the Anhui Securities Regulatory Bureau website published a decision regarding the issuance of a warning letter to Yang Yang. Upon investigation, the Anhui Securities Regulatory Bureau found that Shangrui Asset Management Co., Ltd. (hereinafter referred to as 'Shangrui Asset') during its private equity fund business activities, did not fulfill its information disclosure obligations in accordance with the contract, and engaged in activities unrelated to private fund management. Yang Yang, as the legal representative and general manager of Shangrui Asset, is responsible for the above-mentioned violations and violated the provisions of Article 4, Paragraph 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds. According to relevant regulations, the Anhui Securities Regulatory Bureau has decided to take administrative regulatory measures against Yang Yang by issuing a warning letter, and this will be recorded in the integrity archives of the securities and futures market.