Financial News Agency, November 17 (Reporter Wu Yuqi) “Hangzhou's 3 billion quantitative private equity campaign” has triggered a series of chain reactions. The multiple layers of nested fraud involved in the incident are still fermenting.

In this incident that shook the industry, the role of Panjing Investment is gradually becoming clear: Huasoft New Power invested in Hangzhou Huisheng, then in Hangzhou Yuyao, and then in Panjing, but the pre-investment valuation table and post-investment performance were all false, and Panjing became an important part of the capital flight. Mao Wei, on the other hand, is a true trader in the entire chain, and has a lot of misdeeds.

Mao Wei's Panjing Investment was deregistered by the China Foundation Association on September 8, 2022 due to “abnormal management,” yet it still ranks among the top ten tradable shareholders of Dalian Shengya and Xi'an Tourism. According to rough estimates of current stock prices, the total market value of Panjing Investment's shareholding as of the third quarter was 581 million yuan.

In October 2019, Mao Wei was investigated for suspected illegal acts of manipulating the securities market.

In December 2021, Mao Wei and Yao Shi were also issued regulatory warnings and fined 15 million yuan respectively for excessive holdings increase, unreported holdings reduction, disclosure, and trading in Dalian Shengya within a restricted period.

According to Tianyan Research, there are 11 companies associated with Mao Wei, 7 of which are still in existence, including Panjing Equity Investment Fund Management (Shanghai) Co., Ltd., Ningbo Meishan Bonded Port Area Panjing Investment Management Co., Ltd., and Dalian Shengya.

According to public information from the China-Foundation Association, Panjing Investment's office is “No. 128, Dazifuqian, Shangcheng District, Hangzhou,” but according to Tianyan's research, it is “No. 390, Lane 1555, Jinshajiang West Road, Jiading District, Shanghai.” The reporter discovered no such department after a field visit. The reporter once again went to Panjing Investment's registered address with the China Foundation Association, that is, “Unit 1405, No. 22, Lane 118, Zhongjiang Road, Putuo District, Shanghai,” but discovered that a network technology company works here. Both false addresses mean that Panjing Investment exists like a “purse company.”

Mao Wei, the actual controller, may also be the real behind-the-scenes boss of Shenzhen Huisheng and Hangzhou Yuyao. According to online sources, in early November this year, Mao Wei was taken away to assist in the investigation due to alleged irregularities in Panjing's investment.

Illegal listing of Dalian Shengya and participation in internal fighting

Referring to Mao Wei and Panjing's investments, I have to mention the equity battle between Dalian Shengya.

According to information, Dalian Shengya is one of the representative enterprises of marine culture theme parks in China. Since experiencing infighting with management, the Big Moby Dick plan has progressed slowly, and both revenue and net profit have been bleak.

According to previously disclosed announcements, Mao Wei, then chairman of Panjing Investment, and Yao Shi jointly controlled the use of “Panjing Fund” institutional accounts, “Xinzhengtai 6,” 10 trust product accounts including “Xinzengtai 6,” 7 private equity product accounts including “Jiuyi Chidian Xiaojun Quantitative No. 3 Securities Private Equity Fund,” and 37 personal accounts, including “Yang Muping,” for a total of 55 securities accounts to trade in Dalian Shengya from November 7, 2017 to July 3, 2019.

The account group held 5.3% of Dalian Shengya on November 14, 2017, and continued to trade thereafter, reaching a high of 24.59% on August 10, 2018, and still holding 15.19% as of July 3, 2019.

Soon after this incident, Mao Wei began to join the board of directors. In 2020, under the impetus of Yang Ziping, a shareholder holding 4% of the shares, the former chairman and vice chairman were all removed, and Yang Ziping became the new chairman. Meanwhile, Mao Wei also successfully joined the board of directors as the company's vice chairman.

Since then, the conflict between Mao Wei and others and Dalian Shengya's management has intensified. On the afternoon of August 31, 2020, more than 10 people including Yang Ziping and Mao Wei tried to break into the company forcibly through verbal intimidation, pushing, and climbing. A week later, the conflict between the two sides further escalated. As soon as the First Extraordinary General Meeting of Shareholders of Dalian Shengya ended, a dramatic scene occurred. The newly appointed Mao Wei was besieged by more than 10 security guards. 120 first responders carried Mao Wei out on stretchers and rushed to the emergency room.

On June 30, 2021, Mao Wei, who has just been elected vice chairman, passed the Panjing Equity Fund announcement proposal and held an interim board meeting to dismiss Xiao Feng, the company's general manager, on the grounds of an emergency situation in the company. Yang Ziping, the new chairman of Dalian Shengya at the time, stood on the same front with Mao Wei. The dismissal directly triggered a joint letter from 200 employees of the listed company to the Dalian Securities Regulatory Bureau. It wasn't until March of this year that Mao Wei left Dalian Shengya. According to the company announcement, Mao Wei applied for personal reasons to resign as director, vice chairman, and general manager of the company. Chairman Yang Ziping acted as the general manager during the absence of the general manager.

It still appears among the top ten shareholders of Dalian Shengya

It is worth noting that even though Mao Wei left Dalian Shengya, Panjing Investment still appeared in Dalian Shengya's top ten shareholder list at the end of the third quarter of 2023.

In addition to this, Panjing Investment also appeared among the top ten shareholders of Xi'an Tourism, and the shareholding ratio is still above the listing line.

According to calculations, as of the third quarter, the total market value of Panjing Investment's shares was 581 million yuan.

Called a “barbarian” who has hit the red line of regulation many times

Mao Wei is also known as a “barbarian” due to his many irregularities. Dalian Xinghaiwan Financial and Business District Investment Management Co., Ltd., the former majority shareholder of Dalian Shengya, stated that it resolutely opposes “barbarians” in the capital market using malicious acquisitions to gain control of listed companies, and even more opposes that social speculative institutions with no main business or resources target short-term profits, causing large fluctuations in the stock prices of listed companies and overdrawing the future development space of listed companies.

How barbaric is it? According to public information, since 2019, Mao Wei has been subject to numerous regulatory investigations and relevant regulatory measures.

In October 2019, Mao Wei was investigated by the Securities Regulatory Commission and the Shanghai Securities Regulatory Office for suspected illegal acts of manipulating the securities market.

In March 2020, Mao Wei was criticized by the Shanghai Stock Exchange and recorded in the integrity files of listed companies. In July of the same year, the Dalian Securities Regulatory Bureau issued an announcement that the reasons for holding an interim board meeting in Dalian Shengya were insufficient and caused the emotional instability of many of the company's employees. The Dalian Regulatory Bureau had asked Mao Wei about the relevant situation. It refused to cooperate with the respondent's supervisory work and decided to take administrative supervision measures against Mao Wei by issuing a warning letter.

In December 2021, Mao Wei and Yao Shi were also issued regulatory warnings and fined 15 million yuan respectively for excessive holdings increase, unreported holdings reduction, disclosure, and trading in Dalian Shengya within a restricted period.

In February of this year, Panjing Investment was investigated by the Shanghai Securities Regulatory Bureau on suspicion of private equity violations. On November 6, the Shanghai Securities Regulatory Bureau announced that Panjing was suspected of violating the “Interim Measures on the Supervision and Administration of Private Equity Funds” and intended to be ordered to make corrections, issue a warning and be fined 30,000 yuan. At the same time, Mao Wei, the actual controller, and Bai Jinlin, who registered as the person in charge of filing the information, were both warned and fined 30,000 yuan.

According to people familiar with the matter, it is related to Mao Wei currently being controlled by the relevant departments in early November, while the failure of private equity such as Hangzhou Yuyao to pay may be related to Mao Wei being controlled by the relevant authorities.