On November 5, the Zhejiang Securities Regulatory Bureau issued an announcement stating that after investigation, Zhejiang Guanbang Private Equity Fund Management Co., Ltd. has issues such as raising capital from the outside world and where the company is the general partner and investment management; failure to fully disclose fund investments and possible conflicts of interest to investors; failure to carefully and diligently perform manager duties, and involving non-company employees in investment management. Wang Qichao, as the company's deputy general manager, and Zhang Chenxi, as the company's legal representative and general manager, did not carefully and diligently carry out relevant duties and obligations, and bears the main responsibility for the above issues. The Zhejiang Securities Regulatory Bureau said that the above situation violates relevant regulations and decided to take supervisory and administrative measures to issue warning letters against Zhejiang Guanbang Private Placement, Wang Qichao, and Zhang Chenxi, and record them in the securities and futures market integrity file. Zhejiang Guanbang Private Placement, Wang Qichao, and Zhang Chenxi should submit a written report to the Zhejiang Securities Regulatory Bureau within 15 working days from the date of receipt of the decision.

On November 5, the Zhejiang Securities Regulatory Bureau issued an announcement stating that after investigation, Zhejiang Guanbang Private Equity Fund Management Co., Ltd. has issues such as raising capital from the outside world and where the company is the general partner and investment management; failure to fully disclose fund investments and possible conflicts of interest to investors; failure to carefully and diligently perform manager duties, and involving non-company employees in investment management. Wang Qichao, as the company's deputy general manager, and Zhang Chenxi, as the company's legal representative and general manager, did not carefully and diligently carry out relevant duties and obligations, and bears the main responsibility for the above issues. The Zhejiang Securities Regulatory Bureau said that the above situation violates relevant regulations and decided to take supervisory and administrative measures to issue warning letters against Zhejiang Guanbang Private Placement, Wang Qichao, and Zhang Chenxi, and record them in the securities and futures market integrity file. Zhejiang Guanbang Private Placement, Wang Qichao, and Zhang Chenxi should submit a written report to the Zhejiang Securities Regulatory Bureau within 15 working days from the date of receipt of the decision.