China's 10 Billion Yuan Hedge Fund Hangzhou Turing Hit With Three Warning Letters in One Day; 1992-Born Female Chief and Risk Control Head Both Held Accountable

The Zhejiang Securities Regulatory Bureau issued three warning letters on the same day to Hangzhou Turing Asset Management Co., Ltd., a private equity and venture capital fund manager with over 10 billion yuan (approximately $1.5 billion) in assets under management. The letters were directed at the institution, legal representative and general manager Wang Xiaoyan, and compliance and risk control head Li Qiong. The regulator found seven violations committed during private fund business and during an ongoing regulatory inspection: failure to cooperate with lawful supervision, false records in promotional materials, unfair treatment of investors within the same fund, inaccurate and incomplete information disclosure, sharing office space with affiliated parties, inadequate execution of investment decision rules, and violations of investor suitability procedures. The regulator required all three parties to submit written rectification reports within 15 working days and to accept verification. All records were entered into the securities and futures market integrity database.

According to the decisions, the violations were tied to specific provisions of the Regulations on Supervision and Administration of Private Investment Funds. Li Qiong was found primarily responsible for the seven violations under a provision that did not appear in the institutional decision. Registration data from the Asset Management Association of China (AMAC) show Hangzhou Turing was established in September 2016, completed registration in March 2019, and had 19 full-time employees. As of October 16, 2026, it had 56 existing products, with 20 new filings in 2026 concentrated between January and May and none after May. Wang, born in August 1992, is the company's actual controller.

Wang's entity Shandong Turing Private Fund Management has prior regulatory history. The Shandong Securities Regulatory Bureau issued warning letters in 2024 over the sale of a private securities fund, and AMAC publicly censured Shandong Turing for suitability violations in June 2025, with disciplinary action against Wang personally. AMAC data show Shandong Turing now has one product in operation and five full-time employees.

Tian Lihui, a finance professor at Nankai University, told media that warning letters with integrity database entries are a relatively common administrative measure, lighter than fines or market bans but not to be underestimated, and that naming individuals signals that compliance responsibility is extending to specific officers. Tonghuashun iFinD statistics cited in the reporting show the private fund industry received 1,565 regulatory letters from the start of 2026 through July, up from 1,464 in the same period of 2025. Regulators have also acted against other managers this year, including Qianhai Ark, Qijia Private Fund, and Xitai Investment.

The action follows a policy push, including State Council guiding opinions issued in June 2026, new information disclosure rules effective September 1, and draft fundraising rules released for comment on September 4. Industry data show 18,452 private fund managers as of end-August 2026, down 779 from 19,231 at the start of the year, while AUM reached a record 25.75 trillion yuan. For Hangzhou Turing, the rectification window is a near-term test, with possible escalation to filing suspensions, public censure, or revocation of registration if remediation is inadequate.