Thursday marked the end of an era for the once-celebrated financier Wang Chaoyong when the company he founded, Chinaequity Investment Co. Ltd., was officially delisted from the National Equities Exchange and Quotations (NEEQ). The dramatic downfall of the once prominent private equity firm followed a series of regulatory, operational, and legal challenges. 因迟迟发不出2023年年报，中国海归创投第一股信中利（833858.NQ）被全国中小企业股份转让系统有限责任公司于11月14日正式摘牌。2015年10月登陆新三板至今不到十年时间，信中利随着创始人汪潮涌的命运起伏而暗淡离场。
The delisting stemmed from Chinaequity’s failure to disclose its 2023 annual report, triggering regulatory actions earlier this year. In July, the Beijing Securities Regulatory Bureau issued a warning letter, and the NEEQ, known as the New Third Board, imposed disciplinary measures. The company also failed to secure a qualified audit firm after its previous auditor withdrew.
Wang, known as the “Wall Street Chinese Prodigy,” was a former Morgan Stanley banker. He founded Chinaequity in 1999 and controls a 63.59% stake of the company along with his ex-wife, Li Yifei. The company is one of China’s earliest private equity and venture capital firms. By the end of 2020, Chinaequity managed 36 funds in U.S. dollars and the yuan, totaling 11.2 billion yuan ($1.76 billion). 现年60岁的汪潮涌是湖北人，15岁考入华中理工大学（现华中科技大学），19岁进入清华大学成为经管学院第一批研究生，20岁即公派美国罗格斯大学留学，22岁MBA毕业后，先后任职摩根大通、标准普尔、摩根士丹利等华尔街知名机构，素有“华尔街中国神童”之称。 汪潮涌于20世纪90年代初回国，担任过摩根士丹利中国区负责人，后曾参与筹建国开行的投资银行业务。他于1999年创办信中利，这是中国最早从事风险投资和私募股权投资的机构之一，并于2015年10月23日挂牌新三板。信中利目前的股权结构中，汪潮涌持股30.71%，前妻李亦非持股24.74%。
Chinaequity’s investments focus on sectors including high tech, advanced manufacturing, services and consumption, health care, environment and new energy. Its investments include Baidu Inc., Sohu.com Inc., Huayi Brothers Media Corp., Aston Martin Lagonda Ltd. and AsiaInfo Technologies Ltd. Trouble began in 2016, however, when Wang pursued an ambitious but ill-fated strategy to integrate private equity operations into listed companies. Wang made a highly leveraged acquisition of Shenzhen-traded Shenzhen Hifuture Electric Co. in the hope of using it as a vehicle for a backdoor listing of Chinaequity. But the deal failed to deliver, and subsequent market strategies floundered amid tightening regulations on private equity firms. As capital operations grew riskier, Chinaequity faced mounting financial pressures and frequent litigation. 信中利起初开展的是外币创投基金管理业务，2009年增加人民币基金业务，重点关注“三高三大三新”领域，即高科技、高端制造、高品质服务和消费，大健康、大文化、大环保，新能源、新材料、新模式。信中利的投资案例中包括百度、搜狐、华谊兄弟、阿斯顿马丁、亚信科技、居然之家、美年大健康等。 然而，从2016年开始，一心想在资本市场做大做强的汪潮涌，举债高溢价现金收购惠程科技（ 002168.SZ ，现ST惠程），拟效仿九鼎，将私募平台注入上市公司，但遭遇政策收紧而未能成行；后他改变策略，频频祭出上市公司并购重组方案，大做“市值管理”，开始尝试当年一度火热的“PE+上市公司”等玩法，但无奈经营惨淡，市场并不买单，股价连连下挫。
In early in 2020, Caixin learned that Chinaequity had been hit by a liquidity crunch due to approaching repayment obligations and declining business during the pandemic. By December that year, Chinaequity sold a package of non-performing debt to Huarong Hainan Branch in a desperate bid to resolve liquidity issues. In November 2021, Wang was detained by Beijing police on allegations of misappropriation of funds. He was released on bail in January 2022. Caixin learned that the alleged misuse of investors’ funds was related to Chinaequity’s 2019 investment in the backdoor listing deal of home improvement chain Beijing Easyhome Furnishing Chain Co. Ltd. Several sources close to the matter said Wang used the private equity funds’ holding of listed firms’ stocks as collateral for loans, a practice that violates industry rules. 因一系列资本运作未能如愿，汪潮涌在资金链几近断裂、四处腾挪拆借之际，于2020年12月将一不良债权资产包出售给了华融海南分公司以解燃眉之急，汪潮涌、前妻李亦非以及信中利旗下私募基金作为保证人和出质人。 财新曾独家报道，汪潮涌于2021年11月30日下午3点被朝阳经侦刑拘，案由是涉嫌职务侵占，此前信中利已经官司不断。而汪潮涌此番陷入泥潭，正是与信中利旗下参与了居然之家（ 000785.SZ ）借壳上市的私募基金有关。
In later interviews, Wang attempted to downplay his detention, saying the case had been properly resolved. However, regulatory scrutiny and market skepticism made Chinaequity’s recovery nearly impossible. As of June 30, 2023, the company reported a net loss of 154 million yuan on revenue of 69.09 million yuan for the first half of the year. In recent years, Chinaequity has been involved in a number of lawsuits and arbitration matters involving nearly 3 billion yuan. 根据信中利2023年半年报，当期营业收入6909万元，净亏损1.54亿元；截至2023年6月30日，公司在管的私募基金33只，存续基金实缴规模81.41亿元，未退出基金规模63.78亿元。
