(Yicai) Nov. 15 -- Huisheng Private Equity Securities Fund Management, a private equity fund manager that is suspected of fraud, has no presence at its registered address, according to Yicai's inquiries.

Yicai visited the supposed office address of Huisheng at Haowei Technology Mansion in Shenzhen's Nanshan district yesterday but found out that the registered address of room 1136 does not exist. People on the same floor said they had never heard of the company and building management confirmed the quantitative fund manager does not rent office space in Haowei Technology Mansion. Phone calls to the number shown on corporate data platform Tianyancha were not answered.

A screenshot was circulating on social media yesterday, claiming that China Soft New Momentum, a Beijing-based manager of fund of funds, invested in Huisheng but allegedly the latter fabricated its business performance.

China Soft New Momentum issued a statement the same day to say that it had difficulties in redeeming assets that were allocated to Huisheng's PE products due to the latter's defaults. 

China Soft New Momentum will consistently disclose related information to investors and will turn to legal means regarding Huisheng and other relevant links, it said, adding that the firm continues operating other products as normal. It will comply with the regulations with a prudent and responsible attitude. 

Shenzhen’s municipal administration for market regulation shows that Huisheng moved to Haowei Technology Mansion on July 7, and the possible new address is not known.

Huisheng is not well-known among its peers. Several market insiders who are based in Shenzhen and Hangzhou said to Yicai that they had never heard of the company.

The actual controller of Huisheng is Zhang Ping, according to registration information from the Asset Management Association of China. The company manages products in the range of CNY1 billion to CNY2 billion (USD138.1 million to USD276.2 million). It has established nine PE funds, three of which have been liquidated. Yicai failed to find public information about the company or its portfolio.

Editor: Emmi Laine