On September 16, the Shandong Securities Regulatory Bureau issued an announcement stating that after investigation, Shandong Time Investment Co., Ltd. had failed to fulfill the suitability certification procedure for qualified investors in carrying out private equity fund business. Individual investor risk disclosure data was flawed, reflecting the company's failure to fulfill its obligation of prudence and diligence; failure to update office address and relevant personnel information in a timely manner; and failure to properly preserve private equity fund investment decisions and investor appropriateness management data. As the legal representative and general manager of Shandong Time Investment, Zhang Xiangfeng bears the main responsibility for the company's actions. The Shandong Securities Regulatory Bureau said that the above situation violates relevant regulations and decided to take supervisory and administrative measures to issue warning letters against Shandong Time Investment and Zhang Xiangfeng, and record them in the securities and futures market integrity file database.

On September 16, the Shandong Securities Regulatory Bureau issued an announcement stating that after investigation, Shandong Time Investment Co., Ltd. had failed to fulfill the suitability certification procedure for qualified investors in carrying out private equity fund business. Individual investor risk disclosure data was flawed, reflecting the company's failure to fulfill its obligation of prudence and diligence; failure to update office address and relevant personnel information in a timely manner; and failure to properly preserve private equity fund investment decisions and investor appropriateness management data. As the legal representative and general manager of Shandong Time Investment, Zhang Xiangfeng bears the main responsibility for the company's actions. The Shandong Securities Regulatory Bureau said that the above situation violates relevant regulations and decided to take supervisory and administrative measures to issue warning letters against Shandong Time Investment and Zhang Xiangfeng, and record them in the securities and futures market integrity file database.