# double‑penalty

Beijing’s Crackdown Tightens: Regulator Hits Private Fund Ruifengda with Hefty Fines and Lifetime Ban

China’s securities regulator has fined Zhejiang Ruifengda and linked private fund entities a combined RMB 41 million and banned its controller from market participation for life, part of a wider campaign against private fund malpractice. The move, which pairs firm‑level sanctions with personal punishment and potential criminal referrals, signals an intensified regulatory push to clean up the private fund industry and raise the cost of misconduct.