Chinese private equity firm JD Capital claimed it is not in the business of private equity in order to enter a planned innovation market in the country's New Third Board, attracting regulator examination and industry controversy.
After a list of companies allowed to go into the innovation market was revealed last week, numerous private equity firms submitted dozens of request to the The National Equities Exchange and Quotations (NEEQ), requesting to be included on the list as well.
"After the list was revealed, my phone did not stop ringing. Shareholders and private equity firms were calling me to ask why JD Capital was included, while they were not," says a private equity executive quoted in a Caixin article. "JD Capital has yet again set a bad example for the Chinese private equity sector."
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