Recently, media outlets have provided detailed insights into a six-year-long kickback scheme involving Li Cheng, the marketing director of the quantitative private equity giant Huangfang Quant, and staff members of China Merchants Securities. This case sheds light on the rumors from last November that "Huangfang Quant employees were apprehended for involvement in brokerage commission kickbacks." According to reports, between 2018 and 2023, Li Cheng and Meng Pengfei, the former general manager of China Merchants Securities' Shennan East Road Business Department, concocted fake broker identities to steer Huangfang Quant transactions towards a specific department. This maneuver allowed them to illicitly procure performance bonuses under the brokerage's "40% commission on trading commissions" scheme, amassing a total of 118 million yuan over six years. The incident, which implicated numerous China Merchants Securities employees, has garnered significant industry attention.